20 Best DMA Forex Brokers – ( Reviewed ) 2020

DMA Brokers

 

According to research in South Africa, or traders who are looking for the best forex brokers which are also DMA brokers and want to trade with deep liquidity and avoid market makers, this article is the perfect place to start.  Direct Market Access or DMA refers to a trading system whereby traders have direct access to the market through electronic trade executions. What this means is that any traders with access to a DMA Forex broker can easily place trades with liquidity providers in the FX market.

 

A review about Pepperstone
 

 

Pepperstone

 

Pepperstone Limited is an online forex and CFD broker which providers traders with low-cost pricing across all forex, CFDs and commodities.

 

Pepperstone offers a range of online trading platforms which include:

 

  • MetaTrader 4¬†(MT4)
  • cTrader
  • WebTrader
  • Mobile apps for iPhone, Android and tablets

 

Recently, Pepperstone has made the announcement that they will in future also be offering the MetaTrader 5 (MT5) platform.

 

Pros and Cons

 

Pros Cons
Segregates client funds Limited range of instruments
Established in 2010
Regulated by Financial Conduct Authority, UK and ASIC
Min. deposit from $200

 

To open a live account, traders will need to make a minimum deposit of at least $200, alternatively, Pepperstone offers a demo account. Pepperstone also offers traders over 170 different instruments to trade, including over 61 currency pairs.

 

Features

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Mini account Bank Transfer
Offers STP Standard account PayPal
Low min deposit MAM/PAMM account Skrill
Offers Negative Balance Protection Islamic account Payoneer
Neteller

 

Pepperstone supports a wide range of languages including English, Spanish, Polish, Chinese, Japanese, Korean, Vietnamese, and Arabic.

 

A review about FXTM
 

FXTM

 

Leverage:                            1:30 | 1:200

Regulation:                         CySEC, FCA, FSCA

Min. Deposit:                    US$200

HQ:                                        Cyprus

Platforms:                           MT4, MT5

Founded in:                        2011

 

The FXTM or Forex Time company was launched in 2011 with its headquarters situated in Cyprus (Limassol) is also authorized by Financial Conduct Authority and other regulators.

 

Pros and Cons

 

Pros Cons
One of the best Forex Brokers worldwide Withdrawal fee
Regulated by the CySEC and several other Forex authorities High Stocks trading Spread
Numerous industry awards
Low Deposit Requirement
Tight Spreads

 

FXTM offers their clients convenience by means of separate accounts for Forex trading and Invest Accounts in the form of 6 account types.

 

  • Fast Account Opening, fully Digital
  • 6 Account types with ECN and Standard execution
  • Great options for a particular trading style
  • Low Minimum deposit
  • Free deposit

 

FXTM offers good range selection of markets and account features, with trading platforms which include MT4 and MT5.

 

Pros and Cons MT4 MT5

 

Pros Cons
Customer-friendly design No proprietary platform
A comprehensive range of tools
Automated trading capabilities
Clear look and feel report
Industry leading software
Education material and automated strategies available

 

FXTM offers applications for mobile or tablet devices, to access an account at a trader’s personal convenience.  The design is clear and customizable.  The FXTM customer support desk is available 24 hours a day, on regular weekdays via email, telephone and Lice Chat.  FXTM has support centres with dedicated focus on China, India, Indonesia, Malaysia, Nigeria, South Korea and Thailand.

 

A review about easyMarkets
 

EasyMarkets

 

EasyMarkets is an award-winning online forex and CFDs broker providing access to more than 300 global markets to clients to clients in over 160 countries.  EasyMarkets Is the Best Forex Broker for Beginners and is regulated by CSEC (Cyprus) and ASIC (Australia) and offers beginner forex traders:

 

  • Enhanced risk management tools as standard
  • Fixed spreads on all forex pairings
  • An easy to use forex trading platform

 

Available assets:  Forex, CFDS, Vanilla Options, Bitcoin, Ripple, Ethereum

Platforms:  EasyMarkets Platform, EasyMarkets Trading App, MetaTrader4

 

EasyMarkets accounts start from $100 and a global customer service team is available 24 hours a day via mail, phone or live chat in Arabic, Chinese, English, French, Italian, Polish, Spanish.

