For this review, we have tested several NDD forex brokers.
We opened real accounts and deposited between $4000 – $8000 with each broker. We placed real trades in each popular market to get the full image of spreads. We also contacted the customer support to resolve the issues we had encountered. Eventually, we withdrew our funds to see if there’s any issue with the withdrawal process.
We have picked the best NDD forex brokers based on our knowledge and experience as a trader.
What is NDD in Forex?
In the forex market, Non-Dealing Desk or NDD means a form of trade execution where forex brokers play the part of the mediator between the trader and the interbank market meaning that the trader directly deals with several liquidity providers at the same time to get the best bid and ask prices, while broker mainly acting as an execution venue. Read about NDD on NASDAQ.
In contrast to Non-Dealing Desk providers, Dealing Desk providers, also known as market makers, control the bid and ask prices since creating the offering of buy and sell positions themselves while using quotes Market Maker gain from either institution, National Banks or larger liquidity providers or also can act as liquidity providers themselves. Read more about Market Making Brokers here.
Different trading execution forms don’t make brokers better or worse, it’s just different ways of trading, and your choice should depend on the trading strategy you take and the instruments used.
Best Non Dealing Desk Forex Brokers
To compose this list, we have reviewed and tested several NDD forex brokers by opening real accounts and depositing real money with each broker. Also, we placed live trades in each market to get the full image of the spreads, commissions, trading platforms, deposit and withdrawal conditions, education as well as customer support.
- FP Markets – Overall best NDD forex broker
- IC Markets – Best NDD forex broker for beginners
- Tickmill – Best MT4 NDD forex broker
- Pepperstone – Best NDD Broker with the lowest spreads
All brokers must be licensed and authorized by trustworthy regulators. Make sure that the broker is well-regulated with the applicable law across all jurisdictions.
Overall Best Non-Dealing Desk Forex Broker
We have picked Trading 212 as the best Non-Dealing-Desk forex broker.
Trading 212 was founded in 2004 in London UK. The broker holds several licenses from industry-leading regulatory entities such as FCA. The broker offers trading opportunities with indices, forex, commodities, stocks, cryptocurrencies.
Great trading conditions and excellent educational materials, also relatively low spreads make Trading 212 the best overall NDD forex broker.
Best NDD Broker for Beginners
We have chosen IC Markets as the best NDD forex broker for beginners.
Founded in 2007 in Australia, IC Markets is a global CFD provider offering the ECN pricing model. The broker offers trading options with forex pairs, indices, stocks, commodities and cryptocurrencies.
The broker provides excellent educational materials for traders of all levels to hone their trading skills. The educational materials include different in-depth articles, video guides, webinars, etc., which makes it the best fit for newbies.
Best MT4 NDD Broker
We have chosen XTB as the best NDD forex broker offering the MT4 platform.
Founded in 2002, XTB is a global forex and CFD broker with dual headquarters in London and Warsaw and holds several top-tier licenses from industry-leading regulatory entities. The broker offers good trading conditions with forex, indices, stocks, commodities, ETFs, cryptocurrencies.
XTB offers the best trading conditions for MT4 traders. MT4 platform operates on the web, desktop, and mobile.
Best NDD Broker with Lowest Spread
We have picked Pepperstone as the best NDD forex broker with the lowest spreads.
Founded in 2010, Pepperstone is a forex and CFD broker headquartered in Australia. The broker is well-regulated by world-class regulators. The Broker offers trading with forex pairs, indices, stocks, commodities, cryptocurrencies and a currency index.
Pepperstone is a Non-Dealing Desk broker offering straight-through processing. The broker has one of the lowest spreads charged on most market instruments which makes it the best offer for traders preferring low spreads.
No Dealing Desk Brokers List
Apart from the list of best NDD Forex Brokers, here is the list of highly reliable NDD forex brokers that we have tested:
| Forex Broker | Test Details | Broker Review |
| Tickmill | Deposit Amount: Over $8,000 Total Trade: 12 trades | Tickmill Review |
| Pepperstone | Deposit Amount: Over €6,000 Total Trade: 12 trades | Pepperstone Review |
| IC Markets | Deposit Amount: Over €5,000 Total Trade: 12 trades | IC Markets Review |
| BlackBull Markets | Deposit Amount: Over €4,000 Total Trade: 12 trades | BlackBull Review |
| FP Markets | Deposit Amount: Over €6,000 Total Trade: 12 trades | FP Markets Review |
| Vantage FX | Deposit Amount: Over €5,000 Total Trade: 15 trades | Vantage FX Review |
| ActivTrades | Deposit Amount: Over €5,000 Total Trade: 12 trades | ActivTrades Review |
| XM | Deposit Amount: Over €5,000 Total Trade: 12 trades | XM Review |
FAQ and More on No Dealing Desk Forex Brokers
Traders often raise trading-related questions. We tried to find answers to most frequently asked questions related to NDD forex brokers.
ECN STP NDD Forex Brokers
All brokers fall under two main categories – DD and NDD. In contrast to DD, NDD forex brokers use technologies to route trade orders directly to liquidity providers creating a bridge between clients and providers. There are no requotes on orders when trading with an NDD forex broker. There are two types of NDD forex brokers, you can also come across the combination of these two execution models.:
- Straight-through Processing (STP)
- Electronic Communication Networks (ECN).
STP is an execution model where brokers send clients’ orders directly to the liquidity providers like hedge funds, large banks, counterparty investors, etc. with no external intervention. So the liquidity provider becomes a broker of the brokers and takes the other side of your trade. The fact that traders have full access to the real market and the ability to execute the orders instantly without interference from the broker makes the system extremely appealing to the traders. Read more about STP on Wikipedia.
In ECN, brokers rely on a system that matches buy and sell automatically. The traders’ orders are routed to a liquidity network of multiple brokers and banks. The other side of your trade can be taken by any other party connected to the same network. Find out more about ECN on Wikipedia. There’s also the hybrid type of STP+ECN that offers the best features of both execution models.
Best US Regulated Forex Brokers NDD
In order to operate in the US, NDD forex brokers have to be regulated and authorised by the Commodity Futures Trading Commission (CFTC) and be a member of the National Futures Association (NFA) to legally operate in the United States.
Here’s a list of US forex brokers with NDD:
- Interactive Brokers
- IG
- TradeStation
Best Forex Broker for Scalping NDD
Scalping is a trading strategy where traders profit from small price changes by opening and closing trades within a short period of time. For more info read our article on Scalping.
Here are some of the NDD forex brokers allowing scalping:
- Pepperstone
- Dukascopy
- Axi
It should be noted that scalping is often associated with high risks hence there are a number of well-regulated brokers that do not allow scalping:
- eToro
- Trading 212
- Plus500
- GKFX