Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.

Compare Market Maker Brokers

For our market maker comparison, we found 18 brokers that are suitable and accept traders from United States of America.

We found 18 broker accounts (out of 147) that are suitable for Market Maker.

  • FILTER
Forex.com

Spreads From

EURUSD 1.0 pips See all spreads

What can you trade?

  • Forex
  • Cryptocurrencies
  • Indices
  • Commodities
  • Stocks
  • ETFs

About Forex.com

  • Regulated by: Financial Conduct Authority.
  • Established in 1999 HQ in United States.

Platforms

  • MT4
  • MT5
  • Web Trader
  • Mobile App

Funding Methods

  • Credit cards
  • PayPal
  • Bank transfer

Open a demo account

See Deal

69% of retail investor accounts lose money when trading CFDs with this provider

Read our in-depth Forex.com review

ThinkMarkets

Spreads From

EURUSD 0.1 pips See all spreads

What can you trade?

  • Forex
  • Cryptocurrencies
  • Indices
  • Commodities
  • Stocks
  • ETFs

About ThinkMarkets

  • Regulated by: Financial Conduct Authority and ASIC.
  • Established in 2010 HQ in Australia.

Platforms

  • MT4
  • MT5
  • Web Trader
  • Mobile App

Funding Methods

  • Credit cards
  • PayPal
  • Bank transfer

Open a demo account

See Deal

Losses can exceed deposits

Read our in-depth ThinkMarkets review

Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.

The Ultimate Guide to

Market Maker vs No Dealing Desk: Which is the best broker for you?

Before you make a choice between the NDD brokers and the MM brokers, it is essential to understand what the two brokerage models are all about.

What is a MM (Market Maker) Broker

MM brokers refer to brokers who are classified as market makers. These are brokers who operate a dealing desk and therefore “make the market” by acting as full-scale intermediaries between traders and the liquidity providers. Market makers have the following characteristics:

  1. Market makers act as trade counterparties. How do they do this? They make the market by pushing in liquidity to buy up positions from the liquidity providers, then splinter these into smaller chunks and resell same to their clients. Since they are basically reselling positions with marked up spreads, they are basically the opposing side to any position taken on the platform. So they buy from traders who are selling and sell to traders who are buying.
  2. Market makers operate a dealing desk. All orders placed by their traders go through a specialised department called the dealing desk, which is essentially a trading station that handles and routes orders from traders.
  3. Market makers offer their clients fixed spreads.
  4. Market makers do not charge a commission. Their compensation comes from spreads and also from counter-trading traders in losing positions.
  5. The price quotes that are sent to traders are not the same as those which come from the liquidity providers. The quotes are usually marked up.

Pros Market Maker Brokers

  • Market makers typically do not require high initial deposit amounts from their clients.
  • Spreads are fixed.
  • Platforms of market makers are typically more user-friendly, since most of their clients are not professional traders.
  • Market makers provide a lower entry point for traders since their activity boosts liquidity in the forex market.

Cons of Market Maker Brokers

  • Price quotes are different from that sent by liquidity providers, thus opening the way to price manipulations. Stop hunting is a popular method of price manipulation by market makers.
  • By acting as both umpire and the opposing player, market makers do not provide conditions that favour transparency and fairness in trading activity.
  • Requotes is a common complaint with market maker brokers.

What is a No Dealing Desk (NDD) Broker

NDD forex brokers is the second category of brokers. These are brokers who have the following characteristics:

  1. Do not operate a dealing desk. This means that they merely act as an intermediary between the trader and the price provider (major banks or liquidity providers).
  2. NDD brokers pass on the trader’s orders straight to the major banks (straight-through processing) and do not make the market. This enables trades to be carried out electronically without human intervention.
  3. Due to the fact that processing of orders is directly from liquidity provider to end-user (trader), there is a lower chance of requotes and there is no need for traders to confirm orders before their orders are executed when prices are moving rapidly.
  4. NDD brokers make their money by charging a commission on both sides of an order (entry and exit), as opposed to the spread.

There are also to sub categories of NDD brokers:

  1. STP Forex Brokers
  2. ECN Forex Brokers.

The difference between the two models is that while the STP model sometimes offers a restricted number of liquidity providers, ECN brokers tend to offer more liquidity providers and therefore give traders a better choice in pricing. This is an important distinction because some brokers may claim to be a STP NDD broker and simply route their orders to a single liquidity source, a MM broker which they also own.

Some brokers may also run a hybrid model where they execute larger trades via the STP model and their smaller trades through a traditional MM model. This is because liquidity providers will not accept the smaller trades made possible through the MM model.

