Best DMA Brokers 2025
We review and list the best DMA brokers in 2025, and explain what a DMA broker is and what the pros and cons are of this type of execution.
Top 4 DMA Brokers
We have reviewed 216 firms and found that these are the 4 best DMA brokers:
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1
FOREX.comActive Trader Program With A 15% Reduction In Costs
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:50NFA, CFTCForex, Stocks, Futures, Futures OptionsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentralWire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN -
2
Interactive Brokers
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$0$1001:50FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFMStocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, CryptocurrenciesTrader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, TradingView, eSignal, TradingCentralCheque, ACH Transfer, Wire Transfer, Automated Customer Account Transfer Service, TransferWise, Debit CardUSD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF -
3
Coinexx100% Deposit Welcome Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
0.001 BTC0.01 Lots1:500Forex, Commodities, Indices, CryptocurrenciesMT4, MT5Bitcoin Payments, Ethereum PaymentsUSD -
4
Zacks Trade
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$2500$3FINRAStocks, ETFs, Cryptos, Options, BondsOwnWire Transfer, ACH Transfer, ChequeUSD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, TRY, SEK, NOK, DKK, CHF, HKD, SGD, RUB, PLN, CZK, HUF
Here is a short overview of each broker's pros and cons
- FOREX.com - Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
- Interactive Brokers - Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
- Coinexx - Coinexx is an unregulated broker that provides leverage up to 1:500 on forex, commodities, indices and cryptocurrencies with deep liquidity, pure ECN spreads and negative balance protection. The broker uses crypto as base currencies and has low minimum deposit requirements of 0.001 BTC.
- Zacks Trade - Zacks Trade is a FINRA-regulated US broker offering trading on stocks, ETFs, cryptocurrencies, bonds and more through a proprietary terminal. The broker is geared toward active traders and offers very affordable fees on most assets as well as an app and a vast amount of market data.
FOREX.com
"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
Christian Harris, Reviewer
FOREX.com Quick Facts
| Bonus Offer | Active Trader Program With A 15% Reduction In Costs |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, Stocks, Futures, Futures Options |
| Regulator | NFA, CFTC |
| Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:50 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN |
Pros
- The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
- Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
- There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
Cons
- FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
- Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
- Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
Interactive Brokers
"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."
Interactive Brokers Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies |
| Regulator | FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM |
| Platforms | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, TradingView, eSignal, TradingCentral |
| Minimum Deposit | $0 |
| Minimum Trade | $100 |
| Leverage | 1:50 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF |
Pros
- The TWS platform has clearly been built for intermediate and advanced traders and comes with over 100 order types and a reliable real-time market data feed that rarely goes offline.
- With low commissions, tight spreads and a transparent fee structure, IBKR delivers a cost-effective environment for short-term traders.
- There's a vast library of free or paid third-party research subscriptions catering to all types of traders, plus you can enjoy commission reimbursements from IBKR if you subscribe to Toggle AI.
Cons
- IBKR provides a wide range of research tools, but their distribution across trading platforms and the web-based 'Account Management' page lacks consistency, leading to a confusing user experience.
- Support can be slow and frustrating based on tests, so you might find it challenging to reach customer service representatives promptly or encounter delays in resolving issues.
- You can only have one active session per account, so you can’t have your desktop program and mobile app running simultaneously, making for a sometimes frustrating trading experience.
Coinexx
"Coinexx best serves short-term traders willing to foregoes regulatory protections in return for highly-leveraged CFDs and trading accounts, deposits and withdrawals processed in cryptos like BTC. "
Tobias Robinson, Reviewer
Coinexx Quick Facts
| Bonus Offer | 100% Deposit Welcome Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, Commodities, Indices, Cryptocurrencies |
| Platforms | MT4, MT5 |
| Minimum Deposit | 0.001 BTC |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD |
Pros
- Coinexx uses an ECN model that facilitates ultra-tight spreads from 0 pips, which alongside high leverage up to 1:500, may serve fast-paced, high-volume trading strategies.