 

A review about Alpari
 

Alpari

 

Alpari offers the latest MT5 software coupled with solid features without a freezing or downtime. Alpari also offer instant order execution with Nano, Standard accounts, and market execution with their ECN accounts and comes with multiple timeframes, order types and many technical indicators for technical analysis. There is a news feed built in to keep track of any news during trading and a PAMM account for investors are also on offer with an app where traders can keep track.

 

Features

 

  • Supports:¬†MT4 & MT5 with multi device support
  • Minimum deposit:¬†‚ā¶0
  • Leverage:¬†1:1000
  • Trading Instruments:¬†46 Forex pairs, Cryptocurrency, CFDs on Indices

 

Alpari offers customers support in multiple languages including English, Spanish, Portuguese, Indonesian and many more.

 

A review of XTB
 

XTB

 

XTB is a trusted multi-asset broker regulated in several major financial centres and provides a well-rounded, competitive offering including excellent customer service and the xStation 5 trading platform.  XTB was founded in 2002 and is publicly-traded and regulated in one tier-1 jurisdiction, making it a low-risk broker for forex and CFDs trading. XTB is the top choice for 230,000+ Forex traders globally.

 

Features

 

Feature XTB
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 49
CFDs – Total Offered 1894
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

 

XTB offers traders a Standard (for UK and Ireland residents only) and a commission-based Pro account and each account will come with its own execution method and spread model, in terms of commissions and fees.  The xStation 5 is the primary platform offering alongside the full MetaTrader 4 suite. Since xStation 5 does not support automated trading, MT4 must be used. A Mobile trading option is also on offer.

 

Traders can reach customer service in multiple languages, including some minor ones like Hungarian or Romanian.

 

A review about IQ Option
 

IQ Option

 

Founded in:                        2013

Headquarters:                   Cyprus

Regulation:                         CySEC

Platforms:                           In-House Platform

Leverage:                            1:30 and/or 1:1000

Minimum Deposit:          USD$10

 

IQ Option is a broker developed under the IQ Option Europe company which was founded in 2013. IQ Option contains a CySEC license Cyprus Securities and Exchange Commission from Cyprus, with permission to provide its financial services within the European Economic Area zone, with several licenses from other EU local jurisdictions. IQ Option offers its clients services in binary options, stocks and shares, currencies, and ETF trading.

 

Pros and Cons

 

Pros Cons
Regulated by the Cyprus Securities and Exchange Commission (CySEC) Does not provide MT4 and MT5 trading platforms
Easy and convenient method of opening an account Not available for traders in the US, Canada, Australia, Japan, and other countries
Wide range of trading instruments
No deposit and withdrawal fees

 

The IQ Options trading platform and website are available to traders in thirteen different languages and allows traders to choose the currency to trade with. The selections of currencies are: GBP, RUB, EUR, IDR, USD, MUR, and Yuan.

 

One of the major plus points of IQ Option is the customer service which available 24/7 through email, live chat or via telephone. For traders who want to speak or search in their native language, IQ Option has also translated their website and offers customer support in a dozen different languages including Vietnamese, Mexican and Portuguese.

 

A review of FP Markets
 

FP Markets

 

FP Markets is a global, online broker which was founded in 2005 and offer Forex trading and has a head office situated in Australia.

When starting off with FP Markets traders will need to make a minimum deposit of $100 and a demo account is on offer with a wide variety of instruments and currency pairs on offer.

 

Over 100 instruments and over 60 currency pairs in total is on offer, on the popular MT4 forex trading platform.  FP Markets also offers traders mobile apps for Android and iOS.

 

FP Markets Trading benefits include:

 

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Offers Negative Balance Protection

 

FP Markets Trading Accounts Offered include: Demo, Mini, Standard, ECN, STP, Managed and Islamic and all accounts support a wide range of languages including English, Spanish, Portuguese, Romanian, Bulgarian, Arabic, Russian, French, Italian, Greek, Philippines, Latvian, Polish, Indonesian, Thai, Malay, German, Vietnamese.

 

A review about eToro
 

eToro

 

eToro is a leading social trading platform for trading major financial markets including stocks, forex and cryptocurrencies.  eToro is a well-known social trading broker which was established in 2007 and is considered safe because its regulated by top-tier financial authorities, FCA, ASIC and CySEC, and it is a well-known fintech start-up.

