Best DMA Brokers In 2025
A Direct Market Access (DMA) broker allows traders to place orders directly onto the exchange order book without interference from a dealing desk, offering full transparency and real-time market depth.
This makes DMA brokers especially suitable for active traders who require fast execution, tight spreads, and precise control over their short-term trades.
After running hands-on tests, we’ve reviewed, rated and ranked the top DMA brokers.
Top 6 DMA Brokers 2025
We have personally tested 227 brokers and these are the 6 best DMA brokers:
Why Are These Brokers the Best for DMA Trading?
Here's a snapshot of why these are the top true Direct Market Access providers:
- Interactive Brokers is the best DMA broker in 2025 - During our hands-on tests, Interactive Brokers delivered institutional-grade DMA with unmatched order book depth, rapid execution, and ultra-low slippage, even in volatile markets. Commissions varied by volume but averaged $2–$3 per lot. Its SmartRouting system ensured top-tier fills, making it ideal for high-frequency and professional traders demanding precision and control.
- FOREX.com - When we tested FOREX.com, true DMA access was only available via their DMA account (not standard platforms). Execution was fast with full order book visibility, and spreads were raw with commissions starting at $6 per lot round turn. Ideal for professional, high-volume traders prioritising transparency and direct market interaction.
- Optimus Futures - Established in 2004, Optimus Futures specializes in low-cost, customizable futures trading. It provides access to a growing suite of around 70 futures markets spanning micro E-minis, energies, metals, grains, and cryptos. With commission tiers starting at $0.25 per side for micros and the option to choose your own clearing firm (e.g. Ironbeam, StoneX, Phillip Capital), the brokerage offers flexibility. Optimus Futures has also introduced excellent features like multi-bracket orders and journaling, giving active traders more control.
- Dukascopy - When we evaluated Dukascopy, its true DMA offering stood out with direct order book access and deep liquidity on forex and CFDs. Execution was ultra-fast, with spreads as low as 0.1 pips and commissions of around $3.50 per lot per side. Slippage was minimal, making it a top choice for high-volume, transparency-focused traders.
- Zacks Trade - In our last tests, ZacksTrade provided DMA-style access primarily for US equities, with deep order book visibility and fast execution. Commissions started at $0.01 per share, competitive for high-volume stock traders. While focused on equities rather than forex, its transparency and liquidity made it strong for serious day traders seeking direct market interaction.
- IC Markets - When we tested IC Markets’ Raw Spread account, DMA-style execution felt seamless, with tight spreads of 0.0 pips, $3.50 per lot per side, and deep liquidity across major pairs. Order fills were near-instant with minimal slippage, even during news spikes. Direct order book interaction gave high-volume traders excellent control and transparency.
How Safe Are These DMA Trading Providers?
Here's how the best DMA brokers protect your capital and provide a secure trading environment:
| Broker | Trust Rating | Guaranteed Stop Loss | Negative Balance Protection | Segregated Accounts |
|---|---|---|---|---|
| Interactive Brokers | ✘ | ✔ | ✔ | |
| FOREX.com | ✘ | ✔ | ✘ | |
| Optimus Futures | ✘ | ✘ | ✔ | |
| Dukascopy | ✘ | ✔ | ✔ | |
| Zacks Trade | ✘ | ✘ | ✘ | |
| IC Markets | ✘ | ✔ | ✔ |
Are the Top DMA Brokers Good for Advanced Traders?
Advanced traders demand raw spreads, exchange-level access, and precision execution - here’s who delivers:
| Broker | Automated Trading | VPS | AI | Pro Account | Leverage | Low Latency | Extended Hours |
|---|---|---|---|---|---|---|---|
| Interactive Brokers | Capitalise.ai, TWS API | ✘ | ✔ | ✘ | 1:50 | ✔ | ✔ |
| FOREX.com | Expert Advisors (EAs) on MetaTrader | ✔ | ✔ | ✘ | 1:50 | ✔ | ✘ |
| Optimus Futures | TradingView Pine Script, API Features | ✘ | ✘ | ✘ | - | ✘ | ✘ |
| Dukascopy | Yes (EAs & FIX APIs) | ✘ | ✘ | ✘ | 1:200 | ✔ | ✘ |
| Zacks Trade | Yes (algos) | ✔ | ✘ | ✘ | - | ✘ | ✘ |
| IC Markets | Expert Advisors (EAs) on MetaTrader, cBots on cTrader, Myfxbook AutoTrade | ✔ | ✘ | ✘ | 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global) | ✔ | ✘ |
Compare Trading Fees
See which DMA brokers offer the lowest trading costs based on our documented fees:
| Broker | Cost Rating | Fixed Spreads | Inactivity Fee |
|---|---|---|---|
| Interactive Brokers | ✘ | $0 | |
| FOREX.com | ✘ | $15 | |
| Optimus Futures | ✘ | $0 | |
| Dukascopy | ✘ | CHF 100 | |
| Zacks Trade | ✘ | $15 | |
| IC Markets | ✘ | $0 |
How Popular Are These DMA Account Brokers?
