10 Best NDD Forex Brokers
The 10 Best NDD Forex Brokers – Rated and Reviewed. We have listed the No Dealing Desk Forex Brokers.
In this in-depth guide, you’ll learn:
- 10 Best NDD Forex Brokers
- Who is the Best NDD Forex Broker
- What is an NDD Forex Broker?
and much, MUCH more!
| Forex Broker | Sign Up Here | Minimum Deposit | Leverage |
| 1. IC Markets |  | 200 USD | 1:500 |
| 2. FP Markets | | 100 USD | 1:500 |
| 3. Tickmill | | 100 USD | 1:1000 |
| 4. FxPro | | 100 USD | 1:500 |
| 5. Pepperstone | | 0 USD | 1:500 |
| 6. FXTM | | 200 USD | 1:3000 |
| 7. BlackBull Markets | | 0 USD | 1:500 |
| 8. XM | | 5 USD | 1:1000 |
| 9. XTB | | 0 USD | 1:500 |
| 10. OANDA | | 0 USD | 1:50 |
10 Best NDD Forex Brokers (2025)
- IC Markets – Overall, The Best NDD Forex Broker
- FP Markets – Best Multi-Asset Forex Broker
- Tickmill – Best Commodities Broker
- FxPro – Best CFD Provider
- Pepperstone – Best MT4 Forex Broker
- FXTM – Best Mobile Trading App
- BlackBull Markets – Best Crypto CFD Spreads
- XM – Exceptional Customer Service
- XTB – Best Proprietary Platform
- OANDA – Best Low-Cost Broker
1. IC Markets
IC Markets is a globally recognized forex and CFD broker known for its No Dealing Desk (NDD) execution model, offering traders direct access to the interbank market.
The broker’s NDD model ensures transparent pricing, ultra-fast execution, and deep liquidity, making it a preferred choice for professional and institutional-level traders.
Frequently Asked Questions
What is a No Dealing Desk (NDD) broker, and does IC Markets use this model?
A NDD broker directly connects your trades to liquidity providers, offering access to interbank market prices without broker intervention. Yes, IC Markets uses the NDD model, providing Raw Spread accounts that link directly to liquidity pools for tight spreads and commissions.
What trading platforms does IC Markets offer?
IC Markets offers a range of popular trading platforms to suit different trader preferences. These include MetaTrader 4 (MT4) and MetaTrader 5 (MT5), both available on desktop, web, and mobile (iOS and Android). Additionally, they provide the cTrader platform.
What is the minimum deposit at IC Markets?
The minimum deposit required to open an account is USD 200 or the equivalent. This applies to all three of their main account types: the Standard account and the two Raw Spread account options.
Are demo accounts available?
Yes, demo accounts are available with IC Markets. You can open demo accounts for their MetaTrader 4, MetaTrader 5, and cTrader platforms. These accounts allow you to practice trading with virtual funds in a realistic market environment.
Our Insights
IC Markets stands out as a top-tier No Dealing Desk (NDD) Forex broker, offering fast execution, tight spreads, and deep liquidity. Whether you’re trading forex, crypto, or CFDs, IC Markets delivers a robust and professional trading experience.
2. FP Markets
FP Markets is a well-established Australian forex and CFD broker known for its No Dealing Desk (NDD) execution model, providing direct market access with fast and transparent order processing.
With its NDD model and competitive trading conditions, FP Markets provides a transparent, cost-effective, and professional trading environment suitable for traders who value fast execution and minimal conflict of interest.
Frequently Asked Questions
What is the execution model used by FP Markets?
FP Markets operates under a No Dealing Desk (NDD) and Straight Through Processing (STP) model. This means your trades go directly to external liquidity providers without dealer intervention, offering transparent pricing and fast execution.
What types of accounts are available?
FP Markets provides a variety of account options to cater to different traders. Their Standard Account offers commission-free trading with spreads from 1.0 pip. The Raw Account features tight spreads from 0.0 pips with a commission per lot.
What is the minimum deposit required?
