The best DMA Forex brokers are FP Markets, IC Markets, XTB and IG Markets.
To choose the best DMA Forex broker to trade, the possibility to provide DMA service, trading costs (spreads and commissions), platform and tools, execution speed, and customer support are the most important criteria.
FP Markets is the best DMA Forex broker overall, it provides connection with a number of top liquidity providers due to its valuable DMA features, with spreads (0.09 pips on EUR/USD), fast execution (average 40 ms), comprehensive platform (MetaTrader and Proprietary Platform), and active customer support (24/5 availability).
IC Markets, XTB and IG Markets follow FP Markets as the best DMA Forex brokers, they offer a good range of tools for DMA usage with platform and tools (MT4, MT5 and cTrader), and customer support (24/5 availability via phone, email, and chat). IC Markets offers trading costs with spreads from 0.1 pips along a commission of $7 per lot round turn on EUR/USD with an execution speed of 36.5 ms approximately. XTB offers trading costs with spreads of 0.6 pips on EUR/USD with an execution speed of 60 ms approximately. IG Markets offers trading costs with spreads from 0.6 pips on EUR/USD with an execution speed of 13 ms approximately.
What are the best DMA forex brokers?
Below is our specially curated list and review of the best Direct Market Access brokers for forex and other assets, emphasizing their prime features and advantages.
FP Markets
best trading costs
FP Markets provides direct market access with top liquidity providers, offering fast execution and competitive pricing on over 10,000 stocks through the IRESS platform with a minimum deposit of $100.
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About FP Markets
FP Markets is an Australian-based global forex and CFD broker founded in 2005. FP Markets offers trading on over 10,000 instruments including forex, stocks, indices, commodities, and cryptocurrencies. FP Markets provides MetaTrader 4, MetaTrader 5, and proprietary platforms. FP Markets is regulated by multiple authorities including ASIC, CySEC, and FSA. FP Markets is known for tight spreads, fast execution, and extensive educational resources. The FP Markets CEO is Craig Allison.
FP Markets Features
The features of FP Markets are listed below.
- FP Markets provides excellent access to the best value pricing through DMA and connection with a number of top liquidity providers.
- The speed of execution with FP Markets is some of the fastest, most efficient of the market.
- Several assets are provided to FP Markets clients, including 10,000+ stocks which can be traded with DMA execution via the IRESS platform.
- FP Markets requests a minimum deposit of $100 in order to start trading.
- FP offers very low trading costs and spreads starting from 0 pips.
FP Markets Pros and Cons
Advantages of FP Markets
The advantages of FP Markets are listed below.
- Broad Instrument Offering
- Competitive Spreads
- Multiple Trading Platforms
Disadvantages of FP Markets
The disadvantages of FP Markets are listed below.
- High Fees for International Withdrawals
- Outdated Platform Design
IC Markets
best DMA execution overall
IC Markets offers ECN/DMA service with a network of high-level market participants, requiring no minimum deposit and delivering low spreads starting from 0 pips with fast execution speeds.
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About IC Markets
IC Markets is a global forex and CFD broker founded in 2007 and based in Sydney, Australia. IC Markets offers trading on over 2,250 instruments including currencies, commodities, indices, stocks, and cryptocurrencies. IC Markets provides MetaTrader 4, MetaTrader 5, and cTrader platforms. IC Markets is regulated by multiple authorities including ASIC and CySEC. IC Markets is known for its ECN execution model and low spreads. The IC Markets CEO is Andrew Budzinski.
IC Markets Features
The features of IC Markets are listed below.
- IC Markets provides an excellent ECN/DMA service thanks to its intricate web of market participants that includes high-level banks and dark pools.
- No minimum deposit required to open an IC account.
- IC provides a huge range of markets including CFDs on indices, commodities, stocks, futures, bonds, and crypto which are all available.
- IC Markets spreads start from 0 pips with very fast execution speeds.
- The platforms available for IC clients are MT4, MT5, and cTrader.
IC Markets Pros and Cons
Advantages of IC Markets
The advantages of IC Markets are listed below.
- Low-latency trading environment
- Institutional level liquidity
- MT4, MT5, cTrader platforms are all available
Disadvantages of IC Markets
The disadvantages of IC Markets are listed below.
- Small amount of educational tools for new traders
- Small range of tradable assets compared to other CFD/Forex brokers
XTB
best proprietary platform offer
XTB delivers fast execution speeds with the xStation5 platform, allowing DMA stock trading as CFDs with competitive spreads and no minimum deposit requirement.
