Top 10 Best DMA Forex Brokers for 2020

Filippo Last Updated: May 2020 12 min read
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Are you looking for the best forex brokers that are also DMA brokers because you want to trade with deep liquidity and avoid market makers?

Do you want to know what are the best DMA brokers specifically in the UK or Australia?

We can help you.

DMA trading can be provided in several different ways with brokers usually striking deals with various banks and other liquidity providers to get hold of the best market access possible.

But not all brokers can provide retail forex traders with the DMA trading experience they really want.

On top of that, they may lack the tools needed to really take advantage of that liquidity. Whatever broker you decide to use, make sure they can accommodate your trading style.

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Top 10 Best Dma Forex Brokers Of 2020

Here are some of the best DMA brokers we have found:

Open an account
74-89 % of retail CFD accounts lose money

1 IC Markets

Operating since 2007, IC Markets have been offering DMA since 2010 and have some of the best market access available today. IC Markets also supports a large range of other platforms as well. IC Markets’ excellent market access comes from its intricate web of market participants that includes high-level banks and dark pools. The Australian broker is very well-regulated around the world and thanks to this, is well-respected as a top broker for forex.

The DMA plays a role here, as do the great value spreads starting from only 0.1pips together with some of the fastest execution speeds in the industry. The no minimum deposit can be a further excellent attraction for all types of trader, while the low cost of trading allows them to appeal to scalpers too where a huge range of markets including CFDs on indices, commodities, stocks, futures, bonds, and crypto are all available.

84
Rated: Excellent
security 95
cost 86
trading 74
education 80

Platforms: cTrader desktop, cTrader web, Mirror Trader, ZuluTrade, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web Regulations: ASIC, CYSEC, Offshore Minimum Deposit: $0
Open an account
78.6% of retail investor accounts lose money

2 Pepperstone

Pepperstone is well-known for its excellent service and superior trading speeds and is a sublime allrounder. Traders can utilise either cTrader or MT4 with either the ECN Razor Account or the STP Standard Account to access DMA CFDs. It should also be mentioned that Pepperstone’s web trader is also highly respected as well. Additionally, in 2018, they were awarded Best Forex ECN Broker by the UK Forex Awards. Trading is available here through MT5 as well as the other top platforms and if you are interested in social trading, these features are well catered for.

The minimum deposit to get started trading at this top broker is a reasonable $200 and you will have the chance to also benefit from an extremely low spread that starts off at just 0 pips. Pepperstone also put in place a great active trader program that can help in further reducing your costs.

80
Rated: Excellent
security 96
cost 72
trading 69
education 82

Platforms: cTrader desktop, cTrader web, ZuluTrade, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: FCA, ASIC, DFSA, Offshore Minimum Deposit:
Open an account
80% of retail investor accounts lose money

3 XTB

In recent years XTB has risen to become one of the most reputable brokers available, showing traders it can be fairer, more flexible and offer better technology than many of its more established rivals. With XTB, it is possible to trade DMA Stock CFDs which is great for traders who are keen on this instrument. XTB’s xStation 5 also offers traders some of the best execution speeds available today.

Many are attracted to join XTB thanks to the extensive range of assets offered, 1.500 in total. Of this number, 48 forex pairs are included as well as a wide range of 25 cryptocurrency assets to trade. Further appealing is the fact that XTB imposes no minimum deposit. This makes it very easy for new traders to get started. The trading costs remain very competitive, with spreads starting as low as 0.1 pips on forex.

74
Rated: Excellent
security 96
cost 55
trading 59
education 83

Platforms: Mirror Trader, Proprietary Desktop Platform, MAC Platforms Regulations: FCA, MIFID-ESMA, CYSEC, Offshore Minimum Deposit: $250
Open an account
76% of retail CFD accounts lose money

4 IG Markets

Over the years IG has developed a range of tools for DMA usage. For experienced traders, IG recommends their L2 Dealer platform, a downloadable DMA platform specifically for forex and shares trading, which also offers the ability to automate trades. DMA trading is also available on IG’s web platform and for iPad and iPhone apps too, as is trading through MT4.

