Top 10 Real A-Book Forex Brokers Compared | List 2025

A-book brokers, unlike their B-book counterparts, function by directly routing orders to liquidity providers in the interbank system. Professional traders who trade large sums often prefer A-book brokers because of their transparency. These brokers disclose their commissions and fees upfront, allowing traders to understand the exact costs of accessing liquidity before placing a trade.

Simply put, A-book brokers serve as middlemen, directing your orders to the marketplace for execution. We will discuss some advantages of this booking method later in this article.

At WR Trading, we reviewed a long list of A-book brokers and here’s our list of the top 10 real A-book forex brokers we’ll be reviewing, highlighting their key benefits:

See our full A-Book Broker comparison per video:

1. BlackBull Markets

From our review at WR Trading, we researched that BlackBull Markets is an ECN Prime foreign exchange and the best professional A-book broker with a reputation for ensuring faster order execution and providing access to deep liquidity. They mainly focus on strong ECN execution and best-order execution practices. It is the 1st in our comparison because of the good trading conditions from 0.0 pips, high liquidity, high leverage, and fast execution speed.

The broker has grown into multiple regions since it started in 2014, and now, it has a large clientele base. The customer reviews about this broker’s customer support are mostly positive. The Financial Markets Authority (FMA) of New Zealand and the Financial Service Authority (FSA) of Seychelles regulate this broker.

Feature:	Description:
Execution Model	ECN Prime via A-Book
Account Types	Standard, ECN Prime, Institutional
Spreads	Variable, starting from 0.0 pips (ECN Prime)
Commissions	Negotiable for ECN Prime, variable for other accounts (Standard: built into spread; commissions may apply for other account types)
A-Book Mention	BlackBull Markets emphasizes its focus on ECN execution and best order execution practices.

2. FP Markets

FP Markets is another favorite A-book broker at WR Trading and among veteran traders seeking the most cost-effective forex execution. As our second pick, they offer various account types, including ultra-low spreads and commissions appropriate for high-frequency traders. FP Markets provides quite an extensive range of resources and platforms for all sorts of trading styles.

Since 2005, FP Markets have grown significantly in many world regions. So, the broker has a 24/7 multilingual customer support system that attends to clients through phone calls, emails, or chat. ASIC and CySEC (Tier 1 and Tier 2 regulators) heavily regulate FP Markets in Australia and Europe. The broker is also regulated by the FSCA in South Africa and the FSA in Seychelles.

FP Markets provides leverage to traders for various asset classes, from 10:1 for shares up to 500:1 for currency trading. This creates an enabling environment for traders of all levels.

Feature:	Description:
Execution Model	ECN & STP via A-Book
Account Types	Standard, Raw, Islamic
Spreads	Variable, starting from 0.0 pips (Raw account)
Commissions	None for Standard account, $3.50 per 100k round turn (Raw account)
A-Book Mention	FP Markets emphasizes transparent execution and does not act as a market maker.

3. Vantage Markets

Vantage Markets is an A-book broker that operates an ECN and STP dealing model. It’s our third choice here at WR Trading because it provides competitive spreads, access to various trading instruments, and is highly transparent. This broker launched in 2009, serving retail and professional traders in the CFD markets. Since then, Vantage Markets has expanded to other markets while building a trustworthy reputation.

We looked through the broker’s leverage offers at WR Trading and were impressed by their 500:1 leverage value, which is suitable for both beginner and professional traders. It is regulated by ASIC, a Tier 1 regulator in Australia.

Feature:	Description:
Execution Model	ECN & STP via A-Book
Account Types	Standard STP, Raw ECN, Pro ECN
Spreads	Variable, starting from 0.0 pips
Commissions	None for Standard STP, $3 per side per 100k for Raw ECN & Pro ECN
A-Book Mention	Vantage Markets clearly states on its website that it operates an A-book model.

4. Moneta Markets

Moneta Markets is an online foreign exchange A-book broker known for its ECN and STP execution models and its heavy educational focus. The broker provides an easy-to-use platform with various account types suitable for different experience levels. With a vast range of learning resources behind it, Moneta Markets is a good choice for beginner traders.

It was launched in 2023 and focuses on a few selected locations. The broker is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa and registered with the Saint Lucia Registry of International Business Companies (SLIBC).

Feature:	Description:
Execution Model	ECN & STP via A-Book
Account Types	Standard, Advanced, VIP
Spreads	Variable, starting from 1.2 pips
Commissions	None for Standard account, negotiable for higher tiers
A-Book Mention	Moneta Markets highlights its commitment to best execution practices and transparency.

5. RoboForex

As an A-book broker, RoboForex offers various trading accounts, including the ECN Prime account, with access to deep liquidity. It offers competitive commissions and tight spreads. Furthermore, we observed that RoboForex offers diversified trading platforms and many tradable instruments.

Since its launch in 2009, Roboforex has achieved a global presence. It offers its global clientele several deposit and withdrawal methods, including credit or debit cards, bank transfers, e-wallets, and cryptocurrencies. The broker is regulated by the Belize International Financial Services Commission, a Tier 3 regulator.

