Top No Dealing Desk (NDD) Forex Brokers

See our selection of the best forex brokers with no dealing desk:

  • FP Markets - Best No Dealing Desk Forex Broker Overall
  • Pepperstone - Top Forex Broker for MetaTrader 4
  • Fusion Markets - Great Forex Broker for Low Commissions
  • ThinkMarkets - Good Forex Broker With VPS Services
  • IC Markets - Best Forex Broker With Lowest RAW Spreads
  • FxPro - Top Forex Broker for cTrader
  • Saxo Markets - ECN Forex Broker With Top Trading App
  • FXTM - Best Forex Broker For Copy Trading
Broker Review Our Rating Regulation Standard
EUR/USD
Spread
Standard
GBP/USD
Spread
Standard
AUD/USD
Spread
Raw
EUR/USD
Spread
Raw
GBP/USD
Spread
Raw
AUD/USD
Spread
Commissions
(USD Base)
MetaTrader 4 MetaTrader 5 cTrader Execution Speed Minimum Deposit Currency Pairs Crypto CFDs Retail Leverage Prof. Leverage Visit Broker
80 ASIC,CySEC
FSCA,FSA-S,FSC-M
1.1 1.3 1.3 0.10 0.20 0.20 $3.00 225ms $100 70+ 10+ 30:1 500:1 Visit Site
98 SCB, ASIC
FCA, CySEC
1.10 1.40 1.20 0.10 0.40 0.20 $3.50 77ms $0 62+ 12+ 30:1 500:1 Visit Site
82 ASIC, VFSA, FSA-S 0.93 1.08 0.92 0.13 0.21 0.12 $2.25 79ms $0 90+ 10+ 500:1 500:1 Visit Site
68 FCA, FSCA
ASIC, FSA-S, CySEC
1.1 1.3 1.1 0.1 0.3 0.2 $3.50 161ms $0 46+ 21+ 30:1 500:1 Visit Site
85 ASIC, FSA-S
CySEC
0.62 0.83 0.77 0.02 0.23 0.17 $3.50 134ms $0 61+ 18+ 30:1 500:1 Visit Site
61 FCA, FSCA
CySEC, SCB, FSCM
1.32 1.7 1.95 0.32 0.37 0.51 $3.50 151ms $0 69+ 30+ 30:1 200:1 Visit Site
54 ASIC, FINMA
FCA, MAS
1.20 1.8 0.9 - - - - 135ms $2000 209+ 9+ 50:1 50:1 Visit Site
62 FCA, FSCA, CySEC
FSCM, CMA
1.9 2 2 0.0 0.0 0.5 $2.00 160ms $500 63+ - 30:1 300:1 Visit Site
 

What Are The Best Forex Brokers With No Dealing Desk?

1. FP Markets Best No Dealing Desk Forex Broker Overall

FP Markets

Forex Panel Score

80

Average Spread

EUR/USD = 0.1
GBP/USD = 0.2
AUD/USD = 0.1

Trading Platforms

MT4, MT5, cTrader, TradingView

Minimum Deposit

$100

Why We Recommend FP Markets

We highly recommend FP Markets for scalpers because of its consistently low RAW spreads. Our testing found that FP Markets offered zero-pip spreads an impressive 97.83% of the time (outside rollover).

FP Markets RAW spreads are tight even when they don’t offer zero spreads. The broker averages just 0.1 pips on EUR/USD, significantly lower than the average of 0.22 pips. Trading is available with MT4, MT5, cTrader and TradingView.

Pros & Cons

  • Low trading costs
  • Offers MT4, MT5, cTrader and TradingView platforms
  • 24/7 customer support
  • The trading app has basic features
  • IRESS platform requires a large minimum deposit
  • Not all shares available on MT5

Broker Details

Our top choice among online No Dealing Desk (NDD) brokers is Australia-based FP Markets. We chose FP Markets as the best NDD forex broker based on its fast market execution speeds, low trading costs and huge range of shares via the IRESS platform.

Competitive NDD Spreads

As a NDD broker, FP Markets has very competitive spreads for both of its retail investor accounts, from our testing. For its Standard account, FP Markets achieved average spreads of 1.30 pips for the 6 major currency pairs, lower than the industry average of 1.52 pips.

Its RAW account, however, is where FP Markets stood out with average spreads of 0.22 pips for the USD-backed majors. This compares favourably to the industry average of 0.44 pips for RAW accounts. This put the broker 5th overall in our list of 40 top NDD brokers.

