Offers two ways to trade: Forex, CFDs
The Ultimate Guide to
Choosing a Broker
For No Dealing Desk
Not sure which broker is right for you?
Don’t worry - we’ve got you covered. In this guide, you’ll learn:
- Why ATFX Global Markets scored high for no dealing desk (Jump to section)
- Who ATFX Global Markets is (and isn’t) suitable for (Jump to section)
- An in-depth feature comparison of the top #3 brokers (Jump to section)
- An overview on no dealing desk (Jump to section)
What is the Best Trading Platform
for No Dealing Desk?
ATFX Global Markets scored best in our review of the top brokers for no dealing desk, which takes into account 120+ factors across eight categories. Here's the full list of all the brokers we considered.
The following brokers allow no dealing desk on their platform:
- ATFX Global Markets
Here are some areas where ATFX Global Markets scored highly in:
- 4+ years in business
- Offers 57+ instruments
- A range of platform inc. MT4, Mac, Web Trader, Tablet & Mobile apps
- 24/7 customer service
- Tight spreads from 0.5 pips
- Used by + traders
- Allows hedging
- 2 languages
- Leverage up to
ATFX Global Markets offers two ways to trade: Forex, CFDs. If you wanted to trade EURUSD through copy trading or other means, skip to part two.
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.
ATFX Global Markets have a B trust score, which is low. This is largely down to them being regulated by CySEC, segregating client funds, being established for over 4 years, and much more. For comparison:
Trust Score comparsion
|ATFX Global Markets|
|Uses tier 1 banks|
|Segregates client funds|
The second thing we look for is the competitiveness of the spreads, and what fees they charge. We've compared these in detail in part three of this guide.
Who ATFX Global Markets is (& Isn’t)
As mentioned, ATFX Global Markets allows you to trade in two ways: Forex, CFDs.
- CFD Trading
- Forex Trading
To trade with ATFX Global Markets, you'll need a minimum deposit of $100. ATFX Global Markets offers a range of different account types for different traders including a micro account, mini account, and vip account.
ATFX Global Markets offer over 57 instruments to trade including forex pairs, indices, and many other asset classes. In the following section we’ve listed ATFX Global Markets’s spreads for a range of popular instruments. You can also see a more detailed breakdown of how ATFX Global Markets’s spreads compare in this ATFX Global Markets review
Finally, ATFX Global Markets isn't available in the following countries: DPRK, Canada, Iran, Japan, Brazil, Mexico, Turkey, Cuba, Sudan, Syria, USA, Bosnia and Herzegovina, Ethiopia, Iraq, Sri Lanka, Trinidad and Tobago, Tunisia, Vanuatu, Yemen.. They do not offer islamic accounts either.
A Comparison of ATFX Global Markets vs. vs.
Want to see how ATFX Global Markets stacks up against and ? We've compared their spreads, features, and key information below.
Spread & fee comparsionThe 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.
|ATFX Global Markets|
|FTSE 100 Spread|
Comparison of account & trading features
|ATFX Global Markets|
|Accounts offered||Micro account, mini account, standard account, VIP account|
|Platforms||MT4, Mac, Web Trader, Tablet & Mobile apps|
|Risk management features||Limit order, take profit, entry order, one click trading, trailing stops, price alerts, limited risk account and negative balance protection|
|Funding methods||Credit cards, Bank transfer, American Express, MasterCard,|
No Dealing Desk
Forex Brokers can offer either Dealing Desk or No Dealing Desk execution models.
Brokers offering a dealing desk are also acting as market makers; they generally create their own liquidity, setting the bid and ask price themselves and taking the opposite side of a client’s trade.
Brokers operating No Dealing Desk (NDD) execution, rather than taking the opposite position of the trade themselves, use external liquidity providers offering variable spreads. Trades are executed electronically at the best price available in the market.
In a highly-competitive forex trading market, forex brokers usually highlight that they provide transparent and fair execution as part of their service to their clients. However, providing their forex service through their own proprietary trading or dealing desk means that their clients get their prices direct from the forex broker, not from the forex interbank market, which is composed of the top global currency liquidity providers.
Dealing with the forex broker’s own dealing desk can give rise to various conflicts of interest, which may result in price manipulation. This can be especially true during fast market moves, like when pertinent data is released, or during anticipated and/or surprise geopolitical events (e.g. the UK EU membership referendum – Brexit, where the event was anticipated, but the result was a big surprise, hence the big market move in GBP/USD rates, from 1.50 to 1.30, June 23rd, 2016).
To address this issue, most regulated forex brokers now offer No Dealing Desk execution, where traders are given access to various liquidity providers, like global banks, prime brokers, and other forex market players. As there is no markup added, No Dealing Desk execution should result in lower spreads being offered. With the No Dealing Desk execution option, price manipulation is eliminated, as orders are invisible to the liquidity providers and are processed automatically.
Different types of No Dealing Desk broker models
Either Straight Through Processing (STP) or STP with an Electronic Communication Network (ECN) are offered by brokers operating the NDD model. Where brokers are just offering STP, all positions are transferred to liquidity providers. Where an ECN is in place, the orders can interact with other orders on the network until a match is found. In both cases, the broker itself does not act as the market maker and everything from placing a trade to its execution is done electronically without manual intervention. Trades are matched automatically and instantaneously. STP/ECN brokers usually charge a small transactional commission, but will not alter the spread.
Pros and cons
No dealing desk brokers offer the following advantages;
No re-quotes – positions are generally executed instantly.
Positive & Negative Slippage – Unlike dealing desk brokers who pass on only negative slippage, no dealing desk brokers pass on negative and positive slippage, thus balancing the negative impact of slippage over time.
No conflict of interest – The potential for conflict of interest is removed when trading with genuine STP/ECN Brokers as they are making their money through a predefined commission. Dealing desk brokers, however, make money from the losses of their clients; therefore they have been known to become involved in stop loss hunting, spread widening and other such negative tactics.
Automatic processing – dealing desk brokers can be overwhelmed as they are required to manually approve each trade, which can be a large drain on their resources.
Some traders still prefer to use the dealing desk model, however, because of the fixed spreads.
Brokers that offer No Dealing Desk
Brokers such as XM and FXCM offer a No Dealing Desk trading environment. Furthermore, as they are regulated by the FCA, and authorised to provide regulated products and services, they are bound by stringent regulations that provide some protection for clients and their funds. A list of regulated online brokers can be found here.
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