- The virtual private server (VPS), hosted near the firm’s data center in Amsterdam, offers 24/7 connectivity, low latency and 99.99% uptime, catering to algo traders.
- Coinexx is one of a limited pool of brokers to support the ActTrader platform, which is highly customizable with detachable widgets, as well as 48 indicators, 11 timeframes, and price quotes up to 8 decimal places.
Cons
- Despite operating for over 7 years, Coinexx still hasn’t secured any regulatory approvals, respected industry awards or the full confidence of our experts.
- Although it supports near-instant account funding in 25+ cryptos, the absence of fiat deposit options at Coinexx will be severely limiting for many traders.
- Aside from 7 calculators (forex, margin, pip, currency, commission, swap, PnL), Coinexx offers very little in terms of additional tools, with no education or research features to support traders.
Zacks Trade
"Zacks Trade will suit active day traders with experience using powerful platforms. Fees and margin rates are low while the market research is excellent."
Zacks Trade Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Stocks, ETFs, Cryptos, Options, Bonds |
| Regulator | FINRA |
| Platforms | Own |
| Minimum Deposit | $2500 |
| Minimum Trade | $3 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, TRY, SEK, NOK, DKK, CHF, HKD, SGD, RUB, PLN, CZK, HUF |
Pros
- Demo account
- Customizable proprietary trading platform and mobile app
- Comprehensive research and data
Cons
- Withdrawal fees apply if removing funds more than once per month
- No MT4 or MT5 platform integration
- Shortcomings regarding platform loading times and technical glitches
What Are DMA Brokers?
DMA (direct market access) is a non-dealing desk (NDD) execution model that refers to providers who allow you to place buy and sell orders directly onto order books.
As such, traders enjoy greater visibility of the market whilst interacting with financial market exchanges directly.
This differs from over-the-counter (OTC) dealing whereby prices are quoted through a network of intermediaries (market makers).
DMA doesn’t rely on the aggregation of orders over-the-counter and therefore investors can choose their prices.
Direct market access is not to be confused with two other NDD business models: straight-through processing (STP) and electronic communication network (ECN). Let’s explore the key differences of these types of brokers below:
STP
In this model, orders are routed to the broker’s liquidity providers (hedge funds, banks and big investors) which act as the counterparty to your trades.
These providers will compete for the best bid/ask spreads, on which the broker then charges a markup.
In some cases, DMA can be provided as a separate benefit of an STP model, where orders are passed directly to the liquidity pool at the best possible price.
ECN
Electronic communication network (ECN) technology acts as more of a hub for liquidity sources.
Whilst STP can select which liquidity providers they can deal with from their liquidity pool, ECN brokers are connected to a range of anonymous networks where there are no direct contracts.
ECN brokers generally make money from commissions, rather than bid/ask spreads or markups, meaning traders get ultra-tight floating spreads.
ECN trading is often capped at a 0.1 minimum lot size, as there are few liquidity providers who allow less. This explains why ECN trading is less accessible for inexperienced traders.
Now that we know a little more about non-dealing desk models and the main features of DMA brokers, let’s take a look at some key pros and cons.
Pros Of DMA Brokers
- Comparatively low trading costs – Compared to OTC models, the costs of trading with DMA is usually lower because there is no manual intervention; the broker merely acts as an agent.
- Market transparency – There is an equal playing field between participants and greater anonymity with DMA. This means you can essentially see other traders’ movements in the market, from which you can help gauge market sentiment.
- Competitive pricing – Prices are derived from numerous banks, exchanges and liquidity providers, making them more competitive than OTC.
Cons Of DMA Brokers
- Less suitable for small traders – DMA is generally best suited to active traders who deal in large volumes because of the complexity and risks involved.
