STP Forex brokers


The list of STP brokers and trading conditions

(No Dealing Desk + STP)

STP Forex brokers is the most diverse group when it comes to trading conditions.
Ranging from STP brokers who act almost like a Market maker, to STPs who offer advanced DMA trading.

While all STP brokers offer No Dealing desk (NDD) trading and Straight Thought Processing (STP), which eliminates conflict of interests, there are 3 factors that stand them apart:

-Order execution type
-Number of liquidity providers
-spreads
STP BrokerPlatfrom executionSpreadsSTP available on accountsNumber of Liquidity providers
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1BillionForexInstant & Market executionfixed & variableAll accounts30
24FXInstant & Market executionfixedAll accounts2
3TG BrokersInstant & Market executionfixed & variableAll accounts70+
5StarsForexInstant & Market executionfixed & variableAll accounts18
AAAFx Market executionvariableAll accounts3
AAFX TradingMarket executionfixed & variableAll accounts10
Abshire-SmithInstant & Market executionfixed & variableAll accounts12
AccentForexInstant & Market executionfixed & variableSTP accounts5+
ACFXMarket executionvariableSTP accounts2
ACM GoldMarket executionfixedAll accounts1
Admiral MarketsMarket executionvariableAll accounts12
ADS Securities LondonMarket executionvariableAll accounts30
ActivTradesMarket executionvariableInterbank accounts2
Advanced MarketsMarket executionvariableAll accounts11
AFX CapitalMarket executionvariableAFX Classic accounts5
AGM MarketsMarket executionvariableAll accounts2
AJAJ GroupInstant executionfixed & variableAll accounts2
Alfa FinancialInstant & Market executionfixedAll accounts5
Alpha Capital MarketsInstant executionfixed & variableAll accounts14
ALVAST TRADEMarket executionvariableAll accounts20
AMFXInstant executionfixedAll accounts10
AmigaFXInstant executionfixedAll accounts2
Araxo4xInstant & Market executionfixed & variableAll accounts15
AssetsFXInstant & Market executionvariableAll accountsLMAX
ATC BrokersInstant & Market executionvariableAll accountsFXCM
Atom8Instant & Market executionvariableAll accounts1
AxioryMarket executionvariableAll accounts8
AxiTraderMarket executionvariableAll accounts14
BCapitalsFXMarket executionvariableAll accounts25
BelforFxInstant & Market executionfixed & variableAll accounts30
Blackwell GlobalInstant & Market executionfixed & variableAll accounts12
BlackBull MarketsMarket executionvariableAll accounts22+
Boston PrimeMarket executionvariableAll accounts12
BTFXMarket executionvariableAll accounts1
BulbrokersInstant & Market executionfixed & variableAll accounts10
Bulls And Bears ForexInstant executionfixedAll accounts10
Bulls And Bears Forex UKInstant executionfixedAll accounts1
Bulls Capital MarketsMarket executionvariableAll accounts4
Capital Trust MarketsInstant & Market executionfixed & variableAll accounts14
Caesar TradeInstant & Market executionvariableAll accounts?
CAPPROFXInstant & Market executionvariableAll accounts5
CFD1000Instant & Market executionfixed & variableAll accounts10
CFH ClearingInstant & Market executionvariableAll accounts1
CM TradingMarket executionvariableAll accounts70
CommexFXInstant executionvariableAll accounts2
Core Liquidity MarketsMarket executionvariableAll accounts15
ContinentalFXInstant & Market executionfixed & variableAll accounts10
DartTraderInstant & Market executionfixed & variableAll accounts10
DarwinexMarket executionvariableAll accountsLMAX
Direct FXMarket executionvariableAll accounts17
Divisa CapitalMarket executionvariableAll accounts12
DQFXInstant & Market executionfixed & variableAll accounts16
EightCapMarket executionvariableAll accounts10
ELEXMarket executionvariableAll accounts20
Elit4x UKInstant & Market executionvariableAll accounts1
eToroInstant executionfixedAll accountsRetailFX
Euro Pacific BankMarket executionvariableAll accounts5
FBSInstant & Market executionfixed & variableAll accounts10+