 

Pros and Cons

 

Pros Cons
Used by 6,000,000+ traders Doesn’t allow scalping
Established in 2006 Inactivity Fee
Regulated by Financial Conduct Authority, CySEC, ASIC Limited range of instruments
Min. deposit from $200

 

eToro offers over 1,083 different instruments to trade, including over 47 currency pairs.

 

Features

 

Trading Features: Accounts offered: Funding methods:
Offers STP Demo account Credit cards
Low min deposit Micro account Bank Transfer
Mini account PayPal
Standard account Skrill
Islamic account Payoneer
Neteller

 

eToro supports a wide range of languages including English, German, Spanish, French, and Italian.

 

A review of RoboForex
 

Roboforex

 

Roboforex are an online, global broker which was founded in 2009 and offers traders Forex and CFDs trading.  When starting off with Roboforex traders will need to make a minimum deposit of $1 and there is an option available for a demo account for those who would like to get acquainted with the platform.

Roboforex can accommodate various levels of traders, from experienced to beginner, and they can trade a wide variety of instruments and currency pairs.  Roboforex offers over 100 instruments and over 35 currency pairs in total.

 

Roboforex offers traders both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform developed for traders.   Roboforex also offer mobile apps for Android and iOS.

 

Benefits

 

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit

 

Roboforex Trading Accounts include ‚Äď Demo, Micro, Mini, Standard, Zero, ECN, STP and Islamic and all accounts support a wide range of languages including English, Chinese Simplified, Chinese Traditional, Indonesian, Malaysian, and much more.

 

Read 27 ūü•á Best Forex Brokers with stop losses – ( Reviewed ) 2020

 

A review about Admiral l Markets Review
 

Admiral Markets

 

Admiral Markets is an online broker which was founded in 2001 and offers Forex and CFDs trading, is globally recognized and has a head office based in the UK.  Traders will need a minimum deposit of $200 to start and can sign up for a demo account to in over 148 instruments and over 40 currency pairs.

 

Benefits

 

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Offers Negative Balance Protection

 

Admiral Markets Trading Accounts Offered:

 

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • ECN account
  • STP account

 

Admiral Markets offers both of the MetaTrader platforms; MT4 and MT5 and mobile apps for Android and iOS.

 

A review about Swissquote
 

Swissquote

 

For traders who require a multi-asset solution and are willing to pay a premium, Swissquote is worth a consideration. Swissquote was founded in 1996, is publicly-traded (SIX: SQN) and regulated in four tier-1 jurisdictions, making it a low-risk for forex and CFDs trading alike.

 

Swissquote was the first bank in the world to add the trading of underlying cryptocurrencies (non-CFDs), including bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple.

 

Features

 

Feature Swissquote
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 78
CFDs – Total Offered 52
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual Yes
Cryptocurrency traded as CFD No

Platforms on offer include their exclusive platform suite, Advanced Trader (desktop and web versions), the full MetaTrader suite (MT4 desktop, MT4 web, and MT5) is available as an alternative.  Swissquote’s Advanced Trader mobile app is easy to use and cleanly designed.

 

A review about Saxo Bank
 

Saxo Bank

 

For traders who can afford the USD 10,000 minimum deposit (GBP 500 for the UK), Saxo Bank offers traders competitive pricing, excellent trading platforms, excellent research, steadfast customer service, and over 40,000 instruments to trade.  Saxo Bank was founded in 1992, and it is a regulated bank and licensed in six tier-1 jurisdictions, making it a safe broker (low-risk) for forex and CFDs trading.

 

Saxo Bank is an exclusive broker, and therefor requires a large USD 10,000 minimum deposit (GBP 500 for the UK, SGD 3,000 for Singapore) to open an entry-level “Classic” account. Saxo Bank’s Platinum and VIP accounts require USD 200,000 and 1,000,000, respectively. If a broker can get past the stiff deposit, the entire Saxo Trader client experience is unquestionably brilliant and worth the price paid. Alongside access to trading 40,000 instruments, Saxo Bank offers reliable customer service and excellent pricing across the board.