Feature	Description
Execution Model	ECN & Market Maker via A-Book
Account Types	Prime, ECN, Pro-Standard, Pro-Cent
Spreads	Variable, starting from 0.0 pips (ECN Prime)
Commissions	Negotiable for ECN Prime, from $3.5 per million USD traded for other accounts
A-Book Mention	RoboForex states their ECN Prime account offers direct access to interbank liquidity.

6. IC Trading

IC Trading is a leading A-book broker that offers various account types, each designed for different classes of traders. The company prides itself on competitive spreads, fast executions, and deep liquidity.

The customer support openly provides different ways for clients to contact them; via calls, chats, emails, or they can walk in to their office through the address provided on the website. IC Trading provides clients with MT4, MT5, and cTrader platforms, and is regulated by the Financial Services Commision (FSC), in Mauritius.

Feature	Description
Execution Model	ECN via A-Book
Account Types	Standard, Raw Spread, cTrader
Spreads	Variable, starting from 0.0 pips (Raw Spread account)
Commissions	$7 per standard lot round turn
A-Book Mention	IC Trading highlights its commitment to ECN execution and best execution practices.

7. Tickmill

Tickmill offers an ECN Pro account at incredibly low costs, including minimal spreads and charges. As an A-book broker, the company takes great pride in providing clients with satisfaction and openness. Additionally, its trading systems are extremely user-friendly and offer great educational resources.

Tickmill is heavily regulated by Tier 1, 2, and 3 regulators in different countries. This means that the company follows a set of stringent rules that protect clients’ money. Many clients also positively appraise the broker for its excellent customer support.

Feature	Description
Execution Model	ECN & STP via A-Book
Account Types	Pro, VIP, Classic
Spreads	Variable, starting from 0.0 pips (ECN Pro)
Commissions	$2 per 100k USD traded (ECN Pro), variable for other accounts
A-Book Mention	Tickmill emphasizes its commitment to ECN execution and best execution.

8. Pepperstone

Pepperstone is an internationally renowned ECN and STP A-book broker operating in different regions of the world. It provides low spreads, fast execution, and several account types to suit diverse trading styles, making it suitable for beginners and experienced traders.

Pepperstone was introduced in 2010 and has become one of the top Forex brokers. The broker focuses on technology and forex trading education, which is why many newbies favor it. The broker is Tier 1 regulated in Australia and Tier 2 regulated in Europe and the UK. It also holds a regulation license in other countries like Kenya, Dubai, and the Bahamas.

Feature	Description
Execution Model	ECN & STP via A-Book
Account Types	Standard, Razor, Institutional
Spreads	Variable, starting from 0.0 pips (Razor account)
Commissions	$7 per 100k USD traded (Razor account), variable for other accounts
A-Book Mention	Pepperstone highlights its commitment to ECN and STP execution models for transparent order routing.

9. GBE Brokers

GBE Brokers are competitive, technology-focused ECN brokers that give traders access to powerful trading platforms such as MetaTrader 5 and cTrader. As an A-book broker, the company is cost-competitive and offers more forex pairs and CFDs for active traders. GBE Brokers offers an extensive range of trading instruments and is technology-focused.

The broker offers specialized accounts with some additional perks to professional traders and high-net-worth people. Although launched as GBE brokers in 2015, the company has operated for much longer and has secured a CySEC regulation license.

Feature	Description
Execution Model	ECN via A-Book
Account Types	Standard, Prime
Spreads	Variable (Spread and Raw Spreads), starting from 0.0 pips + Commission
Commissions	Negotiable
A-Book Mention	GBE Brokers emphasizes its commitment to ECN execution and best execution practices.

10. Thunder Markets

Thunder Markets is a new ECN A-book broker with user-friendly platforms and competitive fees. It serves beginner to intermediate traders with great educational resources and easy account options. For anybody looking for a balance between affordability and functionality, Thunder Markets is the way to go.

This broker prioritizes technological innovation. One key feature that it offers is social trading. Social trading allows other traders, especially beginners, to copy the trades of experienced traders and mimic their results. The FSA regulates the broker in Seychelles.

Feature
Execution Model	ECN via A-Book
Account Types	Standard, Pro
Spreads	Variable, starting from 0.0 pips
Commissions	$3 per 100k USD traded
A-Book Mention	Thunder Markets highlights its focus on ECN execution and transparent pricing.

What is the A-Book?

An A-book broker solely focuses on order routing, acting as an intermediary between you and other participants in the forex market, unlike B-book brokers, who may act as market makers by taking the opposing side of trades. 

The term A-book model originates from the forex brokerage ecosystem. This popular booking method is about how some forex brokers manage client orders. 

A-book brokers transmit their A-book flow to the interbank market liquidity provider without third-party intervention. This reduces the conflict of interest between traders and brokers since the broker’s profit is not tied to the outcome of your trade.

Before we continue to explore the A-book model, we must explain the different types of forex brokers available. Our classification of these brokers is based on their execution models.