- Strict rules – Since DMA is heavily regulated, trading becomes less flexible than OTC trades. Repeat dealing is often restricted with DMA and deals can be rejected if you are trading outside the usual market size. In addition, once an order has been executed, you cannot reverse or change it.
- Complex – There is possibly an increased risk as DMA investors are empowered to become market makers when they deal directly into the order books of liquidity providers.
Choosing DMA Brokers
There are plenty of DMA brokers that you can choose from, though there are a few factors to consider before determining which is the best one for you. If you’re an experienced trader, follow our guide below for some top tips on what to look for in good DMA brokers.
Robust Technology
Since DMA works by connecting you directly to top liquidity providers, it’s important that your broker offers technology that can facilitate fast order routing.
For example, IG Group uses its L2 Dealing platform for DMA trading of forex and shares. Saxo Group also uses NY4, LD4 and TY3 data centres and more than 25 tier 1 liquidity providers to ensure you get the best possible DMA prices within the interbank market.
Interactive Brokers also offers SmartRouting technology for all orders, whether they are marketable or not.
Market Access
Not all DMA brokers will offer every market, so check this before you sign up.
IG allows CFD shares and share dealing with over 12,000 instruments, plus forex CFDs with over 80 pairs.
Top DMA broker, Admiral Markets, also offers a huge range of over 4,000 assets, including stocks, bonds, ETFs and cryptocurrencies.
Costs
As DMA accounts are usually designed for large or institutional traders, it can be possible to negotiate commission rates with your broker.
This, of course, depends on the relationship you have with them, or your expected trading volume. Many brokers also offer reasonable discounts for certain trading volumes.
Make sure to take note of any minimum account opening requirements too. IG, for example, requires a £1,000 minimum funding for the L2 Dealer account.
Regulation
Traders should be aware of any forex scams or non-reputable brokers who claim to offer DMA pricing. Brokers with licenses from trusted regulators like the FCA and ASIC will offer you greater peace of mind as well as protection for your funds.
Top forex and CFD brokers, IC Markets and FP Markets are both regulated in multiple jurisdictions, including Australia and Cyprus. Admiral Markets is also one of the top-regulated DMA brokers.
Bottom Line
In this guide, we’ve detailed the key features of top DMA forex and CFD brokers.
Whilst the DMA business model can offer greater transparency, visibility and competitive pricing, the strict rules of DMA trading means greater complexity and risk.
If you’re a large investor, the criteria provided above should be a good starting point, though it might be worth getting in touch with your chosen brokerage directly to discuss your options.
FAQ
What Does DMA Trading Mean?
DMA (direct market access) is the process of being connected directly to top liquidity providers within the broker’s selected pool.
When you trade with DMA pricing, you can place buy and sell orders straight into the order books of these providers, meaning you by-pass the price aggregation stage over-the-counter.
What Is The Difference Between STP And DMA?
STP (straight-through processing) brokers are somewhat similar to DMA, as both are non-dealing desk models that connect you straight to the interbank market.
The main difference is that STP brokers select the most competitive prices offered by their liquidity providers, whereas DMA pricing is pre-determined by the trader and passed directly on to the provider.
What Is The Difference Between ECN And DMA?
ECN (electronic communication network) brokers are non-dealing desk, but instead of individual contracts being passed on with DMA, ECN brokers act as a hub of providers, where there is no direct contract involved.
ECN brokers are usually characterized by ultra-slim spreads and commission charges.
Which Is The Best DMA Broker?
It depends on your location and preferences. Use our list of DMA Brokers to find the best one for you, wherever you’re located.
Some of the top DMA brokers in the world include IC Markets, IG Group and Admiral Markets, though the rankings vary depending on your jurisdiction. In South Africa, for example, one of our top choices for DMA trading is AvaTrade.
How Do I Sign Up With A DMA Broker?
To start trading with DMA pricing today, you will need to complete an online registration process with your chosen broker.
Note that institutional investors or large traders may need to contact the broker directly to discuss specific account requirements.