5 Best NDD Forex Brokers
We’ve listed the 5 Best NDD (No Dealing Desk) Forex Brokers that provide traders with direct, transparent, and efficient access to global forex markets. NDD brokers eliminate dealer intervention, ensuring faster order execution and tighter spreads through direct liquidity from banks and financial institutions. Traders benefit from real-time pricing, low latency, and enhanced transparency – key factors for professional and high-frequency trading. With advanced platforms, robust security, and competitive trading conditions, these brokers empower traders to execute strategies efficiently across forex, commodities, indices, stocks, and cryptocurrencies.
5 Best NDD Forex Brokers (2025)
- IC Markets – Overall, The Best NDD (No Dealing Desk) Forex Broker
- FP Markets – Pure ECN/NDD environment ensuring direct market access
- Tickmill – NDD execution model with no dealing desk intervention
- FxPro – Competitive pricing across forex, indices, and commodities
- Pepperstone – Deep liquidity pool ensures low spreads and minimal slippage
Top 10 Forex Brokers (Globally)
Pros and Cons of NDD Forex Brokers – Immediate Advantages and Disadvantages
| ✓ Pros | ✕ Cons |
| Faster order execution | Higher spreads sometimes |
| Direct market access | No fixed spreads |
| Reduced conflict of interest | Limited broker support |
| Transparent pricing | Potential slippage |
| Access to ECN/Liquidity pools | Usually higher minimum deposits |
1. IC Markets
IC Markets operates under multiple regulatory licences, including 🇦🇺 ASIC (Australia) and 🇨🇾 CySEC (Cyprus), and uses a pure no‑dealing‑desk (NDD) price model. Traders worldwide benefit from deep liquidity, tight spreads, and rapid execution, making it a trusted choice for global forex trading.
| Feature | Details |
| Regulation | 🇦🇺 ASIC 🇨🇾 CySEC and others |
| Execution | True NDD / ECN model with direct liquidity |
| Global Access | Available to traders across many jurisdictions |
Frequently Asked Questions
Is IC Markets regulated for global traders?
Yes. IC Markets holds regulatory authorisations in Australia and Cyprus, among others, supporting global access for many traders.
Does IC Markets truly operate as an NDD broker?
Yes. IC Markets passes prices directly from liquidity providers without dealing‑desk intervention, providing a transparent NDD execution environment.
Pros and Cons
| ✓ Pros | ✕ Cons |
| Regulated under multiple respected authorities | Some jurisdictions impose lower leverage limits |
| Transparent NDD execution model with tight spreads | Not available to traders in certain regulated countries |
| Supports multiple platforms (MT4, MT5, cTrader) | Educational resources are less extensive than some competitors |
| Deep liquidity ideal for scalping and algorithmic strategies | Offshore entities may have different investor protection |
| Accepts a wide range of trading instruments | Deposit minimum may exceed smaller brokers |
Our Insights
IC Markets stands out as a globally oriented NDD broker with robust regulatory coverage, transparent pricing, and market‑grade execution, making it a strong choice for traders seeking direct market access.
| # | Criteria | Score |
| 1 | Overall Rating and Trust Score | ⭐⭐⭐⭐⭐ |
| 2 | Range of Investments, Platforms and Tools | ⭐⭐⭐⭐☆ |
| 3 | Commissions, Fees, and Bonus Offers | ⭐⭐⭐⭐☆ |
| 4 | Research and Education | ⭐⭐⭐☆☆ |
| 5 | Mobile Trading and User Experience | ⭐⭐⭐⭐☆ |
| 6 | Customer Support and Regulatory Compliance | ⭐⭐⭐⭐☆ |
| 7 | Deposit and Withdrawal Option | ⭐⭐⭐⭐☆ |
| 8 | Execution Speed and Order Types | ⭐⭐⭐⭐⭐ |
| 9 | Risk Management and Safety Measures | ⭐⭐⭐⭐☆ |
| 10 | Markets Analysis and Trading Tools | ⭐⭐⭐⭐☆ |
2. FP Markets
FP Markets delivers a genuine no‑dealing‑desk (NDD) execution model alongside full multi‑jurisdiction regulation. The broker holds licences with 🇦🇺 ASIC, 🇨🇾 CySEC, 🇿🇦 FSCA, and others and routes orders straight to liquidity providers without dealing‑desk intervention, offering global traders transparent pricing and fast execution.
