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AuthorBy Chris Cammack
Updated: May 5, 2022

The retail Forex market is a complex space, and the brokers that work within it have different business models, but most of them are known as market maker brokers. The key identifying factor of a market maker broker is that they will take the exposure from any trade on to their books, i.e. they will use their liquidity to be the counterparty to your trade. Market makers rarely set their prices because their pricing is usually at the mercy of their liquidity partners, who would have already set a price on the interbank market.

To test these brokers, we created a live trading account, verified their regulation, and read the fine print to identify if the broker can manipulate or intervene in the client trades in any way or if they operate non-intervention dealing desks (NDD). In addition to establishing the total trading costs paid by clients and fee structure, we studied the educational material and tested customer service’s patience. These are the best market maker brokers for 2022 according to our testing and our research.

  • FXTM - Best Copytrading Platform
  • AvaTrade - Best Mobile Trading Experience
  • XM - Best Market Maker for Education
  • IG - Best Regulated Market Maker
  • HFM (HotForex) - Best Forex Analysis App
  • FxPro - Largest Account Variety for a Market Maker
  • XTB - Market Maker with Best Proprietary Platform
  • BDSwiss - Market Maker with Best Market Research
  • markets.com - Market Maker with Best Trading Tools

Best Market Maker Brokers 2022

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Broker
Overall Rating
Official Site
Min. Deposit
Max. Leverage (Forex)
EUR/USD - Standard Spread
EUR/USD - Raw Spread
Cost of Trading
Total CFDs
Currency Pairs
Trading Desk
Regulators
Platforms
Website Language: English
Support Language: English
Compare
FXTM
4.33 /5
Read Review
Create Account >
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USD 102000:11.50 pips0.00 pipsUSD 1579162ECN/DMA, Market MakerCySEC Regulated BrokersFCA Regulated BrokersFinancial Services CommissionMT4, MT5
AvaTrade
4.48 /5
Read Review
Create Account >
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USD 100400:10.90 pips0.90 pipsUSD 987255Market MakerASIC BrokersFinancial Services Conduct AuthorityBritish Virgin Islands Financial Services CommissionFinancial Services AgencyCySEC Regulated BrokersCentral Bank of IrelandMT4, MT5, Avatrade Social, AvaOptions
XM
4.25 /5
Read Review
Create Account >
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USD 5888:11.60 pips0.80 pipsUSD 16151057Market MakerCySEC Regulated BrokersASIC BrokersFCA Regulated BrokersInternational Financial Services CommissionMT4, MT5
IG
4.69 /5
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USD 0200:10.60 pips0.85 pipsUSD 61929580Market MakerFCA Regulated BrokersASIC BrokersFinancial Services Conduct AuthorityBundesanstalt für FinanzdienstleistungsaufsichtFinancial Markets Authority of New ZealandDubai Financial Services AuthorityFinancial Services AgencyCommodity Futures Trading AssociationMT4, L2 Dealer, ProRealTime
HFM (HotForex)
4.49 /5
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USD 51000:11.00 pips0.10 pipsUSD 10116953STPCySEC Regulated BrokersFCA Regulated BrokersFinancial Services Conduct AuthorityDubai Financial Services AuthorityFinancial Services CommissionThe Seychelles Financial Services AuthorityMT4, MT5
FxPro
4.29 /5
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USD 100200:11.40 pips0.40 pipsUSD 14218170Market Maker NDDFCA Regulated BrokersCySEC Regulated BrokersFinancial Services Conduct AuthorityDubai Financial Services AuthoritySecurities Commission of the BahamasMT4, MT5, cTrader, FxProEdge
XTB
4.14 /5
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USD 5500:11.40 pips0.80 pipsUSD 14414848Market Maker NDDCySEC Regulated BrokersFCA Regulated BrokersDubai Financial Services AuthorityInternational Financial Services CommissionxStation5
BDSwiss
4.32 /5
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Create Account >
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USD 10500:11.50 pips0.30 pipsUSD 1523450Market Maker, STPCySEC Regulated BrokersFinancial Services CommissionThe Seychelles Financial Services AuthorityMT4, MT5
Markets.com
4.49 /5
Read Review
Create Account >
Your capital is at risk
USD 100300:10.70 pips0.60 pipsUSD 7220667Market MakerFCA Regulated BrokersCySEC Regulated BrokersASIC BrokersFinancial Services Conduct AuthorityBritish Virgin Islands Financial Services CommissionMT4, MT5