Many traders gravitate toward the most widely used DMA brokers - those with the highest trust and client numbers:
| Broker | Popularity |
|---|---|
| Interactive Brokers | |
| FOREX.com | |
| Dukascopy | |
| IC Markets |
Why Trade With Interactive Brokers as Your DMA Broker?
"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."
Christian Harris, Reviewer
Interactive Brokers Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies |
| Regulator | FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM |
| Platforms | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, TradingView, eSignal, TradingCentral, ProRealTime, Quantower |
| Minimum Deposit | $0 |
| Minimum Trade | $100 |
| Leverage | 1:50 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF |
Pros
- There's a vast library of free or paid third-party research subscriptions catering to all types of traders, plus you can enjoy commission reimbursements from IBKR if you subscribe to Toggle AI.
- The new IBKR Desktop platform takes the best of TWS while adding bespoke tools like Option Lattice and Screeners with MultiSort to create a genuinely impressive trading experience for day traders at every level.
- IBKR continues to deliver unmatched access to global stocks with tens of thousands of equities available from 100+ market centres in 24 countries, most recently the Saudi Stock Exchange.
Cons
- You can only have one active session per account, so you can’t have your desktop program and mobile app running simultaneously, making for a sometimes frustrating trading experience.
- IBKR provides a wide range of research tools, but their distribution across trading platforms and the web-based 'Account Management' page lacks consistency, leading to a confusing user experience.
- TWS’s learning curve is steep, and beginners may find it challenging to navigate the platform and understand all the features. Plus500's web platform is much better suited to new traders.
Why Trade With FOREX.com as Your DMA Broker?
"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
FOREX.com Quick Facts
| Bonus Offer | VIP status with up to 10k+ in rebates - T&Cs apply. |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, Stock CFDs, Futures, Futures Options |
| Regulator | NFA, CFTC |
| Platforms | WebTrader, Mobile, MT4, MT5, TradingView |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:50 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN |
Pros
- FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
- The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
- With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.
Cons
- Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
- Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.
- FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
Why Trade With Optimus Futures as Your DMA Broker?
"Optimus Futures is best for active futures day traders who want low per-contract costs and the flexibility to build a custom trading setup across platforms like Optimus Flow, TradingView, and Sierra Chart. Its fast order-routing, low day trading margins, depth-of-market and footprint analysis tools, plus the ability to select your own clearing firm, make it especially suited to high-volume traders focused on U.S. and global futures markets."
Optimus Futures Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Futures on Indices, Metals, Energies, Softs, Bonds, Cryptos, Options on Futures, Event Contracts |
| Regulator | NFA, CFTC |
| Platforms | Optimus Flow, Optimus Web, MT5, TradingView |
| Minimum Deposit | $500 |
| Minimum Trade | $50 |
| Account Currencies | USD |
Pros
- Optimus Futures has expanded its suite of software, with a variety of futures trading platforms, including its own Optimus Flow, CQG, MetaTrader 5, and TradingView, making it easy to find the right fit for charting, order management, and execution.
- The brokerage provides the flexibility to choose your clearing firm, including Iron Beam, Phillip Capital, and StoneX, allowing for direct control over where your funds are held and the associated transaction costs - helpful for customizing the futures trading setup.
- Optimus Futures stands out with ultra-low day trading margins on micro futures, starting at just $50 per contract and a $100 minimum balance, giving small accounts serious buying power.
Cons
- There are limited payment options and no toll-free numbers for international support, while withdrawals cost $20 to $60, potentially making frequent withdrawals costly for active traders.
- Live chat support is handled entirely by a bot, so despite several attempts in our tests, it wasn't possible to get access to a human agent, which can be frustrating when urgent or complex questions arise.
- There's no true 'all-in-one' account management dashboard - key functions like risk settings, software downloads, and subscriptions are split across different sections or platforms, so it required extra digging to set everything up during testing.
Why Trade With Dukascopy as Your DMA Broker?
"If you’re an experienced trader, Dukascopy provides the tools you need: JForex for algorithmic strategies, competitive spreads from 0.1 pips, leverage up to 1:200, and the peace of mind of using a Swiss-regulated bank and broker."
