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BlogRank 01 · best overall
Spread
0.0 pips
Min dep.
$0
Withdrawal
1-2 business days
Execution Model
NDD
Execution Speed
Ultrafast
Commission
$3.50/lot
ASICFCA
Visit Pepperstone Read review10 Best No Dealing Desk (NDD) Forex Brokers in 2026
Last updated September 2, 2026
An NDD broker routes your orders directly to liquidity providers with no dealing desk intervention. Get unfiltered access to market prices.
How We Ranked
Rankings blend trust, pricing, and platform quality. Risk warning: CFDs carry high risk.
Regulated brokersLow spreadsFast withdrawals
Written by
BrokerAnalysis Research Desk
Fact Checked by
BrokerAnalysis Editorial Team
Personalized broker matching
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Last reviewed:
•By:BrokerAnalysis Research Desk
•Fact-checked by:BrokerAnalysis Editorial Team
Our 2 top picks for no-dealing-desk (NDD) execution
We stand behind these two. Everything below is a fuller comparison and lower-weight alternatives.
#1 · Best for no-dealing-desk (NDD) execution
Pepperstone
Editor's pickMin. deposit $0 (Recommended $200)
- Top-tier liquidity with frequent 0.0 pip spreads
- Exceptional platform choice including TradingView and cTrader
- Award-winning 24/5 customer support
ASIC (Australia), FCA (UK), CySEC (Cyprus)
#2 · Strong alternative
Tickmill
Editor's pickMin. deposit $100
- Ultra-low commissions at $2/lot roundturn
- No restrictions on scalping or EAs
- FCA and CySEC regulated
FCA (UK), CySEC (Cyprus), FSA (Seychelles)
Why these two
Of every broker we track, these two stand out specifically for no-dealing-desk (NDD) execution — we weigh regulation and safety first, then the exact strengths that matter for this use case. Everything below is the fuller comparison and lower-weight alternatives.
CFDs are complex instruments and carry a high risk of losing money rapidly due to leverage. Trade only what you can afford to lose.
What is an NDD broker?
An NDD (No Dealing Desk) broker routes orders directly to the market/liquidity providers without taking the other side of the trade.
Top 10 No Dealing Desk (NDD) Forex Brokers
A No Dealing Desk (NDD) broker provides direct access to the interbank market without the intervention of a dealing desk. Our current ranking starts with Pepperstone where it is available, followed by Tickmill, VT Markets, and Exness. Compare regulation, fees, platforms, account terms, and local funding fit before opening an account.
Quick Rankings
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FIND MY BROKER| Broker | Withdrawal | Execution Model | Execution Speed | Commission | Regulation & funding | Action | ||
|---|---|---|---|---|---|---|---|---|
| 0.0 pips | $0 | 1-2 business days | NDD | Ultrafast | $3.50/lot | ASICFCA | ||
| 0.0 pips (Raw) | 1.6 pips (Classic) | $100 | 1 business day | — | — | $2/lot (Raw) | FCA (UK)CySEC (Cyprus)FSA (Seychelles) | |
| 0.0 pips | $50 | 1-2 business days | NDD | Fast | $3/lot | ASICFSCA | ||
 | 0.0 pips (Raw) | 0.2 pips (Standard) | $1 | Instant | — | — | $3.50/lot (Raw Spread) | FCA (UK)CySEC (Cyprus)FSCA (South Africa) | |