How to compare Market Maker brokers

Some of the best known Forex brokers in the world are market makers. Still, even the biggest market makers have needed to adapt as ECN brokers started introducing better trading conditions and a wider product offering to traders. While some market makers have made this transition, others have not, and many poor market makers are still in business today. When comparing market maker brokers consider: 

Intervening Dealing desks: All brokers have dealing desks, they keep track of asset prices and who is buying and selling what assets. However, brokers can operate dealing desks in different ways. 

  • A fully automated dealing desk will execute any trade requested of it by a client. This type of dealing desk is often called an NDD or non-intervention dealing desk.
  • A dealing desk that is not fully automated allows for the broker’s intervention and creates a conflict of interest between the broker and their client. Suppose a broker can intervene when opening positions, manipulate already open positions, or close positions without your knowledge. In this case, brokers are never independent in the process and in extreme cases can participate in the trade to ensure your loss.

NDD market makers are responsible members of the community, but market makers who don’t have fully automated dealing desks can manipulate your trades for their financial gain.

Spreads: The spread is the difference between the buy and sell price of a forex pair, and it is how brokers earn their money. Markets makers include all trading fees in the spread, meaning traders are not charged any additional commission based on the volume traded. That said, the spread can vary greatly from 0.6 pips (EUR/USD) to 5.0 pips on market maker accounts, and the difference in these spreads will change your total cost of trading significantly. 

Market makers commonly offer fixed spreads, meaning they do not change with the liquidity available on the market. This fixed fee cost structure makes it easier for traders to calculate their cost of trading and the potential profit or loss in a trade. Additionally, due to the market maker business model, trades will not incur slippage, which is an additional complication with DMA brokers who rely on liquidity for trading becoming available.

Account regulation: Your broker should be regulated, as this is the only way to protect your trading capital. Many regulators exist worldwide, and some regulators have more credibility than others. Brokers often hold licences from multiple regulators but your trading account will be monitored by only one of these. 

  • Look for your broker to have top tier international regulation from the FCA, ASIC or MAS. While this regulation will not always apply to your trading account, this regulation will give you an idea of the strength of the broker’s internal processes.
  • Local regulation, like the Securities Commission of Malaysia (SMC), is a comfort because if your account is locally regulated, your home government will have oversight of your trading account and have the full right to enforce the regulations. It is unfortunate, however, that the SMC has regulated very few acclaimed international brokers.

Education & research quality: Market maker brokers overall tend to have more funding for educational material, course creation, webinars and market analysts. If you are going to trade with a market maker, be sure you select one with a high education and research score – meaning more education resources and better and more frequent market analysis.


FXTM – Best Copytrading Platform

Founded in 2011, FXTM is a market maker that is authorised and regulated by various authorities, including CySEC, the FCA, and the FSC (Mauritius).  FXTM’s trading conditions vary across the three account types on offer but are generally better than most other market makers.  Maximum leverage is up to 2000:1, and variable spreads reach as low as 0 pips on its market execution Advantage Account in exchange for a floating commission of between 0.40 and 2 USD. 

For beginner traders looking to copy professional traders, FXTM offers the FXTM Invest CopyTrading scheme, where traders can copy the Strategy Managers whose risk profiles match their own.  Copy trading is one of the easiest ways to benefit from another trader’s expert knowledge.  Copy traders simply decide on the amount they wish to invest, choose the most appropriate Strategy Manager, and all trades will be automatically copied to the copy trader’s account.  Copy traders receive the same returns on each trade as their chosen Strategy Manager. 