At IG Markets, traders are presented with a huge range of markets to choose from. There are more than 16,000 to choose from, with 10,000 shares, and more than 90 forex pairs. Ample choice for all traders. The spread too remains at excellent value with this top broker starting from 0.6pip. Both DMA and CFD account types here have a $300 minimum deposit and you can also choose to trade vanilla options, and barriers, a lower-risk leveraged choice that may be ideal for those moving into leveraged trading for this first time.

80
Rated: Excellent
security 98
cost 50
trading 72
education 100

Platforms: Proprietary Web Platform, MAC Platforms Regulations: FSA, MAS, FINMA, FCA, CFTC, MIFID-ESMA, ASIC, FMA, FSCA, DFSA Minimum Deposit:
Open an account
72% of retail investor accounts lose money

5 Forex.com

With Forex.com, traders can sign up for a DMA Account which can be used on all three of their available platforms – Advanced Trading, web platform, and mobile. Market access is also provided by a range of top tier global banks and other liquidity providers to give traders the most accurate prices. Forex.com are one of the best regulated brokers in the world including in the US, Australia, Europe, and Singapore.

As a household name in the sector, they have attracted a hugely diverse range of traders. This can also be credited to the excellent value on offer with spreads starting from 0.8 pips, and fixed spread only trading available on commodities, as well as being able to choose from the most trusted trading platforms in the shape of MT4, MT5, and Webtrader. The starting costs are also really attractive to all. You need just a $50 minimum deposit to open a Standard, Commissions, or DMA account at Forex.com

76
Rated: Excellent
security 98
cost 52
trading 60
education 100

Platforms: MT4 Dekstop, MT4 Web, Proprietary Desktop Platform, Proprietary Web Platform Regulations: FSA, FCA, CFTC, MIFID-ESMA, IIROC, SFC Minimum Deposit: $250
Open an account
76% of retail investor accounts lose money

6 Admiral Markets

Admiral Markets are also featured as one of the top DMA brokers in the industry. They are working extensively with a variety of top liquidity providers to ensure the best possible DMA trading environment for you as a trader. They also provide a very trusted and well-regulated environment, being both FCA, and CySEC regulated with a huge range of more than 4,000 assets available that include classes including bonds, ETFs, and cryptocurrencies.

There are two account types available here which are a standard, or prime account, both of which are available for a very competitive $100 minimum deposit. When it comes to trading platforms, all of the most trusted are available with MT4, MT5, and Webtrader.The competitive trading costs that start from 0 pips on a prime account, and 0.5 pips on a standard account help in attracting both new and experienced traders. The well resourced educational section will help in bringing many newer traders in and start DMA trading here.

74
Rated: Excellent
security 96
cost 54
trading 58
education 100

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MAC Platforms Regulations: FCA, MIFID-ESMA, ASIC, CYSEC Minimum Deposit: $200
Open an account
74-89% of retail CFD accounts lose money

7 FP Markets

FP Markets are the next top Australian broker providing DMA access to feature on our listing. They have established a trusted reputation as a broker regulated by both ASIC and CySEC since their inception in 2005. They also provide excellent access to the best value pricing through DMA and connection with a number of top liquidity providers. The speed of execution with this market maker broker through their ECN/STP execution is some of the fastest, most efficient around.

Combined with the very low trading costs and spreads starting from 0 pips make the broker a very attractive proposition for all types of traders and in particular for those interested in scalping. A minimum deposit of $100 also makes it very easy to get started and in to DMA trading with FP Markets and all of the top trading platforms of MT4, MT5, and Webtrader are all available.

77
Rated: Excellent
security 95
cost 62
trading 70
education 71

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, Proprietary Desktop Platform, MAC Platforms Regulations: ASIC Minimum Deposit: $200
Open an account
72% of retail investor accounts lose money

8 Saxo Bank

Saxo Bank is another broker that also uses its deep liquidity to service institutional clients. By using NY4, LD4 and TY3 data centres and more than 25 tier 1 liquidity providers, Saxo Bank ensures it can constantly deliver DMA trading. Since 2015 Saxo Bank has provided retail traders DMA CFD trading on forex and precious metals. Beyond this, they also provide a wide range of assets for trading that include bonds, and mutual funds, as well as a massive total of 182 forex pairs.