IV BrokersInstant & Market executionfixed & variableAll accounts15+
FeelTradeInstant executionfixed & variableAll accounts30
FidelisMarket executionvariableAll accounts10+
FinFXMarket executionvariableAll accounts15
Finpro TradingMarket executionvariableAll accounts16
FIPFX GLOBALInstant & Market executionvariableAll accounts10
FirewoodFXInstant executionfixedAll accounts2
Forex Broker IncInstant & Market executionfixed & variableAll accounts3
Forex ClubInstant executionfixed & variableActTrader7-10
Forex FSInstant & Market executionvariableAll accounts4
Forex4youInstant & Market executionfixed & variableAll accounts2
Forex.eeMarket executionvariableAll accounts6+
Forex RallyInstant & Market executionfixed & variableAll accounts1
FormulaFXInstant & Market executionfixed & variableAll accounts12
Fortress CapitalInstant executionfixed & variableAll accounts30
FreshForexInstant & Market executionfixed & variableAll accounts4
FW MarketsMarket executionvariableAll accounts3
FX Money WorldInstant & Market executionfixed & variableAll accounts4
FX NextMarket executionvariableAll accounts<20
FXCHInstant executionfixedAll accounts8
Fort FinancialInstant & Market executionfixed & variableAll accounts8
FX-EDGEMarket executionvariableAll accounts5-7
FXCMMarket executionvariableAll accounts10+
FXFairMarket executionvariableAll accounts25
FxGloryInstant & Market executionfixedAll accounts5
FXGMInstant executionfixedAll accounts”no "
FxNetMarket executionvariableAll accounts2
FXOpen UKMarket executionvariableAll accounts15
FXOptimaxInstant & Market executionfixed & variableAll accounts>5
FXPRIMUSInstant executionfixed & variableAll accounts5-10
FXTG (ForexTG)Instant executionfixed & variableAll accounts15 bank
FxTrader360Instant & Market executionvariableAll accounts6
FXtradeweb (FXTW)Market executionvariableAll accounts20
GAINSYMarket executionvariableAll accounts20
Gallant Capital MarketsMarket executionvariableMini accounts & standard accounts15
GCI FinancialInstant executionfixedAll accounts10
GDMFXInstant & Market executionfixed & variableAll accounts15
GIFXMarket executionvariableAll accounts4
GKFXPRIMEInstant & Market executionfixed & variableAll accounts5
Global Prime ForexMarket executionvariableAll accounts15
Golden TangentMarket executionvariableAll accounts3
Goldstein BrokersMarket executionvariableAll accounts9
Grand CapitalInstant & Market executionvariableAll accounts3
HeartForexMarket executionvariableAll accounts4
Hirose Financial UKInstant & Market executionfixedAll accounts10
HiWayFXMarket executionvariableAll accounts2
HotForexMarket executionvariableAll accounts6
IamFXMarket executionvariableAll accounts2
iClickNTradeMarket executionvariableAll accounts 12
IC MarketsMarket executionvariableSTP accounts2
IFC MarketsMarket executionfixedAll accounts5
IKON GroupInstant & Market executionfixed & variableAll accounts30
IKON MarketsInstant & Market executionvariableAll accounts15-20
InstaForexInstant executionfixedAll accountsnot disclosed
InvastMarket executionvariableAll accounts30
InvestTechFXInstant executionfixedAll accounts1
InvestorseuropeMarket executionvariableAll accounts15 bank
IronFXInstant executionvariableAll accounts2
IsikFXInstant executionfixedAll accounts10
Juno MarketsMarket executionvariableAll accountsnot disclosed
JustForexInstant & Market executionfixed & variableAll accounts1
Key To MarketsMarket executionvariableAll accounts20
KGI Ong CapitalMarket executionvariableAll accounts10
KRCNZMarket executionvariableAll accounts3
LAND-FXInstant & Market executionvariableAll accounts5+
LiderForexInstant executionvariableAll accountsFXCM
LiteForexInstant & Market executionfixed & variableAll accounts21
LMAXMarket executionvariableAll accounts4
LCGMarket executionvariableAll accounts10
Lucror FXInstant executionvariableAll accountsnot disclosed
Mandus InvestInstant executionfixedAll accountsODL
MaxFXInstant executionvariableAll accounts1
MAYZUSInstant & Market executionfixed & variableSTP accounts2
