10 Best STP Forex Brokers

The best Forex brokers for STP execution (No Dealing Desk) are Pepperstone, IC Markets, Fusion Markets and FP Markets.

When choosing the best STP execution (No Dealing Desk) FX broker, raw spreads and all-in trading costs, execution speed and fill quality (no dealing-desk, low slippage), depth and quality of liquidity (Level II/market depth when available), and regulation and platform choice are the most important criteria.

Pepperstone is the best STP execution (No Dealing Desk) Forex broker overall, thanks to offering ultra-tight raw spreads and low all-in trading costs, very fast execution and high fill quality, deep institutional-grade liquidity, and strong multi-jurisdiction regulation combined with broad platform choice (MT4/MT5, cTrader, TradingView).

IC Markets, Fusion Markets and FP Markets rank behind Pepperstone as the best STP execution (No Dealing Desk) Forex brokers for raw costs, fast STP execution, deep liquidity/market depth, and strong regulation and platform support. IC Markets provides raw 0.0-pip spreads (0.1-pip average on the Raw account with about $6 per lot round-turn commission), access to 50+ liquidity providers, and 30–40 ms execution with Level II depth on cTrader. Fusion Markets features zero-markup raw pricing (0.02-pip average on EUR/USD) with a low flat commission ($4.50 per side) and no minimum deposit. FP Markets includes 0.0-pip RAW spreads with a $6 round-trip commission, direct routing to tier-1 liquidity, and execution speeds of around 40 ms.

Some of the top STP providers such as Pepperstone, IC Markets, and FP Markets are also widely regarded among the best Forex brokers thanks to consistently low trading costs, rapid execution, robust platforms, and responsive customer support

The table that compares the best STP forex brokers is shown below.

The best STP Forex broker with low spread is FxPro. FxPro stands out with its cTrader raw-pricing account that delivers near-zero spreads on major pairs, a true no-dealing-desk execution model with deep bank liquidity, and low round-turn commissions. The raw-pricing conditions, combined with institutional-grade liquidity and tight commissions offered by FxPro, help spread-sensitive traders minimise total costs while still getting fast, reliable execution.

The best STP Forex brokers with low spreads generally combine deep liquidity, raw or near-zero pricing, and low commissions so that overall trading costs stay minimal. IC Markets is a strong alternative to FxPro thanks to its deep-liquidity routing to more than 50 providers under an NDD STP model, raw spreads from 0.0 pips on majors, and 30–40 ms Equinix NY4 execution that suits tight-stop scalping. FP Markets is another compelling substitute for FxPro among low spread FX brokers because its RAW ECN/STP account offers spreads from 0.0 pips, a $6 round-turn commission geared to high-volume day traders, and low-latency Equinix servers with tier-1 liquidity that help cut slippage.

The best STP Forex broker with fixed spread is FxPro. FxPro offers an MT4 Fixed account with 1.6-pip EUR/USD spreads during peak hours and zero commission, backed by multi-platform no-dealing-desk execution across MT4, MT5, cTrader and FxPro Edge, while its fixed spread structure simplifies planning and backtesting. The fixed 1.6-pip pricing, platform flexibility, and predictable cost structure provided by FxPro allow traders to budget spread costs precisely and maintain consistent strategies even in volatile markets.

For fixed-spread trading, leading STP Forex brokers usually provide stable spreads that don’t widen in turbulence, transparent spread-only pricing, and robust risk-management tools. easyMarkets is a good alternative to FxPro since it delivers true fixed EUR/USD spreads around 0.8–1.8 pips that hold during volatility, plus dealCancellation and Freeze Rate tools that help traders manage event risk while keeping the spread cost per trade known in advance. Rakuten Securities is also a noteworthy substitute for FxPro because it combines ultra-tight fixed spreads from 0.5 pips on majors with a volume-based ladder that can reduce spreads for larger tickets and a spread-only, no-commission model that suits high-volume traders and places it among the best Fixed spread brokers overall.

The best STP Forex broker with MT4 is Pepperstone. Pepperstone’s Razor MT4 account delivers raw EUR/USD spreads from 0.0 pips with low commissions, enhanced by its Smart Trader Tools suite for better execution and analysis, and ultra-fast NDD STP routing to over 20 tier-1 liquidity providers with sub-30 ms latency. These raw spreads, advanced MT4 add-ons, and high-speed institutional liquidity access provided by Pepperstone give MT4 traders a professional environment for algorithmic trading, scalping and precise order execution.

