5 Best No Dealing Desk (NDD) Forex Brokers of 2024

Founded in 2011, FXTM is a global forex and contract for difference (CFD) broker headquartered in Limassol, Cyprus. The broker is regulated in multiple jurisdictions and has offices across Europe, Africa, Asia, and Latin America, boasting a staff of over 800. To date, they have served over 4 million clients in 180 countries. Here are key details about this broker:

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Execution Type(s)	NDD(ECN/STP), DD
Regulation	FCA, CYSEC, FSC
Market Instruments	Forex, Commodities, Indices, Shares,   Cryptocurrencies
Max. Leverage	Depends on the regulatory jurisdiction(1:30 - 1:1000)
EUR/ USD Spread From	Advantage: 0	Micro,   Advantage Plus:1.5 pips
Commission for Forex	Advantage: $0.4-$2 per round lot		Micro,   Advantage Plus: 0
Trading Platforms	MetaTrader 4, MetaTrader 5, FXTM Trader
Min. Deposit	Micro: $50		Advantage,   Advantage Plus:$500
Deposits & Withdrawals Options	Credit/Debit Cards, Bank Wire, E-wallets
Customer Support	24/5 Live Chat, Email, Phone
Demo Account	Available
Inactivity Fee	Yes

Reasons for FXTM's Recognition: FXTM offers traders various types of trading accounts, including spread-based Micro and Advantage Plus accounts, as well as commission-based Advantage accounts. The latter makes FXTM one of the most cost-effective forex brokers globally in the retail forex industry. Additionally, the broker features a unique copy trading platform, FXTM Invest, where novice traders can replicate verified strategies of experienced traders. For seasoned forex traders, there is an opportunity to provide their own strategies and earn a share of profits.

Advantages:

Cost-effective trading fees for commission-based accounts, making it ideal for high-frequency traders and scalpers.

Advanced copy trading platform, FXTM Invest.

Strong performance in market analysis, with an in-house team producing insightful articles covering both fundamental and technical analysis on a daily basis.

Negative balance protection.

Disadvantages:

Limited selection of commodity and index CFDs.

Higher trading fees for spread-based accounts.

Registered in Cyprus in July 2006, FxPro has executed over 600 million orders since its inception, serving more than 1.8 million clients in over 173 countries/regions. The broker is regulated by several financial institutions, including FCA, CySEC, FSCA, and SCB. Here are key details about this broker:

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Execution Type(s)	NDD(ECN/STP)
Regulation	FCA, CySEC, FSCA, SCB
Market Instruments	Forex, Stocks, Futures, Indices, Metals,   Energies, Cryptocurrencies
Max. Leverage	Depends on the regulatory jurisdiction(1:30 - 1:500)
EUR/ USD Spread From	Standard: 1.5 pips	Pro: 1.0 pips	Raw+: 0.2 pips		Elite: 0.2pips
Commission for Forex	Standard: 0	Pro: 0	Raw+: $7(per round lot)		Elite: $7(per round lot)
Trading Platforms	MT4/ MT5/ cTrader/ Proprietary
Min. Deposit	Standard: $100	Pro, Raw+: $1000		Elite: $30000
Deposits & Withdrawals Options	Wire Transfer, Local Deposit, Broker to   Broker, Credit Card, Visa, Mastercard, etc
Customer Support	24/5 phone, email, live chat
Demo Account	Available for 180 days
Inactivity Fee	Yes

Reasons for FxPro's Recognition: FxPro provides excellent market access opportunities for all types of traders. All client trades with FxPro are executed without dealing desk intervention, boasting rapid order execution with most orders executed within 13 milliseconds. In other aspects, FxPro excels as well. They offer over 2,100 tradable instruments, including futures and cryptocurrency CFDs—far surpassing industry averages. The unique FxPro Wallet facilitates quick and easy transfers within accounts. High-quality educational resources and research tools help maintain their leading position in the industry.

Advantages:

Fast order execution speed.

Rich selection of trading platforms, including cTrader, MT4, MT5, and FxPro's proprietary solutions.