Pros
  • Good for beginners
  • Excellent education
  • Well regulated
  • Low minimum deposit
  • Copy trading accounts
Cons
  • Expensive withdrawals
AlertAccepts Malaysian Clients. Minimum spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.

Avatrade – Best Mobile Trading Experience

With regulation across six jurisdictions, Avatrade is one of the most reputable market maker brokers in the industry, offering trading on multiple assets, including Forex, commodities, cryptocurrencies, ETFs, options, bonds, and vanilla options.  Considering the 100 USD minimum deposit, Avatrade’s single account features some of the tightest spreads in the industry, averaging at 0.9 pips on the EUR/USD, and as is typical with market makers, no commissions are charged.

Avatrade’s proprietary trading app, AvaTradeGO provides one of the best mobile trading experiences.  Voted Best Forex by the Global Forex Awards, AvaTradeGO allows access to trader insights, connect with global trading markets, create watchlists, and view live prices and charts.  Also available in the app is the AvaProtect tool, a state-of-the-art risk management system that protects traders from losses for a limited time. 

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited market analysis
AlertAccepts Malaysian Clients. Spreads start at 0.90 pips on theEUR/USD on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.

XM – Best Market Maker for Education

XM is a well-regulated market maker with tight spreads on three simple account options known for its excellent education and customer service.  All accounts feature maximum leverage of up to 1:888, negative balance protection, and minimum deposits that start at 5 GBP.  Spreads are as tight as 0.6 pips (EUR/USD) on its Ultra Low Account, and 99.35% of all trades are filled in under a second.  It also has a strict no requotes/no rejection policy, and as such, all trades are filled at the expected price.

XM’s education and market analysis materials are comprehensive, in-depth, and well-structured.  Its research team provides frequent market analysis across all CFD assets in an easy-to-understand manner, highlighting trading opportunities and technical insight.  Impressively, webinars are available from Monday – Friday 05:00 – 15:00 GMT in 19 languages, and the educational videos cover basic, intermediate, and advanced trading concepts. 

Pros
  • Well regulated
  • Excellent education
  • Free deposits and withdrawals
Cons
  • Dealing desk
  • Wide spreads on its entry-level accounts
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 888:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.

IG Markets – Best Regulated Market Maker

Founded in 1974, IG Markets is one of the best-regulated market makers in the industry.  With regulation from no less than ten top-tier authorities, including ASIC, the FCA, and BaFin, it is also publicly traded on the London stock exchange and has a full banking license.  Along with solid regulation are strict internal processes, and IG Markets holds client funds in segregated accounts at tier-1 banks, and all clients are offered negative balance protection.   

With trading on over 17,000 instruments, IG Markets offers highly competitive trading conditions on two account types, which are dependent on the chosen platform.  Leverage is up to 200:1, and the average spread on the MT4 platform is 0.75 pips (EUR/USD), and 0.86 pips (EUR/USD) on IG’s proprietary L2 Dealer platform.  L2 Dealer offers also direct market access (DMA) trading free of charge as long as clients maintain a balance of 1,000 USD.  On the DMA Account spreads average at 0.165 pips on the EUR/USD in exchange for a commission that is dependent on the volume traded.  

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis
Cons
  • High minimum deposit
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Group is regulated by FCA, ASIC, and the FSCA.

Hotforex – Best Forex Analysis App

A well-regulated market maker broker, Hotforex offers trading on multiple assets, including Forex, metals, energies, indices, and shares.  With full support for the MT4 and MT5 platforms, in addition to numerous trading tools, Hotforex’s trading conditions are some of the best in the industry.  Traders have the choice of six account types, with most spreads starting at 1 pip on the EUR/USD.  The one exception is the market execution Zero Spread Account, which offers raw spreads starting at 0 pips in exchange for a 6 USD round turn commission on major pairs.

Hotforex offers a number of innovative tools, all available on the HFApp.  These include Daily Market Analysis, which allows traders to stay abreast of relevant market events, a Trading Positions feature, a sentiment tool that displays how traders are reacting to various currency and commodity movements, and a Traders’ Board with information on currency movers and live charts. 

Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

FXPro – Largest Account Variety for a Market Maker

A well-respected regulated market maker broker with no dealing desk intervention, FXPro offers a variety of account choices on four different platforms, including MT4, MT5, cTrader, and its proprietary platform, FxPro Edge.  All accounts feature a minimum deposit requirement of 100 USD and leverage of up to 200:1.  Spreads are relatively wide on the MT4 and FxPro account types, averaging at 1.84 pips on the EUR/USD, and average at 1.65 pips (EUR/USD) on the MT5 account.  Spreads tighten significantly on the cTrader account, down to 0.31 pips in exchange for a reasonable commission of 4.5 USD per lot. 

Most trades at FxPro are filled in under 10 milliseconds, and trades are executed at one of FxPro’s Equinox Data Centres in either London or Amsterdam.  FxPro’s trading servers are co-located and cross-fiber connected with Tier 1 banks that provide liquidity via its proprietary aggregator, Quitox. One drawback for traders considering FxPro is its limited selection of educational and market analysis materials, making it a poor choice for beginner traders.

Pros
  • Well regulated
  • Great platform choice
  • Tight spreads
Cons
  • Limited education
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the DFSA

XTB – Market Maker with Best Proprietary Platform

XTB is a well-regulated market maker with no dealing desk that uses straight-through processing (STP) execution.  All trades are automatically sent to its parent company, X-Trade Brokers DM, its liquidity provider, and trades are executed without any dealing desk intervention. 

Support is only offered for XTB’s proprietary platform, xStation 5, which has won many awards for its superior functionality and fast execution speeds.  With a user-friendly and intuitive design, it allows traders to accurately track market movements.  It also offers powerful charting tools, one-click trading, real-time performance statistics, and a trader’s calculator. 

XTB offers trading on two live accounts with competitive trading conditions. The commission-free Standard Account offers spreads starting at 0.5 pips on the EUR/USD, 0.7 pips (EUR/USD) on the Islamic Account.  A commission of 10 USD per lot is charged on the Islamic Account, and leverage is up to 500:1 on both account options.

Pros
  • Well regulated
  • Tight spreads
  • Low minimum deposit
  • Good for beginners
Cons
  • Limited platform choice
AlertAccepts Malaysian Clients. Minimum spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. xStation5 platforms supported. XTB Group is regulated by CySEC, FSCA, DFSA, FCA and the IFSC.

BDSwiss – Market Maker with Best Market Research

A well-regulated market maker, BDSwiss offers its clients direct liquidity, routing all client orders directly to top global banks and exchanges so that they benefit from direct market prices and the best possible trading conditions.  Spreads start at 1.5 pips (EUR/USD) on the commission-free Classic Account, 1.1 pips (EUR/USD) on the commission-free VIP Account, and 0.0 pips (EUR/USD) on the Raw Spread Account in exchange for a commission of 5 USD per lot traded.  All traders are offered leverage of up to 500:1, and trading is offered on shares, indices, Forex, commodities, and cryptocurrencies.

The BDSwiss trading academy and market analysis are some of the best in the industry, winning it  Best Market Research Provider of 2020.  BDSwiss’ market analysis is compiled by a team of renowned market analysts and professional traders that provide 24/5 market news and financial commentary.  Furthermore, its market coverage is often featured in world-leading publications and BDSwiss is viewed as an accurate one-stop information hub. 

Pros
  • Tight spreads
  • Good for beginners
  • Wide range of assets
Cons
  • Expensive withdrawals
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. BDSwiss is regulated by CySEC, FSC, and the FSA-Seychelles.

Markets.com – Market Maker with Best Trading Tools

Founded in 2008, Markets.com is a well-regulated market maker offering trading on a wide range of assets, including shares, ETFs, Indices, commodities, Forex, cryptocurrencies, blends, and bonds.  Full support is offered for MT4, MT5, and Markets.com’s award-winning proprietary platform, Marketsx.  An advanced multi-asset trading platform, Marketsx is packed full of features, including over 14 fundamental, technical and sentiment-based trading tools and expert analysis, in addition to in-depth charting and comparison tools. 