MBCFXInstant executionfixed & variableAll accounts20
MTN-FXInstant executionfixed & variableAll accounts2
MTradingInstant & Market executionfixed & variableAll accounts5+
MXT GlobalMarket executionvariableAll accounts30
NAS BrokerInstant & Market executionfixed & variableAll accounts2
NimrodFXInstant & Market executionfixed & variableAll accounts5
Nord FXInstant & Market executionfixed & variablestandard accounts18+
NSFXInstant & Market executionfixed & variableAll accounts2
OctaFXMarket executionvariableAll accounts10
One Financial MarketsInstant & Market executionfixed & variableAll accounts8
OloFxMarket executionvariableAll accounts10
PaxForexInstant executionvariableAll accounts5
PepperstoneMarket executionvariableAll accounts22
Pacific FinancialInstant & Market executionfixed & variableAll accounts12
ProfiforexInstant & Market executionfixed & variableAll accounts3
Real ECNMarket executionvariableAll accounts2
Real-ForexMarket executionvariableAll accounts10
Renesource CapitalMarket executionvariableClassic accounts26
Royal Forex TradingInstant & Market executionfixed & variableAll accounts15
RoboForexInstant & Market executionfixed & variableAll accounts16
Rubix FXMarket executionvariableAll accounts15
SaudiQuoteInstant & Market executionvariableAll accounts9
Sensus Capital MarketsMarket executionvariableAll accounts10
Seven Star FXInstant & Market executionvariableAll accounts6
Sterling Gent TradingMarket executionvariableAll accounts30+
Solforex
Market executionvariableAll accounts10
Sun Hung Kai ForexMarket executionvariableAll accountsnot disclosed
SpartanFXInstant executionvariableAll accounts5
StoxMarketInstant executionfixed & variableAll accounts2 to 10
STOCK.comInstant & Market executionfixedAll accounts35+
Sucden FinancialInstant & Market executionvariableAll accounts15
SunbirdMarket executionvariableAll accounts5
Super Hot ForexInstant & Market executionfixed & variableAll accounts2
SVSFXMarket executionvariableAll accounts
Sword CapitalInstant & Market executionfixed & variableAll accounts5
TaipeiFXMarket executionvariableAll accounts17
TFX MarketsMarket executionvariableAll accounts15
TeleTradeMarket executionfixedAll accounts10
ThreeTradesInstant executionfixedAll accounts
ThinkForexMarket executionvariableAll accounts70
TopFXMarket executionvariableAll accounts11
TradenextMarket executionvariableAll accounts2
Trader's WayInstant executionvariableSTP accounts18
Traders TrustMarket executionvariableSTP accounts4
TradersChoiceFXInstant & Market executionfixed & variableSTP accounts1
Tradestation SecuritiesMarket executionvariableAll accounts23
TradeviewMarket executionvariableAll accounts10
Trading 212Instant & Market executionfixed & variableAll accounts5
TradingBanksInstant executionfixed & variableAll accounts
TrioMarketsMarket executionvariableAll accounts20
Trust CapitalInstant executionfixedAll accounts3
UFXInstant executionfixedAll accounts1
UpFXInstant & Market executionvariableAll accounts10
UPME GroupInstant & Market executionfixed & variableAll accountsnot disclosed
V2FXInstant & Market executionfixed & variableAll accounts2
Valbury CapitalMarket executionvariableAll accountsnot disclosed
ValutradesInstant executionfixed & variableAll accounts11
Vantage FXInstant & Market executionvariableAll accounts70
Varengold Bank FXInstant & Market executionvariableAll accounts10+
Velocity TradeMarket executionvariableAll accounts8
Venice BanksMarket executionvariableAll accounts18
Vinson FinancialsMarket executionfixed & variableAll accounts5
VommaInstant & Market executionfixed & variableAll accounts10
WH SelfInvestMarket executionvariableAll accounts15
Windsor BrokersInstant & Market executionvariableDynamic STP accountsnot disclosed
xCFDMarket executionvariableAll accounts5
XGLOBAL MarketsMarket executionvariableAll accounts30
XTB UKInstant & Market executionfixed & variableAll accounts1
YouTradeFXInstant executionfixedAll accounts60
ZAR FXInstant & Market executionvariableAll accounts5+

