Compare the best NDD forex brokers in 2025 with quick picks and detailed reviews. Learn STP vs ECN, spreads vs commissions, leverage and who each broker fits.
In simple terms, an NDD broker tries to pass your order to the market (or to liquidity providers) instead of running a traditional “dealing desk” that manually controls pricing and execution. Non-dealing desk brokers often use STP (Straight Through Processing) and/or ECN (Electronic Communication Network) execution to route orders.
Quick pick
- Best overall for simple costs + ultra-high leverage: FXGlory
- Best fixed-spread NDD alternative with very high leverage: Capitalcore
- Best beginner-friendly fixed-spread NDD option: UnitedPips
If you like fixed spreads, no commission on trades, and very high leverage, these three stand out in this list. They also keep pricing easy to understand, which is a big deal for new traders.
7 best NDD brokers Comparison
This table gives you a fast overview. Then, below, you will find detailed reviews and a “who should pick what” guide. (Tip: if you are new, pay special attention to the fixed spread + no commission brokers.)
Sources for key specs in this comparison are included in the broker reviews below (for example: Account types and trading conditions, account details, and account benefits).
What is an NDD broker?
NDD stands for No Dealing Desk. A no dealing desk broker does not run a traditional dealing desk that creates its own internal price and then chooses whether to accept your order. Instead, an NDD broker usually connects you to external pricing (from liquidity providers) and routes trades using STP, ECN, or a mix of both.
This matters because a dealing desk (often called a “market maker”) can be the other side of your trade. With a non-dealing desk setup, the broker’s job is closer to “matching” and “routing” rather than “taking” your trade. In practice, many brokers are hybrid, but NDD execution is still popular because it can reduce conflicts of interest and may reduce re-quotes.
STP vs. ECN (easy explanation)
- STP (Straight Through Processing): the broker routes your order straight to liquidity providers. Prices come from outside, and there is no dealing desk intervention when the trade is processed.
- ECN (Electronic Communication Network): a network where prices come from many participants (banks, liquidity providers, other traders). You often get very tight “raw” spreads, but you usually pay a commission.
How NDD brokers make money
An NDD broker still needs to earn money. Most do it in one (or both) of these ways:
- Spread markup: the broker adds a small markup to the spread.
- Commission: the broker charges a fixed fee per lot (common on ECN-style accounts).
That is why you will see two “styles” of NDD pricing in this article: fixed-spread, commission-free accounts (easy for beginners) and raw-spread + commission accounts (often used by scalpers and active traders).
How to choose best No Dealing Desk (NDD) broker
Not every “NDD” label means the same thing. Some brokers offer NDD execution on certain accounts but not others. So the best approach is to focus on clear, practical checks.
Step 1: Decide what “pricing style” you want
- If you want simple costs: look for fixed spreads, no commission, and (if you prefer) swap-free accounts. This is where FXGlory, Capitalcore, and UnitedPips shine.
- If you want the tightest spreads for short-term trading: look for raw spreads with a clear commission model (IC Markets, Pepperstone, FXOpen, Dukascopy).
Step 2: Check execution quality (the real point of NDD)
The goal of an NDD broker is usually fewer re-quotes and faster execution. A strong broker will execute your trades very quickly with the least possible number of requotes.
Step 3: Match leverage to your risk level
Some traders want high leverage because the higher the leverage, the less money they need to lock as margin, which keeps them further away from reaching the stop-out (SO) level. But you should always remind yourself that high leverage can multiply your trading power and strength. FXGlory, with leverage of 1:3000, is at the top of this list.
7 best NDD brokers Detailed Reviews
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FXGlory — Best NDD Broker Overall
FXGlory is our number one pick because it combines three things many traders want in one place: very high leverage, fixed spreads, and no commission on trades—while also having a No Dealing Desk Execution (NDDE) in its trading conditions. It has also been operating since 2011, which is a long run in the online trading world.
Why FXGlory stands out in an NDD broker list
- Leverage up to 1:3000: FXGlory promotes leverage up to 1:3000, and its account table shows “leverage up to 1:3000” on the Standard account.
- 50% deposit bonus: FXGlory highlights a 50% deposit bonus, and its account table lists a 50% bonus rate.
- Fixed spreads: FXGlory states that fixed spreads remain the same regardless of underlying market conditions.
- $0 trading commission: its account types table lists “Commission 0 USD” across all account tiers.
- Swap-free accounts: FXGlory states “All accounts are swap free,” and its trading conditions page discusses swap-free (Islamic) accounts.
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Multiple platforms: FXGlory offers MT4, MT5, and its own GloryTrader platforms.
