No Dealing Desk Forex Brokers

Written by Matthew Levy, CFA

Matthew Levy, CFA

Matthew Levy, CFA, is an experienced financial writer and content specialist with a strong background in financial services, economics, and investment analysis.

, | Updated: April 24, 2026

If you are looking to trade forex and other financial instruments at interbank rates, you can review our shortlist of the leading brokers that process orders without dealing desk intervention. Our selected brokers never trade against their customers and work with reliable liquidity providers to deliver narrower spreads, faster order execution, and greater price transparency. We also elaborate on the benefits of using their services and provide clues on how to identify reliable no-dealing desk (NDD) brokers.

1Plus500 US

Rating: 4.2 ⭐

This content applies only to Plus500 US and clients from the United States. Trading futures involves the risk of loss.

Top Rated

2eToro

Rating: 4.2 ⭐

50% of retail investor accounts lose money

3Fusion Markets

Rating: 4.8 ⭐

74-89% of retail's CFD accounts lose money

4BlackBull Markets

Rating: 4.8 ⭐

Trading leveraged products is risky

5Eightcap

Rating: 4 ⭐

59.57% of retail investor accounts lose money when trading CFDs with this provider.

6Global Prime

Rating: 4.7 ⭐

74-89% of retail CFD accounts lose money

7Pepperstone

Rating: 4.4 ⭐

72.9% of retail investor accounts lose money

8FxPro

Rating: 3.2 ⭐

74% of retail investor accounts lose money

9Vantage

Rating: 4.5 ⭐

Trading leveraged products is risky

10FBS

Rating: 4.3 ⭐

72.12% of retail investor accounts lose money

11IC Markets

Rating: 4.8 ⭐

70.64% of retail investor accounts lose money when trading CFDs with this provider.

Comprehensive Comparison of the Top 11 No Dealing Desk Forex Brokers

Top 12 Brokers with NDD Order Processing

1. TRADE NOW READ REVIEWTrustpilot Rating

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   1. Fusion Markets

   Fusion Markets offers discount commissions and competitive spreads. The broker has obtained the regulatory approval of ASIC, VFSC, and FSA Seychelles and facilitates low-cost trading in over 250 financial markets, including forex, precious metals, energies, indices, and US shares. Traders with Zero accounts pay competitive round-trip commissions of $4.50, with spreads as low as 0.0 pips for major currency pairs.

   The broker’s model is based on an Electronic Communications Network (ECN) structure, where the best available price for each symbol is sourced from a network of established liquidity providers. The prices are then directly passed on to clients, resulting in more competitive and low-cost trading conditions. Copy trading is also available via the broker’s proprietary Fusion+ platform.

   Gleneagle Asset Management Limited (ABN 29 103 162 278) trading as Fusion Markets, is the issuer of the Fusion Markets Products described in this communication. Trading in Fusion Markets Products involves the potential for profit as well as the risk of loss which may vastly exceed the amount of your initial deposit and is not suitable for all investors. You should read all of these Financial Product Service Terms, the Product Disclosure Statement (PDS) and the Financial Services Guide (available on our website) carefully, consider your own financial situation, needs and objectives for investing in these Fusion Markets Products and obtain independent financial advice.
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   2. FP Markets

   As a licensed broker offering raw ECN pricing, FP Markets provides deep liquidity, transparent pricing, and swift order execution with minimal slippage. Customers additionally benefit from competitive spreads for over 10,000 financial instruments, ranging from 70+ currency pairs, shares, and commodities to indices, cryptocurrencies, and bonds.

   Traders can connect their raw-spread accounts at FP Markets to MT5, MT4, or cTrader. Spreads for Raw accounts start from zero pips, but the broker charges a $6 round-turn commission on trades. Minimum deposits for this account type start from $50 or $100, depending on the country of the onboarding customer.

   As a no-dealing desk broker, FP Markets sources its spreads directly from leading liquidity providers without adding any markups. The broker provides execution through its Equinix servers located in New York. EU-based retail customers can increase their exposure with maximum leverage of 1:30 and are safeguarded with negative balance protection.

   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.33% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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   3. BlackBull Markets

   BlackBull Markets offers low-cost trading services to customers in over 180 jurisdictions. The company’s portfolio encompasses over 26,000 tradable markets, including over 50 forex pairs.