There are 3 account types to choose from with Saxo Bank, the minimum deposit on these ranges from $25.000, $200.000, and $1.000.000 respectively, so this may be more suited to an experienced trader, though the more you deposit, the better you spreads and other costs become, though these are already competitive with spreads starting at 0.4 pips.

76
Rated: Excellent
security 97
cost 47
trading 64
education 100

Platforms: Proprietary Desktop Platform, Proprietary Web Platform, MAC Platforms Regulations: FSA, MAS, FINMA, FCA, MIFID-ESMA, ASIC, SFC, FSB, DFSA, CYSEC Minimum Deposit: 2000

What is DMA?

DMA stands for Direct Market Access and is an excellent way for traders to gain access to the best possible rates when trading. This is made possible due to the fact that DMA brokers typically have access to a wider range of global banks, and other types of liquidity providers that they can quote from directly to DMA account holders.

It is somewhat similar to STP processing, but again provides access to more extensive sources of liquidity to provide the best quotes. DMA brokers do not control these quotes that they receive in any way.

How does it work?

The process of DMA is quite simple, and literally allows the trader to access the market and quotes from the liquidity providers in a more direct manner.

The broker collects and provides the best quotes from their liquidity providers that they have access to. The best from these quotes is then passed on to the trader who in turn connects directly with these bid/ask quotes on the open market.

Pros and Cons of DMA

Like every form of trading, there are some pros and cons associated with choosing DMA

Pros

  • The fact that there is no dealing desk when you use DMA means you have better flexibility and access to the very best price quotes.
  • The prices that you receive through DMA are not subject to any further mark-up.
  • Slippage is not a factor when you are receiving quotes through DMA.
  • Ultimately, the spread through DMA is typically much lower. This makes it good for many traders, scalpers in particular.

Cons

  • Due to the fact there are no mark-ups with DMA quotes, it is not uncommon for brokers to add or charge a commission on DMA trades.
  • Because of the better prices offered, minimum deposits can sometimes be higher when opening a DMA account.
  • If an asset is offered through DMA execution, it will always come with a variable spread. Fixed spread on DMA assets is unavailable.

Top 5 Best DMA Forex Brokers UK for 2020

While UK DMA forex brokers happen to be some of the best, there are, unfortunately, plenty of brokers that falsely claim to offer DMA  execution.

To make things worse, there are also a number of poorly-informed websites that claim a broker is DMA, but they are just feeding you wrong information. In reality, there are only a handful of true UK DMA forex brokers, and they are hard to come by.

Why look for a UK DMA broker?

Well, not only do they offer some of the best services, they are also regulated by the FCA, one of the most reputable regulators in the world.

Here’s our detailed list of the best UK DMA forex brokers (regulated or authorized by FCA) according to our research:

  1. Pepperstone
  2. IG Markets
  3. Forex.com
  4. Advanced Markets
  5. Saxo Bank

Top 6 Best DMA Forex Brokers Australia for 2020

If you’re looking for an Australian DMA (Direct Market Access) forex broker, then you already know that DMA CFD brokers in Australia are some of the best.

Not only do they benefit from ASIC regulation, but they also provide some of the best services. Unfortunately, the internet is littered with websites stating which Australian brokers are DMA and which aren’t.

The fact is true DMA forex brokers in Australia are actually hard to come by and you shouldn’t trust the first source you come across. Always do plenty of research when looking into Australian DMA forex brokers!

Here’s our detailed list of the best Australian DMA forex brokers (regulated or authorized by ASIC) according to our research:

  1. Pepperstone
  2. IC Markets
  3. Forex.com
  4. IG Markets
  5. Advanced Markets
  6. Saxo Bank

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