No Dealing Desk Forex Brokers – Are They Any Good?

Author: The Forex Geek | Published: July 4, 2026

No Dealing Desk (NDD) forex brokers are becoming increasingly popular in the foreign exchange market due to their unique approach to order execution. Unlike market makers, who take the opposite side of their clients’ trades, NDD brokers provide access to the interbank market, where traders can trade directly with liquidity providers without intermediaries. In this article, we will provide an in-depth analysis of No Dealing Desk forex brokers, the types available, and the benefits and drawbacks of using them.

Overview of No Dealing Desk Forex Brokers

No Dealing Desk (NDD) Forex brokers are brokerage firms that do not operate a dealing desk to execute trades. Instead, they provide direct access to the interbank market, where traders can buy and sell currencies at the best available market price. NDD brokers act as intermediaries between traders and the liquidity providers, such as banks, financial institutions, and other market participants.

The importance of NDD forex brokers lies in their ability to provide traders with transparent pricing and faster order execution. By eliminating the conflict of interest that exists with market makers, NDD brokers offer a level playing field for traders of all sizes. Traders can benefit from competitive spreads and access to the interbank market, which can lead to better trading opportunities and improved profitability.

For example, if a trader places a buy order on the EUR/USD currency pair, an NDD broker would pass the order to a liquidity provider willing to sell the same currency pair at the same price or better. In contrast, a market maker would take the opposite position, selling the same currency pair to the trader. This creates a potential conflict of interest because the market maker would benefit from the trader’s losses.

However, NDD brokers typically charge higher spreads or commissions than market makers, as they pass on the raw spreads from the liquidity providers. They also have limited market access, as they only provide access to the liquidity providers they have relationships with.

Types of No Dealing Desk Brokers

There are two types of No Dealing Desk forex brokers: Straight Through Processing (STP) and Electronic Communication Network (ECN) brokers.

  1. STP brokers: They act as intermediaries between their clients and liquidity providers. They receive clients’ orders and automatically pass them on to the liquidity provider offering the best price. In return, STP brokers earn revenue from the difference between the bid and ask prices, known as the spread. The spread charged by STP brokers is typically lower than that of market makers, making them an attractive option for traders.
  2. ECN brokers: They offer a more direct connection to the interbank market. They provide a trading platform where traders can connect and trade directly with liquidity providers, bypassing the broker altogether. The ECN broker charges a commission for each trade executed on the platform. This commission is typically lower than the spread charged by STP brokers, making ECN brokers a popular choice among professional traders.

How to Choose a No Dealing Desk Forex Broker

Choosing a No Dealing Desk (NDD) forex broker can be a daunting task, especially for new traders. Here are some factors to consider when selecting an NDD forex broker:

  1. Regulation: Choose a broker that is regulated by a reputable financial authority. Regulated brokers are subject to strict standards and are subject to regular audits and oversight.
  2. Reputation: Research the broker’s reputation in the market by reading reviews and feedback from other traders. Look for brokers that have a solid track record of providing reliable and transparent services.
  3. Trading Platforms and Tools: Look for a broker that offers a trading platform and tools that meet your trading needs. Check for features such as charting tools, news feeds, and order execution types.
  4. Spreads and Commissions: NDD forex brokers typically charge higher spreads or commissions than market makers. Look for a broker that offers competitive spreads and commissions that fit your trading strategy and budget.
  5. Deposit Requirements: Some NDD brokers require higher deposit requirements than market makers. Consider your trading capital and choose a broker that offers deposit requirements that fit your budget.
  6. Customer Service: Choose a broker that offers reliable and responsive customer service. Look for a broker that provides support in your preferred language and offers multiple channels for contacting customer support.
  7. Execution Speed: NDD brokers typically offer faster order execution than market makers. Consider the broker’s execution speed and latency and choose a broker that can execute your trades quickly and efficiently.
  8. Trading Instruments: Consider the range of trading instruments offered by the broker. Choose a broker that offers a wide range of currency pairs, commodities, and other trading instruments that fit your trading strategy.
  9. Education and Research: Look for a broker that offers educational resources and research tools to help you improve your trading skills and make informed trading decisions.
  10. Demo Account: Choose a broker that offers a demo account that allows you to practice trading without risking real money. This will help you test the broker’s trading platform and tools and get a feel for the broker’s overall service.

Conclusion

In conclusion, No Dealing Desk (NDD) forex brokers provide traders with access to the interbank market, transparent pricing, and faster order execution. They also eliminate the conflict of interest that exists with market makers. However, they charge higher spreads or commissions, and some require higher deposit requirements. When choosing an NDD forex broker, it is important to consider factors such as reputation, regulation, trading platforms and tools, and customer service. By carefully considering these factors, traders can select a broker that meets their trading needs and provides a safe and reliable trading experience.