 

Saxo Bank’s branded trading platforms SaxoTraderGO (web) and SaxoTraderPRO (desktop) sets industry benchmarks with streamlined designs and robust trading tools on offer.

 

A review about Forex.com
 

Forex.com

 

FOREX.com delivers an excellent trading experience for both forex and CFDs traders alike. With competitive pricing, full-feature trading platforms, comprehensive market research, and a robust mobile app, FOREX.com caters to traders of all experience levels, from beginner to pro.

 

FOREX.com is publicly-traded and regulated in four tier-1 jurisdictions, making it low-risk for forex and CFDs trading alike.  FOREX.com has earned Best in Class (top 7) awards for numerous categories in 2020, including Offering of Investments, Commissions & Fees, Education, Professional Trading, Crypto Trading, Ease of Use, and Overall.

 

Features

 

Feature FOREX.com
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 91
CFDs – Total Offered 4500
Social Trading / Copy-Trading No
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

 

FOREX.com‚Äôs pricing structure is competitive and easy to understand, provides forex traders everything they need, and more, to trade effectively through platforms and tools on offer, which include ‚Äď Advanced Trading, Web Trading and MetaTrader.

 

A review of IC Markets
 

IC Markets

 

IC Markets was founded in 2007 and International Capital Markets Pty Ltd (IC Markets) was established in Sydney and acquired an Australian Financial Services License (AFSL) with the Australian Securities and Investment Commission (ASIC) in 2009 and is considered average-risk.

 

Features

 

Feature IC Markets
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 63
CFDs – Total Offered 41
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

 

IC Markets offers three account types in which trading costs vary from commission-free on the Standard account to commission-based pricing on the True ECN and cTrader accounts and IC Markets provides a mobile version of all the platforms it offers, including MetaTrader 4 and MetaTrader 5 and cTrader, all of which come standard for iOS and Android.

 

A review on OctaFX
 

OctaFX

 

OctaFX (Cyprus) is a Forex and CFD broker which offers its clients two account types and a choice of two great platforms.

 

Benefits

 

Trading account  Recommended deposit Max. leverage*  Spread (+ commission)  Platform
Conservative Trader ¬†‚ā¨100 1:30 0.5 pips MT5
Progressive trader ¬†‚ā¨100 1:30 0.3 pips + $6 /lot cTrader

 

OctaFX was founded in 2011 and is an international award-winning forex brokerage with an excellent reputation and many years of experience.  Octa FX offers its clients a choice of two trading platforms: MetaTrader 5 (MT5) and cTrader.

 

A review about AxiTrader
 

Axitrader

 

Axitrader is an online broker which was founded in 2007 and offers Forex, CFDs and Social Trading, is a global broker and has a head office situated in Australia with no minimum deposit needed to get started plus a demo account is on offer.

 

Axitrader is able to accommodate various levels of traders and offers the MT4 forex trading platform plus mobile apps for Android and iOS, respectively.

 

Axitrader Trading benefits include:

 

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit

 

Axitrader Trading Accounts on Offer include Demo, Micro, Mini, Standard, ECN, STP and Islamic and support is offered in a wide range of languages including English, Chinese, Spanish, German, Japanese, Russian, Romanian, and Arabic.

 

A review of IG Group
 

IG

 

IG offers traders a wide-ranging list of tradeable products, outstanding trading and research tools, industry-leading education, and competitive rates.

 

Is IG Safe?

 

IG is considered low-risk, and is a publicly traded company which operates a regulated bank, and is authorised by six tier-1 regulators (high trust), three tier-2 regulators (average trust), and one tier-3 regulator (low trust). IG is authorised by the following tier-1 regulators.

 

Commissions & Fees

 

IG provides traders competitive pricing across the board, regardless of the product chosen to trade.

 

  • Average spreads:For small and standard size contracts, minimum spreads on the EUR/USD were 0.6 pips, average spreads were 0.73 pips, for the end of November, 2019.

 

  • Active traders:For volume traders who qualify as professionals under EU rules, IG offers even more competitive rates on its commission-based offering, Forex Direct.

 

  • Execution method:Forex Direct streams from interbank liquidity providers where IG acts as an agency broker ‚Äď not adding on any additional spread. IG adds a commission to each trade made.