• ECN Brokers: Electronic Communication Networks are network systems that link traders with different liquidity providers by routing deals directly to the interbank market and ensuring trading between counterparties.
• STP Brokers (Straight Through Processing): STP brokers focus solely on order routing. They accept client orders and electronically transmit them to various liquidity providers without engaging in trading activity during the execution process. 
• Market Maker Brokers: Unlike the other two, market makers act as counterparties when someone places a trade. They are responsible for providing bid and ask prices and quoting them to clients. Additionally, they assume the risk of holding positions opposite to their clients until another customer enters an offsetting trade.

Interestingly, all three types of brokers (ECN, STP, Market Maker) can utilize an A-Book or B-Book system. It is just how they handle specific client orders within their books that sets them apart.

What are the Primary Features of an A-book broker?

• Reduced Conflict of Interest: A-book brokers will not directly benefit from your losses, expressing far less conflict of interest than B-book brokers, who may profit from your losing trades.
• Order Execution Priority: A-book brokers strive to provide the best possible prices as they route your orders to the interbank market, which allows direct trading with large financial institutions. This could mean tighter spreads and better order execution than a B-model book.
• Commissions or Markup on Spreads: A-book brokers may impose commissions per trade or just markup their spread offers. Either way, this charge makes it easier for you to execute your trade and obtain liquidity.
• Transparency: Ideally, A-book brokers are transparent in their order execution process and how they make their money. Look for brokers that clearly indicate the commission they charge per a fixed number of trades. This information is frequently found on their websites or in onboarding and registration documents.

How Exactly Does The A-Book Work?

This is how a forex trade would typically be executed in the markets through an A-book broker:

• Order Placements: After analyzing a given currency pair, traders typically place buy or sell orders.
• Order Routing: The broker routes the order to liquidity providers, such as banks or prime brokers, in partnership with them. Prime brokers are financial organizations that offer services like trade execution, risk management, and financing to large-scale investors like hedge funds.
• Liquidity Matching: Your order is passed on to a liquidity provider in the interbank market, who tries to match it with an opposite one placed by another trader.
• Order Execution: When your order price and the opposing trader’s price for their order match, execution is done at the agreed price. A-Book brokers ensure the routing and settling of these orders.
• Fee Collection: A-book brokers collect a commission per a fixed number of trades, or alternatively, they include a markup on the spread from the executed trade.

What are the Pros and Cons of an A-Book?

Pros

In the A-book model, brokers operate with transparent profit models, diminishing the likelihood of them being incentivized against your trading success. Their profit is not directly tied to client losses. Access to interbank liquidity could lead to more competitive spreads when compared to B-book models. A-book brokers offer transparency regarding their execution models and fees. This lets traders clearly understand the costs and how their orders are executed. 

Cons

A-book brokers generally charge commissions or markups on spreads, potentially increasing the trading cost. Some A-book brokers may internalize part of your order, although they prefer to handle things externally.

How does the Pricing work with A-Book Brokers?

For an order in the A-Book to be filled, there must be a buyer and a seller with divergent views on the price. Brokers attempt to match the cheapest buy orders (bids) with the cheapest sell orders (offers) so that the spread between the buying and selling prices is the least.

Most of them use the prime broking services of GBE Prime or liquidity networks like OneZero or PrimeXM. These create a network effect in the system by combining a pool of many brokers and offering their clients a large pool of liquidity and potentially tighter spreads.

A-Book vs B-Book – What is the Difference?

Here’s a table summarizing the key differences between A-book and B-book:

Feature	A-Book Model	B-Book Model
Definition	Orders are passed directly to the interbank market or liquidity providers.	Orders are kept in-house by the broker.
Market Execution	Direct Market Access (DMA) or Straight Through Processing (STP).	Internal dealing desk execution.
Broker Role	Acts as an intermediary.	Acts as the counterparty to the trades. Hence, functioning as a market maker.
Order Matching	Orders are matched with external liquidity providers and banks.	Orders are matched internally within the broker.
Conflict of Interest	Minimal, as the broker earns via commission or spread markup.	Higher potential conflict, as the broker profits from client losses.
Pricing	Market-based prices from liquidity providers.	The broker sets the prices, which may differ from the market.
Risk Management	The broker manages risk by offsetting positions in the market.	The broker manages risk internally, often through hedging or risk books.
Transparency	Generally higher, as orders are executed in the open market.	Generally lower, as execution is internal.
Slippage	It can be higher due to market volatility.	Typically lower, but execution quality depends on the broker.
Execution Speed	Depends on market conditions and liquidity.	Usually faster, as trades are executed internally.

Conclusion

A-book brokers cater to forex traders who desire greater transparency and less conflict of interest from their broker. They route orders directly to the interbank markets to achieve the best execution price, possibly resulting in tighter spreads. Typically, they charge a small commission or put a small markup on the spread to make some profit on their service fee.

Just make sure that when you choose an A-book broker, you consider your needs and priorities. These include comparing commission structures, spreads, minimum deposit requirements, and, more importantly, the number of tradable instruments across different brokers. The right trading broker is essential to save costs and ensure quick order execution.

Ensure it is well-regulated and has a proven track record. Regulation information is available on most brokers’ websites. Before trading with a broker, we recommend visiting the regulator’s website to check that the broker’s license is still active.

Frequently Asked Questions: