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3 Best No Dealing Desk Forex Brokers for 2024

Searching for the top no dealing desk forex broker? Based on our hands-on analysis, we’ve identified the 3 best options tailored to various trading needs. Practical tips from our experts are included.

Jitan Solanki
Reviewed By:
Aviva Gurevich
Updated: Mar 5, 2024

List of Top No Dealing Desk Forex Brokers

Raw spread ECN trading accounts. Commission-free no-dealing desk execution. Multiple platforms including MT4, MT5, cTrader, IRESS. Direct Market Access (DMA) trading accounts available.

Zero requotes, no minimum order distance restriction. Low spreads and trading commissions. Trade from MT4, MT5, cTrader. Fast trading execution speed under 40 ms.

across forex, stocks, indices, commodities. Commission-free NDD broker. Trading Central research platform available.

What is a no-dealing desk broker?

A no-dealing desk (NDD) forex broker routes your orders directly to the underlying market to try and match the other side of your trade with another participant in the forex market without any broker intervention. The opposite of this execution model is a dealing desk broker. In this instance, the broker will take the other side of your trade and decide what to do with it – send it to the underlying market, keep it in-house for their own book, or match the trades of other clients.

Some of the advantages of trading with a no-dealing desk broker are that there are no conflicts of interest as your orders are being routed through to the underlying market, which will often lead to better price execution, lower spreads, and faster transaction times.

How did FXEmpire select the Best No Dealing Desk Forex Brokers?

Fx Methodology at a Glance

  • We only selected brokers that achieved a high overall score from our proprietary rating system.
  • We confirmed each broker operates a no-dealing desk model by reviewing the broker’s legal terms and conditions.
  • We examined the sources of liquidity each broker provides to ensure fast and high-quality trade execution.
  • We explored the number of tradable instruments to check if a diverse range of markets is available.
  • We opened a live trading account to witness first-hand the broker’s live spreads and check their competitiveness.
  • We assessed each broker’s trading fees to ensure they are as low as possible compared to the industry average.
  • We verified each broker’s regulatory license in the jurisdiction where they operate.

Using FX Empire’s comprehensive methodology, our team of experts has identified the best forex brokers for auto trading this year. Here’s how we test.

Now let’s explore the selected brokers.

Best Overall

Contracts for Difference (CFDs) are leveraged over-the-counter derivative products and carry a high level of risk to your capital. You should only risk capital that you can afford to lose. In certain circumstances, due to fluctuations in market value you may not get back your initial investment amount. You may not only lose your initial investment but you may incur a liability to pay a further amount to cover losses. This means you can lose more money than you have invested.
  • Min Deposit
  • Tradable Instruments
  • Fees

Founded in 2005, FP Markets is our best overall no-dealing desk broker recommendation. From its Raw ECN pricing and Direct Market Access (DMA) trading accounts, you can trade more than 10,000+ instruments with low commissions and deep interbank market liquidity.

Key Features:

  • Regulation & Max. Leverage: ASIC (1:30), CySEC (1:30), FSCA (1:500), Unregulated SVG entity (1:500)
  • Order Execution Type: ECN, DMA
  • Tradable Instruments: 10,000+ Forex, Shares, Futures, Indices, Commodities
  • Live Fee Test: EUR/USD Avg. Spread 1.1 pips, Zero Commission
  • Platforms: MT4, MT5, cTrader, IRESS

During our live test, I found that FP Markets streams currency prices directly from their liquidity providers (tier-one investment banks) through their ECN pricing model. The Electronic Communications Network model allows orders to be matched to other traders from multiple liquidity providers in an anonymous network, providing fast execution (< 40ms) and better spreads.

Our live fee test showed that the average price for EUR/USD was 1.1 pips, which is in line with the industry average of 1.0 pips for a commission-free trading account. FP Markets also provides a Raw account, which offers spreads from 0.0 pips and a commission of USD 3 per lot, per side. This is considerably better than the industry average of USD 3.50.

