10 Best No Dealing Desk (NDD) Forex Brokers in 2025

No Dealing Desk (NDD) forex brokers are preferred for their transparency and direct market access, avoiding conflicts of interest. This article presents a comprehensive review of the top 10 NDD brokers, highlighting their key benefits and unique features.

These are the Top 10 No Dealing Desk (NDD) Forex Brokers:

Top 10 NDD Forex Brokers: Key Benefits

Below is our review of the top 10 No Dealing Desk (NDD) Forex brokers. We tested each broker at WR Trading based on key factors like reliability, trading platforms, fees, and customer support. The following reviews provide a snapshot of what each broker offers.

BlackBull Markets

BlackBull Markets stands out as the best NDD forex broker due to its institutional-grade trading conditions and high-speed execution. Offering over 60 Forex pairs, the broker ensures extensive trading opportunities with spreads starting from 0.0 pips. Leverage is available up to 500:1, catering to different trading strategies. BlackBull Markets utilizes Equinix servers in New York and London, ensuring ultra-low latency and fast trade execution.

Regulated by the Financial Services Authority in Seychelles, BlackBull Markets is a safe platform to trade on. The broker’s MetaTrader 4, MetaTrader 5, MetaTrader Web Trader, cTrader, TradingView, and BlackBull Trade are equipped with advanced charting tools and automated trading features. Therefore, if you’re looking for an advanced NDD broker, BlackBull Markets is a great choice for traders because of its suite of tools.

Feature	Information
No Dealing Desk	Yes
Spreads and Commission	Varies based on account: Spread – from 0.0 pips Commission – From no commission to $6 per lot
Trading Platforms	MetaTrader 4, MetaTrader 5, MetaTrader Web Trader, cTrader, TradingView, and BlackBull Trade.
Asset Types	Forex, commodities, indices, cryptocurrencies, futures, and stock.
Tradable Assets	Over 26,000
Currency Pairs	Over 70
Leverage	500:1
Customer Support	Email, live chat, and phone support.
Demo Account	Yes
Educational Content	Webinars, tutorials, education hub,
Regulation	Financial Services Authority in Seychelles

FP Markets

FP Markets is a top NDD Forex broker, excelling in offering traders a premium experience with some of the most competitive spreads in the industry, starting from 0.0 pips. As a No Dealing Desk broker, FP Markets ensures that your trades are executed directly through the interbank market, eliminating any potential conflict of interest. With leverage up to 500:1, FP Markets provides the flexibility needed to tailor trading strategies to individual risk appetites. We found their execution speeds to be impressively fast, ensuring that your trades are processed without delays, which is crucial for taking advantage of market opportunities.

FP Markets offers a broad range of over 60 forex pairs. The platform’s robustness is evident in its support for multiple trading platforms, including MetaTrader 4, MetaTrader 5, cTrader, TradingView, WebTrader, and IRESS. We appreciated the versatility these platforms offer, catering to both beginners and advanced traders. 

The broker’s regulation by ASIC, CySEC, and more also gives traders peace of mind regarding the security of their funds. The customer support team at FP Markets was responsive and knowledgeable, adding to the overall positive experience. Whether you’re just starting out or are an experienced trader, FP Markets delivers a reliable, transparent, and efficient trading environment.

Feature	Information
No Dealing Desk	Yes
Spreads and Commission	Varies based on account: Spread – from 0.0 pips Commission – From no commission to $3 per lot
Trading Platforms	MetaTrader 4, MetaTrader 5, cTrader, TradingView, IRESS, and WebTrader.
Asset Types	Forex, stocks, indices, commodities, cryptocurrency, and ETFs.
Currency Pairs	Over 60
Tradable Assets	Over 10,000
Leverage	500:1
Customer Support	Email, live chat, and phone support.
Demo Account	Yes
Educational Content	Video tutorials and trading glossary.
Regulation	ASIC, FSCA, FSA, FSC, and CySEC.