What “No Dealing Desk Execution (NDDE)” means at FXGlory
FXGlory’s trading account conditions page describes No Dealing Desk Execution (NDDE) as processing orders “without the dealer” and giving direct access to the market, aiming for the best price with liquidity providers, and executing orders without long queues and re-quotes. Simply, the broker says it can run trades through a non-dealing desk execution flow.
Markets you can trade
FXGlory focuses on popular retail markets such as forex, cryptocurrencies and commodities/metals
Costs
- You pay the spread: All of their spreads are fixed at all market conditions, which can make planning easier for beginners.
- You do not pay a trading commission: You will pay no commissions on any trading account.
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You can choose swap-free trading: All of their trading accounts are swap-free.
Platforms and tools
If you like MetaTrader, FXGlory supports both MT4 and MT5. If you prefer a broker-built interface, GloryTrader Classic, Pro, and Mobile are designed for trading forex, metals, and crypto with enhanced built-in tools like watchlists and indicators.
Pros
- Very high leverage options (up to 1:3000).
- Fixed spreads that aim to stay predictable.
- $0 commission on all account.
- Swap-free accounts are available by default.
- MT4, MT5, and GloryTrader platform choices.
- Long operating history (since 2011).
Cons
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Very high leverage increases risk. A small price move can trigger a margin call or stop out if position size is too large.
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IC Markets — Strong NDD “raw spread” choice for active traders
IC Markets is a well-known broker among scalpers and algorithmic traders because it focuses on raw spreads and fast execution. On its Raw Spread Account page, IC Markets says its pricing is offered with no dealing desk, no price manipulation, and no re-quotes. That is a clear “NDD style” statement.
What you need to know (simple summary)
- Raw spread + commission: IC Markets gives an example of an average EUR/USD spread of 0.1 pips and a commission of $3.50 per lot per side on the Raw Spread Account.
- ECN pricing model language: in its help center, IC Markets describes itself as offering an ECN pricing model and passing on prices with no dealing desk intervention.
- Designed for active styles: the Raw Spread Account is described as built for day traders, scalpers, and expert advisors.
Pros
- Clear “no dealing desk” positioning for raw pricing accounts.
- Good fit for scalping and automated trading (based on how they describe the environment).
- Deep liquidity and fast execution claims (helpful for short-term trading).
Cons
- Pricing is less “simple” than fixed spreads: you pay a commission, and spreads change with market conditions.
- Leverage and conditions can vary based on the entity and your location (IC Markets lists up to 1:500 on the Raw Spread account page).
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Capitalcore — High leverage NDD broker with fixed spreads (strong choice)
Capitalcore is a newer broker compared to others on this list, but it is designed around very helpful criteria: high leverage, fixed spreads, and low costs. It has been in the market since 2019. Why Capitalcore is one of the best NDD brokers for fixed-spread traders:
- Direct market access with no dealing desk execution: Capitalcore offers “Direct Market Access” with “no dealing-desk interference.” That is exactly what traders look for in an NDD broker.
- Leverage up to 1:2000: Capitalcore offers 1:2000 leverage on its accounts, even on metals like gold, which is rare in the industry.
- Fixed spreads: Capitalcore provides fixed spreads on all of their accounts at all times and they never widen.
- Swap-free accounts: All accounts offered by Capitalcore are swap-free.
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Commission-free trading: There are no commissions to pay for trading any asset or using any account type at Capitalcore.
What you can trade
Capitalcore promotes several CFD markets, including forex, metals, indices/futures CFDs, stocks CFDs, and crypto CFDs.
Platforms
Capitalcore provides its own platform options such as a Classic Trading Platform, a Pro Trading Platform, and a Mobile Trading Platform. That makes it a good fit if you prefer broker-built software designed to provide the best possible client experience.
Pros
- Very high leverage up to 1:2000.
- Fixed spreads designed to stay predictable.
- Swap-free accounts across all account types.
- Clear “no dealing-desk interference”.
- Proprietary platforms including mobile.
Cons
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As with any high-leverage broker, risk management is critical.
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UnitedPips — Strong Beginner-Friendly NDD Broker
UnitedPips is the best broker that focuses on keeping costs simple and it's easy to see why.They have been operating since 2016 and have always operated as an NDD broker.
Why UnitedPips makes this “best NDD brokers” list
- High leverage: Leverage up to 1:1000
- Fixed spreads: Spreads are fixed across all account levels
- No commission on trades: There is no commission on any trade
- Swap-free accounts: All available trading accounts are swap-free
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Proprietary platform suite: Access to its “classic, pro, and mobile” trading platforms on both desktop and mobile
What you can trade
UnitedPips positions its platform as useful for forex, metals, and cryptocurrency markets.