FP Markets can achieve these low spreads by funnelling bid and ask prices for quotes directly from a diverse pool of tier-one liquidity providers including Barclays, BNP Paribas and CitiBank. That way, the broker achieves the best price by giving you direct access to the financial markets.

Fast Market Order Execution Speeds

FP Markets offers fast market order execution speeds for a NDD broker, with an average market order speed of 96ms, which puts the broker 4th on our list of 20 overall. We found having speeds under 100ms is fast, so our live market orders often resulted in less slippage, lowering our overall trading costs.

DMA Access to 10,000 Shares

Unlike most NDD brokers, FP Markets doesn’t just offer ECN (Electronic Communication Network) pricing but also gives you direct market access (DMA) via the IRESS platform if you’re an Australian trader.

What we like about DMA trading is that you can see your orders in the queue and the full depth of the book through the IRESS platform. Through IRESS, FP Markets gives you access to a huge range of 10,000 shares via either IRESS ViewPoint or IRESS Trader.

2. Pepperstone Top Forex Broker for MetaTrader 4

Pepperstone

Forex Panel Score

98

Average Spread

EUR/USD = 0.1
GBP/USD = 0.4
AUD/USD = 0.2

Trading Platforms

MT4, MT5, cTrader, TradingView

Minimum Deposit

$0

Why We Recommend Pepperstone

Scoring an impressive 98/100 in our review, Pepperstone stands out as the highest-rated broker. Reasons we gave Pepperstone this high rating include low average spreads of 0.1 pips with their Razor account (made possible through deep liquidity pools) and a fast execution speed of (77 ms for limit orders).

We also liked that Pepperstone helps you make the most of the MT4 platform by offering 3rd party tools. These include MyFXbook, DupliTrade and Signals for copy trading and Capitalise.ai for code-free automation.

Pros & Cons

  • Offers excellent MT4 trading tools
  • Fast execution speeds
  • Low trading fees
  • Lacks guaranteed stop-loss order
  • Crypto range is limited
  • Demo account expires

Broker Details

Following our comprehensive analysis of brokerage services, Pepperstone emerged as the top MT4 forex broker for its rapid execution speeds, extensive MT4 trading tool add-ons, and outstanding customer support.

Competitive RAW Spreads

As a NDD broker, Pepperstone offers highly RAW/ECN-like competitive spreads, with an average of 0.10 pips for EUR/USD, compared to the industry average of 0.22 pips from our observations. While you can opt for a commission-free Standard account, we recommend the commission-based Razor account for the lowest spreads.

Fast Execution Speeds

Our team of FX experts put Pepperstone to the test in terms of order execution speeds compared to other no dealing desk (NDD) forex brokers.

Among the top 20 MT4 brokers that we tested, Pepperstone ranks among the fastest, boasting execution speeds of 77ms for limit orders and 100ms for market orders, placing it third overall in our evaluation.

This efficiency translated to reduced latency during our tests, ensuring more precise spreads at execution points and minimal slippage on average.

Advanced MT4 Trading Tools

From our analysis, Pepperstone provides a diverse range of platforms including MetaTrader 4, MetaTrader 5, cTrader, and TradingView, catering to various trading preferences.

Notably, the Smart Trader Tools add-on enhances the MetaTrader 4 platform with 28 smart trading apps, giving Pepperstone an edge in our list of MT4 brokers.

Of the 28 apps, the Mini Terminal was the standout feature for us. This tool allows for easy setup of new order templates, including setting stop loss and take profit orders, enabling precise risk management for all future orders.

3. Fusion Markets Great Forex Broker for Low Commissions

Fusion Markets

Forex Panel Score

82

Average Spread

EUR/USD = 0.13
GBP/USD = 0.21
AUD/USD = 0.12

Trading Platforms

MT4, MT5, cTrader

Minimum Deposit

$0

Why We Recommend Fusion Markets

We recommend Fusion Markets as the best forex broker for low commissions, perfect if you’re conscious about trading costs. Fusion Markets emerged as best in class in our tests, charging the lowest commission of just $2.25 per lot traded.

This is a significant savings, especially compared to other brokers, who average around $3.48 per lot. Alongside these impressive savings, you also access a decent range of markets, including forex, indices, commodities, and shares.

Pros & Cons

  • Tight RAW spreads with low commissions
  • Solid range of trading tools
  • Fast execution speeds
  • Lacks TradingView platform
  • Charges an inactivity fee
  • Educational resources are limited

Broker Details

Melbourne, Australia-based and ASIC-regulated Fusion Markets features a very low per lot commission of only $2.25 and offers very competitive Forex dealing spreads, so it gets top marks from us as a NDD broker.