I was particularly impressed by FP Markets’ DMA (Direct Market Access) account for share CFDs. This account allows you to trade on more than 10,000+ shares from around the world directly from the order book of the exchange. Only available from the IRESS platform, you can access better and more transparent pricing and market depth.

  • ECN and DMA pricing.
  • Low trading fees.
  • Multiple trading platforms.
  • 24/7 customer support.
  • The IRESS DMA platform has a steep learning curve.

Best Low Spreads

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
  • Min Deposit
  • Tradable Instruments
  • Fees

Established in 2007, IC Markets has become a top choice for high-frequency, high-volume forex traders. Thanks to its low-latency fiber-optic servers, the broker offers Raw ECN pricing, deep liquidity, and low fees. Plus, it boasts a zero-requote and no minimum order distance policy, making it an exceptional broker to trade with.

Key Features:

  • Regulation & Max. Leverage: ASIC (1:30), CySEC (1:30), FSA Seychelles (1:500)
  • Order Execution Type: ECN
  • Tradable Instruments: 2,250+ Forex, Shares, Indices, Commodities
  • Live Fee Test: EUR/USD Avg. Spread 0.65 pips, Zero Commission
  • Platforms: MT4, MT5, cTrader

During our live test, I found that IC Markets provides institutional-grade liquidity from the interbank market, processing more than USD 29 billion in forex trades daily. With its low latency fiber-optic connection to the Equinix NY4 servers, the broker delivers impressively low spreads, a zero-requote policy, and no minimum order distance restrictions. I personally enjoy this unique feature as it allows you to place orders very close to the market price.

Our live fee test revealed an average spread for EUR/USD at 0.65 pips, significantly outperforming the industry average of 1.0 pips for commission-free trading accounts. You can access even lower spreads with the IC Markets Raw spread trading account, which has a commission of USD 3.50 per lot per side, — aligned with the industry average.

  • Raw spread ECN trading accounts.
  • Low spreads and trading fees.
  • Trading Central and Autochartist tools.
  • 2,250+ tradable instruments.
  • Advanced features may overwhelm some beginners.

Best for Professional Traders

73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing money. (EU, UK)
  • Min Deposit
  • Tradable Instruments
  • Fees

Founded in 2006, FxPro is an award-winning no-dealing desk broker that provides an excellent offering for professional traders. With ultra-fast execution under 13 ms, no-dealing desk intervention, and commission-free trading from the MT4, MT5, and cTrader platforms, FxPro is definitely a broker worth considering.

Key Features:

  • Regulation & Max. Leverage: FCA (1:30), CySEC (1:30), SCB (1:500), FSC Mauritius (1:2000)
  • Order Execution Type: Custom NDD Model
  • Tradable Instruments: 2,100+ Forex, Shares, Indices, Commodities
  • Live Fee Test: EUR/USD Avg. Spread 1.2 pips, Zero Commission
  • Platforms: FxPro, MT4, MT5, cTrader

If you are a professional trader, you may find the ability to trade from MT4, MT5, and cTrader to be useful. All three platforms support algorithmic strategies and come with built-in copy trading features. With more than 2100 instruments available for trading, FxPro stands out for its no-dealing desk execution in the forex market. Trades are primarily internally matched with other clients, leading to zero requotes 98.59% of the time and ultra-fast execution times under 13 ms.

During our live fee test, I found that the average spread for EUR/USD was 1.2 pips, which is around the industry average of 1.0 pips for commission-free accounts. I discovered there is also an extensive suite of tools that professional traders will find valuable. This includes the FxPro VPS and access to Trading Central, a research platform offering technical analysis and additional indicators for MT4.

  • Commission-free NDD broker.
  • 2,100+ tradable instruments.
  • 4 trading platforms.
  • Access to Trading Central.
  • $10 inactivity fee after 6 months.

How to choose a no-dealing desk broker?

Here is a quick guide on how to choose the best no-dealing desk broker.