Dukascopy Quick Facts
| Bonus Offer | 10% Equity Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Crypto, Bonds, Binary Options |
| Regulator | FINMA, JFSA, FCMC |
| Platforms | JForex, MT4, MT5 |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:200 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, ZAR, TRY, SEK, NOK, DKK, CHF, HKD, SGD, PLN, CZK, AED, SAR, HUF, MXN |
Pros
- The proprietary JForex platform is highly advanced, offering tools for algorithmic trading, extensive charting, and access to deep liquidity for short-term traders.
- Dukascopy offers tight spreads starting from 0.1 pips, leverage up to 1:200 (depending on the jurisdiction), and volume-based commissions that reward high-frequency traders.
- Dukascopy features some of the best research we’ve seen, even a professional TV studio in Geneva covering financial news, market analysis, and daily insights from professionals.
Cons
- Some account types, such as the MT4/MT5 accounts, require a higher minimum deposit of $1,000, which may not be ideal for traders with smaller budgets.
- While JForex is feature-rich, it has a steep learning curve, making it less suitable for beginner traders who might prefer simpler platforms.
- While Dukascopy provides some educational resources and 24/7 support, the complexity of its platforms and tools required extensive testing and may overwhelm newer traders.
Why Trade With Zacks Trade as Your DMA Broker?
"Zacks Trade will suit active day traders with experience using powerful platforms. Fees and margin rates are low while the market research is excellent."
Tobias Robinson, Reviewer
Zacks Trade Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Stocks, ETFs, Cryptos, Options, Bonds |
| Regulator | FINRA |
| Platforms | Own |
| Minimum Deposit | $2500 |
| Minimum Trade | $3 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, TRY, SEK, NOK, DKK, CHF, HKD, SGD, RUB, PLN, CZK, HUF |
Pros
- Comprehensive research and data
- Customizable proprietary trading platform and mobile app
- Demo account
Cons
- Shortcomings regarding platform loading times and technical glitches
- No MT4 or MT5 platform integration
- No forex, commodities or futures trading
Why Trade With IC Markets as Your DMA Broker?
"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."
IC Markets Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto |
| Regulator | ASIC, CySEC, FSA, CMA |
| Platforms | MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade, Quantower |
| Minimum Deposit | $200 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global) |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- IC Markets secured DayTrading.com's 'Best MT4/MT5 Broker' in 2025 for its seamless, industry-leading MetaTrader integration, refined over years to maximize the platform experience.
- As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.
- IC Markets offers fast and dependable 24/5 support based on firsthand experience, particularly when it comes to accounts and funding issues.
Cons
- While IC Markets offers a selection of metals and cryptos for trading via CFDs, the range is not as extensive as brokers like eToro, limiting opportunities for traders interested in these asset classes.
- There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.
- Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.
Which DMA Broker Has The Fastest Execution?
In our DMA testing, Pepperstone (via cTrader), IC Markets, and TopFX consistently delivered near-instant execution with minimal slippage, even during volatile market conditions.
- IC Markets stood out with raw spreads from 0.0 pips and ultra-low latency fills – ideal for scalpers and high-frequency traders.
- TopFX impressed with lightning-fast fills, deep liquidity, and low commissions ($2.75/lot per side), offering serious value for intraday traders.
- Pepperstone’s DMA model via cTrader was one of the most consistent for execution speed, especially during news events.
Which DMA Brokers Offer Full Order Book Visibility For True Market Depth?
True DMA trading requires Level 2 (depth of market) access, and several brokers in our tests delivered:
- Interactive Brokers offered institutional-grade depth and ultra-low slippage, powered by SmartRouting and broad exchange access.
- Dukascopy gave us full order book transparency across forex and CFDs, with fast execution and minimal slippage, even during particularly volatile market conditions.
- IG’s L2 Dealer platform provided excellent order book detail for equities and select CFDs, making it great for traders who need granular control over entries and exits.
By contrast, brokers like TMGM and LiteFinance offered solid ECN-like performance, but lacked full DMA transparency, somewhat limiting their appeal for advanced order book-dependent strategies.
How DayTrading.com Chose The Best Brokers For Direct Market Access
To identify the top direct market access brokers, we shortlisted trusted providers and specifically evaluated their DMA execution.
Our experienced trading team opened accounts to test for true DMA access, focusing on critical elements for active and short-term traders, such as:
- Order book visibility (Level 2 market depth)
- Order routing transparency and control
- Execution speed and reliability
- Commission structure and spreads
- Slippage during high-volume periods
- Platform support for DMA (e.g., cTrader, L2 Dealer, TWS)
The result is a clear breakdown of the best DMA brokers for active traders who need pro-grade execution.