| 0.0 pips | $10 | Instant for most electronic methods | NDD | Fast | $6/lot | FSC Belize | ||
| 0.0 pips | $100 | Same day to 1 business day | NDD | Fast | $3/lot | ASICCySEC | ||
| 0.0 pips | $50 | 1-2 business days | NDD / ECN | Fast | $3/lot | ASICFSCA | ||
 | 1.0 pips (Premium) | 0.0 pips (Zero) | $0 | 24 hours | — | — | $3.00/lot (Zero Account) | FCA (UK)CySEC (Cyprus)DFSA (Dubai) | |
 | 0.6 pips (Ultra Low) | 1.6 pips (Standard) | $5 | 24 hours | — | — | $0 (Spread only on most accounts) | CySEC (Cyprus)ASIC (Australia)DFSA (Dubai) | |
 | 1.3 pips (Standard) | $50 | 1-2 business days | — | — | $0 (Spread-based pricing) | FCA (UK)ASIC (Australia)CySEC (Cyprus) | |
| 0.0 pips | $50 | 1-2 business days | NDD / ECN | Fast | $3.00/lot | ASICFCA | ||
| 0.0 pips | $0 | 1 business day | NDD | Fast | $2/lot | FMAFSA | ||
 | 0.0 pips (Raw ECN) | 1.2 pips (Standard) | $10 | 1-2 business days | — | — | $4/lot (Raw ECN) | FCA (UK)FSC (Mauritius) | |
 | 0.0 pips (Raw) | 0.8 pips (Standard) | $200 | 24-48 hours | — | — | $3.50/lot (Raw Spread) | ASIC (Australia)CySEC (Cyprus)Seychelles FSA | |
 | 0.0 pips (ECN) | 1.5 pips (Standard) | $10 | 24 hours | — | — | $2/lot (ECN Zero) | FCA (UK)CySEC (Cyprus)FSCA (South Africa) | |
 | 0.8 pips (Standard) | $0 | Usually same day (free for >$50) | — | — | $0 on Forex, Indices, Commodities | FCA (UK)KNF (Poland)CySEC (Cyprus) | |
 | 0.0 pips (Raw+) | 1.2 pips (Standard) | $100 | 1 business day | — | — | $3.50/lot (Raw+) | FCA (UK)CySEC (Cyprus)FSCA (South Africa) | |
 | 0.0 pips (Pro) | $0 | 1-2 business days | — | — | $3.50/lot (Pro) | ASIC (Australia)FCA (UK)FMA (New Zealand) | |
 | 0.0 pips (Raw) | $100 | 1-2 business days | — | — | $3.50/lot (Raw) | ASIC (Australia)FCA (UK)SCB (Bahamas) | |
 | 0.0 pips (Zero) | $0 | Same day | — | — | $4.50/round turn (Zero account) | ASIC (Australia)VFSC (Vanuatu) | |
 | 0.0 pips (ThinkZero) | $0 | 1-2 business days | — | — | $3.50/lot (ThinkZero) | ASIC (Australia)FCA (UK)FSCA (South Africa) | |
 | 0.0 pips (Raw) | $0 | Same day | — | — | $3.50/lot (Raw) | ASIC (Australia)VFSC (Vanuatu) | |
 | 1.5 pips (Standard) | 0.0 pips + $3/lot (ECN) | $50 | 24 hours | — | — | $3/lot (ECN) | SCA (UAE) 20200000031VARA (UAE) VL/24/06/001ASIC (Australia) | |
 | 0.2 pips (Raw) | $100 | 1-2 business days | — | — | $4/lot (Raw) | FCA (UK)CySEC (Cyprus)CIMA (Cayman Islands) | |
 | 0.0 pips (GO Plus+) | 1.1 pips (Standard) | $0 | 1-2 business days | — | — | $3.00/side (GO Plus+) | ASIC (Australia)CySEC (Cyprus)FSC (Mauritius) | |
| 0.0 pips | $200 | — | NDD | Ultrafast | $3.50/lot | FSC Mauritius | ||
| 0.0 pips | $5 | 15-20 minutes | NDD | Fast | $6/lot | IFSCCySEC |
Rank 02
Spread
0.0 pips (Raw) | 1.6 pips (Classic)
Min dep.
$100
Withdrawal
1 business day
Execution Model
—
Execution Speed
—
Commission
$2/lot (Raw)
FCA (UK)CySEC (Cyprus)FSA (Seychelles)
Visit Tickmill Read reviewRank 03
Spread
0.0 pips
Min dep.
$50
Withdrawal
1-2 business days
Execution Model
NDD
Execution Speed
Fast
Commission
$3/lot
ASICFSCA
Visit VT Markets Read reviewRank 04
Spread
0.0 pips (Raw) | 0.2 pips (Standard)
Min dep.
