DMA Brokers
Direct Market Access (DMA) is a popular form of No Dealing Desk (NDD) trading. DMA brokers provide unique opportunities to cut execution speeds and fees when trading forex, CFDs and stocks. Easily confused with other brokerage models, our review sheds light on the differences. We also cover the pros and cons of DMA brokers and list some of the best options available to UK traders.
DMA Brokers
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Founded in Australia in 2010, Pepperstone is a highly regarded broker specialising in forex and CFDs. Serving more than 400,000 clients globally, it provides access to over 1,300 financial instruments through popular platforms like MT4, MT5, cTrader, and TradingView. Its fee structure is both low and transparent. With regulation by reputable bodies such as the FCA, ASIC, and CySEC, Pepperstone guarantees a safe trading environment for traders at every level.
Instruments Regulator Platforms CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto (only Pro clients), Spread Betting FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade, Quantower Min. Deposit Min. Trade Leverage $0 0.01 Lots 1:30 (Retail), 1:500 (Pro) -
Established in Poland in 2002, XTB caters to over a million clients worldwide. This forex and CFD broker offers a robust regulatory framework, a diverse range of assets, and prioritises trader satisfaction. It provides an intuitive proprietary platform equipped with excellent tools to support aspiring traders.
Instruments Regulator Platforms CFDs on shares, Indices, ETFs, Raw Materials, Forex currencies, cryptocurrencies, Real shares, Real ETFs FCA, CySEC, KNF, DFSA, FSC, SCA, Bappebti xStation Min. Deposit Min. Trade Leverage $0 0.01 Lots 1:30 -
IC Markets is an internationally acclaimed forex and CFD broker, admired for its competitive pricing, diverse trading instruments, and superior technology. Established in 2007 and based in Australia, the firm is under the regulation of ASIC, CySEC, and FSA. It has successfully drawn over 180,000 clients from more than 200 nations.
Instruments Regulator Platforms CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto ASIC, CySEC, FSA, CMA MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade, Quantower Min. Deposit Min. Trade Leverage $200 0.01 Lots 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global) -
Founded in 2006, FxPro has built a reputation as a reliable non-dealing desk (NDD) broker, providing trading access across more than 2,100 markets to over 2 million clients globally. It has received over 100 industry awards, reflecting its favourable conditions for active traders.
Instruments Regulator Platforms CFDs, Forex, Stocks, Indices, Commodities, Futures, Spread Betting FCA, CySEC, FSCA, SCB, FSA FxPro Edge, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade, Quantower Min. Deposit Min. Trade Leverage $100 0.01 Lots 1:30 (Retail), 1:500 (Pro) -
Founded in 1974, IG is a part of IG Group Holdings Plc, a publicly listed brokerage (LSE: IGG). The company provides spread betting, CFD, and forex trading, offering access to over 17,000 markets. Its platforms and investing apps are notably user-friendly. Over the past 50 years, IG has consistently been an industry leader, excelling in all essential areas for traders.
Instruments Regulator Platforms CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM Web, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral, ProRealTime Min. Deposit Min. Trade Leverage $0 0.01 Lots 1:30 (Retail), 1:222 (Pro) -
Established in 1999, FOREX.com is now integrated into StoneX, a prominent financial services entity catering to more than one million clients globally. The broker is regulated in numerous jurisdictions, including the US, UK, EU, and Australia. It offers a vast array of markets beyond forex, delivering competitive pricing on state-of-the-art trading platforms.
Instruments Regulator Platforms Forex, CFDs, Stock CFDs, Indices, Commodities, Futures, Options, Crypto NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA WebTrader, Mobile, MT4, MT5, TradingView Min. Deposit Min. Trade Leverage $100 0.01 Lots 1:30 -
Established in 2015, VT Markets is a leading Australian multi-asset CFD broker. Offering over 1,000 trading instruments, it supports both MetaTrader 4 and MetaTrader 5 platforms. With these resources, VT Markets provides extensive trading opportunities to more than 400,000 clients globally. It operates under the regulation of ASIC, FSCA, and FSC.
