Top No Dealing Desk (NDD) Forex Brokers

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

  • FP Markets FP Markets - Best No Dealing Desk Forex Broker Overall
  • Pepperstone Pepperstone - Best Forex Broker for Trading Experience
  • fusion markets logo Fusion Markets - Best Forex Broker for Low Commissions
  • think markets logo ThinkMarkets - Best Forex Broker for Range of Platforms
  • IC Markets IC Markets - Best Forex Broker with Tight ECN Pricing
  • fxpro logo FxPro - Best Forex Broker for Execution Speed
  • Saxo Markets Saxo Capital Markets - Best ECN Forex Broker for Range of Markets
  • fxtm logo FXTM - Best Forex Broker for Account Types

Pepperstone
IC Markets
Fusion Markets
ThinkMarkets
Saxo Capital Markets
Our Rating
9.33
8.50
8.17
7.67
6.0
74.7% of retail investor accounts lose money when trading spread bets and CFDs with this provider
77% of retail investor accounts lose money when trading CFDs with IC Markets (EU) Ltd
Lowest Commissions
75.5% of retail investor accounts lose money when trading CFDs with this provider
69% of retail investor accounts lose money when trading CFDs with this provider

Regulations and Licenses

Feature
Pepperstone
IC Markets
Fusion Markets
ThinkMarkets
Saxo Capital Markets
ASIC (Australia)
FCA (UK)
MAS (Singapore)
FSCA (South Africa)
FINMA (Switzerland)
CYSEC (Cypus)
DFSA (Dubai)
BaFin (Germany)
FSA (Seychelles)
SCB (Bahamas)
VFSA (Vanuatu)
SCA or CBUAE (UAE)

Brokerage

Feature
Pepperstone
IC Markets
Fusion Markets
ThinkMarkets
Saxo Capital Markets
EUR/USD Avg. Raw Spread
0.17
0.02
0.02
0.1
-
GBP/USD Avg. Raw Spread
0.59
0.23
0.09
-
-
AUD/USD Avg. Raw Spread
0.24
0.17
0.50
-
-
EUR/USD Standard Spread
0.75
0.62
-
-
1.10
EUR/USD Fixed Spreads
-
-
-
-
Commissions (USD Base)
$3.50
$3.50
$2.25
$3.50
-
Minimum Deposit
$0
$0
$0
$0
$2000
Swap Free Account
No Inactivity Fees
Funding Methods
16+
15+
12+
6+
5+
No Funding Fees

Markets and Instruments

Feature
Pepperstone
IC Markets
Fusion Markets
ThinkMarkets
Saxo Capital Markets
Currency Pairs
62+
61+
90+
46+
209+
Cryptocurrency CFDs*
12+
18+
8+
21+
9+
Index CFDs
14+
16+
10+
21+
-
Share CFDs
300+
100+
-
1200+
30,000+
Commodities CFD
9+
26+
16+
15+
19+
Stockbroking
-
-
-
-
Retail Max Leverage (Australia)
Major Pairs 30:1
Minor Pairs 20:1
Major Pairs 30:1
Minor Pairs 20:1
Major Pairs 30:1
Minor Pairs 20:1
Major Pairs 30:1
Minor Pairs 20:1
Major Pairs 50:1
Minor Pairs 10:1
Pro. Max Leverage (Australia)
500:1
500:1
500:1
500:1
50:1
Retail Max. Leverage (The United Kingdom)
Major Pairs 30:1
Minor Pairs 20:1
-
-
Major Pairs 30:1
Minor Pairs 20:1
Major Pairs 30:1
Minor Pairs 20:1
Pro. Max. Leverage (The United Kingdom)
500:1
-
-
500:1
66:1
Retail Max. Leverage (Europe)
Major Pairs 30:1
Minor Pairs 20:1
Major Pairs 30:1
Minor Pairs 20:1
-
Major Pairs 30:1
Minor Pairs 20:1
Major Pairs 30:1
Minor Pairs 20:1
Pro. Max. Leverage (Europe)
500:1
500:1
-
500:1
66:1
Retail Max. Leverage (UAE)
Major Pairs 30:1
Minor Pairs 20:1
-
-
-
Major Pairs 30:1
Minor Pairs 20:1
Pro. Max. Leverage (UAE)
500:1
-
-
-
50:1
Retail Max. Leverage (Singapore)
-
-
-
-
Major Pairs 20:1
Minor Pairs 16:1
Pro. Max. Leverage (Kenya)
-
-
-
-
-
Pro. Max. Leverage (South Africa)
-
-
-
500:1
-
Retail Max. Leverage (With offshore regulators)
200:1
500:1
500:1
500:1
50:1

*Cryptocurrency CFDs are not available to retail traders in the UK due to FCA regulations

Trading Platforms + Tools

Feature
Pepperstone
IC Markets
Fusion Markets
ThinkMarkets
Saxo Capital Markets
MetaTrader 4 (MT4)
MetaTrader 5 (MT5)
cTrader
TradingView
Proprietary Platform
Automated Trading
Social + Copy Trading
Standard Stop Loss
Guaranteed Stop Loss
Demo Account
Unique Feature
Smart Trader Tools
ECN pricing
Industry low commission fees
STP Order Execution
CFD and Underlying assets for trade

Overall

Pepperstone
IC Markets
Fusion Markets
ThinkMarkets
Saxo Capital Markets