Vantage Markets

Vantage Markets is known for its competitive spreads and high leverage, making it an attractive option for Forex traders. With leverage up to 500:1 and spreads starting as low as 0.0 pips, traders can maximize their potential returns. The broker offers over 40 Forex pairs, providing ample opportunities for currency trading. Vantage Markets also stands out for its swift trade execution, thanks to its state-of-the-art infrastructure and NDD model.

Beyond Forex, Vantage Markets provides access to commodities, indices, and shares, ensuring a broad spectrum of trading options. The broker operates under the regulation of ASIC and CIMA, ensuring a secure and transparent trading environment. Its Vantage App, ProTrader, MetaTrader 4, and MetaTrader 5 platforms are highly appreciated for their advanced charting tools and automated trading capabilities, which you can learn to use at WR Trading. 

Feature	Information
No Dealing Desk	Yes
Spreads and Commission	Varies based on account: Spread – from 0.0 pips Commission – From $3 per lot
Trading Platforms	Vantage App, MetaTrader 4, MetaTrader 5, and ProTrader.
Asset Types	Forex, stocks, indices, commodities, bonds, and ETFs.
Tradable Assets	Over 1,000
Currency Pairs	Over 40
Leverage	500:1
Customer Support	Email, live chat, and phone support.
Demo Account	Yes
Educational Content	Courses, webinars, and ebooks.
Regulation	ASIC and CIMA

RoboForex

RoboForex offers a comprehensive trading experience with over 50 Forex pairs, making it a preferred choice for currency traders. The broker’s NDD model ensures no conflict of interest, providing tight spreads from 0.0 pips and leverage up to 2000:1. This high leverage is appealing to traders looking to maximize their market exposure with smaller capital investments.

The broker’s diverse range of platforms, including MetaTrader 4, MetaTrader 5, and R Trader, suit different trading needs and preferences. RoboForex is regulated by the FSC, offering a level of security and transparency. In addition to Forex, RoboForex provides trading opportunities in stocks, indices, ETFs, and commodities. The broker’s customer support, available 24/7, is well-regarded for its responsiveness and efficiency. 

Feature	Information
No Dealing Desk	Yes
Spreads and Commission	Varies based on account: Spread – from 0.0 pips Commission – from 10/ mio
Trading Platforms	MetaTrader 4, MetaTrader 5, and R Stocks Trader.
Asset Types	Stocks, indices, futures, ETFs, commodities, and forex.
Tradable Assets	Over 12,000
Currency Pairs	Over 40
Leverage	2000:1
Customer Support	Email, live chat, and phone support.
Demo Account	Yes
Educational Content	None
Regulation	Financial Services Commission (FSC) of Belize

Moneta Markets

Moneta Markets is a top NDD forex broker that differentiates itself by its user-friendly trading platforms and competitive trading conditions. With spreads starting at 0.0 pips and leverage options up to 1000:1, Moneta Markets appeals to all traders. The broker offers over 45 Forex pairs, ensuring a wide range of trading opportunities. Moneta Markets’ focus on providing an intuitive trading experience is evident in its MetaTrader 4, MetaTrader 5, Pro Trader, and MT4 WebTrader platforms, which are accessible and easy to navigate.

Operating under the regulatory oversight of the Cayman Islands Monetary Authority and Financial Sector Conduct Authority, Moneta Markets provides a secure trading environment. The broker’s range of trading instruments includes Forex, commodities, indices, ETFs, bonds, and stocks. Traders appreciate the comprehensive educational resources and market analysis tools available, which aid in making informed trading decisions. Customer support is available 24/5, ensuring timely assistance for traders.

Feature	Information
No Dealing Desk	Yes
Spreads and Commission	Varies based on account: Spread – from 0.0 pips Commission – from no commission to $3 per lot
Trading Platforms	MetaTrader 4, MetaTrader 5, Pro Trader, and MT4 WebTrader.
Asset Types	Forex, commodities, indices, ETFs, bonds, and stocks.
Tradable Assets	Over 1,000
Currency Pairs	Over 45
Leverage	1000:1
Customer Support	Email, live chat, and phone support.
Demo Account	Yes
Educational Content	Blogs and guides.
Regulation	Cayman Islands Monetary Authority and Financial Sector Conduct Authority.