   Spreads start from zero pips at BlackBull Markets, making it suitable for those looking to cut their trading costs. The broker passes the prices it receives from its external liquidity providers directly to customers without any dealing desk intervention. This pricing model enables BlackBull to deliver greater price transparency and speedier execution under 20 milliseconds, without traders experiencing any slippage.

   Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money you cannot afford to lose. You should make yourself aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any questions or concerns as to how a loss would affect your lifestyle.
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   4. Pepperstone

   Pepperstone has a clean regulatory track record, an extensive lineup of tradable products, and competitive spreads for major forex pairs. The broker reaches traders from over 160 jurisdictions and operates with ASIC, CySEC, CMA, and DFSA licenses.

   Pepperstone provides a choice from Standard and Raw accounts, offering variable and raw spreads, respectively. Customers can trade in over 1,400 financial instruments, including forex, currency indices, commodities, stocks, and ETFs. The broker uses the no-dealing desk execution model and relies on a large pool of liquidity providers, including tier-1 banks, major financial institutions, and other global brokerages. Order execution speeds average 30 milliseconds.

   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.9% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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   5. FxPro

   FxPro is suitable for traders who prioritize order processing speed, competitive pricing, and a wide range of markets. The broker serves over 17.2 million registered customers from more than 170 jurisdictions. It facilitates trading with a versatile range of 2,100+ instruments, including over 70 forex pairs, shares, and indices.

   Experienced traders can diversify their portfolios with futures on soft and hard commodities. The CySEC-licensed broker operates without dealing desk intervention, filling client orders within 12 milliseconds on average. Customers with cTrader and MT5 accounts have access to Depth of Market (DoM) information.

   Trade Responsibly. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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   6. Global Prime

   Global Prime provides access to deep liquidity and competitive bid and ask quotes for over 150 instruments across six asset classes, including bonds, currencies, crypto, commodities, and indices. Trading US stock CFDs with leverage of 1:20 also became available recently. The broker services its international customer base with licenses from ASIC (Australia) and VFSC (Vanuatu).

   The company relies strictly on no-dealing desk order execution and never trades against its clients. It routes customers’ orders to over 25 liquidity providers, including Currenex and FastMatch, ensuring direct market access, transparency, and tier-1 bank liquidity. The other benefits of trading with this broker include 24/7 customer support, fee-free account funding, the absence of inactivity fees, and negative balance protection for ASIC customers.

   Global Prime is a trading name of FMGP Trading Group Pty Ltd (ABN 74 146 086 017) and is regulated by ASIC and licensed to carry on a financial services business in Australia under Australian Financial Services License No. 385620. Gleneagle Securities Pty Limited trading as Global Prime FX, is a registered Vanuatu company (Company Number 40256) and is regulated by the VFSC. The website is owned and operated by FMGP Trading Group Pty Ltd, ABN 74 146 086 017.
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   7. IC Markets

   IC Markets has been in operation for over 18 years, maintaining a consistent regulatory track record. The firm offers access to more than 2,850 financial instruments, including 60 forex pairs. Its service model focuses on competitive pricing and the use of trading technology designed to facilitate efficient order execution.

   The broker has no proprietary order book as it utilizes the Electronic Communication Network (ECN) pricing model. Its infrastructure connects directly to a broad network of liquidity providers, including major banks and financial institutions, providing access to deep liquidity pools and competitive pricing. The setup is supported by low-latency servers located in strategic data centers like Equinix NY4 in New York and LD5 in London, combined with advanced order routing algorithms that optimize execution speed and fill rates.

   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.64% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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   8. Vantage

   Founded in 2009, Vantage is regulated by several authorities, including the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA). The multi-licensed broker facilitates trading with over 1,000 CFDs for currency pairs, soft and hard commodities, stocks, and indices. Experienced customers can invest in more complex instruments like bonds and exchange-traded funds (ETFs).

   The broker utilizes ECN technology for order processing, sourcing price quotes from several tier-one liquidity providers, such as Goldman Sachs, Citibank, Westpac, UBS, Societe Generale, HSBC, and J.P. Morgan. To ensure the security of client assets, the firm maintains segregated accounts and adheres to the reporting standards mandated by its regulators.