When it comes to STP Forex brokers with MT4, top choices usually pair low raw spreads, powerful MT4 plug-ins, and fast execution infrastructure. IC Markets is a strong alternative to Pepperstone because it couples ultra-low raw spreads on MT4 with true ECN no-dealing-desk execution, deep liquidity from more than 50 providers and Level II depth-of-market, and a VPS-friendly low-latency setup that is ideal for MT4 EAs and high-frequency strategies. FP Markets is another viable option alongside Pepperstone as it offers an ECN-style Raw MT4 account with 0.0-pip spreads and low per-lot commission, integrates Autochartist and Smart Trader Tools into MT4, and uses RAW ECN/STP execution with fast fills suited to scalpers looking for top brokers with MT4.

The best STP Forex broker with a demo account is IC Markets. IC Markets provides unlimited-use demo accounts that only expire after inactivity, with access on MT4, MT5, cTrader and TradingView that closely mirrors live raw-spread STP conditions, and its live deep-liquidity STP accounts with 0.0-pip spreads on majors when traders go live. These long-lasting, realistic demos and institutional-style live conditions at IC Markets allow traders to practise strategies thoroughly and then transition smoothly to a live environment with nearly identical pricing.

For demo trading, the best STP Forex brokers tend to offer generous virtual balances, demo environments that replicate live spreads and execution, and flexible time limits so traders can practise at their own pace. XM is an appealing alternative to IC Markets and stands out among leading demo Forex brokers thanks to its $100,000 virtual-balance demo with full MT4/MT5 functionality, demo accounts that close only after inactivity, and a live Zero Spread STP account that aggregates multiple liquidity providers to deliver 0.0-pip pricing with low commission from a $5 minimum deposit. Pepperstone is also a solid substitute for IC Markets, as it supplies a cTrader demo that remains active as long as you log in at least every 90 days plus 60-day MT4/MT5 demos with easy virtual-fund top-ups, and its live Razor STP account then offers sub-30 ms NDD execution and raw spreads from 0.0 pips.

The best STP Forex broker for beginners is Pepperstone. Pepperstone caters to new traders with a beginner-friendly platform lineup that includes MT4, MT5, cTrader and TradingView, all running on the same raw-spread STP pricing, backed by substantial educational resources and responsive support, and a $0 minimum deposit so beginners can start with small amounts while accessing institutional-style execution. This combination of flexible platforms, strong education and support, and no minimum deposit at Pepperstone helps beginners learn in a professional environment without committing large capital upfront.

For newcomers, the leading STP Forex brokers typically provide clear educational content, easy-to-use platforms, and low entry requirements so starting out feels manageable. AvaTrade is a strong alternative to Pepperstone because it offers comprehensive education with structured tutorials, webinars and e-books, an intuitive multi-platform setup (MT4/MT5, WebTrader, AvaTradeGO) with simple fixed and floating spreads, and an accessible minimum deposit of around $100 that gives new traders a modest starting point, making it one of the more approachable beginner Forex brokers for those just getting started. IG is another attractive option alongside Pepperstone, as its IG Academy courses, quizzes and live webinars create a structured learning path, and its intuitive web and mobile platforms with advanced charts but simple order tickets plus low typical spreads on majors help beginners control risk while they develop.

The best STP Forex broker with the lowest minimum deposit is Pepperstone. Pepperstone requires no minimum deposit at all and supports instant, fee-free card and e-wallet funding, offers multi-currency base accounts to limit conversion costs on small balances, and runs its Razor STP account with raw 0.0-pip spreads and deep-liquidity NDD execution even on tiny accounts. The zero minimum, flexible base currencies and institutional-grade spreads available at Pepperstone make it particularly suitable for traders wanting to start small but still benefit from high-quality STP conditions.

For traders focused on low starting capital, top STP Forex brokers generally combine very low or zero minimum deposits, convenient funding options, and tight spreads that don’t penalise smaller accounts. FP Markets is a good alternative to Pepperstone because a $100 minimum deposit opens either its Standard or Raw ECN/STP accounts with competitive pricing, it follows a 0% deposit-fee policy with over 10 fast funding methods in multiple currencies, and its RAW ECN/STP account blends 0.0-pip spreads with low commissions to keep costs efficient for modest balances. Fusion Markets is another compelling substitute for Pepperstone, since it also has a $0 minimum deposit so you can begin with any balance, offers more than 30 fee-free funding methods including cards, PayPal, Skrill and some crypto for flexible micro top-ups, and provides zero-markup raw pricing on majors with low commissions that make STP trading very cheap even on small accounts, putting it among leading low minimum deposit Forex brokers for budget-conscious traders.