The minimum deposit required to open an account with FP Markets is AUD 100 or the equivalent in other currencies for their Standard and Raw accounts on the MetaTrader 4 and MetaTrader 5 platforms. For their IRESS platform accounts, AUD 1000.
What leverage does FP Markets offer?
FP Markets offers flexible leverage options up to 500:1 for their Standard and Raw accounts on the MetaTrader 4 and MetaTrader 5 platforms, depending on the instrument and regulatory jurisdiction. For their IRESS accounts, leverage is 20:1.
Our Insights
FP Markets is a reliable and well-regulated No Dealing Desk (NDD) Forex broker that delivers fast, transparent trade execution through STP technology. Its low minimum deposit, flexibility in trading styles (including scalping and EAs), and strong regulatory framework make FP Markets a solid choice for those seeking a trustworthy and efficient trading environment.
3. Tickmill
Tickmill is a globally recognized forex and CFD broker known for its No Dealing Desk (NDD) execution and ultra-low-latency trading environment.
With its NDD execution model, competitive pricing, and strong global regulation, Tickmill is a preferred broker for traders seeking a fast, transparent, and cost-effective trading environment.
Frequently Asked Questions
Does Tickmill use a No Dealing Desk (NDD) model?
Yes, Tickmill utilizes a hybrid execution model that incorporates both Straight Through Processing (STP) and Market Making. Their Raw Account specifically offers NDD execution, providing tight spreads and charging commissions. The Classic Account is commission-free with slightly wider spreads and also uses STP.
What platforms does Tickmill offer?
Tickmill offers a comprehensive suite of trading platforms, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5), both available on desktop, web, and mobile (iOS and Android). They also provide the MetaTrader WebTrader for browser-based access and the Tickmill Trader App for mobile trading.
Are demo accounts available?
Yes, demo accounts are available with Tickmill. You can open demo accounts for both their MetaTrader 4 and MetaTrader 5 platforms. These accounts allow you to practice trading with virtual funds under real market conditions.
What leverage does Tickmill offer?
The maximum leverage offered by Tickmill can be up to 1:1000, depending on the account type and the specific financial instrument. However, this high leverage is typically available under their offshore regulation (Seychelles FSA).
Our Insights
Tickmill is a reputable No Dealing Desk (NDD) Forex broker offering fast execution, tight spreads, and direct market access through STP technology. With low trading costs, beginner-friendly account options, and robust educational tools, Tickmill provides a transparent and efficient trading environment suitable for both new and experienced traders.
4. FxPro
FxPro is a well-established global forex and CFD broker founded in 2006, offering a No Dealing Desk (NDD) execution model across several account types.
The broker’s NDD model, diverse platform offering, and robust global reputation make it a reliable choice for traders who seek transparent pricing, fast execution, and broad market access.
Frequently Asked Questions
Does FxPro use a No Dealing Desk (NDD) model?
FxPro operates as a No Dealing Desk (NDD) broker, utilizing a custom NDD execution model. They aggregate prices from multiple liquidity providers and execute client orders at the Volume-Weighted Average Price (VWAP), aiming for fast execution without dealing desk intervention.
What types of accounts does FxPro offer?
FxPro offers a range of account types to suit various trading needs. These include the Standard Account with floating spreads, the Raw+ Account and Elite Account featuring tight spreads plus commission with potential rebates, and the cTrader Account with ultra-low spreads and commission.
What is the minimum deposit required?
The minimum deposit required to open an account with FxPro is generally USD 100 or the equivalent in other currencies for their Standard, MT4 Fixed Spread, MT4 Variable Spread, MT5, and cTrader accounts. The Raw+ account has a minimum deposit of USD 500.
What leverage does FxPro offer?
FxPro offers varying leverage levels depending on the regulatory entity and the specific financial instrument traded. For retail clients under CySEC and FCA, the maximum leverage is typically capped at 1:30 for major Forex pairs.