Markets.com offers competitive trading conditions on one live commission-free account, with a minimum deposit requirement of 100 USD, leverage of up to 300:1, and spreads starting at 0.6 pips on the EUR/USD.  All traders are assigned a dedicated Account Manager to assist with any queries regarding their account or using the platform, and Markets.com’s responsive customer service is available 24/5 over the phone, via email, or in-platform through its Live Chat feature.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • High minimum deposit
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4 & MT5 platforms supported. MarketsX is regulated by the FCA, CySEC, ASIC, and the BVI FSC.

The Forex Market and Market Makers

In order to better understand how and why market makers operate the way they do, we need to understand how the Forex market works.

The vast majority of Forex trading takes place in the interbank market, trillions of dollars in currencies move between the major banks in this market on a daily basis (6.6 trillion USD per day is the 2019 estimate). It is in this space where the market is made; the prices set here, between the members of the interbank market, will be the basis for pricing in the lower volume sections of the Forex market, including the retail CFD market.

It is fair to say that the primary market makers in the Forex market are the members of this interbank market. They effectively set the rules for everyone else to play by – including market maker CFD brokers.

How do Market Makers Work?

Like all Forex brokers, market makers will offer you a bid and an ask (buy and sell) price on currency pairs, this price will be mostly set by the pricing of the currency pair on the interbank market. As market makers will be taking exposure to the risk associated with the trade (i.e. will be counterparty to the trade) they will also charge a mark-up fee on both the buy and sell prices.

The difference between the buy and sell prices is called the spread and is how market makers make most of their money. Think about it as the fee charged by the broker for creating the liquidity needed to make your trade. Most market makers will also hedge the trades they take on with a member of the interbank market, thus protecting themselves from losses – this is especially true in cases of large volume retail trades.

Market makers may also make alterations to the pricing on pair based on other factors:

  • Current exposure – a broker’s risk management team may dictate changes in pricing if they believe they are holding too many trades in one direction on a pair
  • The dealing desk’s views on future price movement – if the broker believes the GBP is overpriced against the USD, this will affect the pricing offered
  • Volume – as mentioned above, market makers will protect themselves when taking large volume trades, so will often insist on wider spreads and less leverage in these cases.

Market Makers vs ECN Brokers

Market makers are distinct from the other form of retail Forex CFD brokers, known as ECN (Electronic Communication Network) brokers. Instead of making a market and exposing themselves to the trading risk of their clients, ECN brokers act as a middleman between the trader and the members of their networks. Rather than being the counterparty to trades, ECN brokers will match trades against the best available price from their network of possible counterparties.

Because ECN brokers take no risk exposure from the trade and sit at the centre of a web of ruthless supply and demand forces, spreads are generally very tight and trade execution speeds are often much quicker. But ECN brokers will charge commission on every trade they match – making them an expensive proposition for smaller account sizes.

Should I Trade with a Market Maker?

As mentioned at the top, many traders are wary of working with market maker brokers, as they feel that there is an inherent conflict of interest in the business model. While it is true that a market maker will never quote prices that are going to damage their business, they will always have to offer a fair price – they cannot alter the pricing too much one way or the other before they open themselves up to arbitrage risk (the risk of traders making a profit by trading the discrepancies in pricing).

Furthermore, market makers in Europe, the UK and Australia will have strict requirements placed on them by regulators committing them to ensuring best execution of trades. Under this rule, it is illegal for market makers to skew trades to damage a client’s position.

If you are trading with a well-regulated market maker, the only real discussion to be had when considering trading through them or not is the style of broker you prefer. If you want tighter spreads and can afford commission on your trades, then an ECN broker may best – but for many retail Forex traders, this will be an unreasonable expense. It is also worth noting that many market maker brokers also offer very tight spreads and excellent all-round trading conditions.

All Regulated Markets Makers

This is a list of all internationally-regulated market maker brokers, ordered by overall score. The broker with the highest overall score is at the top. 