The best STP Forex broker offering no deposit bonus is XM. XM grants a $30 no-deposit welcome bonus that allows traders to access live markets on MT4/MT5 without risking their own capital, complements it with a 100% deposit bonus and XM Traders Club loyalty rewards that can add substantial promotional credit, and backs everything with an STP Zero Spread account delivering 0.0-pip pricing from multiple liquidity providers for just a $5 minimum deposit. This mix of a risk-free starter bonus, generous ongoing promotions and strong STP zero-spread conditions at XM helps traders build experience and potential profits with limited initial outlay.

For promotions, the best STP Forex brokers with no-deposit deals usually combine a meaningful welcome bonus, ongoing top-up incentives or loyalty schemes, and solid underlying ECN/STP trading conditions. RoboForex is a strong alternative to XM because it provides a $30 welcome no-deposit bonus to test live trading before funding, high-percentage deposit promotions up to 120% plus Profit Share, and ECN/STP Prime accounts with near-zero spreads and roughly 45 ms execution across MT4/MT5, cTrader and rTrader. OctaFX is another good option alongside XM, as it maintains an always-on 50% deposit bonus on every top-up to expand usable margin, runs its Trade & Win rewards program that converts traded lots into redeemable prizes, and hosts regular demo contests with cash awards that encourage risk-free strategy refinement.

The best STP Forex broker for scalping is IC Markets. IC Markets’ Raw accounts feature around 0.1-pip average EUR/USD spreads plus low commissions designed for tight-target scalps, combined with deep-liquidity NDD routing and Level II depth-of-market, and no restrictions on scalping or EAs on low-latency NY4 infrastructure. These ultra-tight spreads, institutional liquidity and open scalping policy at IC Markets give high-frequency traders the cost structure and execution speed needed for short-term, rapid-fire strategies.

For scalpers, leading STP Forex brokers generally deliver very tight spreads, lightning-fast order execution and complete freedom to use scalping robots or manual high-frequency tactics. FP Markets is a strong alternative to IC Markets because its RAW ECN/STP account offers 0.0–0.1-pip spreads with a low $6 round-turn commission per lot, imposes no limits on scalping or trade duration so positions can be closed within seconds, and uses low-latency connectivity to tier-1 liquidity (around 40 ms) to support precise entries and exits. Fusion Markets is likewise a capable substitute for IC Markets, as its Zero Account provides raw spreads from 0.0 pips with ultra-low roughly $4.50 round-turn commission and stands out among Forex brokers for scalping, setting no hold-time or scalping restrictions for frequent in-and-out trading and running zero-markup STP pricing that keeps all-in costs on majors around 0.5 pips for cost-conscious scalpers.

Choosing the best STP Forex broker requires evaluating execution speed, liquidity provider networks, commission structures, and regulatory compliance. Traders should prioritize brokers offering millisecond execution, multiple tier-1 bank partnerships, transparent pricing, and comprehensive platform access.

The criteria on how to choose the best STP Forex brokers are listed below.

• Execution speed: Select brokers processing orders within 30-40 milliseconds, such as IC Markets and Pepperstone, which execute trades through advanced STP infrastructure during all trading sessions.
• Liquidity provider network: Choose brokers aggregating pricing from multiple tier-1 sources, for example Pepperstone with over 20 providers and IC Markets with over 50 liquidity sources including major banks and hedge funds.
• Spread and commission transparency: Evaluate brokers offering spreads from 0 pips with clear commission structures, like Fusion Markets charging $4.50 per side or FP Markets with $3 per side commissions.
• Platform availability: Prioritize brokers supporting multiple platforms, such as FxPro offering MT4, MT5, cTrader, and Edge or RoboForex providing MT4, MT5, cTrader, and rTrader access.
• Minimum deposit requirements: Consider brokers with accessible entry points, for instance Pepperstone requiring no minimum deposit, XM offering $5 minimums, or RoboForex starting from $10 deposits.
• Regulatory oversight: Select brokers operating under tier-1 jurisdictions, such as FP Markets under ASIC regulation, XM under CySEC and ASIC, or Tickmill under FCA and CySEC supervision.
• Market depth visibility: Choose brokers providing Level II pricing and full market depth, like IC Markets offering complete transparency across MT4, MT5, and cTrader platforms.

A Straight Through Processing (STP) is the best Forex broker type for you if you want simple spread-only pricing and acceptable execution speed for swing or intraday trading strategies. STP means the broker offsets your trade with a liquidity provider through automation, so the broker doesn’t hold market risk on your position.