$1
Withdrawal
Instant
Execution Model
—
Execution Speed
—
Commission
$3.50/lot (Raw Spread)
FCA (UK)CySEC (Cyprus)FSCA (South Africa)
Visit Exness Read reviewRank 05
Spread
0.0 pips
Min dep.
$10
Withdrawal
Instant for most electronic methods
Execution Model
NDD
Execution Speed
Fast
Commission
$6/lot
FSC Belize
Visit RoboForex Read reviewRank 06
Spread
0.0 pips
Min dep.
$100
Withdrawal
Same day to 1 business day
Execution Model
NDD
Execution Speed
Fast
Commission
$3/lot
ASICCySEC
Visit FP Markets Read reviewRank 07
Spread
0.0 pips
Min dep.
$50
Withdrawal
1-2 business days
Execution Model
NDD / ECN
Execution Speed
Fast
Commission
$3/lot
ASICFSCA
Visit Moneta Markets Read reviewRank 08
Spread
1.0 pips (Premium) | 0.0 pips (Zero)
Min dep.
$0
Withdrawal
24 hours
Execution Model
—
Execution Speed
—
Commission
$3.00/lot (Zero Account)
FCA (UK)CySEC (Cyprus)DFSA (Dubai)
Visit HFM Read reviewRank 09
Spread
0.6 pips (Ultra Low) | 1.6 pips (Standard)
Min dep.
$5
Withdrawal
24 hours
Execution Model
—
Execution Speed
—
Commission
$0 (Spread only on most accounts)
CySEC (Cyprus)ASIC (Australia)DFSA (Dubai)
Visit XM Read reviewRank 10
Spread
1.3 pips (Standard)
Min dep.
$50
Withdrawal
1-2 business days
Execution Model
—
Execution Speed
—
Commission
$0 (Spread-based pricing)
FCA (UK)ASIC (Australia)CySEC (Cyprus)
Visit FXCM Read reviewRank 11
Spread
0.0 pips
Min dep.
$50
Withdrawal
1-2 business days
Execution Model
NDD / ECN
Execution Speed
Fast
Commission
$3.00/lot
ASICFCA
Visit Vantage Read reviewRank 12
Spread
0.0 pips
Min dep.
$0
Withdrawal
1 business day
Execution Model
NDD
Execution Speed
Fast
Commission
$2/lot
FMAFSA
Visit BlackBull Read reviewRank 13
Spread
0.0 pips (Raw ECN) | 1.2 pips (Standard)
Min dep.
$10
Withdrawal
1-2 business days
Execution Model
—
Execution Speed
—
Commission
$4/lot (Raw ECN)
FCA (UK)FSC (Mauritius)
Visit Hantec Markets Read reviewRank 14
Spread
0.0 pips (Raw) | 0.8 pips (Standard)
Min dep.
$200
Withdrawal
24-48 hours
Execution Model
—
Execution Speed
—
Commission
$3.50/lot (Raw Spread)
ASIC (Australia)CySEC (Cyprus)Seychelles FSA
Visit IC Markets Read reviewRank 15
Spread
0.0 pips (ECN) | 1.5 pips (Standard)
Min dep.
$10
Withdrawal
24 hours
Execution Model
—
Execution Speed
—
Commission
$2/lot (ECN Zero)
FCA (UK)CySEC (Cyprus)FSCA (South Africa)
Visit FXTM Read reviewRank 16
Spread
0.8 pips (Standard)
Min dep.
$0
Withdrawal
Usually same day (free for >$50)
Execution Model
—
Execution Speed
—
Commission
$0 on Forex, Indices, Commodities
FCA (UK)KNF (Poland)CySEC (Cyprus)
Visit XTB Read reviewRank 17
Spread
0.0 pips (Raw+) | 1.2 pips (Standard)
Min dep.
$100
Withdrawal
1 business day
Execution Model
—
Execution Speed
—
Commission
$3.50/lot (Raw+)
FCA (UK)CySEC (Cyprus)FSCA (South Africa)
Visit FxPro Read reviewRank 18
Spread
0.0 pips (Pro)
Min dep.