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About XTB
XTB is a global forex and CFD broker founded in 2002 and headquartered in Poland. XTB offers trading on over 2,000 instruments including currencies, stocks, indices, commodities, and cryptocurrencies. XTB provides the proprietary xStation platform and is regulated by multiple authorities including FCA, CySEC, and KNF. XTB is listed on the Warsaw Stock Exchange and serves over 897,500 clients worldwide. The XTB CEO is Omar Arnaout since March 2017.
XTB Features
The features of XTB are listed below.
- XTB offers traders some of the best execution speeds available today thanks to the xStation5.
- With XTB, it is possible to trade DMA Stock as CFDs.
- XTB imposes no minimum deposit for clients to start using.
- XTB offers an extensive range of assets, 5,200 in total, including 48 forex pairs.
- The spreads charged by XTB are very competitive, starting as low as 0.1 pips on forex.
XTB Pros and Cons
Advantages of XTB
The advantages of XTB are listed below.
- No minimum deposit
- Wide selection of assets
- Competitive trading costs
Disadvantages of XTB
The disadvantages of XTB are listed below.
- Small withdrawal fee
- No social or copy trading
- XTB demo account is limited to 30 days
IG Markets
best for number of assets
IG Markets delivers a range of DMA tools, including the L2 Dealer platform for automated trades, with a minimum deposit of $300 and low spreads from 0.6 pips.
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About IG Markets
IG Markets is a global online trading provider founded in 1974, offering access to over 17,000 financial markets including forex, stocks, indices, commodities, and cryptocurrencies. IG Markets provides proprietary trading platforms alongside MetaTrader 4 and ProRealTime. IG Markets is regulated by multiple top-tier authorities worldwide, including the FCA and ASIC. IG Markets is known for competitive spreads, extensive educational resources, and innovative features like weekend trading. The IG Markets’ parent company “IG Group” CEO is Breon Corcoran.
IG Markets Features
The features of IG Markets are listed below.
- Over the years IG Markets has developed a good range of tools for DMA usage.
- IG also offers the L2 Dealer platform, a downloadable DMA platform specifically for forex and shares trading, which also offers the ability to automate trades.
- The IG minimum deposit requested is $300.
- There are more than 17,000 IG assets to choose from, including vanilla options, barriers and 80 forex pairs.
- The IG spread remains at excellent value starting from 0.6 pips.
IG Markets Pros and Cons
Advantages of IG Markets
The advantages of IG Markets are listed below.
- Low spreads from 0.6 pips on Forex
- Wide range of financial instruments
- 40 years of experience in the Forex industry
Disadvantages of IG Markets
The disadvantages of IG Markets are listed below.
- No copy trading features
- No social trading features
Forex.com
best forex liquidity
Forex.com provides direct market access via top-tier banks, requiring a $100 minimum deposit, and offers a DMA account with spreads starting from 0.2 pips on forex.
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About Forex.com
FOREX.com is a global forex and CFD broker founded in 2001, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. FOREX.com provides proprietary platforms alongside MetaTrader 4 and 5. FOREX.com is regulated by multiple top-tier authorities including FCA, ASIC, and CFTC. FOREX.com is known for competitive spreads, fast execution, and extensive educational resources. FOREX.com serves over 450,000 clients worldwide. The FOREX.com’s parent company “StoneX Group Inc.” CEO is Sean O’Connor.
Forex.com Features
The features of Forex.com are listed below.
- Forex.com gives a great market access provided by a range of top tier global banks and other liquidity providers to give traders the most accurate prices.
- You need just a $100 minimum deposit to open a Forex.com account.
- 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.
- Forex.com spreads start from 0.2 pips on forex, and fixed spread only trading is available on commodities.
Forex.com Pros and Cons
Advantages of Forex.com
The advantages of Forex.com are listed below.
- Regulatory Assurance
- Low Forex Fees
- Comprehensive Educational Resources
Disadvantages of Forex.com
The disadvantages of Forex.com are listed below.
- Limited Product Portfolio
- Higher Spreads on Standard Accounts
- No Guaranteed Stop-Loss Orders for U.S. Clients
Saxo
best for professional clients
Saxo uses deep DMA liquidity to service institutional clients, offering a wide range of assets including 185 forex pairs, with competitive costs and no minimum deposit requirement.