Instruments Regulator Platforms CFDs, Forex, Commodities, Stocks, Indices ASIC, FSCA, FSC VT Markets App, Webtrader, Web Trader+, MT4, MT5, TradingCentral Min. Deposit Min. Trade Leverage 50 - 500 USD 0.01 Lots 1:500
Pepperstone
XTB
IC Markets
FXPro
IG Index
Forex.com
VT MarketsSafety Comparison
Compare how safe the DMA Brokers are and what features they offer to protect traders.
| Broker | Trust Rating | FCA Regulated | Negative Balance Protection | Guaranteed Stop Loss | Segregated Accounts |
|---|---|---|---|---|---|
| Pepperstone | ✔ | ✔ | ✘ | ✔ | |
| XTB | ✔ | ✔ | ✔ | ✔ | |
| IC Markets | ✘ | ✔ | ✘ | ✔ | |
| FXPro | ✔ | ✔ | ✘ | ✔ | |
| IG Index | ✔ | ✔ | ✔ | ✔ | |
| Forex.com | ✔ | ✔ | ✘ | ✘ | |
| VT Markets | ✘ | ✔ | ✘ | ✔ |
Payments Comparison
Compare which popular payment methods the DMA Brokers support and whether they have trading accounts denominated in British Pounds (GBP).
| Broker | GBP Account | Debit Card | Credit Card | Neteller | Skrill | Apple Pay |
|---|---|---|---|---|---|---|
| Pepperstone | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
| XTB | ✔ | ✔ | ✔ | ✔ | ✔ | ✘ |
| IC Markets | ✔ | ✘ | ✔ | ✔ | ✔ | ✘ |
| FXPro | ✔ | ✘ | ✔ | ✔ | ✔ | ✘ |
| IG Index | ✔ | ✔ | ✔ | ✘ | ✘ | ✘ |
| Forex.com | ✔ | ✔ | ✔ | ✔ | ✔ | ✘ |
| VT Markets | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
Mobile Trading Comparison
How good are the DMA Brokers at mobile trading using apps or other mobile interfaces.
| Broker | Mobile Apps | iOS Rating | Android Rating | Smart Watch App |
|---|---|---|---|---|
| Pepperstone | iOS & Android | ✘ | ||
| XTB | iOS & Android | ✔ | ||
| IC Markets | iOS & Android | ✘ | ||
| FXPro | iOS & Android | ✘ | ||
| IG Index | iOS & Android | ✔ | ||
| Forex.com | iOS & Android | ✘ | ||
| VT Markets | iOS & Android | ✘ |
Beginners Comparison
Are the DMA Brokers good for beginner traders, that might want an affordable setup to get started, along with good support and educational resources?
| Broker | Demo Account | Minimum Deposit | Minimum Trade | Support Rating | Education Rating |
|---|---|---|---|---|---|
| Pepperstone | ✔ | $0 | 0.01 Lots | ||
| XTB | ✔ | $0 | 0.01 Lots | ||
| IC Markets | ✔ | $200 | 0.01 Lots | ||
| FXPro | ✔ | $100 | 0.01 Lots | ||
| IG Index | ✔ | $0 | 0.01 Lots | ||
| Forex.com | ✔ | $100 | 0.01 Lots | ||
| VT Markets | ✔ | 50 - 500 USD | 0.01 Lots |
Advanced Trading Comparison
Do the DMA Brokers offer features that allow for more advanced trading strategies?
| Broker | Automated Trading | Pro Account | Leverage | VPS | AI | Low Latency | Extended Hours |
|---|---|---|---|---|---|---|---|
| Pepperstone | Expert Advisors (EAs) on MetaTrader | ✔ | 1:30 (Retail), 1:500 (Pro) | ✔ | ✔ | ✔ | ✘ |
| XTB | Open API | ✔ | 1:30 | ✘ | ✘ | ✔ | ✘ |
| IC Markets | Expert Advisors (EAs) on MetaTrader, cBots on cTrader, Myfxbook AutoTrade | ✘ | 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global) | ✔ | ✘ | ✔ | ✘ |
| FXPro | Expert Advisors (EAs) on MetaTrader, cBots on cTrader | ✔ | 1:30 (Retail), 1:500 (Pro) | ✔ | ✘ | ✔ | ✘ |
| IG Index | Expert Advisors (EAs) on MetaTrader, build your own on ProRealTime | ✔ | 1:30 (Retail), 1:222 (Pro) | ✔ | ✘ | ✔ | ✔ |
| Forex.com | Expert Advisors (EAs) on MetaTrader | ✘ | 1:30 | ✔ | ✔ | ✔ | ✘ |
| VT Markets | Expert Advisors (EAs) on MetaTrader | ✘ | 1:500 | ✘ | ✘ | ✘ | ✘ |
Detailed Rating Comparison
Use this heatmap to compare our detailed ratings for all of the DMA Brokers.
| Broker | Trust | Platforms | Mobile | Assets | Fees | Accounts | Support | Research | Education |
|---|---|---|---|---|---|---|---|---|---|
| Pepperstone | |||||||||
| XTB | |||||||||
| IC Markets | |||||||||
| FXPro | |||||||||
| IG Index | |||||||||
| Forex.com | |||||||||
| VT Markets |
Our Take On Pepperstone
"Pepperstone is a premier trading platform, providing tight spreads, swift execution, and sophisticated charting tools for seasoned traders. Beginners benefit from no minimum deposit, comprehensive learning materials, and outstanding 24/7 support."