You should choose STP brokers if you value fewer manual interventions in your order execution. Regulators like the FCA in the UK, CySEC in Europe, and NFA in the United States require these firms to follow best-execution policies. The mark-up on spreads must be fair, reasonable, and disclosed in accordance with the FX Global Code, overseen by the Global Foreign Exchange Committee.

STP may not suit you if you run ultra-high-frequency strategies or need the fastest possible execution. Scalpers and traders using latency-sensitive algorithms should consider ECN or exchange-style venues like Pepperstone or IC Markets instead. These venues offer firm no-last-look liquidity with explicit commissions on raw spreads. The speed and liquidity quality matter more than the label when you’re choosing between different Forex broker types.

To understand if a Forex broker offers true ECN execution, check if it executes trades back-to-back with external liquidity providers by examining their Order Execution Policy. True-STP means the broker hedges your trade simultaneously at the same size and price with a liquidity provider, like banks or venues such as Fusion Markets. The broker should state this explicitly in their client agreement.

Ask if the broker operates as a matched principal under MiFID II Article 4(1)(38). This regulatory definition means the broker interposes between you and the market without taking market risk. The broker profits only through pre-disclosed fees rather than betting against your trades.

Request the broker’s FX Global Code disclosures covering last-look policies and mark-up policies. The Global Foreign Exchange Committee requires clear disclosures on these topics in Principles 14 and 17. These documents show whether hidden costs or rejection mechanisms exist in the STP broker execution chain.

Verify execution through documents rather than marketing slogans. Terms like “no dealing desk” carry no regulatory meaning under rules from bodies such as the FCA or NFA. True-STP brokers provide written execution policies showing back-to-back hedging with named liquidity providers.

Fast execution speed for STP Forex brokers means consistently under 50 milliseconds on the server side. The broker processes your order from receipt to execution in this timeframe, excluding your internet latency. Brokers like Pepperstone report around 23 milliseconds as their average server-side execution time.

Server-side speed between 50 and 100 milliseconds is decent for most traders. Execution speed above 150 milliseconds starts to feel sluggish if you scalp or trade frequently. You should ask brokers for their time-weighted execution-speed statistics, which show their typical performance.

End-to-end round-trip speed includes your network latency to the broker’s server. Physics limits this speed through distance. The round-trip between New York and London takes 59 to 90 milliseconds on transatlantic fiber cables operated by companies like Hibernia Express and Verizon. Your ping alone can reach 70 to 100 milliseconds when you trade from another continent.

Using a VPS in data centers like Equinix LD4 in London, NY4 in New York, or TY3 in Tokyo reduces your ping to 1 to 5 milliseconds. Many liquidity providers and venues locate their servers in these facilities. The broker’s server location matters for minimizing your total execution time.

STP Forex brokers are not automatically the best for no dealing desk execution. The label matters less than the quality of liquidity and disclosures that STP Forex brokers provide.

What distinguishes superior NDD execution is firm, no-last-look liquidity with price/time priority. Exchange-style venues like LMAX Exchange emphasize these features. STP Forex brokers can offer good NDD execution when they implement similar quality standards.

The FX Global Code requires transparent disclosure of last-look policies. STP Forex brokers using liquidity providers with last-look may show more rejections during fast markets. Venues offering firm liquidity without last-look (such as LMAX Exchange and similar platforms) can be better for latency-sensitive strategies than STP Forex brokers with last-look.

You should read the Order Execution Policy and last-look disclosures to compare STP Forex brokers properly. Many STP Forex brokers deliver solid No Dealing Desk execution when they document back-to-back hedging and clear mark-up policies. The key is verifying that STP Forex brokers disclose their execution quality rather than accepting marketing terms.

No universal rule determines whether STP brokers offer better spread pricing than ECN brokers. STP brokers typically display wider “all-in” spreads because they add a mark-up to the liquidity provider feed. They may charge zero or low commission. ECN brokers like IC Markets and those offering exchange-style access (such as LMAX Exchange) typically show tighter “raw” spreads, but they charge a separate commission, so you need to consider two components to calculate the final all-in total cost.

The best pricing depends on your trading volume and strategy. ECN access is often cheaper for larger volume or spread-sensitive strategies. You should compare all-in trading costs under your actual trade sizes. Calculate the average spread multiplied by pip value and size, then add commissions and typical slippage.

The FX Global Code requires mark-ups applied from STP brokers to be fair, reasonable, and disclosed. This requirement helps you compute true all-in cost when comparing STP vs ECN brokers. No-last-look venues like LMAX can reduce hidden costs. Last-look feeds may increase rejection rates during fast markets.