Pepperstone

Pepperstone is a globally recognized NDD broker known for offering competitive spreads starting from 0.0 pips and leverage up to 500:1. With over 90 Forex pairs available, traders have multiple opportunities to explore various currency markets. The broker’s advanced trading platforms, including MetaTrader 4, MetaTrader 5, TradingView, and cTrader, provide great tools for traders.

In addition to forex, Pepperstone provides access to commodities, indices, stocks, ETFs, and cryptocurrencies. The broker’s comprehensive educational resources, such as webinars and market analysis, support traders in enhancing their skills. Pepperstone’s customer support is available 24/5 and is efficient in giving help. This NDD broker is regulated by FCA, CySEC, ASIC, BaFin, CMA, and DFSA., ensuring a high level of trustworthiness. 

Feature	Information
No Dealing Desk	Yes
Spreads and Commission	Varies based on account: Spread – from 0.0 pips Commission – From no commission to $3 per lot
Trading Platforms	MetaTrader 4, MetaTrader 5, cTrader, and TradingView
Asset Types	Forex, commodities, indices, cryptocurrency, stocks, and ETFs.
Tradable Assets	Over 1,200
Currency Pairs	Over 90
Leverage	500:1
Customer Support	Email and phone support.
Demo Account	Yes
Educational Content	Webinars, educational videos, and trading guides.
Regulation	FCA, CySEC, ASIC, BaFin, CMA, and DFSA.

IC Trading

IC Markets offers some of the tightest spreads in the industry, starting from 0.0 pips, which appeals to traders looking to minimize costs. The NDD broker provides leverage up to 500:1 and access to over 60 forex pairs. IC Markets is known for its rapid execution speeds facilitated by its NY4 and LD5 data centers, making it ideal for high-frequency traders.

The broker’s MetaTrader 4, MetaTrader 5, and cTrader platforms are great for forex trading and come with analytical tools to help set positions. Customer support is available 24/7, ensuring that help is always at hand. Also, IC Markets is regulated by the Financial Services Commission of Mauritius,

Feature	Information
No Dealing Desk	Yes
Spreads and Commission	Varies based on account: Spread – from 0.0 pips Commission – From no commission to $3.50 per lot
Trading Platforms	MetaTrader 4, MetaTrader 5, and cTrader.
Asset Types	Forex, commodities, indices, stocks, bonds, and cryptocurrency.
Tradable Assets	Over 2,250
Currency Pairs	Over 60
Leverage	500:1
Customer Support	Email, live chat, and phone support.
Demo Account	Yes
Educational Content	Tutorials and blogs
Regulation	Financial Services Commission of Mauritius

Tickmill

Tickmill is a top NDD forex broker with its low-cost trading environment and robust execution speeds, making it a favorite among traders. Offering over 60 Forex pairs, Tickmill provides competitive spreads starting from 0.0 pips and leverage up to 300:1. The broker’s MetaTrader 4, MetaTrader 5, MetaTrader Web Trader, and TickMill App platforms are known for their reliability and advanced features.

In addition to its Forex offerings, Tickmill excels with its customer support, which is available 24/5 and known for its efficiency and helpfulness. Traders benefit from a secure trading environment, as Tickmill is regulated by the CySEC, FSA, FCA, DFSA UAE, Labuan FSA, and FSCA., promoting transparency and trustworthiness in its services. 

Feature	Information
No Dealing Desk	Yes
Spreads and Commission	Varies based on account: Spread – from 0.0 pips Commission – From $3 per lot
Trading Platforms	MetaTrader 4, MetaTrader 5, MetaTrader Web Trader, and TickMill App.
Asset Types	Forex, stocks, indices, commodities, bonds, and cryptocurrency.
Tradable Assets	Over 1,000
Currency Pairs	Over 60
Leverage	300:1
Customer Support	Email, live chat, and phone support.
Demo Account	Yes
Educational Content	Infographics, tutorials, articles, webinars, and ebooks.
Regulation	CySEC, FSA, FCA, DFSA UAE, Labuan FSA, and FSCA.