FxPro VPS service benefits forex traders using automated trading solutions to manage their accounts.

Offers up to a 30% discount for active traders.

Disadvantages:

Higher entry threshold for Elite accounts, with a minimum deposit of $30,000.

Inactivity fee: A fee is charged after 6 months of no trading activity.

Established in Melbourne, Australia in 2009, EightCap has expanded its operations to Europe, Asia, the Middle East, and other regions. Currently, the broker has five offices worldwide and employs over 150 staff. It is regulated by several financial institutions, including ASIC, FCA, and SCB. Here are key details about this broker:

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Execution Type(s)	NDD(ECN/STP), DD
Regulation	ASIC、FCA、SCB
Market Instruments	Forex, Cryptocurrencies, Indices,   Commodities, Shares
Max. Leverage	Depends on the regulatory jurisdiction(1:30 - 1:500)
EUR/ USD Spread From	Standard, TradingView Account: 1pips	Raw: 0
Commission for Forex	Standard, TradingView Account: 0		Raw: $7(per round lot)
Trading Platforms	MetaTrader 4, MetaTrader 5, Trading View,   Webtrader
Min. Deposit	$100
Deposits & Withdrawals Options	Credit/Debit Card, Bank Wire, Skrill,   Neteller, and more
Customer Support	24/5 live chat, phone, email
Demo Account	Available for 30 days
Inactivity Fee	No

Reasons for EightCap's Recognition: EightCap stands out due to its comprehensive third-party plugin authorization, including tools such as Capitalise.AI and BK Crypto Crusher. Capitalise.AI allows traders to automate their unique trading strategies without any technical barriers. With this feature, you can use simple language to create complex automated systems to manage your trades or utilize predefined templates from a wide strategy library. Going a step further, EightCap Labs assists in improving your trading skills. Additionally, BK Crypto Crusher provides daily trade ideas with precise entry, target, and stop levels, quick market scans, market sentiment analysis to determine the strength of market directions, easy identification of new trades with exclusive indicators, and access to real-time educational resources.

Advantages:

Significant lead in platform tools by providing access to authorized third-party tools like Capitalise.ai.

Relatively low minimum deposit requirements.

Stable liquidity supply to ensure order execution quality and reduce slippage risk.

Disadvantages:

Limited variety of tradable instruments, with less than 800 CFD symbols and only 42 forex pairs available. Lack of complex trading tools such as options and ETFs.

Short availability of the demo account, which expires after 30 days by default.

Limited educational resources, consisting only of articles and videos, lacking interactive items like course plans.

Registered in Saint Vincent and the Grenadines in 2009, HFM is a part of the HF Markets Group. With over a decade in the market, the broker currently boasts more than 2,000,000 active real accounts and is regulated by several financial institutions. Here are key details about this broker:

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Execution Type(s)	STP
Regulation	CYSEC, FCA, DFSA, FSA, CNMV
Market Instruments	Forex, Metals, Energies, Stocks,   Indices, Bonds, Commodities, ETFs, Cryptocurrencies
Max. Leverage	Depends on the regulatory jurisdiction(1:30 - 1:2000)
EUR/ USD Spread From	ZERO: 0	CENT, PREMIUM, PRO: 1 pips
Commission for Forex	ZERO: $7(per round lot)		CENT, PREMIUM, PRO: 0
Trading Platforms	MetaTrader4, MetaTrader5, HFM mobile app
Min. Deposit	CENT, ZERO, PREMIUM: 0		PRO: $100
Deposits & Withdrawals Options	Credit/Debit Card, Bank Wire, Skrill, Neteller,   and more
Customer Support	24/5 live chat, phone, email
Demo Account	Available
Inactivity Fee	Yes

Reasons for HFM's Recognition: HFM is a 100% Straight Through Processing (STP) broker, adhering to market execution policies without a dealing desk. This means that all client orders can be executed at real market prices immediately under normal market conditions. All client orders are transmitted to HF Markets Ltd and executed by HF Markets Ltd, sourcing liquidity from multiple banks and financial institutions. HFM offers traders exceptionally generous leverage ratios: up to 1:2000 for forex trading, 1:200 for commodities and indices trading, and 1:25 for stock CFDs—well above industry averages.

