Top 6 Best No Dealing Desk Forex Brokers in 2025

This guide teaches you everything about no dealing desk (NDD) forex trading brokers. We explain what they are, how they work, and compare the best platforms to use right now. Read on to learn more about NDD brokers. 

Best NDD forex brokers overall for 2025

What are the best no dealing desk forex brokers?

Below is a selection of the best no dealing desk forex brokers you can use. They have all been selected by our trading experts and are the top brokers to use for the best prices and direct access to the market. Click on any of the links to register in a few minutes or read on to learn more about NDD forex brokers.

4.6

eToro

Min. Deposit $100

Fees 1%

No. assets 50+

Demo account Yes

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eToro review

eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 51% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

4.5

Plus500

Min. Deposit $100

Fees From 2%

No. assets 2800+

Demo account Yes

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Plus500 review

CFD service. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

This information is NOT relevant to EU residents who are to be serviced by EU subsidiaries of the Plus500 Group, such as Plus500CY Ltd, authorised by CySEC (Reg. 250/14). Different regulatory requirements apply in Europe such as leverage limitations and bonus restrictions.

4.5

Plus500

Min. Deposit $100

Fees From 2%

No. assets 2800+

Demo account Yes

Visit site

Plus500 review

Top 6 NDD forex brokers, reviewed

1. eToro. Best for beginners, copy-trading & demo-account

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4.5

Ratings

€100

Min. deposit

0% commission

Fees

50

No. assets

Yes

Demo account

Overview

We love eToro because it’s a trading platform built with beginners and casual traders in mind. The platform combines an interactive, social trading experience with an easy-to-use interface, making it ideal for novice traders.

The far-reaching catalog of more than 5,500 stocks and ETFs includes big names like Apple and Tesla, as well as smaller companies with high growth potential. You can start trading with as little as $10 using fractional shares if you’re on a tight budget.

One feature we particularly appreciate is the ability to interact with eToro’s 35 million users on any asset, market, or portfolio page. If you find traders whose strategies match your risk tolerance, you can copy their portfolios automatically using eToro’s flagship copy trading functionality. This is a great way to learn and potentially benefit from the expertise of more experienced traders.

If you don’t feel comfortable investing your cash straight away, you can use a free demo account, credited with $100,000 virtual dollars. This offers plenty of opportunities to try out a trading strategy that works for you across stocks, crypto, and options trading markets.

Highlights

No. of tradable assets	3600+
Min. Deposit	$100
ID verification required	Yes
Free demo account	Yes
Supported assets	Stock CFDs, ETF CFDs, Forex CFDs, Index CFDs, Commodity CFDs, NFTs, Crypto
Mobile trading app	Yes
Web trading platform	Yes
Regulatory bodies	ASIC, FCA, CySEC, FinCEN

Fees & Costs

Trading fees	Yes, on certain assets
Inactivity fees	Yes
Rollover/overnight fees	Yes, on CFDs
Withdrawal fees	Yes
Spreads	Yes, on certain assets
Conversion fees	Yes, for non-USD currencies

Pros & Cons

Great for beginners, simple to set up and get started Competitive, industry-leading commissions Popular ‘Copy Portfolios’ function lets you follow top traders Excellent customer service, with live chat support provided

Comparatively high fees for withdrawals and account inactivity Does not integrate with the MetaTrader platform High spreads on some assets

Read review Visit eToro

eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 51% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

2. Plus500. Best for international trading*

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4.5

Ratings

€100

Min. deposit

From 0.08%

Fees

2,800

No. assets

Yes

Demo account

Overview

We love Plus500 because it is one of the industry’s most transparent and reliable brokers. Its fees are clear and you’ll know exactly what you will be paying before you trade. Its technology driven platform gives access to futures for a range of instruments, including forex, commodities, and cryptocurrencies among several others.

Plus500 has something for all types of traders, no matter what level of experience. Its low margin requirements (starting at $20) and different contracts make it a top choice for day traders. At the same time, its trading academy is packed with educational content, perfect for beginners just starting. 

For accurate instrument availability, visit plus500.com.

The fees: Plus500 charges a commission of $0.49 per Micro contract and $0.89 per Standard contract (per side). There is an Auto-Liquidation fee of $10 per contract. Other exchange fees may be applicable and can be found on the CME group website. 

*Based on a comparison of 60+ leading brokers and trading platforms.

Highlights

No. of tradable assets	2800+
Min. Deposit	$100
ID verification required	Yes
Free demo account	Yes
Supported assets	Stock CFDs, ETF CFDs, Forex CFDs, Crypto CFDs, Index CFDs, Commodity CFDs
Mobile trading app	Yes
Web trading platform	Yes
Regulatory bodies	FSA, ASIC, FMA, FCA, CySEC

Fees & Costs

Trading fees	No
Inactivity fees	Yes
Rollover/overnight fees	Yes
Withdrawal fees	No
Spreads	Yes
Conversion fees	Yes

Pros & Cons

Free demo account for every user Secure broker, licensed by top-tier regulators Wide variety of CFDs to trade Several good risk management tools

No support on trading information and education Website isn’t brilliantly designed to help users find answers to their questions No MetaTrader trading platform compatibility

Read review Visit Plus500

Buy or sell stock CFDs with Plus500. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

What is a no dealing desk forex broker?