FBS

FBS is a well-known NDD broker offering over 40 Forex pairs with competitive spreads starting from 0.0 pips. The broker provides leverage up to 3000:1, one of the highest in the industry, allowing traders to maximize their trading potential. FBS is regulated by CySEC, ensuring a secure trading environment.

The broker’s MetaTrader 4 and MetaTrader 5 platforms are complemented by its proprietary FBS Trader app, providing flexibility and convenience for traders. The broker’s educational resources, including webinars and market analysis, are highly appreciated by beginners. Customer support is available 24/7, ensuring traders can get help whenever they need it.

Feature	Information
No Dealing Desk	Yes
Spreads and Commission	Varies based on account: Spread – from 0.7 pips Commission – From no commission to $3.50 per lot
Trading Platforms	FBS app, MetaTrader 4, and MetaTrader 5.
Asset Types	Forex, stocks, indices, and commodities.
Tradable Assets	Over 50
Currency Pairs	Over 40
Leverage	3000:1
Customer Support	Email, live chat, and phone support.
Demo Account	Yes
Educational Content	FBS Academy
Regulation	CySEC

VT Markets

VT Markets offers a seamless trading experience with over 40 forex pairs, tight spreads starting from 0.0 pips, and leverage up to 500:1. The broker’s NDD model ensures fast execution speeds and competitive pricing, making it a favored choice among traders. VT Markets is regulated by ASIC, FSCA, and Mauritius FSC.

The broker’s MetaTrader 4, MetaTrader 5, Webtrader, and VT Markets app platforms are great because they come with multiple trading features. Furthermore, VT Markets offers multiple account types so you can choose the option that suits your needs. Also, the VT Markets Academy is a great tool for learning new strategies and how to become a profitable trader.

Feature	Information
No Dealing Desk	Yes
Spreads and Commission	Varies based on account: Spread – from 0.0 pips Commission – From no commission to $6 per lot
Trading Platforms	MetaTrader 4, MetaTrader 5, Webtrader, and VT Markets app.
Asset Types	Forex, stocks, indices, ETFs, bonds, and commodities.
Tradable Assets	Over CFDs 1,000
Currency Pairs	Over 40
Leverage	500:1
Customer Support	Email, help center, and live chat.
Demo Account	Yes
Educational Content	VT Markets Academy
Regulation	ASIC, FSCA, and Mauritius FSC

What Is a Dealing Desk on a Forex Broker?

A dealing desk, also known as a market maker, is a type of broker that acts as a counterparty to its clients’ trades. This means that when you place a trade, the broker itself takes the opposite side of your position. If you buy a currency pair, the dealing desk sells it to you, and vice versa. This setup allows the broker to control pricing and provide liquidity, ensuring that trades are executed even if there are no matching orders from other traders.

The primary advantage of a dealing desk is the assurance of liquidity. Traders can always find a counterparty for their trades, which can be beneficial during periods of low market activity. Additionally, dealing desks often provide fixed spreads, which can help traders predict transaction costs more accurately.

However, there are also potential drawbacks. Since the broker is taking the opposite side of your trade, a conflict of interest may arise. If a trader profits, the broker incurs a loss, and vice versa. This can lead to concerns about the fairness of trade execution, with some traders fearing that their broker might manipulate prices to their disadvantage. Despite these concerns, dealing desks remain popular due to their ability to offer consistent trade execution and stability in the market.

What Is a No Dealing Desk Broker?

A No Dealing Desk (NDD) broker provides direct access to the interbank market without the intervention of a dealing desk. This type of broker routes clients’ orders directly to liquidity providers such as banks, financial institutions, and other brokers. NDD brokers facilitate transparent and efficient trading, as they do not take the opposite side of their clients’ trades.

The primary advantage of NDD brokers is the elimination of potential conflicts of interest. Since NDD brokers do not profit from clients’ losses, they are incentivized to provide fair and transparent pricing. Traders benefit from variable spreads, which can be tighter than fixed spreads, especially during times of high market liquidity. Also, NDD brokers typically offer faster execution speeds due to their direct market access.