Advantages:

Generous leverage ratios potentially providing an advantage to traders.

Negative balance protection.

Unique correlation and sentiment data provided in the trading panel module.

Bonus programs well-suited for active traders.

Disadvantages:

Limited account currencies, only offering USD and EUR, potentially subjecting clients to double conversion fees.

Insufficient variety in tradable instruments, lacking cryptocurrency CFDs.

Slightly higher trading costs for all account types compared to industry averages.

Established in 2005 and headquartered in Australia, FP Markets currently serves clients from over 80 countries with a daily trading volume exceeding $1 billion. The broker is regulated by multiple financial institutions. Here are key details about this broker:

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Execution Type(s)	NDD(ECN/STP), DD
Regulation	ASIC, CySEC, FSCA
Market Instruments	Forex, Indices, Commodities, Metals, Shares,   ETFs, Bonds, Cryptocurrencies
Max. Leverage	Depends on the regulatory jurisdiction(1:30 - 1:500)
EUR/ USD Spread From	Sdandard: 1.0 pips	Raw: 0
Commission for Forex	Sdandard: 0		Raw: $6(per round lot)
Trading Platforms	MetaTrader 4, MetaTrader 5, cTrader, Iress
Min. Deposit	$100
Deposits & Withdrawals Options	Bank Wire Transfer, Credit/Debit Card,   Skrill, Neteller, POLi, FasaPay, China Union Pay, BPay, PayPal
Customer Support	24/7 Live Chat, Email
Demo Account	Available for unlimited duration
Inactivity Fee	No

Reasons for FP Markets' Recognition: FP Markets provides traders with a competitive commission-based cost structure, high-quality trading instruments, deep liquidity, and fast order execution. Operating on a No Dealing Desk (NDD) model, the broker ensures optimal order execution with the most favorable quotes, making it suitable for executing large volumes and high-frequency trading strategies. While FP Markets lacks a proprietary platform, it supports widely popular MetaTrader 4 & 5 and cTrader. Additionally, algorithmic traders can leverage FP Markets' VPS hosting to run their systems smoothly and continuously.

Advantages:

Competitive commission-based cost structure.

Fast order execution.

FP Markets offers a range of value-added services, including VPS hosting for automated trading solutions, MT4 Myfxbook service for copying trades, and MT4 MAM/PAMM modules for retail account management.

The FP Markets Trader's Hub provides daily research and trade ideas presented in high-quality formats.

24/7 customer support.

Disadvantages:

Different trading platforms allow different tradable instruments. MT4/MT5 traders can choose from 250 instruments, including a limited number of stock CFDs. The Iress platform offers over 10,000 stock CFDs and some futures contracts, but it is subject to regional restrictions and involves non-trading-related fees.

Forex brokers are mainly divided into two types: Dealing Desk (DD) and Non-Dealing Desk (NDD).

Dealing Desk (DD):

DD or market makers profit from spreads and trade in the opposite direction when needed. Market makers, as the name suggests, “make markets” for clients. Under certain conditions, when a trader wants to buy, the market maker sells to the trader, and when the trader wants to sell, the market maker buys from the trader. In other words, market makers always take the opposite position to the trader, managing prices by executing reverse trades when necessary.

You might think this creates a conflict of interest, but in reality, it doesn't. While clients of dealing desk brokers cannot see the actual interbank market rates, due to intense competition among brokers, the rates provided by dealing desk brokers are very close to interbank rates.

Characteristics of this type of broker include: Market makers can use their own capital to trade with investors. In times of low market activity, both buying and selling sides do not need to wait for a trading partner; as long as there is a market maker willing to take the opposite side, a transaction can be completed. This creates continuous buying and selling to maintain market liquidity.