Costs
- Fixed spreads: you know your base trading cost before you click buy/sell.
- No commission on trades: helpful if you place many small trades.
- Swap-free by default: Helpful if you want to hold positions without overnight swap charges.
Pros
- Very high leverage headline (up to 1:1000).
- Fixed spreads.
- No commission on trades.
- Multiple proprietary platforms including mobile access.
Cons
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As always: high leverage increases the chance of fast losses.
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Pepperstone — Popular non-dealing desk broker with deep liquidity
Pepperstone is widely known in the forex/CFD space and clearly explains the difference between dealing desk and non-dealing desk brokers. In its own educational content, Pepperstone says non-dealing desk brokers source and aggregate prices from third-party liquidity providers and pass the best available price on to clients. It also describes that it uses a non-dealing desk approach for more transparent pricing.
Why Pepperstone can be a good NDD pick
- Strong emphasis on liquidity providers and aggregated pricing.
- On its cTrader page, Pepperstone highlights “no dealing desk intervention” and points to strong execution metrics (fill rate).
- Good platform variety (including cTrader and MetaTrader options on its site navigation).
What to keep in mind
Pepperstone’s pricing and leverage can depend on the specific entity you register with and your jurisdiction. Also, because many Pepperstone accounts are designed around tight variable spreads, it may feel less “simple” than fixed spread brokers for brand-new traders.
Best for
Pepperstone is best for traders who want a well-known non-dealing desk setup, strong platform choices, and liquidity-provider based pricing—especially if they are comfortable with variable spreads and account-based fee structures.
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FXOpen — ECN/NDD broker option for traders who want transparent routing
FXOpen markets its ECN trading offering as a No Dealing Desk (NDD) setup, which is one of the clearest signs a broker is aiming for an agency-style execution model.
Why it made the list
- Explicit “No Dealing Desk (NDD)” wording on its ECN materials.
- ECN-style accounts are often favored by traders who want market-based spreads and clear commissions.
Best for
FXOpen is best for traders who specifically want an ECN/NDD approach and prefer a “raw spread + commission” style, rather than fixed spreads.
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Dukascopy — Long-standing ECN broker with no dealing desk execution
Dukascopy is known for ECN trading infrastructure. On its own “About” style pages, it states it operates with no dealing desk, makes no re-quotes, and executes trades automatically on its ECN.
Why it made the list
- No dealing desk language + ECN execution claims on its official materials.
- Appeals to traders who want an ECN environment and are comfortable with commissions and market-based spreads.
Best for
Dukascopy is best for traders who want a broker that emphasizes ECN execution and no dealing desk routing—even if it means a more “professional” fee structure that is less beginner-friendly than fixed spreads.
Which NDD broker should you pick?
Here is the simplest way to choose. Start with your trading style and your comfort level with fees.
If you want the most beginner-friendly cost structure
Pick a broker where you can easily answer: “How much does this trade cost me?” before you click. There are three strongest fixed-spread options:
- Choose FXGlory if you want the strongest mix of features: very high leverage (up to 1:3000), a 50% deposit bonus, fixed spreads, $0 commission, swap-free accounts, and multiple platform choices.
- Choose Capitalcore if you want fixed spreads that are designed not to widen, very high leverage (up to 1:2000), and a broker-built platform with mobile access.
- Choose UnitedPips if you want fixed spreads, no commission on trades, a swap-free option, and leverage up to 1:1000, all packaged in a simple proprietary platform suite (classic, pro, and mobile).
FAQs
Are NDD brokers always better than dealing desk brokers?
Yes. An NDD broker reduces conflicts of interest, and improves execution quality.
Are STP brokers and NDD brokers the same?
STP is a type of NDD. Many education sources describe STP brokers as a form of non-dealing desk broker because orders are routed out without dealing desk intervention. ECN is another form of NDD.
Can an NDD broker have fixed spreads?
Yes, in this list you can see that FXGlory, UnitedPips, and Capitalcore offer fixed spreads, and they are among the best NDD brokers for traders who are looking for low fees.
Which is best for beginners: fixed spreads or raw spreads?
Most beginners find fixed spreads easier because costs feel predictable, and they do not need to add a separate commission calculation. That is why FXGlory, Capitalcore, and UnitedPips are the strongest “starter picks” in this list.
Final takeaway
If you want the shortest path to a clear decision, start with the top three: FXGlory (best overall), Capitalcore (fixed spreads + high leverage + NDD wording), and UnitedPips (simple fixed spreads + no commissions + high leverage).
Published by:
Thomas Wallace