1. Only trade with well-regulated brokers

One of the main benefits of trading with a no-dealing desk broker is that there are no conflicts of interest, as your trades are sent directly to the underlying market without any broker intervention. This level of safety and security can also be increased by trading with a well-regulated broker.

If you opt to trade with a broker that is not regulated, then there are no laws to protect the safety of your funds and the quality of trade execution. In fact, if an unregulated broker decides to act fraudulently and steal your funds, there are no legal options for you to recover them. Therefore, I would recommend not trading with an unregulated broker.

Here are some steps to identify regulated brokers:

  • Where is the broker located? If your broker is located in a well-known financial jurisdiction like London or New York, it will be authorized and licensed to operate by the country’s financial regulator.
  • How to verify the broker’s license? To check the broker’s license to operate, visit the regulator’s online register and search for them. You can also see any past issues with the regulator if there are any.
  • Should I read the terms and conditions? You should always carefully read the broker’s terms and conditions, along with the customer agreement, before opening a trading account. These documents serve as your safeguard, providing a basis for holding the broker accountable if something goes wrong.
  • Why are segregated funds important? It is important to make sure your broker segregates client funds from company funds. This is to ensure they are not using your capital to run their business.

While many will view no-dealing desk brokers as safe and transparent, it only covers how your trades are executed. The safety of your trading funds is also very important. Regulated brokers will have protections in place to keep your funds safe.

For example, brokers regulated by Tier-1 regulators such as the UK FCA and CySEC make it a legal requirement to segregate client funds from company funds, offer a negative balance protection policy so your account does not go below zero, and be part of a compensation scheme to cover your funds up to a certain amount if the broker goes bankrupt.

Read more about best regulated forex brokers in our comprehensive guide.

2. Check the fees are competitive and transparent

A broker will charge fees for various services and products to keep their business running. While they aim for these fees to be as high as possible, you’d prefer them to be low. Fortunately, due to a competitive industry, there are brokers who offer competitive rates, but they still need to be checked.

Here are some fees to be aware of:

  • Spread. The difference between the buy price and sell price of a financial instrument. With a no-dealing desk broker, these should be the lowest in the industry, as the pricing should be sourced from the interbank market. See our guides on the best zero spread brokers and best lowest spread brokers.
  • Commission. A fee that is charged when opening and closing a trade. Most no-dealing desk brokers will charge a fee as they are not marking up the spread you receive. It is typically charged per 100,000 units of currency you buy or sell.
  • Overnight or swap fee. The cost of holding a leveraged or margined position overnight. This is based on a combination of interest rates and a broker markup. Find the list of the lowest swap brokers in our detailed guide.
  • Payments. There may be fees to deposit or withdraw funds, and they are likely to vary between different methods.
  • Inactivity. A fee when no activity has taken place for a certain number of months.

To check the broker’s fees, search their website, as they should all be laid out clearly. If not, it’s probably a red flag to avoid the broker. You can also check the broker’s legal terms and conditions and speak to customer support. Using a demo trading account can also be useful for testing a broker’s trading fees.

3. Select the right account type

While a no-dealing desk broker may not intervene in your trades, there are certain account types in which they can mark up the spread. Most brokers that offer a commission-free trading account have marked up the spread they receive from the interbank market, which is a source of revenue for them.

  • Commission-free trading accounts can be useful for beginner traders as the majority of the costs are included in the spread so there are fewer risk management calculations needed before taking a trade.

One of the benefits of a no-dealing desk broker is that the pricing is coming directly from the interbank market. Therefore, some traders will opt to trade on these accounts to get better price execution. However, these are usually commission-based trading accounts where the broker will charge a commission per trade.

  • Commission-based trading accounts may be more suitable for short-term traders who prioritize price execution. The commission per trade can be seen as an expense and merely the cost of doing business. In some cases, you may pay less overall, even when charged a commission. Some brokers even offer lower commissions for higher-volume traders.