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Broker
Overall Rating
Regulators
Min. Deposit
Max. Leverage (Forex)
Trading Cost
Islamic Account
Total # CFDs
No. of FX Pairs
Crypto Pairs
Trading Commission
Compare
IG
4.69 /5
Read Review
FCA Regulated BrokersASIC BrokersFinancial Services Conduct AuthorityBundesanstalt für FinanzdienstleistungsaufsichtFinancial Markets Authority of New ZealandDubai Financial Services AuthorityFinancial Services AgencyCommodity Futures Trading AssociationUSD 0200:1USD 6 192958010Fees Included in Spread
Capital.com
4.68 /5
Read Review
FCA Regulated BrokersCySEC Regulated BrokersASIC BrokersUSD 20100:1USD 6 4284137477Fees Included in Spread
Markets.com
4.49 /5
Read Review
FCA Regulated BrokersCySEC Regulated BrokersASIC BrokersFinancial Services Conduct AuthorityBritish Virgin Islands Financial Services CommissionUSD 100300:1USD 7 22066725Fees Included in Spread
AvaTrade
4.48 /5
Read Review
ASIC BrokersFinancial Services Conduct AuthorityBritish Virgin Islands Financial Services CommissionFinancial Services AgencyCySEC Regulated BrokersCentral Bank of IrelandUSD 100400:1USD 9 8725520Fees Included in Spread
FXTM
4.33 /5
Read Review
CySEC Regulated BrokersFCA Regulated BrokersFinancial Services CommissionUSD 102000:1USD 15 791620From 4 USD / ECN Accounts
BDSwiss
4.32 /5
Read Review
CySEC Regulated BrokersFinancial Services CommissionThe Seychelles Financial Services AuthorityUSD 10500:1USD 15 23450275 USD / lot - RAW account
FxPro
4.29 /5
Read Review
FCA Regulated BrokersCySEC Regulated BrokersFinancial Services Conduct AuthorityDubai Financial Services AuthoritySecurities Commission of the BahamasUSD 100200:1USD 14 218170309 USD / lot
Oanda
4.25 /5
Read Review
FCA Regulated BrokersASIC BrokersMonetary Authority of SingaporeInvestment Industry Regulatory Organization of CanadaBritish Virgin Islands Financial Services CommissionThe Seychelles Financial Services AuthorityUSD 0200:1USD 10 4254544 USD / lot
XM
4.25 /5
Read Review
CySEC Regulated BrokersASIC BrokersFCA Regulated BrokersInternational Financial Services CommissionUSD 5888:1USD 16 151057317 USD / lot - XM Zero Account
FXCM
4.24 /5
Read Review
FCA Regulated BrokersASIC BrokersFinancial Services Conduct AuthorityCySEC Regulated BrokersBermuda Monetary AuthorityUSD 50400:1USD 13 306457None
Skilling
4.23 /5
Read Review
CySEC Regulated BrokersFinansinspektionenBundesanstalt für FinanzdienstleistungsaufsichtThe Seychelles Financial Services AuthorityEUR 100500:1USD 8 80773106 USD round turn commission
Fortrade
4.18 /5
Read Review
FCA Regulated BrokersASIC BrokersInvestment Industry Regulatory Organization of CanadaUSD 100100:1USD 20 412502Fees Included in Spread
XTB
4.14 /5
Read Review
CySEC Regulated BrokersFCA Regulated BrokersDubai Financial Services AuthorityInternational Financial Services CommissionUSD 5500:1USD 14 41484814Fees Included in Spread
Eightcap
4.13 /5
Read Review
ASIC BrokersVanuatuSecurities Commission of the BahamasAUD 100500:1USD 7 972452507 USD / lot