$0
Withdrawal
1-2 business days
Execution Model
—
Execution Speed
—
Commission
$3.50/lot (Pro)
ASIC (Australia)FCA (UK)FMA (New Zealand)
Visit Axi Read reviewRank 19
Spread
0.0 pips (Raw)
Min dep.
$100
Withdrawal
1-2 business days
Execution Model
—
Execution Speed
—
Commission
$3.50/lot (Raw)
ASIC (Australia)FCA (UK)SCB (Bahamas)
Visit Eightcap Read reviewRank 20
Spread
0.0 pips (Zero)
Min dep.
$0
Withdrawal
Same day
Execution Model
—
Execution Speed
—
Commission
$4.50/round turn (Zero account)
ASIC (Australia)VFSC (Vanuatu)
Visit Fusion Markets Read reviewRank 21
Spread
0.0 pips (ThinkZero)
Min dep.
$0
Withdrawal
1-2 business days
Execution Model
—
Execution Speed
—
Commission
$3.50/lot (ThinkZero)
ASIC (Australia)FCA (UK)FSCA (South Africa)
Visit ThinkMarkets Read reviewRank 22
Spread
0.0 pips (Raw)
Min dep.
$0
Withdrawal
Same day
Execution Model
—
Execution Speed
—
Commission
$3.50/lot (Raw)
ASIC (Australia)VFSC (Vanuatu)
Visit Global Prime Read reviewRank 23
Spread
1.5 pips (Standard) | 0.0 pips + $3/lot (ECN)
Min dep.
$50
Withdrawal
24 hours
Execution Model
—
Execution Speed
—
Commission
$3/lot (ECN)
SCA (UAE) 20200000031VARA (UAE) VL/24/06/001ASIC (Australia)
Visit MultiBank Read reviewRank 24
Spread
0.2 pips (Raw)
Min dep.
$100
Withdrawal
1-2 business days
Execution Model
—
Execution Speed
—
Commission
$4/lot (Raw)
FCA (UK)CySEC (Cyprus)CIMA (Cayman Islands)
Visit HYCM Read reviewRank 25
Spread
0.0 pips (GO Plus+) | 1.1 pips (Standard)
Min dep.
$0
Withdrawal
1-2 business days
Execution Model
—
Execution Speed
—
Commission
$3.00/side (GO Plus+)
ASIC (Australia)CySEC (Cyprus)FSC (Mauritius)
Visit GO Markets Read reviewRank 26
Spread
0.0 pips
Min dep.
$200
Withdrawal
—
Execution Model
NDD
Execution Speed
Ultrafast
Commission
$3.50/lot
FSC Mauritius
Visit IC Trading Read reviewRank 27
Spread
0.0 pips
Min dep.
$5
Withdrawal
15-20 minutes
Execution Model
NDD
Execution Speed
Fast
Commission
$6/lot
IFSCCySEC
Visit FBS Read reviewWe earn a commission when you open an account through the buttons above. It does not change the ranking — our methodology. High risk: 68–80% of retail CFD accounts lose money.
In-Depth Broker Analysis
Our research team continuously monitors over 100 parameters per broker. Below is a detailed breakdown of our top-rated platforms, including their distinct advantages, ideal user profiles, and potential drawbacks.
Pepperstone Review Summary
Pepperstone's Razor account is a classic NDD offering with raw spreads and lightning-fast execution.
Pros
- Regulation varies by entity
- Minimum deposit: $100
- Multiple platform options
Cons
- Trading conditions vary by country and account type
- Spreads listed at Competitive — compare account types before opening
Our Rating
4.5/5.0
Best ForScalpers, day traders & low-commission professionals
Min Deposit$100
Tickmill Review Summary
Tickmill is a multi-regulated broker with MT4, MT5, Tickmill App access, 0.0 pips (Raw) | 1.6 pips (Classic) on EUR/USD, and $100 minimum deposit. Confirm the serving entity, leverage terms, and funding methods before opening an account.
