No Dealing Desk Brokers

Pepperstone: Best Forex Broker for Trading Experience

Pepperstone is a multi-regulated Forex broker based in Melbourne, Australia that offers a top-quality overall trading experience with straight through processing order execution. 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 on a trading volume exceeding 200-500 lots traded per month. For a 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.

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 >>

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.

Fusion Markets Personalised Customer Support Service

Like to have someone available to help you out as you trade? Fusion Markets have 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
• 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 energised 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 >>

ThinkMarkets: Best Forex Broker for Range of Platforms

ThinkMarkets (formally ThinkForex) is one of the top no dealing desk brokers trading forex and CFDs. They offer three different account types all with different preferences depending on your trading experience level. You have the option of choosing from three different platforms including their proprietary platform and the MetaTrader platforms.

Account Types

At ThinkMarkets, there are three different account types on offer. The first is their standard account which offers no commission per trade placed, and relatively low spreads. The second option is their ThinkZero account which offers very low average spreads, but a commission of $3.50 per side. There is also an option for both a professional account or an Islamic account.

Standard Account

• A popular choice if you are a beginner trader and looking to get into the markets
• This account comes with no commission as it has already been built into the spreads
• With a minimum deposit amount of $500, it is easy for anyone to start trading
• Average forex spreads start from 1.20 pips

Think Zero Account

• Good choice for more experienced traders as they can take advantage of the lower spreads with high volume
• $3.50 USD commission per side, per lot ($100,000)
• Average forex spreads are 0.10 pips, with the possibility to go as low as 0.0 pips
• Personal account manager available

Other Account Types

There is an option of opening an Islamic account to comply with Sharia law. This account is a swap-free account and will never accrue interest.

If you are a professional trader then you have the option of opening a separate professional account. This account allows up to 500:1 leverage instead of the standard 30:1. You will have access to a direct line to a senior trader/account manager. This account is only permitted for European and UK clients under FCA regulation.

Platforms

ThinkMarkets offers you three different platforms to trade from. The first is their proprietary platform ThinkTrader which has a powerful interface and over half a million global users. The next platforms are the more popular MetaTrader 4 & 5 platforms with ultrafast execution rates.

ThinkTrader

ThinkTrader is the proprietary platform for ThinkMarkets. This is an intelligent platform with the option of being used on your desktop or mobile applications on IOS and Android. We have listed some of the features below.

• With over 80 indicators, 50 drawing tools, and 14 chart types this platform makes customizing your trading style easy
• Real-time news reports from FX Wire Pro to stay up to date on the latest market developments
• Find the next trading opportunity with TrendRisk scanner on multiple timeframes

MetaTrader 4 & 5

The MetaTrader applications have quickly become the most popular trading platforms around the world. Through the use of superfast execution speeds with servers at the Equinix data centers, both MetaTrader applications provide an unparalleled trading experience. We have listed some of their benefits below.

• Advanced indicators and timeframes to help analyze the charts for potential patterns
• Multiple pending order types including fill or kills to never miss a market move and protect your portfolio
• Algorithmic trading strategies with access to the MQL4 (MT4) or MQL5 (MT5) trading community
• Strategy testing to discover if your automated trading strategies will work in the future markets

Social Trading

ThinkMarkets provides an array of social trading tools and platforms for you to choose from. We have listed some of these below.

• Copy trade with ZuluTrade from the best expert traders with a ranking board and their performance
• Customize your strategy with lot size for different traders to fully diversify your portfolio
• ZuluGuard can trigger to close your positions with the trader that you follow if their performance is not up to standard

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 Euro vs United States Dollar (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/USDGBP/USDEUR/GBPUSD/SGDAUD/USDAUD/JPYEUR/JPYUSD/JPYUSD/CAD	EUR/USDGBP/USDEUR/GBPUSD/SGDAUD/USDAUD/JPYEUR/JPYUSD/JPYUSD/CAD	EUR/USDGBP/USDEUR/GBPUSD/SGDAUD/USDAUD/JPYEUR/JPYUSD/JPYUSD/CAD	EUR/USDGBP/USDEUR/GBPUSD/SGDAUD/USDAUD/JPYEUR/JPYUSD/JPYUSD/CAD	EUR/USDGBP/USDEUR/GBPUSD/SGDAUD/USDAUD/JPYEUR/JPYUSD/JPYUSD/CAD
	0.02	0.23	0.27	0.85	0.17
	0.10	0.20	0.40	1.30	0.20
	0.09	0.59	0.40	1.38	0.17
	0.20	0.50	0.40	1.50	0.20
	0.17	0.59	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
	n/a	0.20	0.60	3.10	0.50
	0.44	0.85	0.40	1.30	0.42

Data taken from broker website. Accurate as at 01/01/2022

Compare All Spreads >>

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 offer 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.

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 thousand 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 >>

*Your capital is at risk ‘73.76% of retail CFD accounts lose money’

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.

FXTM: Best Forex Broker for Account Types

FXTM is a broker offering a wide range of markets to trade with their no-dealing desk policy. The scope of markets includes shares, forex, commodities, and more. They offer a good range of trading platforms with both MetaTrader 4 & MetaTrader 5.

Account Types

FXTM offers clients the choice of three different account types. The first being the more popular standard account type which is more suited for if you’re a regular retail trader. The second is a high-volume professional account. The last account is similar to the second one, but it involves no commission with the same ECN execution-style. We have gone into more detail below.

Standard Account

This is the more popular account type as most retail traders are not professionals that do it for a living. This account is commission-free, meaning that the costs are built into the spreads. We have included some of the benefits below.

• Average spread on popular forex pair EUR/USD is 1.90 pips
• Simple trading cost calculation because of no commission per trade
• Can use both MT4 & Mt5
• Minimum deposit amount of $100

ECN Account

FXTM ECN account is designed for a professional or day trader. With lower spreads and discounted commission it is beneficial for you if you trade in higher volumes. We have listed some of the benefits below.

• Minimum deposit amount of $500
• Minimum spread of 0.0 pips for the popular EUR/USD pair
• Tiered commission amounts if you hold more equity in your account
• Commissions start as low as $2 per lot ($4 round trade), but go as high as $10 per lot ($20 round trade)

ECN Zero Account

This account is slightly different from the last because it involves no commission, but with the same ECN trading execution. This means that the spreads are slightly wider than the ECN account.

• Use of both MT4 and MT5 platforms
• Minimum spreads from 1.50 pips for EUR/USD pair
• Leverage up to 1000:1 (30:1 for Europe/UK)
• Minimum deposit of $200

Education Centre

FXTM has one of the best education centers compared to any other broker on this list. If you’re a beginner trader then they have tutorials and articles throughout the website to help you start your journey. We have compiled some of the best features below.

• Webinars with industry experts on education and market analysis to get a better scope of the future direction
• Forex trading guides and eBooks to expand your knowledge and develop new strategies
• Education and news videos to stay up-to-date with the latest market progress

MetaTrader Platforms

FXTM offers you two of the most widely used platforms in the world. The first platform is MetaTrader 4, which was made by MetaQuotes back in 2005 as an exclusive forex trading platform that is still popular to this day.

The second platform is MetaTrader 5, which was made in 2010 as a multi-asset platform with multiple upgrades from the previous edition. We have made a chart with the features and differences between the two platforms below.