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About Saxo
Saxo is a Danish investment bank and online trading platform founded in 1992. Saxo offers trading in forex, stocks, CFDs, futures, options, and other financial instruments across global markets. Saxo provides proprietary trading platforms and white-label solutions for institutional clients. Saxo is regulated by multiple authorities including the Danish FSA and UK FCA. Saxo serves retail and institutional clients in over 170 countries. The Saxo CEO and co-founder is Kim Fournais.
Saxo Features
The features of Saxo are listed below.
- Saxo uses its deep DMA liquidity to service institutional clients.
- Saxos provides a wide range of assets for trading that includes bonds, and mutual funds, as well as over 185 forex pairs.
- The Saxo minimum deposit starts from $0.
- Saxo costs are competitive with spreads starting at 0.4 pips.
Saxo Pros and Cons
Advantages of Saxo
The advantages of Saxo are listed below.
- Regulation and Trust
- Extensive Product Range
- Advanced Trading Platform
Disadvantages of Saxo
The disadvantages of Saxo are listed below.
- High Minimum Deposits for Premium Accounts
- Lack of Spread Betting Options
- Custody Fees in Certain Regions
Admirals
best MetaTrader broker
Admirals collaborates with top liquidity providers to ensure the best DMA trading environment, offering over 4,000 assets with competitive trading costs and a minimum deposit of $100.
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About Admirals
Admirals, formerly Admiral Markets, is a global forex and CFD broker founded in 2001. Admirals offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader platforms. Admirals is regulated by multiple authorities including CySEC and FCA. Admirals is known for competitive spreads and extensive educational resources. Admirals recently halted onboarding of new EU clients to comply with regulatory standards. The co-founder of Admirals and CEO of Admirals Group is Alexander Tsikhilov.
Admirals Features
The features of Admirals are listed below.
- Admirals work extensively with a variety of top liquidity providers to ensure the best possible DMA trading environment for traders.
- Admirals minimum deposit is a very competitive $100.
- Admirals provides a great range of assets, with more than 4,000 assets available that includes bonds, ETFs, and cryptocurrencies.
- Competitive trading costs that start from 0 pips on forex with both MT4 and MT5.
Admirals Pros and Cons
Advantages of Admirals
The advantages of Admirals are listed below.
- Extensive Forex Options
- Strong Regulatory Framework
- Advanced Educational Resources
Disadvantages of Admirals
The disadvantages of Admirals are listed below.
- Charges Inactivity Fee
- Mobile App Limitations
- Higher Average Spreads for Some Assets
What is a DMA Forex broker?
A DMA forex broker refers to a forex (Foreign Exchange) brokerage firm with Direct Market Access (DMA) capabilities.
Direct Market Access (DMA) refers to a trading method that provides traders with direct access to the interbank market where the actual currency trading takes place. Unlike traditional brokers that act as market makers, DMA forex brokers allow investors to interact directly with the liquidity providers, including banks and financial institutions that offer currency trading.
What are the characteristics of DMA brokers?
DMA offers a high level of price transparency, allowing traders to view actual market prices and available liquidity at different price levels.
Unlike market makers, DMA forex brokers don’t act as the counterpart to a trader’s position, and the concept is similar to what ECN brokers do. They provide direct access to the interbank market, implying they don’t create a market for clients but facilitate direct order execution.
The pricing model for these brokers grants traders access to genuine market prices, and they encounter variable spreads that mirror real-time market conditions. Instead of profiting from the bid-ask spread, DMA brokers generally charge a service commission.
A notable benefit of DMA is its ability to offer faster trade execution since transactions are directed straight to the market, bypassing any dealing desk. This speed is particularly advantageous for strategies that hinge on swift execution.
One of the hallmarks of the DMA environment is its egalitarian nature; all participants, be they retail or institutional, enjoy equal access to market prices and liquidity.
The DMA structure also presents an opportunity for traders to achieve better prices. They can place orders within or between the prevailing bid and ask prices, which can lead to price improvements during favorable market shifts.
However, it’s essential to recognize that DMA trading leans toward the intricate side. It usually mandates the use of advanced trading platforms and technology, catering primarily to seasoned and professional traders.
How does DMA trading work?
DMA forex brokers allow the trader to access the forex market and quotes from the liquidity providers without a dealing desk intervention from the broker itself.
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 brokers
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 forex 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.