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   9. FBS

   Licensed by CySEC and ASIC, FBS delivers accurate real-time market prices and fast execution with zero dealing desk intervention. The broker utilizes Straight Through Processing to source prices from multiple liquidity providers, including Finalto, ensuring competitive trading conditions for its customers.

   FBS offers fast order execution with minimum speeds from 10 milliseconds, with 95% of market orders filled within 0.4 seconds. Clients of FBS can access over 550 markets tradable via popular platforms like MetaTrader 4 and MetaTrader 5. New customers can choose from Standard and Cent accounts, where spreads can be as low as 0.7 pips. The broker provides negative balance protection, various fee-free deposit options, and customer support in multiple languages.

   Risk warning: ᏟᖴᎠs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.12% of retail investor accounts lose money when trading ᏟᖴᎠs with this provider. You should consider whether you understand how ᏟᖴᎠs work and whether you can afford to take the high risk of losing your money.
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    10. CMC Markets

    Established in 1996, CMC Markets is a global broker authorized and regulated by the FCA in the UK, ASIC in Australia, and BaFin in Germany. The broker offers automated execution with speeds of 30 milliseconds. Experienced traders can take advantage of VPS hosting to benefit from reduced latency. The service is free for CMC Markets clients who trade at least 15 lots per month.

    CMC Markets provides spread betting, CFDs, and options trading, although availability varies by region. Currency pairs, indices, and commodities are among the asset classes available. The broker offers FX Active accounts, which feature spreads starting from 0.0 pips on six major forex pairs and round-turn commissions of $2.50 per side, per standard lot. This account type is often selected by traders seeking competitive pricing on currency pairs.

    Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
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    11. ActivTrades

    Licensed in multiple jurisdictions, including Portugal and the UK, ActivTrades serves over 100,000 traders from 170 countries worldwide. Customers can engage in commission-free trading with spreads from 0.5 pips for over 50 currency pairs, hundreds of stocks, commodities, indices, and cryptocurrencies. The broker has a fully automated routing system ensuring fast order execution, with average speeds of 0.004 seconds.

    ActivTrades’ infrastructure is capable of processing over 100,000 client orders per second. Approximately 93.60% of all customer orders are executed at the requested price or better. Traders can manage their risk by using advanced orders like the progressive trailing stop, immediate or cancel, and fill or kill. Clients can place orders via MT4, MT5, and the proprietary ActivTrader platform.

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% of retail investor accounts lose money when trading CFDs with this provider.You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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    12. Axi

    Axi is a brokerage with over 18 years of operation in the financial markets. The firm maintains authorizations from several regulatory bodies, including the FCA and ASIC. The broker provides access to over 290 financial markets, offering automated order execution with speeds under 100 milliseconds. Its infrastructure is designed to minimize slippage and facilitate trade processing at competitive price points.

    The broker connects traders directly to its liquidity providers to ensure accurate pricing and reduce execution speeds. Axi provides a range of educational resources designed to assist traders in market analysis and skill development. There are no internal fees for account funding, which reduces customers’ overall costs.

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

What Is a No Dealing Desk (NDD) Broker?

Brokerages using the no-dealing-desk (NDD) pricing model serve as mediators between traders and participants in the interbank market. When sourcing their prices, NDD brokers rely on a network of diverse liquidity providers, usually tier-1 banks and non-bank financial institutions. The former are major global banks with vast financial resources, contributing to the market depth and tight spreads, while the latter include large hedge funds and investment firms.

Known as the order book, the Depth of Market (DOM) allows traders to see the exact supply and demand for an asset at different price levels. It is particularly relevant to NDD brokers because they provide traders with direct access to real market depth and help them understand the balance of supply and demand. Since NDD brokers connect traders to the interbank market, the DOM displayed on their platforms reflects the actual order flow from various liquidity providers. This can be crucial for making informed trading decisions.

Furthermore, this pricing model helps prevent conflict of interest as brokers do not profit from their clients’ losses. It also allows traders to gain direct access to the underlying markets. Prices are sourced from large pools of liquidity providers, considerably reducing the risk of slippage and requotes. Experienced and professional traders commonly prefer NDD brokers because they often deliver raw spreads, faster transactions, and better execution speeds.

These factors collectively reduce the total trading costs, which may be a consideration for traders prioritizing cost-efficient execution. However, this pricing model is not without its drawbacks. While raw spreads may offer narrower price gaps, they are typically accompanied by fixed commissions per trade.