Non-Dealing Desk (NDD):

NDD forex trading platforms, as the name implies, do not have a Dealing Desk. Brokers do not trade against the trader but rather connect the trader and the interbank market directly. Therefore, traders can trade directly at the level of the interbank forex market. Since the trading volume of individual traders is too small to reference the interbank forex market, NDD forex trading platforms act as a bridge, directly connecting the two parties and giving individual traders the opportunity to trade.

True NDD forex trading platforms do not require re-quotes and do not have unnecessary pauses during order confirmation.

NDD forex trading platforms are divided into two types: Straight Through Processing (STP) and Electronic Communications Network (ECN) + STP.

STP (Straight Through Processing): STP forex trading platforms directly send client orders to their liquidity providers (banks or other brokers) who can trade directly in the interbank forex market. Some STP brokers have only one liquidity provider, while others have several. Each liquidity provider quotes different bid/ask prices, and the broker selects the best price for the trader. The more liquidity providers there are, the better the liquidity, and the smoother the order completion. Traders on STP platforms can see real-time market prices and execute orders immediately without intervention from a dealing desk.

STP forex trading platforms can maintain profitability by either charging commissions or making commissions free but increasing the spread.

ECN (Electronic Communications Network) + STP: ECN forex trading platforms allow clients to interact with each other. In other words, client orders can interact with orders from other participants in the market. ECN forex trading platforms create a market where participants (banks, retail forex traders, hedge funds, brokers, etc.) compete by sending competitive buy or sell quotes to the ECN system. All trade orders are matched in real-time with opposing orders.

True ECN trading platforms display a Market Depth (DOM) window, showing the depth of the market. Market depth allows clients to see where other participants have buy or sell orders. In other words, on an ECN forex trading platform, traders can know where there is liquidity to execute orders. Clients can also see their order sizes in this window, allowing other clients to click on these orders.

Due to this characteristic, ECN brokers find it challenging to mark up spreads, so they do not profit from spreads. Their sole source of revenue is charging commissions from traders.

Advantages of DD Forex Brokers:

Fixed Spreads: DD Forex brokers can offer fixed spreads that are predetermined and do not change regardless of market conditions. Fixed spreads are more cost-effective, especially in volatile markets. Traders know how much they will pay for opening and closing positions, making it easier for them to plan their trading strategies and avoid surprises, particularly beneficial for beginners.

Ease of Liquidity Access:DD Forex brokers have a liquidity pool, allowing for immediate execution of client trades. This is advantageous for traders who prioritize quick execution.

No Slippage: DD brokers can provide instant execution, meaning the price traders see on the screen is the price they get when executing trades. They also offer limit orders and stop orders to help prevent slippage by ensuring trades are executed at the desired prices.

Disadvantages of DD Forex Brokers:

Conflict of Interest: As DD brokers act as counterparties to traders' orders, there is a potential conflict of interest between brokers and traders. Brokers may profit from traders' losses, which could incentivize price manipulation.

Lack of Transparency: DD brokers may lack transparency as they keep orders within their own liquidity pool and do not execute them in the real forex market. This means DD execution is primarily based on the trust traders place in their brokers.

Advantages of NDD Forex Brokers:

Transparency: NDD brokers provide transparency in their execution process. They execute trades directly with liquidity providers, meaning trades are executed at interbank market rates. This transparency instills confidence in traders regarding the fairness of their trades.

No Conflict of Interest: NDD brokers do not act as counterparties to client trades, eliminating the potential for a conflict of interest between brokers and traders. They focus on matching client orders with other traders through liquidity providers. This ensures brokers do not profit from traders' losses and reduces the risk of price manipulation.

Access to Market Depth: NDD brokers typically offer access to market depth, allowing traders to view available liquidity and the order book. This information is valuable for making informed trading decisions.

Disadvantages of NDD Forex Brokers:

Execution Risk: In an NDD model, there is no guarantee that trades will be executed, as brokers are not responsible for filling orders. This means traders may encounter slippage or partial fills, especially during periods of intense market volatility.

Variable Spreads: NDD brokers often have variable spreads, meaning spreads may widen during periods of significant market volatility. This could result in higher trading costs for traders.

Lack of Personalized Service: NDD brokers do not provide the same level of personalized service as DD brokers.