Lowest Commissions and RAW Spreads

Fusion Markets boasts the lowest forex commissions in our estimation, charging just $2.25 (AUD or USD) per side, or $4.50 per round-turn trade. This is notably lower than the industry average of $3.50 per side.

Moreover, the broker offers RAW/ECN-style spreads, averaging 0.22 pips for the six major USD currency pairs, significantly undercutting the industry average of 0.50 pips for the same pairs. With 90 tradeable forex pairs available, traders benefit from these low costs across a wide range of products.

Fast Execution Speeds

In addition to its cost advantages, Fusion Markets impressed us with its swift execution speeds, ranking second in our tests.

With execution speeds of 79ms for limit orders and 77ms for market orders, Fusion Markets ensures rapid order processing. These speeds, well below the 100ms threshold, minimised our latency and reduced our slippage, enhancing our overall trading experience.

Platform Diversity

Fusion Markets offers three robust trading platforms: MT4, MT5, and cTrader. While these platforms provide a standard, out-of-the-box experience, they offer ample diversity in tools and features to cater to various trading preferences.

This selection ensures any type of trader has access to the tools they need to execute their strategies effectively.

4. ThinkMarkets Good Forex Broker With VPS Services

ThinkMarkets

Forex Panel Score

70

Average Spread

EUR/USD = 0.1
GBP/USD = 0.3
AUD/USD = 0.2

Trading Platforms

MT4, MT5, ThinkTrader

Minimum Deposit

$0

Why We Recommend ThinkMarkets

As a top NDD broker, ThinkMarkets offers tight spreads and a VPS service ideal for automated trading. The RAW account features low average spreads starting from just 0.1 pips.

If you prefer trading without commission, its standard account is also a great choice, with spreads averaging 1.1 pips for EUR/USD – significantly better than the industry average.

Pros & Cons

  • Offers a decent VPS service
  • Low average spreads
  • No minimum deposits for the standard account
  • ThinkZero account unavailable on ThinkTrader platform
  • Trading tools provided are limited to ThinkTrader only
  • Client support can be slow after hours

Broker Details

ThinkMarkets (formerly ThinkForex) is one of the top no dealing desk brokers trading forex and CFDs for two main reasons: its competitive spreads and solid proprietary platform. The broker also offers an excellent VPS service for reliable, stable and fast trading.

Competitive Spreads

Both of ThinkMarkets’ main retail investor accounts offer competitive spreads, based on our published spread analysis.

The broker’s Standard Account features no commission with average spreads of 1.22 pips for the 5 most traded currency pairs, significantly lower than the industry average of 1.52 pips.

ThinkMarkets’ ThinkZero account (RAW/ECN), however, has better spreads comparatively speaking, averaging 0.20 pips for the same 5 most traded pairs. These low spreads put the broker 4th on our list overall, much lower than the 0.44 pip industry average.

Diverse Range of Platforms

While ThinkMarkets offers you both MetaTrader platforms, it is the broker’s proprietary platform, ThinkTrader, that stood out to us.

The platform’s interface is both user-friendly and powerful, boasting a whopping 120 charting technical indicators, 50 drawing tools and 19 chart types.

For us, the defining feature is the TrendRisk scanner, which monitors currently unfolding setups on various instruments, saving us time when looking for trading opportunities. We were given a possible entry price, stop-loss level, and target level. And, most significantly, a calculation of our risk/reward ratio.

We also like that you can access real-time news reports from FX Wire Pro to stay up to date on the latest market developments.

Excellent VPS Service

ThinkMarkets offers an excellent VPS service through its partnership with ForexVPS, one of the most trustworthy VPS providers in the market. From our testing, we were able to set up our account in 5 minutes and enjoy fast and reliable connection speeds with 24/7 technical support.

5. IC Markets Best Forex Broker With Lowest RAW Spreads

IC Markets

Forex Panel Score

85

Average Spread

EUR/USD = 0.02
GBP/USD = 0.23
AUD/USD = 0.17

Trading Platforms

MT4, MT5, cTrader, TradingView

Minimum Deposit

$200

Why We Recommend IC Markets

We recommend IC Markets as the best forex broker if you’re looking for the lowest RAW spreads. The broker stands out with its low average RAW spreads, just 0.02 pips on EUR/USD with the RAW account, one of the lowest we’ve seen.

Along with these low spreads, IC Markets offers fast execution speeds and access to various trading platforms. These features combined make it a top choice, earning a strong rating of 84/100 from us.

Pros & Cons

  • Lowest average spreads
  • Offers MetaTrader and cTrader platforms
  • No fees for withdrawing
  • Has a minimum deposit
  • It doesn’t have its own trading platform

Broker Details

With NDD execution, IC Markets leads the pack when it comes to tight variable spreads. Not only does the broker offer the lowest spreads we’ve tested for a RAW Account, but it also provides a range of other benefits. These include a diverse selection of trading platforms, a wide range of markets, and robust social and copy trading tools.

Lowest RAW Spreads

When we tested the USD-backed majors on its RAW account, IC Markets averaged 0.32 pips, placing it third among RAW/ECN-style accounts, just behind Fusion Markets and City Index.

Our tests also show that IC Markets offers the lowest spreads for its commission-free Standard account. On average, it had spreads of 1.03 pips for the 6 major currency pairs, compared to the industry average of 1.48 pips.

The next closest competitor, CMC Markets, had average spreads of 1.11 pips for the same pairs.

With these low spreads, we recommend IC Markets for high volume Forex traders, especially those who use scalping trading strategies or algorithms and have a need for super-tight dealing spreads.

Good Choice of Trading Platforms

While IC Markets doesn’t have its own proprietary platform, it offers a variety of popular platforms such as MetaTrader 4, MetaTrader 5, and cTrader. It also provides social and copy trading options through ZuluTrade, Myfxbook, and cTrader Copy.

We particularly recommend MetaTrader 4 due to the Advanced Trading Tools add-on, which includes 20 additional trading tools to enhance the trading experience.

Market Manager, in particular, stood out to us as it provides a comprehensive overview of trading activity, including watch lists, open positions, account activity, open tickets, and recent price activity.

Solid Range of Markets

IC Markets offers a diverse range of trading products, including 61 forex pairs, over 1600 share CFDs, and a selection of indices, commodities, bonds, and cryptocurrencies.

Additionally, you can trade futures CFDs on four underlying index and commodities futures markets. This broad range of markets ensures that traders have access to all major asset classes, enhancing their trading opportunities.

6. FxPro Top Forex Broker for cTrader

FxPro

Forex Panel Score

61

Average Spread

EUR/USD = 0.2
GBP/USD = 0.2
AUD/USD = 0.5

Trading Platforms

MT4, MT5, cTrader, FxPro Trading Platform

Minimum Deposit

$100

Why We Recommend FxPro

FxPro stands out as one of the few brokers offering cTrader, an excellent alternative to MT4, known for its cleaner interface and faster performance. When you trade with cTrader at FxPro, you gain access to its RAW spreads, which average at just 0.32 pips on EUR/USD.

This means you can trade more effectively with lower costs, enhancing your trading experience and potentially boosting your trading success.

Pros & Cons

  • Decent average RAW spreads
  • Top market analysis provided
  • Offers VPS services for cTrader
  • Minimum deposit required
  • Charges inactivity fees
  • Higher spreads if you don’t use cTrader

Broker Details

FxPro is our top cTrader NDD broker due to diverse platform experience, incorporating cTrader Copy and cTrader Automate tools for copy and algorithmic trading. The broker also has a variety of execution methods that includes fixed and variable spreads, which is unique for a NDD broker.

Top cTrader Broker

Among FxPro’s array of trading platforms (MT4, MT5, cTrader, FxPro app), it’s the broker’s cTrader offering that truly shines.

During our testing, cTrader impressed us with its user-friendly interface, featuring a clear layout that simplifies navigation between ‘copy’ and ‘automate’ trading. Moreover, the platform offers sample cBot APIs, making it easier for users to start algorithmic trading.

Before transitioning to live trading, we highly recommend utilising cTrader’s backtesting functionality to assess various products on the same cBot using historical data.

Variety of Execution Methods

FxPro provides a variety of execution methods which includes instant, market, and fixed execution modes that no other NDD broker offers. You’ll obtain the most advantage using Expert Advisors (EAs) in MT4/MT5 but for cost-effectiveness, we suggest using cTrader.

By opting for cTrader, you’ll pay commissions of $3.50 per side (the industry standard) but enjoy spreads as low as 0.2 pips. Additionally, cTrader offers advanced charting tools, including 55 indicators, 26 timeframes, and advanced take profit and break-even stop orders, surpassing the offerings of MT4/MT5.

7. Saxo Markets ECN Forex Broker With Top Trading App

Saxo Markets

Forex Panel Score

55

Average Spread

EUR/USD = 0.9
GBP/USD = 0.7
AUD/USD = 0.9

Trading Platforms

MT4, TradingView, SaxoTraderGo, SaxoTrader Pro

Minimum Deposit

$0

Why We Recommend Saxo Markets

We recommend Saxo Markets if you’re looking for an ECN Forex Broker with a top trading app. Saxo’s trading app packs all the same tools and features as its desktop platform, SaxoTraderGO.

This includes an extensive charting package and technical analysis tools, which are often lacking in other brokers’ apps. You essentially get the full power of a desktop trading experience right in your pocket, making it easier to trade on the go without losing access to crucial tools.

Pros & Cons

  • A large range of markets
  • Excellent mobile trading app
  • Well regulated
  • Minimum deposit required
  • No MetaTrader 4 is available
  • Lacks 24/7 customer service

Broker Details

Saxo Markets has a longstanding history as a highly trusted broker that functions both as a multi-asset trading and investment bank. As well as having one of the largest asset ranges we’ve seen, the broker has an excellent proprietary app, SaxoTraderGO that competes with the best NDD brokers.

Commission-Free Trading

Saxo Markets provides three trading accounts which all feature no commissions (Classic, Platinum, and VIP), but only the Classic account is accessible to most traders. However, it’s worth noting that the average spreads for the EUR/USD pair on the Classic account are 1.2 pips, which is wider than the industry average of 1 pip for an account of its type.

To access the lowest spreads in the Platinum and VIP accounts, you would need to deposit significant amounts of AUD 300,000 (Platinum) and $1,500,000 (VIP), which may not be suitable for most traders.

Despite this, Saxo offers an extensive range of over 8000 leveraged and investment products across 10 different asset classes. This includes products as varied as options, ETFs, futures and mutual funds.

Excellent Proprietary Trading App

Saxo Markets offers three outstanding platforms: SaxoTraderGo, SaxoTraderInvest, and SaxoTraderPro in addition to MT4 and TradingView. However, we think SaxoTraderGo is the platform you’ll find most beneficial.

SaxoTraderGo not only has an intuitive, clean design, but features rich charting (including 62 indicators), multi-device syncing and an abundance of market analysis tools. Indeed, SaxoTraderGo uses the same technology and advanced tools that hedge funds use, which highlights the sophistication of the platform.

What we found most valuable was the SaxoTraderGo mobile trading app, which combines a user-friendly interface with extensive market analysis features. This was particularly helpful when trading major currency pairs, as we could access related videos, news headlines, and trading signals to make informed trading decisions.

8. FXTM Best Forex Broker For Copy Trading

FXTM

Forex Panel Score

62

Average Spread

EUR/USD = 0
GBP/USD = 0
AUD/USD = 0.5

Trading Platforms

MT4, MT5

Minimum Deposit

$10

Why We Recommend FXTM

We recommend FXTM as the best forex broker for a wide range of markets, which is ideal if your trading strategy involves multiple markets. The broker offers an impressive 12,000+ markets, one of the most extensive ranges available.

Additionally, its low average RAW spreads, at just 0.32 pips on EUR/USD, place it in the top 3 in our testing.

Pros & Cons

  • A large range of markets
  • Decent educational resources
  • Low average RAW spreads
  • Only offers MT4 platform
  • Minimum deposit required
  • Trading commissions are average

Broker Details

FXTM stands out for its impressive copy trading features via FXTM Invest platform, as evident from our testing. Additionally, we also thought the broker’s low RAW spreads and quality educational resources stood out.

Competitive Spreads

As a NDD broker, FXTM offers very competitive RAW spreads from our extensive published spreads analysis. The broker averaged 0.22 pips for the five most traded currency pairs, placing FXTM in the top 5 NDD brokers that we tested.

Top Copy Trading

While FXTM is a MetaTrader-only broker, where it distinguishes itself is through FXTM Invest, a superior copy trading service. Through FXTM Invest, you can follow experienced traders, referred to as strategy managers, whose risk management principles and trading systems align with your expectations.

Whether you prefer high-risk strategies or aim for short-term results, FXTM Invest allows you to choose a strategy that suits your risk tolerance and trading goals. The choice is entirely yours.

Quality Educational Resources

FXTM has one of the best education centres compared to any other broker on this list. If you’re a beginner trader then there are tutorials and articles throughout the website to help you start your journey.