Best DMA Forex Brokers Compared in 2024

Why We Chose AvaTrade?

You might find AvaTrade a good fit if you value transparency and low spreads. With AvaTrade, you have direct access to liquidity providers, offering high liquidity and lower spreads.

Overall Rating		⭐⭐⭐⭐⭐
Min. Deposit		$100
Regulation		ASIC, FSA, FFAJ, CBI, FSCA
DMA Markets		CFDs, commodities, cryptocurrencies, forex, indices, options, and bonds
DMA Trading Platforms		MT4, MT5
DMA Cost (Spreads & Commissions on forex)		Typical 0.9 pips (EUR/USD) & commission-free
Demo Account		Yes ($10,000 in virtual capital, lasts for 21 days and can be renewed upon request)
Max. Leverage		1:30 (retail)/1:400 (professional)
Customer Support		Mon - Fri 8:00 - 23:00 live chat, phone, email
Regional Restrictions		AvaTrade is currently not accepting new clients from the United States, Canada, Australia, North Korea, Iran, Iraq, Syria, Somalia, Myanmar, Congo, and more.
Open AvaTrade DMA Account

Pros: High liquidity and low spreads due to direct access to liquidity providers.

Cons: Not available in the US, and the platform might not be as intuitive for beginners.

Why We Chose IG?

If you aim to engage in algorithmic trading or desire access to liquidity from global banks, IG caters to these needs with a robust infrastructure. Their L2 Dealer platform is particularly accommodating in this sphere.

Overall Rating		⭐⭐⭐⭐⭐
Min. Deposit		0
Regulation		ASIC, FCA, FSA, NFA, AMF, FMA, MAS, DFSA
DMA Markets		Shares, forex
DMA Trading Platforms		Mobile apps, API, L2 Dealer
DMA Cost	Average Spread (EUR/USD)	0.165 pips
	Commission	Small, same as an over-the-counter (OTC) trade
	Exchange Fees	Depending on the exchange you want to view or trade on
	Other Fees	Such as stock borrowing fees
Demo Account		Yes ($20,000 in virtual capital)
Max. Leverage		1:200
Customer Support		24h/day, except from 6 am to 4 pm on Saturday (UTC+8)-live chat, phone, email
Regional Restrictions		US clients are not allowed
Open IG DMA Account

Pros: Allows algorithmic trading and access to liquidity from global banks.

Cons: The platform interface can be complex for beginners.

Why We Chose IC Markets?

Choose IC Markets if you prefer a true ECN trading environment. Their high-speed order execution and deep liquidity cater especially to high-frequency traders.

Overall Rating		⭐⭐⭐⭐⭐
Min. Deposit		$200
Regulation		ASIC, CySEC
DMA Markets		forex, commodities, indices, bonds, cryptocurrencies, and futures
DMA Trading Platforms		MT4, MT5, cTrader
DMA Cost (Spreads & Commissions on forex)		From 1.0 pips + commission-free (Std account)
Demo Account		Yes (free for 30 days)
Max. Leverage		1:500
Customer Support		24/7 live chat, phone, email
Regional Restrictions		Residents of the United States, Canada, Israel, New Zealand, Iran, and North Korea (Democratic People's Republic of Korea) are excluded.
Open IC Markets DMA account

Pros: Offers a true ECN environment with deep liquidity and high-speed execution.

Cons: Not available for US clients and the higher leverage might increase risk.

Why We Chose Forex.com?

With Forex.com's DMA to the Forex market, you can enjoy competitive pricing and multiple liquidity sources.

Overall Rating		⭐⭐⭐⭐⭐
Min. Deposit		$100
Regulation		ASIC, FCA, FSA, NFA, IIROC, CIMA (offshore), MAS
DMA Markets		Forex, commodities, indices, and shares
DMA Trading Platforms		Forex.com Advanced Trading Platform, MT4
DMA Cost (Spreads & Commissions on forex)		From 0.018 pips (EUR/USD) + commission-free
Demo Account		Yes ($50,000 in virtual funds and active for 30 days)
Max. Leverage		1:200
Customer Support		24h live chat, phone, email
Regional Restrictions		N/A
Open Forex.com DMA Account

Cons: Limited product portfolio compared to other brokers.

Why We Chose Pepperstone?

Pepperstone could be your preferred choice if depth of market information is vital to your strategy, allowing you to see the real-time liquidity available for each currency pair.

Overall Rating		⭐⭐⭐⭐
Min. Deposit		$200
Regulation		ASIC, CySEC, FCA, DFSA, SCB (offshore)
DMA Markets		forex, commodities, cryptocurrencies, and indices
DMA Trading Platforms		MT4, MT5, cTrader
DMA Cost (Spreads & Commissions on forex)		Average 1.1 pips + commission-free (Std account)
Demo Account		Yes
Max. Leverage		1:30 (EU retail)/1:500 (Professional)
Customer Support		24/5 live chat, phone, email
Regional Restrictions		N/A
Open Pepperstone DMA Account

Pros: Provides real-time depth of the market, which can be beneficial for certain trading strategies.

Cons: Limited product portfolio outside of forex and CFDs.

Why We Chose Interactive Brokers (IB)?

If you are seeking a variety of trading venues or have an interest in algorithmic trading, Interactive Brokers (IB) stands out.

Overall Rating		⭐⭐⭐⭐
Min. Deposit		$0 (IBKR Account)
Regulation		ASIC, FCA, FSA, IIROC
DMA Markets		forex, stocks, futures, options, fixed income, and funds
DMA Trading Platforms		Trader Workstation
DMA Cost (Spreads & Commissions on forex)		From 0.1 pips + low commission
Demo Account		Yes
Max. Leverage		1:400
Customer Support		24/7 live chat, phone, email
Regional Restrictions		N/A
Open IB DMA Account

Pros: Access to multiple liquidity sources and offers algorithmic trading.

Cons: The platform may be challenging for beginner traders due to its advanced functions.

Why We Chose Saxo?

Should you need access to a huge variety of FX spot pairs, Saxo Bank offers direct feeds from tier-1 liquidity providers to a total of 182 FX spot pairs.

Overall Rating		⭐⭐⭐⭐
Min. Deposit		HKD10,000
Regulation		ASIC, FCA, FSA, AMF, CONSOB, FINMA, MAS
DMA Markets		forex pairs, stocks, bonds, ETFs, futures, options and other derivatives
DMA Trading Platforms		SaxoTraderGO
DMA Cost (Spreads & Commissions on forex)		Around 0.4 pips (EUR/USD) & commission-free
Demo Account		Yes
Max Leverage		1:100
Customer Support		24/5 phone, email
Regional Restrictions		United States and Japan residents are not allowed
Open Saxo DMA Account

Pros: Access to large variety of FX spot pairs with direct feeds from tier-1 liquidity providers.

Cons: High minimum deposit required to open an account.

Why We Chose FP Markets?

If your trading strategy necessitates a diverse range of products, FP Markets might be your best bet. With access to over 10,000 products and competitive spreads, they are a vibrant option for both beginners and seasoned traders.

Overall Rating		⭐⭐⭐⭐
Min. Deposit		$100 AUD or equivalent
Regulation		ASIC, CYSEC
DMA Markets		Forex, CFD on global equities, indices, commodities, futures, etc.
DMA Trading Platforms		MT4, MT5, Iress
DMA Cost (Spreads & Commissions on forex)		From 1.0 pips + no commission (Std account)
Demo Account		Yes (free for 30 days)
Max. Leverage		1:500
Customer Support		24/7 live chat, phone, email
Regional Restrictions		FP Markets does not accept applications from residents of countries or jurisdictions that violate local laws or regulations.
Open FP Markets DMA Account

Pros: Access to over 10,000 products, offering a comprehensive range for trading.

Cons: Platform fees can be high, particularly on the IRESS platform.

DMA, or Direct Market Access, Forex brokers, are brokers that allow traders to interact directly with the liquidity providers in the Forex market. This direct interaction ensures that there are no middlemen involved, which can allow for more efficient execution of trades.