A no dealing desk broker offers straight-through processing (STP) of forex trades. Simply put, it connects its customers to the interbank market – where banks trade against each other. STP brokers do not route trades through a dealing desk and never take the opposing side of a trade; you trade directly with other people on the market.

When trading forex using an NDD broker, the spreads are variable and fluctuate in line with market activity. Brokers using an NDD make their money through commissions or by increasing spreads to mark up prices. This is in contrast to dealing desk brokers who have fixed spreads and act as a counterparty to their customers’ trades. 

How to choose a no dealing desk forex broker

Picking the right no dealing desk forex broker can take a little bit of time, but if you’re careful in your selection, a top broker can make trading much less stressful. Here are a few tips and pointers to consider when choosing a no dealing desk forex broker. 

Verify the broker offers a true NDD

The first thing you should do is verify whether the brokers offer a true no dealing desk model, or a hybrid system. It’s not uncommon for brokers to advertise themselves as NDD while still acting as market makers. 

Take the time to check the broker’s trade execution policy to ensure it doesn’t engage in price manipulation or take the opposite side of your trade. You’ll be able to find the information in a broker’s terms and conditions, so you may have to allocate some time to reading. But it’s well worth it to confirm the broker’s model.

Check what type of execution the broker uses

No dealing desk brokers either operate via an electronic communication network (ECN), or straight through processing (STP) model. Both have different advantages so one may be better suited than the other. 

ECN brokers have tighter spreads because you’re trading in a pool of liquidity providers who compete on price. For trading with tight spreads, you’ll have to pay a small commission per trade. STP brokers route your orders directly to their liquidity partners without a dealing desk, but spreads are higher. On the plus side, you won’t usually pay a commission. 

In my experience, an ECN broker is best suited for scalpers or day traders who need tight spreads. STP brokers are a good option for swing traders or anyone who is not ‘spread sensitive’. 

What type of liquidity does the broker provide?

No dealing desk forex brokers connect you to liquidity providers. These can be banks, hedge funds, and other financial institutions. The more liquidity provers the broker has, the better pricing and execution you’ll benefit from. 

Brokers with fewer liquidity providers generally have wider spreads and more slippage, particularly during high volatility events like news releases. A broker with a deep liquidity pool will give more consistent execution. 

Decide if low spread or commission is important to you

This is an important step in choosing the best no dealing desk forex broker for you. You should always go with a platform that offers transparent pricing. For example, if a broker charges $7 per lot and provides raw spreads as low as 0.01pip, calculate if that is more cost-effective than a broker offering wider spreads and more commissions. 

Always make sure you factor in commission as it can quickly build up and eat into your profits over time. 

Evaluate execution speed and slippage

One of the big advantages of using NDD forex brokers is fast execution. However, even among NDD brokers, execution speeds can vary. You should look for brokers with low latency and minimal slippage. 

Ideally, fast execution is anywhere under 1 millisecond. Your broker should also have server locations close to major financial hubs like London or New York to reduce latency. Most NDD forex brokers will advertise their speeds, especially if they’re considerably fast. 

Does the broker offer transparent pricing and order execution?

No dealing desk forex brokers should offer transparent pricing and order execution without hidden fees or spread markups. You should only go with a broker that fully discloses how it makes money. 

Take the time to review a broker’s execution policy and terms to ensure it is transparent. Some brokers also offer slippage guarantees which means you won’t pay a worse price than the one you clicked. Some NDD forex brokers also let you view the depth of market (DOM), which can help you evaluate liquidity at each price level. 

How good is customer support

Responsive customer support is essential when choosing an NDD forex broker in 2025. Besides customer support, a well regulated broker is also crucial to ensure you get the best possible service. 

Use a broker that is under the jurisdiction of a well respected regulatory body such as the FCA, ASIC, and CySEC. 

What are the risks of using an NDD forex broker?

The obvious benefits of using a NDD broker are you’ll be trading with the best prices from numerous liquidity pools. However, it’s important to weigh up the risks, which include variable spreads and more volatility. Here are a few of the benefits and risks of using a no dealing desk forex broker:

Methodology: How did we choose the best NDD forex brokers?

Each broker on this page was selected following an evaluation process completed by our forex trading experts. This included opening an account, making a deposit, placing a trade, and withdrawing funds. Our tests also included exploring each platform’s website and using any additional tools or features on offer. 

In comparing each broker we used a combination of online reviews and our own research. No broker influenced any of our rankings, however we may on occasion receive an affiliate commission if you click on a link and register an account.

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