Tobias Robinson
Reviewer
Pros
- The award-winning customer support can be accessed through phone, email, or live chat. During tests, response times have consistently been under 5 minutes.
- Pepperstone presents itself as an economical choice for traders, offering spreads as low as 0.0 in its Razor account. The Active Trader programme provides rebates up to 30% on indices and commodities, plus $3 per lot on forex.
- Over the years, Pepperstone has consistently garnered recognition from DayTrading.com’s annual awards. Recently, it was honoured as the 'Best Overall Broker' in 2025 and was the 'Best Forex Broker' runner-up the same year.
Cons
- Pepperstone's demo accounts expire after 30 days, which may not provide sufficient time to explore various platforms and evaluate trading strategies.
- Pepperstone doesn't offer cTrader Copy, a favoured feature for copying trades found in the cTrader platform, which is available on other platforms such as IC Markets. However, Pepperstone has launched its own user-friendly copy trading app.
- Although its market range has improved, its crypto offerings remain limited compared to brokers specialising in this sector, lacking real coin investment options.
Our Take On XTB
"XTB emerges as an ideal option for novice traders, offering the impressive xStation platform, zero commission pricing, no required minimum deposit, and outstanding educational resources, many of which are conveniently integrated into the platform."
Pros
- Setting up an XTB account is straightforward and fully online, requiring only a few minutes. This simplicity eases new traders into the world of trading.
- XTB ensures swift access to funds, providing fast withdrawals with same-day payments for requests made before 1 pm.
- XTB has raised its interest rate on uninvested funds and introduced zero-fee ISAs for UK clients, offering access to 3,000 stocks and 700 ETFs for diverse investment opportunities.
Cons
- The research tools at XTB are commendable but have the potential to excel further. Enhancing them with access to top-tier third-party services like Autochartist, Trading Central, and TipRanks would significantly elevate their offering.
- It is frustrating that XTB products do not allow traders to modify the default leverage level. Manually adjusting leverage can greatly reduce risk in forex and CFD trading.
- The demo account lasts only four weeks, posing a challenge for traders wanting to fully explore the xStation platform and refine short-term strategies before investing actual money.
Our Take On IC Markets
"IC Markets provides excellent pricing, swift execution, and easy deposits. With cutting-edge charting tools like TradingView and the Raw Trader Plus account, it continues to be a preferred option for intermediate and advanced traders."
Pros
- Access over 2,250 CFDs across diverse markets like forex, commodities, indices, shares, bonds, and cryptocurrencies. This variety enables traders to employ diversified strategies.
- In 2025, IC Markets earned DayTrading.com's accolade for 'Best MT4/MT5 Broker' due to its top-tier MetaTrader integration. This achievement highlights the broker's continuous refinement over the years to enhance the platform experience.
- As a well-regulated and reputable broker, IC Markets focuses on client safety and transparency to provide a dependable global trading experience.
Cons
- Although there are four top-tier third-party platforms available, the absence of in-house software or a trading app tailored for novice traders is notable.
- IC Markets provides metals and cryptocurrencies for trading through CFDs, though the selection is narrower compared to brokers such as eToro. This limits opportunities for traders focused on these asset classes.
- The tutorials, webinars, and educational resources require enhancement, lagging behind competitors such as CMC Markets, which diminishes their appeal to novice traders.
Our Take On FXPro
"FxPro is an excellent choice for traders, offering swift execution speeds under 12ms, reduced fees since 2022, and outstanding charting platforms like MT4, MT5, cTrader, and FxPro Edge."
Pros
- FxPro provides four dependable charting platforms, including the user-friendly FxPro Edge. It features more than 50 indicators, 7 types of charts, and 15 different timeframes.
- FxPro's Wallet is a notable feature enabling traders to securely manage their funds. It ensures additional protection and ease by separating unused funds from active trading accounts.
- FxPro uses a 'No Dealing Desk' (NDD) model for swift and transparent order execution, usually within 12 milliseconds, making it well-suited for short-term trading strategies.
Cons
- There are no passive investment options such as copy trading or interest on cash. While traders might not find these essential, competitors like eToro, which accommodate both active and passive investors, offer more extensive services.
- FxPro, with its $10M funded demo account and expanding Knowledge Hub, mainly caters to experienced traders. Beginners might find its account and fee structure challenging to understand.