| Feature | Details |
| Regulation | 🇦🇺 ASIC 🇨🇾 CySEC 🇿🇦 FSCA and others |
| Execution | True NDD/ECN model – orders to liquidity providers |
Frequently Asked Questions
Can global traders access FP Markets under NDD conditions?
Yes. FP Markets supports clients from many countries and provides a Raw Account with NDD/ECN pricing from 0.0 pips, tight spreads, and institutional‑grade liquidity, making it suitable for global active traders.
Is FP Markets regulated and authorised for global trading?
Yes. The broker is regulated by several reputable authorities, including 🇦🇺 ASIC, 🇨🇾 CySEC, and 🇿🇦 FSCA, ensuring high‑standard compliance and authorisation for international access.
Pros and Cons
| ✓ Pros | ✕ Cons |
| Genuine NDD/ECN model with no dealing‑desk intervention | Not regulated by 🇬🇧 FCA for UK retail clients |
| Tight spreads from 0.0 pips on Raw account | Minimum deposit (AUD 100) may be higher than budget brokers |
| Multi‑jurisdiction regulation and global access | Some instruments or account features vary by region |
| Wide platform selection covering MT4, MT5, cTrader | Stock CFDs access may be limited outside certain jurisdictions |
| Deep liquidity ideal for scalpers and EA traders | Some premium services carry extra fees |
Our Insights
FP Markets stands out as a strong global NDD broker that combines institutional‑grade execution, transparent pricing, and multi‑jurisdiction regulatory oversight, making it a compelling choice for serious forex traders seeking direct market access.
| # | Criteria | Score |
| 1 | Overall Rating and Trust Score | ⭐⭐⭐⭐☆ |
| 2 | Range of Investments, Platforms and Tools | ⭐⭐⭐⭐⭐ |
| 3 | Commissions, Fees, and Bonus Offers | ⭐⭐⭐⭐☆ |
| 4 | Research and Education | ⭐⭐⭐⭐☆ |
| 5 | Mobile Trading and User Experience | ⭐⭐⭐⭐☆ |
| 6 | Customer Support and Regulatory Compliance | ⭐⭐⭐☆☆ |
| 7 | Deposit and Withdrawal Option | ⭐⭐⭐☆☆ |
| 8 | Execution Speed and Order Types | ⭐⭐⭐⭐⭐ |
| 9 | Risk Management and Safety Measures | ⭐⭐⭐⭐☆ |
| 10 | Markets Analysis and Trading Tools | ⭐⭐⭐⭐☆ |
3. Tickmill
Tickmill operates under multiple regulatory licences – including 🇬🇧 FCA (UK), 🇨🇾 CySEC (EU), 🇿🇦 FSCA (South Africa), and 🇸🇨 FSA (Seychelles) – and publishes a no‑dealing‑desk (NDD) model that routes orders directly to liquidity providers without internal intervention, enabling traders worldwide to access institutional‑style execution.
| Feature | Details |
| Regulation | 🇬🇧 FCA 🇨🇾 CySEC 🇿🇦 FSCA 🇸🇨 FSA |
| Execution Model | True NDD/ECN with order‑routing to liquidity providers |
Frequently Asked Questions
Does Tickmill operate as an NDD broker for global traders?
Yes. Tickmill confirms that its trading model passes orders to external liquidity providers under an NDD/ECN framework, eliminating dealer intervention and maintaining transparent execution for clients in numerous regions.
Is Tickmill regulated and authorised to serve a global trader base?
Yes. Tickmill holds licences from high‑tier regulators including 🇬🇧 FCA, 🇨🇾 CySEC, 🇿🇦 FSCA, and 🇸🇨 FSA, covering operations across many countries and offering global access under local regulatory entities.