Our Insights
FxPro is a reputable No Dealing Desk (NDD) Forex broker that offers a blend of advanced platforms, fast execution, and multi-asset trading. Whether you prefer MT4, MT5, cTrader, or the intuitive FxPro Edge platform, FxPro provides a flexible and professional trading environment designed for performance and trust.
5. Pepperstone
Pepperstone is a globally trusted forex and CFD broker known for its No Dealing Desk (NDD) execution model and ultra-fast order processing.
With its strong regulatory backing, low trading costs, and professional-grade execution, Pepperstone is a top choice for traders seeking a transparent and high-performance NDD forex broker.
Frequently Asked Questions
What is Pepperstone’s execution model?
Pepperstone primarily uses a No Dealing Desk (NDD) execution model with Straight Through Processing (STP). They aggregate prices from multiple liquidity providers to offer tight spreads and aim for fast and reliable execution without dealer intervention.
What types of accounts are available?
Pepperstone offers primarily two main CFD account types: the Standard Account, which is commission-free with spreads starting from 1 pip, and the Razor Account, which features raw spreads from 0.0 pips plus a commission per lot.
Does Pepperstone offer demo accounts?
Yes, Pepperstone offers demo accounts. These allow you to practice trading on their platforms, including MetaTrader 4, MetaTrader 5, cTrader, and TradingView, using virtual funds. It’s a great way to familiarize yourself with their platform features.
Are Islamic (swap-free) accounts available?
Yes, Islamic accounts are available with Pepperstone. These accounts are designed for traders who cannot pay or receive swaps due to their religious beliefs. Pepperstone’s swap-free accounts are based on their Standard account conditions and do not charge overnight interest.
Our Insights
Pepperstone stands out as a highly reputable No Dealing Desk (NDD) forex broker, offering fast and transparent trade execution through STP technology. Whether you’re scalping, using EAs, or trading multiple asset classes, Pepperstone delivers a reliable, cost-effective, and professional trading environment.
6. FXTM
FXTM is a globally recognized forex and CFD broker established in 2011, offering a No Dealing Desk (NDD) execution model through select account types.
With its NDD execution, global regulation, and beginner-friendly education and support, FXTM is an excellent choice for traders seeking speed, transparency, and flexibility in the forex market.
Frequently Asked Questions
Does FXTM offer No Dealing Desk (NDD) execution?
Yes, FXTM offers No Dealing Desk (NDD) execution through their ECN (Electronic Communication Network) accounts. They also offer STP (Straight Through Processing) execution on other account types. These accounts provide direct access to liquidity providers.
What trading platforms are available?
FXTM provides access to the popular MetaTrader 4 and the advanced MetaTrader 5 platforms. Both are available on desktop (PC and Mac), web, and mobile (iOS and Android) devices. They also offer the FXTM Trader App for mobile trading on the go.
Are demo accounts available?
Yes, demo accounts are available. You can open demo accounts for both their MetaTrader 4 and MetaTrader 5 platforms. These accounts allow you to practice trading with virtual funds in a realistic market environment, helping you to familiarize yourself.
What leverage does FXTM offer?
FXTM offers floating leverage up to 1:3000 on their Advantage and Advantage Plus accounts for major Forex pairs, depending on the notional value of the trade. The maximum leverage is capped at 1:400 across all instruments and account types.
Our Insights
FXTM is a well-regulated and globally trusted broker that offers No Dealing Desk (NDD) execution on its ECN accounts, providing fast, transparent, and efficient trade processing. With flexible account types, competitive spreads, high leverage options, and strong educational resources, FXTM is suitable for both beginners and experienced traders seeking a reliable and performance-driven trading environment.
7. BlackBull Markets
BlackBull Markets is a New Zealand-based forex and CFD broker founded in 2014, known for offering a true No Dealing Desk (NDD) execution model.
With its true NDD infrastructure, low-latency execution, and multi-platform access, BlackBull Markets is ideal for traders seeking transparency, speed, and professional-grade trading conditions.
Frequently Asked Questions
Does BlackBull Markets use a No Dealing Desk (NDD) model?