Pros of Trading Non-Dealing Desk brokers

The major benefits of trading with NDD brokers are:

  • Anonymity of trading process. Many retail brokers have expressed concern from their trading experience that certain moves that went against them felt like someone was actually watching their positions. In fact, this is true with MM brokers. But when you trade with NDD brokers, your orders are executed anonymously with no dealing desk department monitoring your every move.
  • Better fills: Traders who use NDD brokers get better fills without slippage for their orders. This is because there is the option of choosing from several price quotes from different liquidity providers, and this provides for a more open market without requotes.
  • Transparency: With NDD brokers, what you see is what you get. The broker is not the counterparty. Therefore, a situation where the opposing player is also the umpire does not arise.
  • Better spreads, albeit variable: Since there are several liquidity providers providing different bid and ask prices, traders have the opportunity to make a choice of the best pricing for their positions.

Cons of Trading with NDD Brokers

Although there are many advantages with NDD brokers and there are some disadvantages. The main barriers to using a NDD broker include:

  • Costly trading: Perhaps the most striking disadvantage of trading with NDD brokers is the cost of trading. In addition to paying spreads, traders must also pay a commission on both the entry and exit side of the trades. Imagine losing a trade and still having to pay a commission for entering and closing such a trade. It is quite painful to do this but that is how it is when trading on the platform of a NDD broker.
  • During period of high market volatility, spreads can widen considerably, thus adding to the cost of trading.
  • High capital requirements: NDD brokers typically request for high initial deposits for account operation.

The main factor to choose a MM or NDD broker

Typically, traders with a small amount of capital can only open and operate accounts with dealing desk brokers or market makers. This is because capital requirements are much smaller and the platforms offered are easier to use.

Because NDD brokers charge a commission per trade or on a per month volume, it is not economical for smaller traders to use a NDD broker. More often it will be cheaper for a trader with a smaller account to use a “no commission” MM broker, where they are only paying the difference in the spread per trade.

Hence the main factor will be your deposit size and trading activity. If you are a high volume trader and meet the minimum deposit requirements for an ECN account, a NDD is generally the best option. For example to qualify for an ECN account with LCG, clients have to maintain a minimum $10,000 account balance. On top of that, to qualify for their lowest commission tier, clients must have a trading volume of over $2 billion per month.

Why Choose Forex.com
For Market Maker?

Forex.com scored best in our review of the top brokers for market maker, which takes into account 120+ factors across eight categories. Here are some areas where Forex.com scored highly in:

  • 19+ years in business
  • Offers 300+ instruments
  • A range of platform inc. MT4, Web Trader, NinjaTrader, Tablet & Mobile apps
  • 24/7 customer service
  • Tight spreads from 1.00pips
  • Used by 0+ traders.
  • Offers demo account
  • 1 languages

Forex.com offers one way to tradeForex. If you wanted to trade EURUSD

The two most important categories in our rating system are the cost of trading and the broker’s trust score. To calculate a broker’s trust score, we take into account a range of factors, including their regulation history, years in business, liquidity provider etc.

Forex.com have a AAA trust score. This is largely down to them being regulated by Financial Conduct Authority, segregating client funds, being segregating client funds, being established for over 19

Trust Score comparison

Forex.com ThinkMarkets
Trust Score AAA B
Established in 1999 2010
Regulated by Financial Conduct Authority Financial Conduct Authority and ASIC
Uses tier 1 banks
Company Type Private
Segregates client funds

A Comparison of Forex.com vs. ThinkMarkets


Want to see how Forex.com stacks up against ThinkMarkets? We’ve compared their spreads, features, and key information below.



Spread & fee comparsion

The spreads below are illustrative. For more accurate pricing information, click on the names of the brokers at the top of the table to open their websites in a new tab.
Forex.com ThinkMarkets
Fixed Spreads
Variable Spreads
EUR/USD Spread 1.00 0.10
GBP/USD Spread 0.9 1.2
USD/CAD Spread 0.9 0.9
USD/JPY Spread 0.90 0.10
DAX Spread 250.0
FTSE 100 Spread 150.0
S&P500 Spread 50.0

Comparison of account & trading features

Forex.com ThinkMarkets
Platform MT4, Web Trader, NinjaTrader, Tablet & Mobile apps MT4, Mac, Web Trader, Tablet & Mobile apps
Services Forex Forex, CFDs
Base currency options USD, GBP, EUR USD, GBP, EUR, CHF, JPY, SGD, AUD, CAD, NZD, CNH
Funding options Bank transfer, Cheque, DebitCard, Payoneer, Credit cards, Bank transfer, Neteller, BPAY, UnionPay, FasaPay, DebitCard,
Micro account
ECN account