How Do NDD Brokers Compare to Market Makers?

NDD brokers generally offer greater price transparency as they provide traders with direct access to interbank market prices. Such brokerages process orders without dealing desk intervention. By contrast, market makers operate in-house dealing desks and provide their own quotations, profiting from the differences between the bid and ask prices.

Dealing-desk brokers are said to “create” markets for their customers, hence the name “market makers”. They sometimes trade against their clients, which may potentially result in a conflict of interest. Brokerages using this model typically offer fixed rather than floating spreads.

When a trader places a buy order with a market maker, the broker will first attempt to find a matching sell order from another client in their trading book. When it fails to locate a matching order, the market maker resorts to taking the opposite side of the client’s order. Such brokerages largely manage orders internally rather than sourcing prices directly from external liquidity providers.

Types of NDD Brokers

We can distinguish between two main types of NDD brokers, starting with the straight-through processing (STP) execution model. STP brokers serve as intermediaries in transactions with their customers. Client orders are routed to the STP broker’s servers before being passed on to a counterparty.

Interbank market participants, market makers, and other STP brokers can all act as counterparties in this case. There is no order re-quoting or dealing desk intervention during this process. Execution speeds, while fast, usually vary based on the route each order takes. STP brokers generate profits by charging commissions and adding nominal markups to their spreads.

The second subcategory of NDD brokers is companies using the electronic network communications (ENC) model. With ECN brokers, client orders go directly to the central interbank market. This allows brokers to fill orders at the best possible interbank prices without dealer intervention, with execution speed reduced to milliseconds. ECN brokers largely profit from commissions and always offer variable spreads.

While both STP and ECN brokers pass orders to the interbank market, the latter do not necessarily connect the orders to liquidity providers. Instead, ECN brokers can route orders to other participants in the interbank market, and often these counterparties are major brokers. Considering the two order processing models, we can say that all ECN brokers are also classified as STP brokers, but not all STP brokers fall under the category of ECN brokers.

How to Identify Reliable NDD Brokers

When looking for reliable NDD brokers, licensing and regulation are the first things you should check. Broking firms regulated by stringent financial watchdogs like the FCA, ASIC, and CySEC uphold high standards of price transparency, security, and client protection.

They also can adhere to strict fund segregation policies, restrict leverage for retail customers, and inevitably offer negative balance protection to retail traders with margin accounts. Trading with a regulated broker additionally gives you potential legal recourse in case something goes wrong.

You should also check the commissions and other related costs charged by your broker of interest. The best NDD brokers on the market charge lower round-trip commissions than their competitors and only add small markups (if any) to their spreads.

Look for brokers with no funding, overnight, and inactivity fees, as this can reduce your overall trading expenses. Available account types and minimum trade sizes also bear consideration. Novices and small-scale traders should look for NDD brokerages offering micro or cent accounts that facilitate trading with fractions of a standard lot.

Advantages and Disadvantages of Trading with NDD Brokers

Trading with NDD brokers has both pros and cons. Direct market access and lower trading costs (typically commission-based) are the main positives. Using NDD brokers can lead to faster execution speeds, as they typically automate order processing without manual intervention. This technical structure is designed to reduce latency, which can minimize the discrepancy between the quoted price and the final execution price. Traders can benefit from deep liquidity as prices are sourced from large pools of liquidity providers. Price manipulation and potential conflict of interest are no reasons for concern when trading without dealing desk intervention.

Additionally, NDD brokers tend to offer greater transparency by showing real market prices aggregated from multiple liquidity providers without requotes or markups. In turn, this often leads to fairer pricing during volatile market conditions. Many NDD brokers also provide access to advanced trading platforms and tools suitable for professional and algorithmic traders.

Variable spreads are perhaps the biggest downside of dealing with NDD brokers, as there is little way of knowing exactly how much you will pay in trading costs. Variable spreads may widen considerably during periods of increased market volatility and lower liquidity.

Another drawback is the potential for slippage, where orders may be executed at different prices than expected, especially during fast-moving markets. Although lower spreads are common, NDD brokers often charge fixed commissions per trade, which can add to the overall costs for very active traders. Furthermore, traders have limited control over order execution since the broker acts solely as a conduit without intervention.

Written by M. Levy, CFA