Yes, BlackBull Markets primarily uses a No Dealing Desk (NDD) model with Straight Through Processing (STP) and ECN execution. They offer ECN accounts that provide direct access to interbank liquidity, resulting in tight spreads and commissions.
What platforms are available with BlackBull Markets?
BlackBull Markets offers a range of powerful trading platforms, including MetaTrader 4 and MetaTrader 5, both available on desktop, web, and mobile. They also provide access to cTrader and integration with TradingView, catering to various trader preferences and analytical needs.
Does BlackBull offer demo accounts?
Yes, BlackBull Markets offers demo accounts for their MetaTrader 4, MetaTrader 5, and cTrader platforms. These allow you to practice trading with virtual funds in a real market environment, familiarizing yourself with their platform features and testing your trading strategies.
Are Islamic (swap-free) accounts available?
Yes, BlackBull Markets offers Islamic (swap-free) accounts. These accounts are designed in compliance with Sharia law, meaning they do not charge or pay swaps on overnight positions. This option is available for their Standard, Prime, and Institutional account types.
Our Insights
BlackBull Markets is a reliable and professional No Dealing Desk (NDD) forex broker offering true STP execution, institutional-grade liquidity, and support for multiple trading platforms like MT4, MT5, and TradingView. BlackBull Markets is well-suited for both retail and professional traders looking for a pure-market access trading environment.
8. XM
While XM primarily operates with a hybrid model, it offers No Dealing Desk (NDD) execution on certain account types to ensure transparent and fast order processing.
With a global presence, educational resources, multilingual support, and competitive NDD execution options, XM is an excellent choice for both beginner and intermediate traders looking for reliability and fair market access.
Frequently Asked Questions
Does XM use a No Dealing Desk (NDD) model?
Yes. XM offers NDD/STP execution on specific account types such as Ultra Low and Shares accounts, where trades are routed to liquidity providers without dealing desk intervention.
What platforms does XM support?
XM supports the widely used MetaTrader 4 (MT4) and its successor, MetaTrader 5 (MT5), both available on desktop, web, and mobile (iOS and Android). They also offer the XM Trader App for convenient mobile trading.
What is the minimum deposit to start trading with XM?
The minimum deposit is $5 USD for their Micro and Standard accounts. However, the XM Zero account requires a minimum deposit of USD 5 as well. Keep in mind that specific payment methods may have their minimum deposit requirements
Are demo accounts available?
Yes, demo accounts are readily available with XM. You can open demo accounts for both their MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. These accounts allow you to practice trading with virtual funds in a realistic market environment.
Our Insights
XM is a well-established and globally regulated forex broker that offers No Dealing Desk (NDD) execution on select account types, ensuring fast and transparent trade processing. XM is an excellent choice for beginners and intermediate traders seeking a trustworthy and flexible trading environment.
9. XTB
XTB is a globally recognized forex and CFD broker founded in 2002, offering a No Dealing Desk (NDD) execution model that provides fast, transparent order processing with no intermediary interference.
With a strong regulatory foundation, advanced platform features, and a true NDD execution model, XTB is ideal for traders who value speed, transparency, and professional-grade trading tools.
Frequently Asked Questions
Does XTB offer No Dealing Desk (NDD) execution?
Yes. XTB provides true No Dealing Desk (NDD) execution on most instruments, meaning trades are processed directly through market liquidity providers without dealing desk interference.
What trading platform does XTB use?
XTB primarily uses its own proprietary, award-winning platform called xStation 5. This platform is known for its user-friendly interface, advanced charting tools, and a wide range of features. It is available as a desktop application, a web-based platform, and a mobile app.
What is the minimum deposit at XTB?
According to XTB, there is no minimum deposit required to open an account. This means you can start trading with any amount you are comfortable with. However, keep in mind that the amount you deposit will influence your trading possibilities.
Is XTB suitable for beginners?
Yes, XTB is generally considered suitable for beginners. Their proprietary xStation 5 platform is user-friendly and intuitive, to support new traders in learning the fundamentals of trading and the platform. They offer a demo account for practice and educational resources.