GKFX Prime
4.13 /5
Read Review
Malta Financial Services AuthorityBritish Virgin Islands Financial Services CommissionSecurities and Exchange Regulator of CambodiaUSD 501000:1USD 18 225503Fees Included in Spread
FxPrimus
4.11 /5
Read Review
CySEC Regulated BrokersVanuatuUSD 151000:1USD 15 1814348 - 10 USD / lot - PRO Account
Go Markets
4.10 /5
Read Review
ASIC BrokersCySEC Regulated BrokersFinancial Services AgencyFinancial Services CommissionAUD 200500:1USD 10 5754956 USD / lot - GoPlus+
Plus500
4.09 /5
Read Review
FCA Regulated BrokersCySEC Regulated BrokersASIC BrokersMonetary Authority of SingaporeFinancial Markets Authority of New ZealandUSD 100300:1USD 8 26387018Fees Included in Spread
HYCM
4.08 /5
Read Review
CySEC Regulated BrokersFCA Regulated BrokersDubai Financial Services AuthorityFinansinspektionenBundesanstalt für FinanzdienstleistungsaufsichtUSD 100200:1USD 12 28770218 USD / lot - Raw Account
ETX Capital
4.07 /5
Read Review
FCA Regulated BrokersFinancial Services Conduct AuthorityCySEC Regulated BrokersGBP 10030:1USD 6 5135623Fees Included in Spread
LiteForex
4.07 /5
Read Review
Financial Services Authority – St. Vincent & the GrenadinesUSD 10500:1USD 10 126561610 USD / lot - ECN Account
Trade Nation
4.05 /5
Read Review
FCA Regulated BrokersASIC BrokersFinancial Services Conduct AuthoritySecurities Commission of the BahamasUSD 5200:1USD 6 1185330Fees Included in Spread
easyMarkets
3.98 /5
Read Review
CySEC Regulated BrokersASIC BrokersThe Seychelles Financial Services AuthorityUSD 25400:1USD 18 21610317Fees Included in Spread
Spreadex
3.86 /5
Read Review
FCA Regulated BrokersUSD 030:1USD 6 3319605Fees Included in Spread
IronFX
3.74 /5
Read Review
CySEC Regulated BrokersFCA Regulated BrokersASIC BrokersFinancial Services Conduct AuthorityUSD 501000:1USD 22 290835On select STP/ECN Accounts
Swissquote
3.70 /5
Read Review
FCA Regulated BrokersBundesanstalt für FinanzdienstleistungsaufsichtFinansinspektionenUSD 1000100:1USD 17 24413012Fees Included in Spread
Trade360
3.70 /5
Read Review
CySEC Regulated BrokersASIC BrokersFinansinspektionenBundesanstalt für FinanzdienstleistungsaufsichtUSD 250400:1USD 40 602480Fees Included in Spread
eToro
3.69 /5
Read Review
CySEC Regulated BrokersFCA Regulated BrokersASIC BrokersUSD 200400:1USD 10 34366096Fees Included in Spread
UFX
3.60 /5
Read Review
CySEC Regulated BrokersUSD 10030:1USD 20 50500
Fibo Group
3.50 /5
Read Review
CySEC Regulated BrokersBundesanstalt für FinanzdienstleistungsaufsichtFinansinspektionenBritish Virgin Islands Financial Services CommissionFinancial Services CommissionUSD 01000:1USD 6 80794896 USD / lot
LegacyFX
3.49 /5
Read Review
CySEC Regulated BrokersVanuatuUSD 500200:1USD 16 45414Fees Included in Spread
Trading 212
3.47 /5
Read Review
FCA Regulated BrokersUSD 1030:1USD 24 21391800Fees Included in Spread
Trade.com
3.42 /5
Read Review
CySEC Regulated BrokersFCA Regulated BrokersFinancial Services Conduct AuthorityUSD 100300:1USD 19 22155512Fees Included in Spread