Pros and Cons
| ✓ Pros | ✕ Cons |
| Multi‑jurisdiction licensing enhances global credibility | Some retail clients face regional restrictions |
| NDD execution reduces internal conflict‑of‑interest | Classic account spreads can be wider than raw‑type accounts |
| Tight spreads from 0.0 pips on eligible accounts | Maximum leverage varies significantly by jurisdiction |
| Deep liquidity supports scalping and algorithmic strategies | Not available for US persons |
| Platforms: MT4 and MT5 with broad instrument coverage | Educational resources less comprehensive than some peers |
Our Insights
Tickmill stands out as a globally oriented NDD broker that combines multi‑jurisdiction regulation, transparent execution without a dealing desk, and competitive trading conditions, making it a strong option for traders seeking direct access to forex and CFD markets.
| # | Criteria | Score |
| 1 | Overall Rating and Trust Score | ⭐⭐⭐⭐⭐ |
| 2 | Range of Investments, Platforms, and Tools | ⭐⭐⭐⭐☆ |
| 3 | Commissions, Fees, and Bonus Offers | ⭐⭐⭐⭐☆ |
| 4 | Research and Education | ⭐⭐⭐⭐☆ |
| 5 | Mobile Trading and User Experience | ⭐⭐⭐⭐☆ |
| 6 | Customer Support and Regulatory Compliance | ⭐⭐⭐⭐⭐ |
| 7 | Deposit and Withdrawal Options | ⭐⭐⭐⭐☆ |
| 8 | Execution Speed and Order Types | ⭐⭐⭐⭐⭐ |
| 9 | Risk Management and Safety Measures | ⭐⭐⭐⭐⭐ |
| 10 | Markets Analysis and Trading Tools | ⭐⭐⭐⭐☆ |
Top 3 NDD Forex Brokers – A Forex Face-Off
| Broker |  |  |  |
| Minimum Deposit | 200 USD | 100 AUD | 100 USD |
| Fund Withdrawal Fee | Generally no fee | None | Third-Party Fees may apply |
| Spreads From | From 0.0 pips | 0.0 pips | 0.0 pips (ECN accounts) |
| Commissions | Variable | Commission-free on some accounts | Variable |
| Leverage | Up to 1:500 | Up to 1:500 | 1:1000 |
| Regulation | 🇸🇨 FSA (Seychelles) | 🇦🇺 ASIC 🇨🇾 CySEC 🇿🇦 FSCA 🇸🇨 FSA 🇲🇺 FSC 🇰🇪 CMA | 🇸🇨 FSA 🇬🇧 FCA 🇦🇪 DFSA 🇨🇾 CySEC 🇿🇦 FSCA |
| Open an Account |  | | |
Benefits of Trading with an NDD Forex Broker
Trading with an NDD broker offers a direct connection to the forex market, giving traders more control, faster execution, and clear pricing. This model suits traders who value transparency and efficient order routing. Here is a Quick Comparison Table.
| Feature | Benefit |
| Pricing | Transparent market-driven |
| Execution | Low latency fast order processing |
| Spread | Tight and competitive |
| Conflict of Interest | None |
| Liquidity | Access to institutional level liquidity pools |
Key Advantages:
- Transparent Pricing: Trades are executed directly with liquidity providers, reducing hidden markups.
- Fast Execution: Low latency ensures quick trade entry and exit.
- Tight Spreads: Variable spreads are often narrower than market makers.
- Reduced Conflict of Interest: Brokers do not take the opposite side of trades.
- Access to ECN Liquidity Pools: Deep market liquidity supports large trades and scalping.
- Advanced Trading Platforms: MT4, MT5, cTrader support algorithmic and manual strategies.
Overall, NDD brokers provide a fair and efficient trading environment, helping traders optimize execution speed, reduce conflicts, and gain access to deep market liquidity.
