NDD Forex Brokers

In forex trading, there are various brokers, No Dealing Desk, or instead, NDD being one of them. The best thing with this type of broker is that they offer excellent trading transparency, unlike most other brokers. This article explains much information regarding No Dealing Desk in forex by outlining the best NDD Forex Brokers in the industry. However, let us first look at what NDD trading is.

What is a No Dealing Desk Broker?

An NDD broker is a type of broker that allows its traders to directly access the interbank foreign exchange market without passing via a dealing desk. NDD brokers work alongside banks and other major players in the market to generate relatively competitive bids and ask FX traders for prices. They usually charge for either spread or commission or both.

NDD brokers are categorized into two major parts. They include:

• Straight Through Processing, STP provides traders with direct access to the market’s banks and other liquidity providers. Basically, as an STP trader, you are trading against a bank or a broker.
• Electronic Communications Network, ECN; ECN brokers work just like the STP brokers, only that they allow their clients to trade amongst each other. Thus, you might be trading against a bank, broker, or another trader.

The best thing about trading with NDD brokers is that they provide relatively higher transparency. Since the broker does not act as a middleman, NDD traders feel like they are being offered more reliable service, unlike an FX Company. Some ECN brokers will even allow the traders to trade with the money in their bank accounts as long as they promise to pay even if the trade fails.

How does an NDD work?

No Dealing Desk forex traders work directly alongside market liquidity providers, whereby the trader deals with several liquidity providers to get competitive bids and ask prices. NDD traders can usually access instant executable rates, especially when using ECN methods.

A direct interbank market deal has two implications:

• Spreading of the currency rate size
• Additional trade cost amount

Best NDD Forex-Brokers

EXNESS

The forex broker was started in 2008 in Cyprus, United Kingdom. The UK FCA regulates it. The platform supports mobile trading with each of the various accounts coming with a demo account.

EXNESS provides the traders with VPS servers, trading signals, and a web-supporting platform. It has designed three exceptional accounts to assist you in meeting your trading preferences. The accounts include:

• Mini trading account
• Classic account
• Demo account

The various accounts have distinctive features that will undoubtedly prove worthy to their respective holders.

The mini trading account is designed to assist beginners and small-scale traders as it charges a low minimum deposit of $1. Its features include:

• Quick market execution
• Allows a stop ode command
• Supports wire transfer and e-currency deposits
• Does not charge commissions
• Starts spreading at 0.3

The classic account is designed for expert traders, and it charges a minimum deposit of $2000. Its features are sophisticated, unlike those of the mini trading account. The features include:

• Does not charge commissions on all trades
• 1 to 2000 leverages
• Supports e-currency and wire transfer deposits
• Lucrative spreads starting at 0.1
• Unlimited position numbers
• Supports the stop order command
• Allows clients to access the interbank market
• Quick market execution

The demo account is designed to introduce non-experienced traders to forex trading. In this account, the potential traders can learn about execution trades and get a chance to execute virtual trades. A demo account is the initiation tool that connects clients who want to trade on the mini and classic accounts.

EXNESS supports trading platforms such as mt4 web, MetaTrader 4, MetaTrader 5, and mobile platforms. Withdrawals are unlimited, and they can be made through MasterCard. Skrill, Neteller, and visa.

RoboMarkets

The NDD broker was launched in 2012 in Cyprus, Germany. The broker provides the clients with a VPS server, OCO orders, trading signals, and a web-based trading platform. It supports trading platforms such as MetaTrader 4, MetaTrader 5, R Trader, and RoboMarket Terminals.

You can open five different trading accounts with RoboMarkets. These accounts include:

Pro-standard; designed for experienced traders and always have a healthy trading competition. The account does not charge trading commissions and has features like:

• 5-digit quotes
• Floating spread
• Market execution mode

 Pro-cent; suitable for beginners and have features like:

• Lucrative order volumes
• 5-digit quote
• Floating spreads
• Market execution mode

ECN-Pro NDD; designed for proficient traders who prefer low spreads and quick trade executions. Features include:

• Market execution mode
• 5-digit quotes
• No Dealing Desk
• Floating spreads

Prime; suitable for traders who prefer forward-looking characteristics. It provides the same trading conditions, just like liquidity providers. Features include:

• No Dealing Desk
• Floating spreads
• Market execution mode
• 5-digit quotes

Demo account; the account assists inexperienced traders to gain some knowledge before engaging in the actual trade. Features include:

• No deposit
• Works like real accounts
• Has expert advisors

InstaForex

InstaForex was started in Russia in 2007. It provides the clients with a web-based platform, VPS server, and API capabilities. The broker ensures that the traders enjoy lucrative trading opportunities and that the trades are executed expertly.

The best thing about InstaForex is that it offers 24/7 customer support to its clients. The broker offers two categories of trading accounts, standard and eurica. These accounts are then each sub-divided to insta and cent.

Thus, the overall trading accounts categories are Insta. Standard, Cent.Standard, Insta.Eurica, and Cent. Eurica trading accounts. Features of the Insta.Standard trading accounts include:

• No charges
• Standard trading terms
• Fixed spread paid once
• Allows change on trading leverage

The Insta.Eurica trading accounts have features such as:

• Zero spreads
• Good for beginners

The Cent.Standard and Cent.Eurica has the same features that include:

• No deposit risks
• Allows a minimum trade volume
• A Micro Forex lot volume of 0.0001

MetaTrader 4 is the broker’s central trading platform though you can also trade through other platforms like IFX Option Trade and WebTrader 5.

Factors to Consider When Choosing an NDD Broker

Regulatory Compliance

Ensure that your desired brokers are regulated before trusting them with your trades. The most reliable NDD brokers are registered with at least two regulatory authorities.

Fund Safety and Access

Reliable NDD brokers will guarantee safety for your funds by providing means to keep them safe. In addition, an ideal broker will provide you with the most accessible means of accessing these funds.

Data Security

Opening an FX trading account requires the client to provide a lot of personal information. There might be a significant loss if this information is hacked. Thus, an ideal NDD broker should ascertain reliable security measures to protect sensitive information.

NDD Brokerage Knowledge and the Compatible NDD Systems

You must understand the trade type you will work with, No Dealing Desk in this case. You must know the number of funds required for this type of trade. Most importantly, it would help if you understood the pros and cons of the particular NDD brokers. NDD trading employs two systems, ECN and STP; thus, choose the best one for you.

Execution Cost

In the forex market, trading costs are high as they influence the trades’ long-run returns. The best NDD broker will not charge any commission on the trades as they make profits through offering wide spreads. Understand the various brokers’ agreements before settling for a trade.

Trading Platform

Your ideal broker should employ effective and efficient trading platforms as they play an essential role in FX trading. The used trading platforms should use friendly to offer the clients more straightforward navigation. In addition, consider going for the broker who uses popular trading platforms such as MetaTrader 4 and MetaTrader 5.

Conclusion

This article will certainly teach you much concerning the best NDD brokers. It will assist you in narrowing it down to the best and popular brokers. Besides, the considerations included will assist you in determining the best NDD broker to work with.