- FxPro offers customer support five days a week around the clock, accessible via various platforms, and the service quality is reliable based on tests. However, the absence of weekend support can be a drawback for traders requiring help beyond standard market times.
Our Take On IG Index
"IG offers a complete package with an intuitive online platform, top-tier beginner education, advanced charting tools through its TradingView integration, real-time data, and swift execution for seasoned traders."
Pros
- The ProRealTime advanced charting platform remains free, provided traders meet modest monthly activity requirements.
- IG stands out with its extensive range of instruments, offering stocks, forex, indices, commodities, and cryptocurrencies. Additionally, it has recently introduced US-listed futures and options, along with an AI Index. These options enhance opportunities for diversification in trading.
- IG provides a wide range of professional and engaging educational materials, such as webinars, articles, and analyses, tailored for traders.
Cons
- IG has ended its swap-free account, diminishing its attractiveness to Islamic traders.
- Based on tests, stock and CFD spreads remain less competitive than the lowest-cost brokers, such as CMC Markets.
- In the UK and EU, negative balance protection is available. However, US clients lack account protection and guaranteed stop losses.
Our Take On Forex.com
"FOREX.com excels in serving traders of all levels, offering more than 80 currency pairs, spreads starting at 0.0 pips, and competitive commissions. Its robust charting platforms provide over 100 technical indicators and comprehensive research tools."
Pros
- FOREX.com provides top-tier forex rates beginning at 0.0 pips, along with attractive cashback rebates up to 15% for dedicated traders.
- With more than two decades of expertise, strong regulatory governance, and numerous accolades, including a second-place finish in our 'Best Forex Broker' awards, FOREX.com is globally renowned as a reliable trading platform.
- The in-house Web Trader remains a standout platform, excellently crafted for budding traders. It features a sleek design and offers more than 80 technical indicators for thorough market analysis.
Cons
- Demo accounts are typically limited to 90 days, hindering effective strategy testing.
- Funding choices are restricted when compared to top options such as IC Markets. Many popular e-wallets, including UnionPay and POLi, are noticeably absent.
- US clients are not protected against negative balances, which means you could end up owing more than your initial deposit.
Our Take On VT Markets
"VT Markets is an excellent option for traders seeking tight spreads and robust charting tools. The broker excels in share CFDs, offering hundreds of commission-free assets across various global markets."
Pros
- Spreads are highly competitive, tested at 0.2 pips for EUR/USD in the ECN account, comparable to leading firms such as Pepperstone.
- Traders have access to various analytical tools from trusted sources, such as the Market Buzz AI by Trading Central and a personalised economic calendar.
- The top-tier MetaTrader 4 and 5 platforms are available, providing sophisticated charting tools and access to Expert Advisors (EAs).
Cons
- Unlike peers such as Fusion Markets, VT Markets lacks cryptocurrency trading options.
- The broker's bonus programmes have strict conditions, including limits on minimum deposits and acceptable payment methods.
What Is DMA Trading?
DMA trading connects investors directly to the broker’s liquidity providers. Aimed at active retail investors and institutions, it promises ultra-fast processing so traders can capitalise on immediate opportunities. It’s a form of no dealing desk trading meaning zero manual intervention. This helps cut costs and allows clients to trade with the tightest bid-ask spreads.
How DMA Brokers Work
Sell-side firms, including brokers and market makers, have direct market access. Normally a broker acts as an intermediary, facilitating trades between the individual trader and the exchange. By offering DMA technology to investors, buy-side firms and traders benefit from full transparency on exchanges and their order books. This can reduce costs and provide superior access to liquidity, but also runs the risk of offering market-making capabilities to buy-side investors.
DMA trading is often compared to Straight Through Processing (STP) and Electronic Communication Network (ECN) models. All three are NDD systems and we’ll run through the differences, but first let’s consider dealing desk systems.
Dealing Desk Vs Non-Dealing Desk
Dealing desk trading is the process of executing trades via a market maker. The broker sets the bid and ask price, and other criteria, profiting from spreads and commissions. For some, especially smaller retail traders, this has many benefits. Brokers take care of the sell-side which makes the trade more convenient for the individual. Fixed spreads are usually promoted as close to the real market price as possible. This can be more lucrative for traders vs fluctuating real-time spreads offered by NDD providers.
In recent years, as technology has advanced, the demand for dealing desks has decreased. Trades are now more often quoted and executed using automated STP and ECN models.
Non-dealing desk trading provides access to a range of liquidity providers, banks and exchanges to get competitive prices. NDD models, therefore, allow traders to access the best spreads available to retail customers. NDD brokers often take their cut through a commission charge.