4. FxPro
FxPro operates under multiple reputable licences – such as 🇬🇧 FCA, 🇨🇾 CySEC, 🇿🇦 FSCA, and 🇧🇸 SCB – and executes client orders using a no‑dealing‑desk (NDD) model that routes trades directly to liquidity providers, delivering transparent pricing and rapid order execution worldwide.
| Feature | Details |
| Regulation | 🇬🇧 FCA 🇨🇾 CySEC 🇿🇦 FSCA 🇧🇸 SCB |
| Execution Model | Real NDD order routing direct to liquidity providers |
Frequently Asked Questions
Does FxPro truly provide NDD execution for global traders?
Yes. FxPro performs all client orders without dealing‑desk intervention, using high‑end data‑centre infrastructure to support NDD execution across its global operations.
Is FxPro regulated and authorized to serve traders from many countries?
Yes. FxPro holds full licences from tier‑one regulators including 🇬🇧 FCA, 🇨🇾 CySEC, 🇿🇦 FSCA, and 🇧🇸 SCB, enabling global access under local entities.
Pros and Cons
| ✓ Pros | ✕ Cons |
| Verified NDD execution model with no dealing‑desk | Not available to residents of 🇺🇸, Canada or Iran |
| Multi‑tier regulation builds global trust | Minimum deposit may be higher than entry‑level brokers |
| Transparent pricing and rapid execution speed | Educational resources less comprehensive than some peers |
| Wide asset range across forex, CFDs and other markets | Commission applies on some account types |
| Supports professional tools and algos via MT4/MT5/cTrader | Some leverage and features vary by jurisdiction |
Our Insights
FxPro stands out as a global NDD broker that combines multi‑jurisdiction regulation, direct‑market access, and institutional‑grade infrastructure, making it a compelling option for traders seeking true market‑execution transparency and wide instrument choice.
| # | Criteria | Score |
| 1 | Overall Rating and Trust Score | ⭐⭐⭐⭐⭐ |
| 2 | Range of Investments, Platforms and Tools | ⭐⭐⭐⭐☆ |
| 3 | Commissions, Fees, and Bonus Offers | ⭐⭐⭐⭐☆ |
| 4 | Research and Education | ⭐⭐⭐⭐☆ |
| 5 | Mobile Trading and User Experience | ⭐⭐⭐⭐☆ |
| 6 | Customer Support and Regulatory Compliance | ⭐⭐⭐⭐⭐ |
| 7 | Deposit and Withdrawal Option | ⭐⭐⭐⭐☆ |
| 8 | Execution Speed and Order Types | ⭐⭐⭐⭐⭐ |
| 9 | Risk Management and Safety Measures | ⭐⭐⭐⭐⭐ |
| 10 | Markets Analysis and Trading Tools | ⭐⭐⭐⭐☆ |
Risks of Trading with an NDD Forex Broker
While NDD brokers offer transparency and speed, they are not without risks. Traders must be aware of potential costs, execution challenges, and limitations depending on market conditions. Here is a Risk Overview table:
| Risk | Description |
| Spread Variability | Spreads widen during volatility |
| Commissions | Costs may apply per trade |
| Slippage | Execution depends on market liquidity |
| Minimum Deposit | Higher entry requirement |
| Regional Restrictions | Not available in all countries |
Key Risks:
- Variable Spreads: Spreads fluctuate with market volatility.
- Commissions: Some accounts charge per trade.
- Liquidity-Dependent Execution: Slippage may occur in low liquidity periods.
- Higher Minimum Deposits: Often higher than market maker accounts.
- Limited Availability: Not all brokers serve traders in every country.
By understanding these risks, traders can plan strategies, manage expectations, and choose brokers that match their trading style and risk tolerance.
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.
| Feature | Details |
| Regulation | 🇦🇺 ASIC 🇬🇧 FCA 🇨🇾 CySEC 🇩🇪 BaFin 🇧🇸 SCB 🇰🇪 CMA 🇦🇪 DFSA |
| Execution Model | True NDD/STP/ECN routing to top‑tier liquidity |
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.