Is an ECN Broker a No Dealing Desk Broker?

Yes, an ECN broker is a type of No Dealing Desk broker. ECN brokers operate by connecting traders to a network where they can interact with other market participants, including banks, hedge funds, and other traders. This setup promotes transparency and competitive pricing, as traders can see the depth of the market and the best bid and ask prices available. ECN brokers typically charge a commission on each trade instead of marking up the spread, which aligns their interests with those of their clients.

Pros and Cons of NDD Brokers

NDD vs Market Maker Broker

When choosing a forex broker, one of the key decisions traders must make is whether to use a No Dealing Desk (NDD) broker or a Market Maker broker. Each type of broker operates differently and offers unique advantages and disadvantages, impacting trading strategies and overall trading experience.

No Dealing Desk (NDD) Brokers

No Dealing Desk (NDD) brokers provide direct access to the interbank market without intermediary intervention. Orders are routed directly to liquidity providers such as banks and financial institutions, ensuring transparent pricing and fast execution speeds. This model eliminates potential conflicts of interest since the broker does not take the opposite side of the trade. 

Traders benefit from competitive and variable spreads that can be tighter during high liquidity periods. However, these spreads can widen during times of low liquidity or high volatility. NDD brokers often charge a commission on trades, which can add to overall trading costs. 

Market Maker Brokers

On the other hand, Market Maker brokers create a market for their clients by acting as the counterparty to their trades. This means that when a trader places an order, the broker takes the opposite position. Market Makers profit from the spreads between the buy and sell prices and can benefit when clients lose. 

Nevertheless, as mentioned previously, this model can lead to potential conflicts of interest, as the broker may benefit from client losses. Furthermore, there is a risk of slower execution speeds and possible price manipulation, where the broker adjusts prices to their advantage. Despite these concerns, Market Makers often require lower initial deposits, making them more accessible to beginner traders.

How We Tested No Dealing Desk Brokers

Testing No Dealing Desk (NDD) brokers involve a comprehensive evaluation process to ensure traders receive accurate and reliable information. Our testing methodology at WR Trading is designed to assess various aspects of NDD brokers, focusing on factors that significantly impact the trading experience. Here’s how we conducted our tests:

• Account Opening Process: We began by evaluating the account opening process for each NDD broker. This involved checking the ease of registration, the time taken to verify documents, and the overall user-friendliness of the onboarding process. We prioritized brokers that provided a seamless and efficient account setup.
• Platform Performance: The performance of trading platforms is crucial for executing trades effectively. We tested the brokers’ platforms, including MetaTrader 4, MetaTrader 5, cTrader, and proprietary platforms. Our assessment covered platform stability, user interface, ease of navigation, and the availability of advanced trading tools and features.
• Spread and Commission Analysis: We analyzed the spreads and commissions charged by each broker. This involved checking the typical spreads during various market conditions, including periods of high volatility and low liquidity. We also examined the commission structure to determine the overall cost of trading.
• Execution Speed and Slippage: Execution speed is vital for traders, especially those using scalping or high-frequency trading strategies. We measured the execution times for trades and monitored the occurrence and extent of slippage, comparing the actual execution price with the expected price.
• Regulatory Compliance: The regulatory status of a broker is a critical factor for trader safety. We verified each broker’s regulatory compliance with major financial authorities such as ASIC, FCA, CySEC, and others. Brokers with strong regulatory oversight were rated higher for providing a secure trading environment.
• Customer Support: Effective customer support can significantly enhance the trading experience. We tested the responsiveness, availability, and quality of customer support services through live chat, email, and phone. We also assessed the helpfulness and knowledge of support representatives.
• Deposit and Withdrawal Processes: The ease and efficiency of deposit and withdrawal processes are crucial for managing trading funds. We evaluated the methods available for funding accounts and withdrawing profits, checking for any fees, processing times, and overall convenience.
• Educational Resources: Access to educational materials can help traders improve their skills and make informed decisions. We reviewed the quality and availability of educational resources such as webinars, tutorials, articles, and market analysis provided by each broker.
• Range of Trading Instruments: We assessed the variety of trading instruments offered by NDD brokers, including Forex pairs, commodities, indices, and cryptocurrencies. Brokers offering a broader range of instruments were considered more versatile and attractive to traders seeking diversification.
• User Reviews and Reputation: We considered user reviews and the overall reputation of each broker in the trading community. This involved analyzing feedback from real users on various forums and review sites to gauge the general satisfaction and reliability of the brokers.

