No Dealing Desk Brokers

IC Markets: Best Forex Broker with Tight ECN Pricing

With NDD execution, the ECN-style broker leads the pack when it comes to tight variable spreads. The broker is based in Sydney and regulated by ASIC (Australian Securities and Investments Commission) in Australia, CySEC (Cyprus Securities and Exchange Commission) in Europe, as well as oversight from the FSA (Financial Services Authority of Seychelles).

The ECN model employed by IC Markets ensures there is no direct conflict of interest with their clients. IC Markets ECN pricing model comes with the following advantages:

• Interbank rates with raw spreads (95% of the time the EUR/USD spread is 0.0 pips)
• ECN trading speed (under 40ms)
• Powerful trading terminals (including cTrader the only true ECN forex platform)

Note* The average forex spreads were calculated using price data from 01-07-2019 to 31-12-2019.

In addition to its commission-free Standard Account that boasts dealing spreads as low as 1 pip for EUR/USD, IC Markets offers a Raw Spread Account with a $3.50 commission per lot that lets you trade on institutional-grade pricing. This is virtually the same price levels offered by leading global execution venues.

IC Markets Raw Account Spreads	EUR/USD GBP/USD EUR/GBP USD/SGD AUD/USD	EUR/USD GBP/USD EUR/GBP USD/SGD AUD/USD	EUR/USD GBP/USD EUR/GBP USD/SGD AUD/USD	EUR/USD GBP/USD EUR/GBP USD/SGD AUD/USD	EUR/USD GBP/USD EUR/GBP USD/SGD AUD/USD
	0.10	0.40	0.40	0.30	0.20
	0.10	0.20	0.40	1.30	0.20
	0.16	0.40	0.35	1.07	0.27
	0.20	0.50	0.40	1.50	0.20
	0.17	0.60	0.54	N/A	0.30
	0.20	0.60	0.50	10.00	0.40
	0.10	0.60	0.60	1.30	0.50
	0.30	0.50	0.50	3.00	0.50
	0.44	0.85	0.40	1.30	0.42

Data taken from broker website. Accurate as at 01/10/2020

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IC Markets ECN Trading Speed

With respect to speed, IC Markets’ MetaTrader 4 and 5 (MT4/5) trading servers have a super low latency of less than a millisecond on average. Its major Virtual Private Server (VPS) providers transmit pricing data via dedicated lines to nearby data centres, making direct Forex market access fast and highly-efficient for IC Markets’ clients.

When it comes to market breadth, IC Markets’ quotes arrive from up to 25 pricing providers who send Executable Streaming Prices (ESP) to the broker. These prices are then directly offered to Raw Spread Account clients using its NDD model where Interbank market rates are not manipulated. You will also never see a re-quote from IC Markets.

IC Markets ECN Trading Platforms

In addition to supporting the market-standard MT4/5 trading platforms that have sophisticated automation capabilities and widespread acceptance, IC Markets also allows you to use the up-and-coming cTrader platform for extra functionality. If you want to trade via the web or a mobile app for iOS or Android, then MetaTrader offers great solutions for those platform types that IC Markets also supports.

For high volume or frequency Forex traders, especially those who use scalping trading strategies or algorithms and have a need for super-tight dealing spreads, IC Markets really does offer the best possible online deal execution and pricing, as you can see in the comparison table below.

Final Words – Best ECN Brokers

Overall, IC Markets offers unfiltered access and no dealing desk interventions to the world’s biggest market. IC Markets clients can deposit and withdraw money safely and secure with 0% commission. The minimum deposit to start trading with a true ECN broker is only USD 200.

Fusion Markets: Best Forex Broker for Low Commissions

Melbourne, Australia-based and ASIC-regulated Fusion Markets features a very low per lot commission of only $2.25 and offers Forex dealing spreads from just 0.0 pips, so it gets top marks as an economical dealing partner.

Fusion Markets offers two types of trading accounts with two different commission structures:

1. The Zero Account – with a round-turn commission of AUD $4.50 and institutional spreads
2. The Classic Account – with zero commission and floating spreads as low as 0.8 pips

Below, our team of experts will review some of the benefits of trading with a no dealing desk broker.

Fusion Markets No Minimum Deposit Policy

The NDD broker also does not have a minimum account size, so it could be the perfect deal execution choice for less-well-funded retail traders who still need the best possible pricing and commission structure. You can even use a leverage of up to 500:1 for Forex trades.

Fusion Markets Personalized Customer Support Service

Like to have someone available to help you out as you trade? Fusion Markets has you covered then since all live account holders get their own trading specialist to assist them in using its trading platform and trading the markets.

Note* Trustpilot, one of the world’s leading online review websites, gives Fusion Markets a 4.8 TrustScore (based on a total number of 135 reviews).

Fusion Markets customer support facilitates the interaction between the brokerage’s clients and the support team through 3 different communication forms:

• Live chat with one of Fusion Markets experts
• Direct email (help@fusionmarkets.com)
• By phone number (+61 3 8376 2706)

To sign up for a trading account, prospective customers can fill out an online application form.

Fusion Markets MetaTrader 4 Platform

When it comes to trading platforms, Fusion Markets supports MT4, so you can Robo-trade using your favourite Expert Advisors (EAs) and enjoy using one of the most sophisticated and portable online Forex trading platforms around. MT4 also has versions for web and mobile trading, so you can trade wherever you are and whenever the market is open.

The Fusion Markets MT4 is energized with a lot of useful trading tools:

• +50 technical indicators and MT4 scripts
• Flexible charts
• Flexible trading orders
• Supports MetaQuotes programming language
• Supports fast order execution speed (0.02 seconds)
• Range of trading products: Forex, Metals and CFDs

Final Words – Forex Trading with Low Commissions

Fusion Market is the perfect fit for low commission trading on the currency market and a few selected CFD instruments. On average, Fusion Markets commissions are 36% cheaper than other ECN brokers. Fusion Markets doesn’t enforce any minimum deposit policy on its retail investor accounts. Think about signing up? Click the button below!

View Fusion Markets Review >>Visit Fusion Markets >>

Pepperstone: Best Forex Broker for Trading Experience

Pepperstone is an ASIC-regulated Forex broker based in Melbourne, Australia that offers a top-quality overall trading experience. The broker combines super-fast execution speeds, raw dealing spreads, low commissions, support and education to help you better attain your trading goals.

With respect to transaction speed, Pepperstone fills most orders in under 30 milliseconds, which should serve scalpers and Robo-traders very well. Pepperstone also supports the standard MT4/5 trading platform many traders favour, including its web-based and iOS or Android mobile versions. If you prefer cTrader, then you can also use it with this broker.

Our team of devoted FX experts have put to the test the order execution quality offered by Pepperstone and other no dealing desk (NDD) forex brokers. We tested the transfer time between the order being sent, processed and submitted by Pepperstone servers.

Note* The order speed tests revealed that Pepperstone can boost 85 milliseconds when submitting market orders. Compared to other ECN and STP brokers, Pepperstone is the fastest NDD broker. See a full speed comparison in the graph below.

Pepperstone Active Trader Program

High-volume trading clients can also qualify for cash rebates via the broker’s Active Trader program, and you can refer friends to the broker for a $100 credit to your trading account. Other perks of trading via Pepperstone include access to its 24/5 multi-lingual customer support and its award-winning learning resources aimed at getting traders started out on the right foot.

Pepperstone cash rebate program is contingent on the monthly trading volume executed by its clients. The maximum cash rebate you can get is USD $200 – $500 contingent to a trading volume exceeding 200-500 lots traded per month. For the detailed view of the forex cash rebates offered by Pepperstone see the table below.

Pepperstone NDD Broker with Minimum Deposit

If you lack the funds to make a large deposit then Pepperstone will still open an account for you, although the broker does recommend having at least an AUD $200 initial deposit.

Available Forex leverage ratios at Pepperstone range from up to 500:1 within ASIC’s Australian jurisdiction, up to 50:1 within the jurisdiction of the Dubai Financial Services Authority (DFSA) and up to 30:1 within the Financial Conduct Authority’s (FCA’s) UK jurisdiction.

Note* Pepperstone UK also offers a tax-efficient spread betting account with no dealing desk execution.

Final Words – Best ECN and STP Brokers

Overall, Pepperstone comes across as an excellent broker for trading Forex, index CFDs, cryptocurrencies and commodities. This makes it our top pick for the overall trading experience it provides clients. Pepperstone minimum account deposit is only USD 200. Grab your free demo account by clicking the button below.

View Pepperstone Review >>Visit Pepperstone >>

FxPro: Best Forex Broker for Execution Speed

Based in London with regulated offices in the UK, South Africa, Cyprus and the Bahamas, FxPro is a top CFD provider with a well-earned reputation for fast trade executions.

FxPro uses a lightning-fast NDD model to fill most trades in below 11.06 milliseconds, and the broker can execute as many as two thousand trades per second. It boasts a current record of facilitating almost 200 thousands trades in a single day.

The company also makes trading more efficient for its clients by matching buy and sell orders before executing the balance in the market. This differentiates its speedy NDD model from those used by pure ECN and STP brokers.

FxPro NDD Broker with Collocated Servers

Trades executed via FxPro get routed to its Equinix Data centres in London or Amsterdam. FxPro’s trading servers connect with tier 1 banks that provide liquidity using its proprietary Quotix software that acts as a trade aggregator engine, auto-dealing system and liquidity bridge.

Although slippage on stop-loss orders is possible with this broker, 82% of the broker’s market orders left by clients in 2019 were executed at the specified price. Furthermore, 9% of such orders were executed at a better price, while 9% were executed at a worse price.  Re-quotes can also happen, although they occurred in just 0.68% of all market orders given to the broker in 2019, with 0.32% receiving an even better execution price than initially quoted.

FxPro Direct – Secure Mobile Wallet

FxPro also offers a unique wallet feature separate from traditional trading accounts. This funding reservoir can help with risk management by keeping the bulk of your available capital securely separate from your trading account in case of a sharp unfavourable market movement that could otherwise bankrupt you. A FxPro wallet also provides traders with instant access to an additional reserve trading capital when desired.

Forex traders can enjoy the following advantages via the powerful FxPro Direct wallet:

• Deposits and withdrawals at your fingertip directly from your mobile phone
• Supports multiple trading accounts
• 8 supported funding currencies (USD, EUR, GBP, CHF, PLN, AUD, JPY and ZAR)
• Multiple payment methods (Visa cards and bank transfers)

Furthermore, the broker does not charge fees on deposits or withdrawals, which can be a substantial benefit if you plan on making regular transactions of that type.

Final Words – Fastest Dealing Desk Brokers

FxPro’s industry-leading services in the Forex industry is trusted by more than 1.3 millions forex traders from over 173 countries worldwide. In 2017, FxPro was awarded as the Best Execution Broker Global by Global Brands Magazine. If you want to benefit from ultra-fast order execution click the button below and start trading today.

View FxPro Review >>Visit FxPro >>

Saxo Capital Markets: Best Forex Broker for Range of Markets

Based in Hellerup, Denmark, Saxo Capital Markets is regulated in 15 jurisdictions and offers access to over 42,000 tradable assets, making it our top broker choice for the very broad range of markets offered and very low risk of scams.

With Saxo Capital Markets you can trade 10 different asset classes, including:

• Forex currency pairs: 182 FX pairs major, minor and exotic pairs
• Commodities: 4 spot metals, 4 commodity CFDs, 4 commodity futures, 4 commodity options, 4 commodity ETCs
• CFDs instruments: +9,000 financial instruments
• ETFs: 3,000 instruments from +30 global exchanges
• Futures: +200 contracts from 23 global exchanges
• Forex Options: 44 FX Vanilla options contracts
• Listed Options: +1,200 options from 23 global exchanges
• Stocks: +19,000 stock shares from 37 global exchanges
• Bonds: +5,000 government debt contracts
• Mutual Funds: 250 global top-rated mutual funds

Saxo Direct Market Access DMA

Saxo offers competitive pricing using either its DMA or market maker execution options. You can trade major Forex pairs on dealing spreads starting at 0.4 pips, with more competitive rates available for high-volume traders.

Saxo Bank offers three pricing tiers with different levels of spreads based on the account type you opt for. Below you can review the typical ECN and STP spreads on the most traded currency pairs.

Saxo can provide traders with deep liquidity and the best possible exchange rates by getting its Forex dealing quotes from a broad range of tier 1 financial institutions that participate in the interbank market. These include banks, ECNs and other market-making firms that act as liquidity providers.

Saxo Proprietary NDD Trading Platform

Although Saxo Capital Markets does not support popular trading platforms such as MT4/5, it does have its own proprietary platform called SaxoTraderGO that lets you use over 50 technical indicators for market analysis. This powerful and simple-to-use platform has different versions that let you operate from a Mac or Windows desktop computer, as well as using an iOS or Android tablet or smartphone.

SaxoTraderGo uses the same technology and advanced tools and indicators that hedge funds use. Below you can view what competitive advantages you can gain with SaxoTraderGO:

• Enhanced trade ticket
• Fundamental analysis tools (for equity research)
• Technical analysis tools
• News and expert research (price data, trade ideas and educational material)
• Extensive charting package
• Option chain with historical puts and calls
• View portfolio summary
• Performance analysis dashboard
• Risk management tools (account balance stop loss, cancel all orders feature, margin alerts, quick close positions)

Final Words – The Biggest No Dealing Desk Broker

Saxo Bank has $16 billion in total customer assets and it is processing more than 1 million transactions every single day. At Saxo Bank, you can enjoy direct market access with competitive pricing and a liquidity network composed of tier-one banks, MTFs, ECNs, SIs, Interdealer brokers and additional 36 exchanges.