Our Insights
XTB stands out as a reputable and well-regulated No Dealing Desk (NDD) forex broker, offering fast, transparent execution and a powerful proprietary platform, xStation 5. XTB is a solid choice for both beginners and experienced traders seeking direct market access and a user-friendly trading experience.
10.OANDA
OANDA, established in 1996, is a globally regulated NDD Forex broker that provides access to a wide range of currency pairs and other CFDs.
They offer multiple trading platforms, including their proprietary OANDA Trade platform (web and mobile), MetaTrader 4 and 5, and TradingView. OANDA operates with no minimum deposit requirement and offers variable leverage up to 30:1.
Frequently Asked Questions
Does OANDA use a No Dealing Desk (NDD) execution model?
Yes, OANDA operates as a No Dealing Desk (NDD) Forex broker. They provide access to interbank market rates through their pricing engine, which aggregates prices from various liquidity providers. This allows for variable spreads without direct intervention from a dealing desk.
What trading platforms does OANDA offer?
OANDA offers a variety of trading platforms. These include their own OANDA Trade platform, available on web and mobile, known for its user-friendly interface and integrated tools. They also support the popular MetaTrader 4 and its successor, MetaTrader 5.
What is the minimum deposit at OANDA?
OANDA has no minimum deposit requirement. This allows traders to start with an amount they are comfortable with. They offer various funding methods, including bank transfers and debit/credit cards, making it accessible for traders with different preferences.
Can I open a demo account with OANDA?
Yes, you can open a demo account with OANDA. This allows you to practice trading on their platforms like OANDA Trade, MetaTrader 4 and 5, and even TradingView using virtual funds. It’s a risk-free way to get familiar with their platform features.
Our Insights
OANDA is a well-established, globally regulated NDD Forex broker known for its no minimum deposit requirement and diverse platform offerings, including their proprietary OANDA Trade, MetaTrader 4 & 5, and TradingView.
What is an NDD Forex Broker?
An NDD (No Dealing Desk) Forex Broker is a type of broker that does not intervene in client trades or take the opposite side of their trades. Instead, it acts as an intermediary, routing orders directly to external liquidity providers such as banks or financial institutions.
This model offers traders direct market access, often resulting in faster execution and greater transparency. Key Features of NDD Forex Brokers include:
- No Dealing Desk Intervention: Trades are not passed through a dealing desk, reducing the risk of conflict of interest.
- Direct Market Access: Orders are sent to liquidity providers who determine the best available prices.
- Tight Spreads: Typically offers variable spreads, often tighter, especially during high liquidity.
- Fast Execution: Ideal for scalpers and day traders due to low latency.
- Execution Types: May include STP (Straight Through Processing) and/or ECN (Electronic Communication Network) technology.
An NDD Forex broker offers a more transparent and market-driven trading environment by connecting traders directly to liquidity providers without internal trade manipulation.
In Conclusion
NDD (No Dealing Desk) forex brokers provide traders with a transparent, fast, and conflict-free trading environment by routing orders directly to external liquidity providers without internal dealing desk intervention. While spreads may vary and commissions can apply, NDD brokers are often the preferred choice for traders who prioritize transparency and fairness in their trading experience.
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Faq
An NDD (No Dealing Desk) broker routes your orders directly to liquidity providers (like banks or financial institutions) without a dealing desk interfering. This ensures fair pricing, fast execution, and no conflict of interest.
Yes, both ECN (Electronic Communication Network) and STP (Straight Through Processing) brokers are considered No Dealing Desk (NDD) brokers. NDD brokers route client orders directly to liquidity providers without intervention from a dealing desk.
While NDD brokers offer benefits like transparent pricing and faster execution, whether they are “better” for beginners is debatable. Beginners might find the variable spreads and potential commissions of NDD brokers less predictable than the fixed spreads often offered by dealing desk brokers.
While NDD execution aims for faster speeds by directly routing trades, it’s not always faster than dealing desk execution. NDD can be faster under normal conditions with good infrastructure, but high volatility or low liquidity can still lead to delays or slippage.
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