How To Pick A DMA Broker
There are plenty of DMA brokers that you can choose from, though there are a few factors to consider before determining which is the best one for you:
Robust Technology
Since DMA works by connecting you directly to top liquidity providers, it’s important that your broker offers technology that can facilitate fast order routing.
For example, IG uses its L2 Dealing platform for DMA trading of forex and shares. Saxo also uses NY4, LD4 and TY3 data centres and more than 25 tier 1 liquidity providers to ensure you get the best possible DMA prices within the interbank market.
Interactive Brokers also offers SmartRouting technology for all orders, whether they are marketable or not.
Market Access
Not all DMA brokers will offer every market, so check this before you sign up.
IG allows CFD shares and share dealing with over 12,000 instruments, plus forex CFDs with over 80 pairs.
Another popular DMA broker, Admiral Markets, also offers a huge range of over 4,000 assets, including stocks, bonds, ETFs and cryptocurrencies.
Costs
As DMA accounts are usually designed for large or institutional traders, it can be possible to negotiate commission rates with your broker.
This, of course, depends on the relationship you have with them, or your expected trading volume. Many brokers we’ve tested also offer reasonable discounts for certain trading volumes.
Make sure to take note of any minimum account opening requirements too. IG, for example, requires a $1,000 minimum funding for the L2 Dealer account.
Regulation
Traders should be aware of any forex scams or non-reputable brokers who claim to offer DMA pricing. Brokers with licenses from trusted regulators like the SEC in the US, FCA in the UK and ASIC in Australia, will generally offer you greater peace of mind as well as protection for your funds.
Top forex and CFD brokers, IC Markets and FP Markets, are both regulated in multiple jurisdictions, including Australia and Cyprus.
What Is A DMA Broker?
A (direct market access (DMA) broker uses a non-dealing desk (NDD) execution model that allows you to place buy and sell orders directly onto order books.
As such, active traders enjoy greater visibility of the market whilst interacting with financial market exchanges directly.
This differs from over-the-counter (OTC) dealing whereby prices are quoted through a network of intermediaries (market makers).
DMA doesn’t rely on the aggregation of orders over-the-counter and therefore traders can choose their prices.
Direct market access is not to be confused with two other NDD business models: straight-through processing brokers, known as STP, and electronic communication network brokers, known as ECN. Let’s explore the key differences of these types of providers below:
STP
In this model, orders are routed to the broker’s liquidity providers (hedge funds, banks and big investors) which act as the counterparty to your trades.
These providers will compete for the best bid/ask spreads, on which the broker then charges a markup.
In some cases, DMA can be provided as a separate benefit of an STP model, where orders are passed directly to the liquidity pool at the best possible price.
ECN
Electronic communication network (ECN) technology acts as more of a hub for liquidity sources.
Whilst STP can select which liquidity providers they can deal with from their liquidity pool, ECN brokers are connected to a range of anonymous networks where there are no direct contracts.
ECN brokers generally make money from commissions, rather than bid/ask spreads or markups, meaning traders get ultra-tight floating spreads.
ECN trading is often capped at a 0.1 minimum lot size, as there are few liquidity providers who allow less. This explains why ECN trading is less accessible for inexperienced traders.
Pros Of Using A DMA Broker
- Comparatively low trading costs – Compared to OTC models, the costs of trading with DMA is usually lower because there is no manual intervention; the broker merely acts as an agent.
- Market transparency – There is an equal playing field between participants and greater anonymity with DMA. This means you can essentially see other traders’ movements in the market, from which you can help gauge market sentiment.
- Competitive pricing – Prices are derived from numerous banks, exchanges and liquidity providers, making them more competitive than OTC.
Cons Of Using A DMA Broker
- Less suitable for small traders – DMA is generally best suited to active traders who deal in large volumes because of the complexity and risks involved.
- Strict rules – Since DMA is heavily regulated, trading becomes less flexible than OTC trades. Repeat dealing is often restricted with DMA and deals can be rejected if you are trading outside the usual market size. In addition, once an order has been executed, you cannot reverse or change it.
- Complex – There is possibly an increased risk as DMA investors are empowered to become market makers when they deal directly into the order books of liquidity providers.
Bottom Line
Whilst the DMA business model can offer greater transparency, visibility and competitive pricing, the strict rules of DMA trading means greater complexity and risk.
If you’re a serious trader, use our ranking of the top brokers for direct market access to get started.