Identify your trading goals and consider running two demo or live accounts at the same time to compare the overall fees you will end up paying for your style of trading.

Discover Best STP forex accounts and Best ECN forex accounts.

4. Understand the pros and cons of leverage

One reason trading has become so popular in recent years is because of the ability to trade on margin. This helps to leverage your capital so you can control a larger position size with a smaller deposit, magnifying both profits and losses.

For example, if a broker offers 1:30 leverage, this means you can open a position worth $3,000 but with only $100 in your account. It is important to note that tier-1 regulators such as CySEC, ASIC, UK FCA, and IIROC restrict retail forex leverage to 1:30. Even US regulators such as the CTFC and NFA restrict forex leverage to 1:50.

There are many offshore and unregulated brokers that promote very high leverage. You should be careful trading with these brokers and do your own due diligence. For those comfortable with these dynamics, FX Empire offers a list of the best forex brokers with high leverage, carefully selected to suit specialized trading needs.

5. Test the functionality of the broker’s trading platforms

Some of the most common trading platforms provided by brokers include:

  • MetaTrader 4: This platform has long been the ‘go-to’ forex platform known for its excellent charting and trade execution features.
  • MetaTrader 5: This is an updated version of MT4, which has more timeframes and indicators and can offer more markets.

Check out our dedicated guides on best MT4 brokers and best MT5 brokers.

  • cTrader: This platform is specifically designed for high-frequency traders and scalpers. Read more about best cTrader brokers.
  • TradingView: A feature-rich, browser-based trading platform with advanced research, social and trading tools. See our detailed list on the best TradingView brokers.
  • In-House Proprietary Software: Some brokers may invest in having their own proprietary trading software.

You can test each trading platform using a demo account to identify the one that is most suitable for you.

I personally trade with brokers who provide a range of trading platforms across multiple devices. If one platform goes down, I need to know if there is another one I can access to manage my trades. You can also check out our dedicated guide on best forex trading platforms.

Similarly, if my home internet provider goes down, I want to know if I can access my account through the broker’s mobile trading app so I can still track what’s happening in the market. While having a range of options may overwhelm some beginners, it will be useful in the long run.

What to avoid when choosing a CFD broker?

Here are some red flags to avoid when choosing a CFD broker:

  • Unregulated brokers. If you trade with an unregulated broker, there is no legal recourse if they decide to steal your money.
  • No live customer support. If you cannot contact your broker or a live customer support agent, it is a major red flag, as well-established brokers will have teams of people working for them.
  • Promises of high and unrealistic returns. There are no get-rich-quick schemes. If your broker is advertising as such, it is best to steer clear of them.

How to avoid forex and CFD scams?

While there are many scam brokers out there nowadays, you can protect yourself by remembering the following:

  • Trade with a regulated broker.
  • Check the broker is based in a well-established financial jurisdiction.
  • Ensure the broker has physical offices and teams of employees working for them.
  • Speak to customer support live to check if there is a human presence.
  • Read the legal terms and conditions you are signing up to.
  • Only stick to payment methods you recognize.

By abiding by these rules, you are more likely to avoid a forex and CFD scam.

Our Methodology

We evaluate brokers using a proprietary rating system that involves analyzing 250 data points across nine core categories, which include:

  • Trustworthiness: We review the authorization and licenses of each broker with the regulator in the jurisdiction they operate in and test them for safety and security.
  • Fees: We test the broker’s trading fees and execution by opening a live trading account to witness them first-hand.
  • Trading platform and tools: We assess the usability, speed, and features of each trading platform the broker provides.
  • Tradable instruments: We explore the number of tradable instruments available to check how diverse the broker’s offering is.
  • Customer support: We interact with the customer support team to test the ease of access, knowledge, and helpfulness.
  • Payment methods: We explore all of the different payment options, their fees, and processing times.
  • Account types: We research each account type to identify its features and benefits, including minimum deposits, execution methods, and more.
  • Research and education: We assess the quality of the broker’s research and educational materials.