No Dealing Desk – means STP

Any Forex broker that doesn’t run a dealing desk nowadays is called an “STP broker”.

But STP brokers can be different:

Broker A – a no dealing desk IB (introducing broker) who simply passes all client orders to the Prime broker – calls it “STP”
Broker B – a no dealing desk broker, who fills client orders himself using Instant execution, and then immediately (and automatically, without human intervention) offsets 100% of those orders with own liquidity providers – calls it “STP”
Broker C – a no dealing desk broker, who passes all client orders directly to the liquidity providers using Market execution – calls it “STP”

What kind of STP is each one of these brokers?

QUICK BASICS

STP – Straight Though Processing – means that there is no dealing desk involved in quoting & controlling market prices (no market making), but instead all orders are passed through to Liquidity Providers (other brokers and banks), where they are executed at the bid/ask rate given by those Liquidity Providers.

So, an STP broker with no dealing desk will direct all orders to Liquidity Provider(s). What happens next?

A Liquidity Provider (LP) always acts as a Principal and a Conterparty to your trade. An LP takes the other side of your position, while looking to make profits by closing this position later in a trade with another party.
(Same as with ECN brokers, who pass your trades to an ECN pool, where other liquidity providers – banks, hedge funds, brokers, investors – become a counterparty to your trade).

Thus, in the end your order always meets a Liquidity Provider, who is a final Counterparty to your trade.

3 ESSENTIAL COMPONENTS of an STP

There are 3 essential components that will help you to learn more about any STP broker:

1. Depth of the liquidity pool (number of liquidity providers)
2. Type of the spread (fixed or variable)
3. Type of execution (instant or market)

1. Liquidity providers and Depth of the liquidity pool. Why it matters?

Unlike ECN brokers who send orders to ECN liquidity pools with a large number of liquidity providers trading on the Interbank, an STP broker has it’s own “internal liquidity pool”, which consists of a smaller predetermined number of liquidity providers – only those with whom an STP broker has signed a business contract. Those Liquidity providers will then compete for providing the best bid/ask rates for orders coming from an STP broker.

The more there are liquidity providers in the system – the deeper is the liquidity pool.

It’s worth mentioning that if an STP broker has only one Liquidity Provider (LP), there will be no price competition among LPs, and therefore it’ll be equal to just adding yet another “middleman” into the trading. These days Forex brokers try to have more than one liquidity provider to be able to offer deeper liquidity, better bid/ask quotes and, as a result, lower spreads.

2. STP spreads: fixed vs variable?

STP brokers nowadays are known to offer both types of spreads: fixed and variable.

An STP broker with variable spreads works in a way similar to ECN model (but inside its own internal liquidity pool): while liquidity providers compete to offer the best bid/ask prices, an STP broker will pick the best Bid price from one liquidity provider and the best Ask price from another liquidity provider and deliver the best current spread to own clients (+ own small mark-up, which allows an STP broker to earn its profit).

An STP broker with fixed spreads won’t adjust spreads for the clients based on the lowest bid/ask prices offered by Liquidity providers. The spreads will remain fixed all the time.

If an STP broker has only 1 liquidity provider, this Liquidity Provider will act as a single counterparty to all client trades. In this case traders are at the mercy of the liquidity provider, who decides which prices to quote and when.

If there are several liquidity providers, but the spreads remain fixed, this means that an STP broker uses its own back-office price matching engine, which ensures that a broker is able to make profits on spread difference. To do that, a client is charged a fixed spread, which is higher than the best available rate a broker can get from the LP(s). A broker then earns on the spread difference while immediately hedging this trade with an LP at a better rate.

3. Instant vs Market execution?

As practice shows, when it comes to reading about trading advantages on brokers’ sites, the term “Instant execution” can be used differently:

Version 1: “Instant execution” in reference to the speed of order execution: fast, instantaneous order processing.
Version 2: “Instant execution” in reference to the method of order execution: an execution technology used on the trading platform. (Traders can find it in the order window when they open/close positions).

We’re interested in the second definition – “Instant execution as the method of platform order execution”.

Instant execution means that the order won’t go to the market (it’ll be instantly filled by your broker).
Market execution means the order will go to the market (where it’ll be filled based on available quotes from the liquidity providers).

STP brokers who offer Market execution provide true Direct Market Access (DMA) trading to their clients.

Summary

A summary – conditions comparison – for all STP brokers:

Fixed spreads:Spreads quotes come from the broker, or from just 1 liquidity provider

Variable spreads:Quotes come from several liquidity providers, with spreads generated based on the best bid/ask quotes from liquidity providers

Instant execution:Client orders are filled by the broker, who then may (or may not) offset own risks with liquidity providers – therefore it’s a less transparent model

Market execution:Client orders go to the market, where they are filled by liquidity providers – more transparent model

One liquidity provider:No price competition, one liquidity provider controls the width of the spreads

Several liquidity providers:Liquidity providers create price competition, which results in better spreads for the clients.

InstaForex

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