 

Platforms & Tools

 

IG provides an outstanding offer of trading platforms and tools.

 

Flagship platform: IG’s main trading platform is its proprietary web-based platform with usability at the centre of the experience.

 

Charting: The default charts within the platform offers traders advanced functionalityincluding the ability to add an alert on a specific indicator, with a total of 28 studies available to select.

 

Additional platforms:  IG offers the MetaTrader4 (MT4) platform and a L2 Dealer platform where Forex Direct and Direct Market Access (DMA) are available for share trading.

 

ProRealTime charts:   Via the ProRealTime premium charting more advanced charting with nearly 100 indicators is provided.

 

Customer Service

 

  • Average Connection Time:<1 minute
  • Average Net Promoter Score:7 / 10
  • Average Professionalism Score:2 / 10
  • Overall Score:17 / 10
  • Ranking:8th in¬†23 brokers

 

IG provides traders a large selection of quality market research from both in-house and third-party providers plus, a mobile app that comes packed with plenty of features.

 

Mobile app features include:

 

  • Tools:Alerts, sentiment readings, an economic calendar, watch lists, detailed market information and a well-designed layout.
  • Charting:The charting function is loaded with 28 technical indicators and drawing tools.
  • Research:News content and signals from AutoChartist.
  • MetaTrader:MetaTrader is also available for traders who prefer the MT4 mobile app.

 

IG offers traders powerful research tools, competitive spreads and over 17,000 tradeable assets.

 

Lesser know but still mention worthy Direct Market Access (DMA) Forex Brokers include:

 

A review of Darwinex
 

Darwinex

 

Established:                       2012

Location:                             UK

Regulation:                        FCA

Offices:                                London, Madrid

Broker Type:                      STP | DMA

Leverage:                            up to 1:30

Deposit:                               from 500 USD

Spreads:                              Low

Platforms:                           MetaTrader 4, MetaTrader 5, Social Platform

Instruments:                      Currencies, Crypto, Indices, Metals, Energies, Stocks

 

A review of Advanced Markets
 

Advanced Markets

 

Established:                       2006

Location:                             Cayman Islands

Regulation:                        ASIC

Offices:                                Camana Bay, North Carolina, New York, London

Broker Type:                      STP | DMA

Leverage:                            up to 1:100

Deposit:                               from 2500 USD

Spreads:                              Low

Platforms:                           Web MetaTrader 4 Specific

Instruments:                      Currencies, Crypto, Indices, Metals, Energies, Stocks

 

JFD Brokers Review
 

JFD Markets

 

Established:                       2011

Location:                             Germany, Cyprus, Vanuatu

Regulation:                        BaFin, CySEC, VFSC

Offices:                                Munich, Ludwigsburg, Limassol, Port Vila, Varna

Broker Type:                      STP | DMA

Leverage:                            up to 1:400 (1:30 for EU clients)

Deposit:                               from 500 USD

Spreads:                              Mid

Platforms:                           Web, MetaTrader 4, MetaTrader 5, Specific

Instruments:                      Currencies, Crypto, Indices, Metals, Energies, Softs Stocks

 

Read 22 ūü•á Best Forex Brokers that accept PayPal – ( Reviewed ) 2020

 

In Conclusion

 

The fact that there is no dealing desk to deal with means that traders have better flexibility and access to the very best price quotes.  The prices that they receive through DMA are not subject to any further mark-up and slippage is not a factor when a trader is receiving quotes through DMA.  In the end, the spread through DMA is typically much lower which makes it good for many traders, particularly scalpers, according to research in South Africa.

 

Frequently Asked Questions

 

What is DMA trading?

It is a term in the financial markets that is used to describe electronic trading facilities that provide investors with a way to invest directly in the market via electronic trade executions.

Who are the best DMA forex brokers?

Here is a list of 20 Best DMA Forex Brokers

How is DMA calculated?

Add up the closing price of the stocks for several time periods. Divide this total by the number of the time periods.

What is a 200 DMA level?

In essence, it is a line that represents the average closing price of a stock over the last 200 days

Why is 200 DMA important?

It helps you to see the overall price trend in a stock.

 

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