DMA Brokers Vs STP Brokers
DMA and STP can easily be confused as they both offer a means of connecting traders directly to liquidity providers. The main difference is that STP works by feeding orders to a broker’s liquidity providers who compete for the best bid-ask spreads, with the broker then charging a mark-up for its services. DMA brokers, on the other hand, offer zero intervention reducing execution speeds and trading fees.
DMA Brokers Vs ECN Brokers
The fundamental difference between ECN and DMA brokers is that ECNs connect traders to a network of anonymous liquidity providers. No direct contracts are held when ECN trading, whereas DMA traders form contracts directly with each liquidity provider.
ECNs aim to improve interconnectivity between a diverse range of market participants. But because of the anonymity, liquidity providers may withhold their best spreads within the network. The anonymity of ECNs can also result in slippage and requotes. Whilst ECN spreads are still very tight, transaction costs, execution and processing fees also factor into the equation; with ECN trading sometimes costing more than DMA methods. Both are aimed at larger investors with minimum lot sizes from 0.1.
Choosing A DMA Broker
- Regulation – It is important, especially when trading in serious volumes, to look for a regulated broker. In the UK, Financial Conduct Authority (FCA) regulation is a good indication that the broker is trustworthy.
- Access – What instruments does the broker offer? Do you want to trade forex, stocks, cryptos, commodities? Does the broker allow scalping and hedging? These are all questions you may want to answer before opening an account.
- Software – DMA brokers usually offer sophisticated software to facilitate rapid executions. Make sure they also offer powerful platforms to conduct technical and fundamental analysis. MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are popular among retail traders.
- Costs – As high-volume retail or institutional traders, you may be able to negotiate commission rates. The best DMA brokers typically offer better margin rates for active traders. It’s always worth reviewing commissions and spreads before you start trading.
- Support – Naturally, good customer support should be available should you run into issues. Top DMA brokers offer 24/5 support via live chat or phone during the standard trading week.
Pros Of DMA Brokers
- Costs – By reducing intervention from intermediaries, costs are usually lower.
- Speed – Without manual intervention, DMA brokers offer fast executions appealing to scalping strategies, for example.
- Transparency – DMA brokers usually adopt an open door policy to an exchange’s order books. This can help paint a picture of market trends.
- Algo trading – DMA brokers and platforms can usually be integrated with algorithmic trading software, which can help investors increase the volume of trades across financial markets. Automated trading strategies can also remove interactive human error when identifying patterns and making trading decisions.
Cons of DMA Brokers
- Risk – By offering DMA technology to buy-side investors, there is an increased risk of investors accessing market-making capabilities.
- Size – Minimum lot sizes at DMA brokers tend to come in at 0.1 lots (10,000 CCY), meaning it’s not always suitable for beginners.
- Regulation – This can be a double-edged sword. Whilst strict regulation protects market participants, it also reduces flexibility often provided by dealing desks and OTC trading.
- Spreads – Whilst variable floating spreads are often more competitive, low fixed spreads offered by some other brokers can prove lucrative for savvy traders.
Final Word On DMA Brokers
Whether you opt for one of the top DMA brokers or an alternative model will largely depend on your needs. For experienced, high-volume retail traders, DMA brokers can help improve execution speeds and reduce costs while integrating with sophisticated algo trading software. Transparency and live market pricing are also solid benefits. If you do want to open a trading account with one of the best DMA brokers, see our list.
FAQs
What Is A DMA Broker?
DMA stands for Direct Market Access. DMA brokers provide direct access to an exchange, reducing the need for manual intervention. Subsequently, this can reduce costs and improve execution speeds.
Are DMA Brokers Better Than STP Brokers?
Straight through processing and direct market access are both similar NDD methods, but STP trades are handled by a broker who facilitates transactions and typically charges additional fees. DMA brokers are usually faster and cheaper, reducing the role of the middle man.
Are DMA Brokers Better Than ECN Brokers?
Both DMA and ECN brokers follow an NDD model, aimed at active traders. The main difference is that ECNs connect market participants anonymously, whilst DMA provides direct contracts with liquidity providers.
What Can Be Traded Through DMA Brokers?
Any instrument provided via an electronic exchange can be traded with DMA brokers. The most popular are forex, CFDs, stocks, cryptos, futures and options.
Who Uses DMA Brokers?
DMA brokers typically benefit larger investors, buy-side businesses and high-frequency traders. Retail investors trading in serious volumes and leveraging strategies that require instant market access and immediate executions may choose to open an account with DMA brokers.