Pros
- Ultra-low commissions at $2/lot roundturn
- No restrictions on scalping or EAs
- FCA and CySEC regulated
- Free VPS for active traders
Cons
- $100 minimum deposit
- Limited product range outside forex
- No proprietary web platform
VT Markets Review Summary
VT Markets offers a 100% deposit bonus and uses a fibre-optic network to connect to liquidity providers, ensuring ultra-low latency NDD execution.
Pros
- Regulation varies by entity
- Minimum deposit: $50
- Multiple platform options
Cons
- Trading conditions vary by country and account type
- Spreads listed at Competitive — compare account types before opening
Our Rating
4.8/5.0
Best ForLow-cost traders, high-volume day traders & scalpers
Min Deposit$1
Exness Review Summary
Exness is a multi-regulated broker with MT4, MT5, Exness Terminal, Exness Trade App access, 0.0 pips (Raw) | 0.2 pips (Standard) on EUR/USD, and $1 minimum deposit. Confirm the serving entity, leverage terms, and funding methods before opening an account.
Pros
- Ultra-tight spreads from 0.0 pips
- Instant automated withdrawals 24/7
- Unlimited leverage options
- Free VPS for active traders
Cons
- No cTrader or TradingView integration
- Educational resources are relatively basic
- Not available to US clients
RoboForex Review Summary
RoboForex NDD accounts ensure direct market access with no dealer intervention, perfect for automated strategies.
Pros
- Regulation varies by entity
- Minimum deposit: $100
- Multiple platform options
Cons
- Trading conditions vary by country and account type
- Spreads listed at Competitive — compare account types before opening
FP Markets Review Summary
FP Markets offers a transparent NDD environment with raw pricing and no price manipulation.
Pros
- Regulation varies by entity
- Minimum deposit: $100
- Multiple platform options
Cons
- Trading conditions vary by country and account type
- Spreads listed at Competitive — compare account types before opening
Moneta Markets Review Summary
Moneta Markets leverages Equinix servers to provide true NDD execution speeds, minimizing slippage.
Pros
- Regulation varies by entity
- Minimum deposit: $100
- Multiple platform options
Cons
- Trading conditions vary by country and account type
- Spreads listed at Competitive — compare account types before opening
Our Rating
4.5/5.0
Best ForBonus hunters, high leverage users & versatile traders
Min Deposit$0
HFM Review Summary
HFM is a multi-regulated broker with MT4, MT5, HFM App access, 1.0 pips (Premium) | 0.0 pips (Zero) on EUR/USD, and $0 minimum deposit. Confirm the serving entity, leverage terms, and funding methods before opening an account.
Pros
- Excellent mobile app functionality with in-app trading
- No minimum deposit required to start
- Zero account features competitive 0.0 pip spreads with low commission
- Massive variety of bonus and promotional programs (outside EU/UK)
Cons
- No proprietary desktop platform (relies on MT4/MT5)
- Account types and regulations can be confusing to navigate
- Not available to US or Canadian traders
Our Rating
4.7/5.0
Best ForBeginners, education-focused traders & low deposit users
Min Deposit$5
XM Review Summary
XM is a multi-regulated broker with MT4, MT5, XM App access, 0.6 pips (Ultra Low) | 1.6 pips (Standard) on EUR/USD, and $5 minimum deposit. Confirm the serving entity, leverage terms, and funding methods before opening an account.
Pros
- Outstanding daily webinars and educational courses
- No deposit or withdrawal fees
- Strict no re-quotes policy with 99.35% execution in <1s
- Generous loyalty program and promotions
Cons
- Spreads on Standard account are wider than competitors
- No crypto trading on weekends
- Inactivity fee of $15 applies after 90 days
Our Rating
4.3/5.0
Best ForAlgorithmic traders & historical data enthusiasts
Min Deposit$50
FXCM Review Summary
FXCM is a multi-regulated broker with Trading Station, MT4, TradingView access, 1.3 pips (Standard) on EUR/USD, and $50 minimum deposit. Confirm the serving entity, leverage terms, and funding methods before opening an account.