Pros and Cons
| Feature | Details |
| Regulation | 🇦🇺 ASIC 🇬🇧 FCA 🇨🇾 CySEC 🇩🇪 BaFin 🇧🇸 SCB 🇰🇪 CMA 🇦🇪 DFSA |
| Execution Model | True NDD/STP/ECN routing to top‑tier liquidity |
Our Insights
Pepperstone distinguishes itself as a globally accessible NDD broker combining strong regulation, transparent execution, and institutional‑grade trading infrastructure—making it a compelling choice for retail and professional traders seeking direct market access.
| # | Criteria | Score |
| 1 | Overall Rating and Trust Score | ⭐⭐⭐⭐☆ |
| 2 | Range of Investments, Platforms and Tools | ⭐⭐⭐⭐☆ |
| 3 | Commissions, Fees, and Bonus Offers | ⭐⭐⭐⭐☆ |
| 4 | Research and Education | ⭐⭐⭐☆☆ |
| 5 | Mobile Trading and User Experience | ⭐⭐⭐⭐☆ |
| 6 | Customer Support and Regulatory Compliance | ⭐⭐⭐⭐☆ |
| 7 | Deposit and Withdrawal Option | ⭐⭐⭐☆☆ |
| 8 | Execution Speed and Order Types | ⭐⭐⭐⭐⭐ |
| 9 | Risk Management and Safety Measures | ⭐⭐⭐⭐☆ |
| 10 | Markets Analysis and Trading Tools | ⭐⭐⭐☆☆ |
Top 5 NDD Forex Brokers – A Comparison
| Broker | | | |  |  |
| Minimum Deposit | 200 USD | 100 AUD | 100 USD | 100 USD | AU$10 |
| Fund Withdrawal Fee | Generally no fee | None | Third-Party Fees may apply | None | None |
| Spreads From | From 0.0 pips | 0.0 pips | 0.0 pips (ECN accounts) | 0.0 pips | 0.0 pips |
| Commissions | Variable | Commission-free on some accounts | Variable | Variable | Yes |
| Leverage | Up to 1:500 | Up to 1:500 | 1:1000 | Up to 1:500 | 1:500 (Pro) 1:200 (Retail) |
| Regulation | 🇸🇨 FSA (Seychelles) | 🇦🇺 ASIC 🇨🇾 CySEC 🇿🇦 FSCA 🇸🇨 FSA 🇲🇺 FSC 🇰🇪 CMA | 🇸🇨 FSA 🇬🇧 FCA 🇦🇪 DFSA 🇨🇾 CySEC 🇿🇦 FSCA | 🇬🇧 FCA 🇨🇾 CySEC 🇧🇸 SCB 🇿🇦 FSCA 🇦🇪 DFSA | 🇦🇺 ASIC 🇩🇪 BaFin 🇰🇪 CMA 🇨🇾 CySEC 🇦🇪 DFSA 🇬🇧 FCA 🇧🇸 SCB |
| Open an Account | | | | | |
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.
Pros and Cons of Forex Trading with an NDD Broker
| ✓ Pros | ✕ Cons |
| Transparent pricing | Minimum deposits may be higher |
| True market execution | Some accounts charge commissions |
| Tight spreads | Can be complex for beginners |
| Fast order execution | Execution quality depends on liquidity |
| Suitable for scalping and algorithms | Not available in all countries |
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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.
Faq
An NDD broker executes trades directly with liquidity providers without a dealing desk, reducing conflicts of interest and providing transparent pricing.
Market makers may take the opposite side of trades, while NDD brokers pass orders directly to the market, offering real spreads from liquidity providers.
Yes, but they are often better for active traders who understand spreads, execution, and leverage, as NDD accounts prioritize speed over simplified pricing.
NDD brokers support market, limit, stop, and algorithmic orders with minimal slippage due to fast execution from direct market access.
Yes, NDD brokers typically offer forex pairs, commodities, indices, stocks, and sometimes cryptocurrencies with competitive execution and spreads.