Costs and Fees When Trading With NDD

When trading with No Dealing Desk (NDD) brokers, it’s crucial to understand the various costs and fees involved, as they can significantly impact your overall profitability. NDD brokers offer direct market access, meaning they typically have a different fee structure compared to dealing desk brokers. Here are the primary costs and fees to be aware of:

Spreads

NDD brokers generally offer variable spreads that fluctuate based on market conditions. During periods of high liquidity, spreads can be very tight, sometimes starting from as low as 0.0 pips. However, during times of low liquidity or high market volatility, spreads can widen significantly. Traders should monitor the typical spread patterns of their chosen broker to gauge average and peak spreads.

Commissions

In addition to spreads, NDD brokers often charge a commission per trade. This commission is usually a fixed fee per lot traded, which can vary between brokers. While the spread may be low, the commission fee can add up, especially for high-frequency traders. It is essential to compare commission structures across different brokers to find the most cost-effective option for your trading strategy.

Swap Fees

Swap fees, or overnight financing fees, are charged when a position is held overnight. These fees are based on the interest rate differential between the two currencies in a forex pair and can be either positive or negative. Traders should be aware of the swap rates for the instruments they trade and consider these costs when planning to hold positions for an extended period.

Deposit and Withdrawal Fees

Many NDD brokers do not charge fees for deposits, but some may impose fees for withdrawals, especially if certain methods or minimum amounts are involved. It is important to check the broker’s policies on deposit and withdrawal fees to avoid unexpected costs when managing your trading funds.

Inactivity Fees

Some brokers charge inactivity fees if an account is dormant for a specified period. These fees can vary widely and may be charged monthly or quarterly. Traders who do not trade frequently should be aware of these potential charges and choose brokers with more lenient inactivity policies if necessary.

Platform Fees

While most brokers provide free access to popular trading platforms like MetaTrader 4 and MetaTrader 5, some may charge for premium features, additional tools, or proprietary platform access. Traders should evaluate whether these platform fees are justified by the benefits offered.

If you’d like to learn how to use these powerful trading platforms, consider joining the WR Trading course. There, you can learn winning trading strategies, receive advice from experts, and watch trading webinars.

Data Feed Fees

Some NDD brokers charge for access to real-time data feeds, particularly for advanced trading instruments or services. These fees can be an additional cost for traders who require up-to-date market data for their strategies.

Is an NDD Broker A Book Broker?

Yes, an NDD (No Dealing Desk) broker can be considered as an a-book broker, but with significant differences in how they handle trades. NDD brokers operate by providing direct market access, routing client orders to external liquidity providers, or through an electronic communication network (ECN).

NDD brokers use either Straight Through Processing (STP) or ECN models, both of which facilitate a more transparent trading environment. STP brokers send orders directly to liquidity providers without any dealing desk intervention, while ECN brokers connect traders directly with other market participants, including banks and financial institutions. In both cases, the broker does not internalize trades but instead acts as an intermediary, ensuring that traders receive competitive and fair market pricing. 

Conclusion

When choosing the right No Dealing Desk (NDD) forex broker, consider top options like FP Markets, Vantage Markets, and IC Trading. Look for brokers that offer competitive spreads, low commission fees, and strong regulatory compliance to ensure a safe trading environment. Reliable customer support is also crucial for addressing any issues that may arise. By focusing on these key features, you can make an informed decision that aligns with your trading strategy and goals, ultimately enhancing your potential for success in the forex market.

Frequently Asked Questions on NDD Brokers