We abide by our strict guidelines for editorial integrity based on the objective standards we have set for our reviews. You can read more about our review process here.

For this page, we also confirmed that each broker offers a no-dealing desk execution by reviewing the legal terms and conditions. We also checked each broker provides access to a number of liquidity sources to ensure competitive pricing and fast execution – some of the main reasons to trade with a no-dealing desk broker.

Meet Our Writers

The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

Get to Know Our Authors

Dan BlystoneBroker Analyst

Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.

Jitan SolankiBroker Analyst

Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.

Plamen StoyanovBroker Analyst

Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.

Vladimir ZernovBroker Analyst

In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.

A no-dealing desk forex broker is one that sends your trades through to the underlying market without any intervention.
A no-dealing desk platform is a trading platform provided by a no-dealing desk broker. A platform merely provides a way to execute trades, but how it is done will depend on the broker’s execution model.
A no-dealing desk broker is not necessarily more transparent than a dealing desk broker. The transparency of a broker is mainly determined by where it is regulated and the laws it has to abide by in order to protect investor capital.
A no-dealing desk broker does not always charge a commission. While they will market a spread on a commission-free trading account, they will still send your trades directly to the underlying market.
As there is no broker intervention in your trades, you receive much more precise market price information, which can lead to better spreads and quality of execution.
While using a no-dealing desk broker generally has no inherent drawbacks, the experience can vary depending on the broker's location, the governing laws and regulations, and their regulatory status.
One of the best overall no-dealing desk brokers is FP Markets. With ECN and DMA trading accounts, you can access interbank pricing with low commissions.
The top 5 no-dealing desk brokers are FP Markets, IC Markets, FxPro, FXTM and Interactive Brokers.
FXTM is a suitable no-dealing desk broker for beginner traders as you can access micro/cent accounts and a large range of educational materials.
ActivTrades is a suitable no-dealing desk broker for professional traders, as you can trade on 1,100+ markets with competitive fees and from 4 different trading platforms.
You can use automated strategies (EAs) with a no-dealing desk broker.
An ECN no-dealing desk broker will find the best price from multiple liquidity sources to match your order. An STP no dealing desk broker will send a market order directly to the market to be filled at that price.
A negative balance protection is a policy, which some brokers have in place to ensure a client’s account does not go below zero.
While brokers licensed by tier-one regulators are legally required to offer a negative balance protection, some other brokers will also choose to do so. You can check by reviewing the broker’s terms and conditions document.
A compensation scheme protects client capital up to a certain amount in the event a broker becomes insolvent.
Brokers licensed by tier-one regulators such as the UK FCA, CySEC, and IIROC are legally required to be part of a compensation scheme. You can check by reviewing the broker’s terms and conditions document.
A segregated fund refers to the practice where brokers hold their clients' funds separate from their own operational funds. This is done to protect clients' funds in the event of the broker's bankruptcy or other financial difficulties.
While brokers licensed by tier-one regulators are legally required to segregate client funds, other brokers will also choose to do so. You can check by reviewing the broker’s terms and conditions document.

About the Author

Jitan SolankiBroker Analyst

Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.

Why you can trust FX Empire

At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.

Why you can trust FX Empire

FXEmpire was founded in 2011, making us one of the first forex broker review sites. You can trust FXEmpire because of our thorough and unbiased review process. With over a decade of experience, we have a team of industry experts who conduct rigorous tests to ensure our reviews are accurate and unbiased. Our reviews are designed to bring clarity and confidence to the process of choosing a broker, and are based on objective criteria and measurable data. Our editorial team is composed of trading industry professionals and seasoned financial journalists, who ensure that our reviews are accurate and unbiased. Additionally, our review system is based on 9 core categories and over 250 distinct variables, which ensures that all aspects of a broker are considered before giving a final rating. So, you can trust FXEmpire to provide you with honest and informative reviews that will help you make an informed decision on which broker will best enable you to reach your financial goals.