With DMA Forex brokers, traders can see the actual pricing of the market, as they have access to the order book and can see real-time bid and ask prices. Traders can also place orders directly with market makers such as banks and financial institutions, leading to faster trade execution times.

Pros

√ Market Transparency: Since DMA Forex brokers allow you to trade directly with liquidity providers, you are privy to real market prices and can view the depth of the trading market.

√ Speed of Execution: Typically, DMA Forex brokers can provide faster transaction speeds since there is no intermediary involved. Traders deal directly with the market makers, which improves the speed of trade execution.

√ Tight Spreads: DMA brokers usually offer lower spreads as they source prices directly from liquidity providers. This can lead to potentially better trading conditions.

√ No Re-quotes: As you're trading directly with the liquidity providers, there are generally no re-quotes with DMA brokers. So, the price you see should be the price you get.

Cons

× Not Suitable for Beginners: DMA trading platforms may be complex and can take time to understand properly. This might not be suitable for beginner traders who are not as familiar with the Forex market.

× Minimum Trading Size: Some DMA Forex brokers have a higher minimum trade size compared to other types of brokers. This might not be ideal for those who prefer to trade in smaller volumes.

× Requires Higher Deposits: Generally, DMA Forex brokers require a higher initial deposit, which might be a hurdle for some traders.

× Larger Financial Risks: As DMA brokers often offer higher leverage, it can lead to larger financial risks if not managed properly.

When choosing a DMA Forex broker, there are several important factors you should take into consideration:

• Regulatory Compliance: Always ensure that your broker is regulated by a respectable regulatory authority. This guarantees a certain level of security and fairness.

On WikiFX, we strive to deliver the most relevant and up-to-date regulatory information about forex brokers. We understand how vital it is to know your broker's regulatory status before investing your hard-earned money. Our team conducts an extensive background check on forex brokers from around the globe to provide you with their regulatory data and other critical aspects.

By using WikiFX, you can easily verify a broker's regulatory status and steer clear of potential frauds or unregulated platforms. Knowledge is power - stay informed, stay safe and always check a broker's regulatory status on WikiFX before investing. It's easy, fast, and can save you from unnecessary losses.

• Trading Platform: Check if the platform is user-friendly and suits your trading style. You should be able to understand and use it easily for your day-to-day trading.

• Spreads and Commissions: Different brokers have different charges and it can greatly impact your profitability. Always make sure you understand the full cost structure of the broker.

• Order Execution Speed: A crucial aspect specific to DMA brokers is the speed of execution. Faster execution means your orders are filled at the best possible prices.

• Liquidity Providers: This determines the quality of the execution. The greater number of liquidity providers a broker has, the better the execution quality tends to be.

• Customer Service: High-quality customer service is also very essential. You want a broker who can be easily contacted and who is willing to help when needed.

• Account Types: Check what types of accounts the broker offers and ensure they suit your investment size and trading style.

• Educational Resources: As a beginner, you want to have access to quality educational resources to improve your trading skills. Even as a more experienced trader, ongoing learning remains important.

• Market Research Tools: Reliable and sophisticated market research tools can help in making informed trading decisions.

Each trader‘s needs are unique, so consider these factors in light of your own trading goals and strategies. Don’t forget to do your research and ensure you are comfortable with the broker you choose.

Direct Market Access (DMA), Electronic Communication Network (ECN), Straight Through Processing (STP), and Market Maker are four key types of models used by Forex brokers.

Each model has pros and cons, and the best choice depends on your trading style and strategies.

Although DMA Brokers can offer a lot of benefits, they may not be suitable for all traders, especially beginners. The platforms can be complex and require a better understanding of the market. Also, they often require a higher initial deposit and minimum trade size.

DMA brokers are suited for experienced traders who want a direct connection to the market for transparency, quick order execution, and advanced trading needs. 

Yes, these Forex brokers are generally safe to trade with as they are all regulated by reputable financial authorities. However, always remember that risk is inherent in any form of trading.