How We Score Market Maker Brokers

When we consider which market maker brokers are suitable for recommendation, we always look at the same factors. Each of these factors has the potential to radically alter your trading experience, and it is especially important for new traders to have trading conditions good enough to learn without being wiped out.

Regulation

Regulators ensure that market makers host a fair and transparent trading environment, all the while conducting strict auditing oversight and ensuring client fund protection. Brokers that are regulated by more than one major regulator are considered more trustworthy.

The major regulators are:

These international regulators are respected for their commitment to consumer protection, strong oversight and swift enforcement of sanctions on fraudulent brokers. They also all publish warning lists of unauthorised firms, so it is worth checking these before signing up with a broker:

All market makers regulated by one or more of these regulators will be a fair and secure firm to do business with.

Trading Conditions

It is important to choose a market maker with the trading conditions that will support your trading strategy. Think about how much leverage you want to have available; keeping it low (100:1 or less) is a good idea if you are still learning how to trade. Also, consider what account currencies are supported by the broker and what currency pairs you want to trade, you do not want to be spending a fortune in conversion fees.

Other trading conditions to consider will be how tight the spreads are on the currency pairs you will want to trade, and what other assets are available that you may want to trade. Most Forex brokers will also offer CFD trading on commodities (such as oil, gas, etc.), precious metals (gold, silver, etc.), indices (FTSE, DAX, NYSE) and cryptocurrencies.

Account Types

Consider the different account types on offer at your broker, most market makers offer swap-free Islamic accounts, and all will offer demo accounts to practice with – the best demo accounts are unlimited and exactly simulate the real market.

Other popular account types are copy trading and social trading accounts. These will allow you to copy successful traders, who will then take a cut of your profits. A similar idea is the PAMM (Percentage Allocation Money Management) account, which is a pooled money operation, where the members of the money pool can choose what proportion of their account they want to allocate to a certain trader.

Trading Platforms

It is important to carefully choose a trading platform and find a broker that supports that platform. MetaTrader 4 (MT4) is a safe choice as it’s the industry standard and there is a multitude of online tutorials, though it is gradually being replaced with MetaTrader 5 – which has a more modern look and feel and has many features missing from MT4.

Market makers will not offer cTrader, as this is an ECN-only platform, but many will have their own in-house platforms, most of which are designed with new traders in mind so are easy to learn and have a more intuitive layout.

Broker Fees

We always check for additional broker fees that may be charged and so should you.

Market makers generally make their money from the spread, but some will also charge additional fees to further boost their profits. The most common charge is withdrawal fees, and it is good practice to always ask your broker if and how much they charge for withdrawing from your account. Generally, withdrawals fees are cheaper or non-existent when using online payment systems (such as Skrill) are used for funding your account.

We always highlight any extra fees charged by brokers in our reviews and will penalise brokers with extortionate fees.

Customer Service

Customer service is in your native language is important and many brokers offer full support in multiple languages. The best customer service will be available by live chat, email, messaging apps and over the phone. Many brokers will also offer a call-back service, so you do not have to make expensive international calls.

Good market makers offer customers support 24 hours a day, Monday-Friday and a rare few will also offer weekend service. If you are new to Forex trading you will want a broker with responsive technical support and customer support representatives with an in-depth knowledge of their products and platforms.

Education and Research

Forex education is especially important for new traders, many of the larger market maker brokers offer excellent structured Forex courses for beginners and a few will also have courses covering more advanced topics, like strategies and indicators. If you want to be a successful Forex trader you will never stop learning, so having a broker with excellent educational resources will essential.

Alongside educational support, a good broker will also have an in-house research team offering insightful market analysis on a daily, if not hourly, basis. Some market makers will leave market analysis to third-party companies such as Trading Central or TradingView – while these applications are both very useful, we find that brokers with their own analysis teams often provide better market research ideas and more useful information for new traders.

Final Word

Market makers are often unfairly blacklisted by many members of the Forex CFD trading community; the truth is that well-regulated market makers are an essential part of the Forex market. By committing themselves to be counterparty to any trade they provide much-needed stability, both in terms of liquidity and in terms of market function.

With the current regulations in place, it is also impossible for market makers to work against their clients – even if they wanted to ruin their reputation and open themselves up to arbitrage in this fashion.

It is worth noting that while well-regulated market makers are trusted members of the Forex market and essential for its function, there are many unregulated (or very poorly regulated) market makers that do not behave as ethically. Therefore, it is critical that you always trade with a market maker you trust – one that has a good track record and has oversight from a major regulator.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

Our Methodology

Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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