Pros
- 25+ years in business
- No dealing desk execution
- Strong API for algo trading
- Extensive historical data
Cons
- Spreads wider than ECN competitors
- Limited product range
- No MT5 support
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Frequently Asked Questions About 10 No Dealing Desk (NDD) Forex Brokers in
Frequently Asked Questions
An NDD (No Dealing Desk) broker routes orders directly to the market/liquidity providers without taking the other side of the trade.
For transparency and avoiding conflict of interest, yes. Market Makers can profit from your losses, whereas NDD brokers strictly charge commission/spread.
Yes, NDD spreads fluctuate with market conditions because they come directly from liquidity providers.
Top Searched Questions
How do I choose a reliable forex broker in 2026?
Start by verifying the broker holds a Tier-1 license (FCA, ASIC, or CySEC). Compare raw spreads on EUR/USD, check withdrawal processing times, and test the demo account. BrokerAnalysis independently tests 67+ brokers each quarter using real funded accounts.
What makes a forex broker the 'best' overall?
The best forex broker combines Tier-1 regulation, spreads from 0.0 pips on raw accounts, fast execution under 50ms, a wide range of 70+ currency pairs, and transparent fee structures. Our testing ranks brokers across 8 categories including safety, costs, and platform quality.
Which forex brokers are consistently top-rated?
Consistently top-rated brokers typically hold multiple Tier-1 licenses, maintain segregated client funds, and offer competitive raw spreads. Brokers like IC Markets, Pepperstone, and FP Markets consistently score above 4.5/5 in independent testing by BrokerAnalysis.
What is forex trading and how does it work?
Forex trading involves buying one currency while selling another, profiting from exchange rate fluctuations. The forex market operates 24/5, processes $7.5 trillion daily, and is accessible through online brokers with as little as $10. Traders use technical and fundamental analysis to make decisions.
What is the best forex trading platform to use?
MetaTrader 4 remains the most popular platform for its reliability and Expert Advisor support. MetaTrader 5 adds depth-of-market and more timeframes. TradingView excels at charting, while cTrader offers the best market depth for active traders. Your ideal platform depends on your trading style.
How do forex trading platforms differ from each other?
MT4 is best for EA automation and beginner simplicity. MT5 adds stock CFDs and economic calendar integration. cTrader provides Level II pricing and algorithmic trading via cAlgo. TradingView offers social charting with 100+ indicators. Choose based on whether you prioritize automation, analysis, or execution speed.
What features should a trading platform have?
A quality trading platform needs: one-click execution, customizable charts with 50+ technical indicators, pending order types (limit, stop, trailing stop), mobile app parity, demo account access, and reliable uptime above 99.9%. Platform stability during high-volatility news events is critical.
How does the forex market work?
The forex market is a decentralized global marketplace where currencies trade in pairs. It operates across four major sessions (Sydney, Tokyo, London, New York), runs 24 hours on weekdays, and is the largest financial market with $7.5 trillion in daily volume. Prices move based on economic data, central bank policy, and geopolitics.
Information automatically localized based on "forex brokers" and related trends.
Sources & References
- Pepperstone Trading Platforms— Pepperstone
- Tickmill Accounts— Tickmill
- Exness Accounts— Exness
- BrokerAnalysis ranking methodology— BrokerAnalysis
- BrokerAnalysis data sources— BrokerAnalysis
- BrokerAnalysis editorial policy— BrokerAnalysis
Best NDD (No Dealing Desk) Brokers by Country
Compare ndd (no dealing desk) broker options across 54 countries.
Browse all 54 pages
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Risk Warning: Forex and CFD trading involves significant risk of loss and may not be suitable for all investors. You could lose more than your initial investment. 68-80% of retail investor accounts lose money when trading CFDs with most providers. Consider whether you understand how CFDs work and whether you can afford the high risk of losing your money.
Not Financial Advice:
Information on this website is for educational and comparison purposes only. This does not constitute financial, investment, or trading advice. How we rank brokers. See Editorial Policy and Data Sources.
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Regional Availability Notice
Broker availability depends on your country of residence. Some brokers may not accept clients from certain jurisdictions including the USA, Canada, Japan, and others. The comparison table on this page shows the country-acceptance status captured in our latest eligibility checks.