The STP broker businesses model has several benefits for retail forex traders vs ECN and dealing desk brokers. In this review, we’ll discuss the meaning of STP and its pros and cons. We also list the best STP brokers for forex and CFD trading.
Top 6 STP Brokers
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- Demo account
- Platforms: xStation
- Min. deposit: $0
75% of accounts lose money when trading CFDs with this provider. -
- Demo account
- Regulator: FCA, ASIC, CMVM , FSCA, SCB, FSA
- Platforms: TN Trader, MT4, TradingView
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- Demo account
- Instruments: CFDs, Forex, Indices, Shares, Commodities
- Regulator: ASIC, CySEC, FSCA, FSC
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- Demo account
- Regulator: CySEC, MISA
- Platforms: MT4, MT5
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- Demo account
- Regulator: FCA, ASIC, FSCA, VFSC, CIMA
- Min. deposit: $50
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- Demo account
- Platforms: MT4, MT5, TradeLocker
- Min. deposit: $50
Learn how we test brokers and why you can trust our ratings.
Here is a short summary of why we think each broker belongs in this top list:
- XTB 4.8/5 Founded in 2002 in Poland, XTB now serves more than 1 million clients. The forex and CFD broker combines a heavily regulated trading environment with an extensive selection of assets and a commitment to trader satisfaction, featuring an intuitive in-house platform with superb tools to support aspiring day traders.
- Trade Nation 4.4/5 Trade Nation is a top FX and CFD broker regulated in multiple jurisdictions including the UK and Australia. The firm offers low-cost fixed and variable spreads on 1000+ assets with robust trading platforms and training materials. The Signal Centre can also be used for trade ideas.
- FBS 4.3/5 Founded in 2009, FBS is an award-winning CFD broker operating in over 150 countries with a client base exceeding 27 million traders. Traders are supported at every stage of their journey with 24/7 assistance, market analytics, trading calculators, and competitive pricing with zero commissions.
- FXCC 4.6/5 FXCC is an established broker that’s been offering low-cost online trading since 2010. Registered in Comoros Union and regulated by the CySEC, it stands out for its ECN trading conditions, no minimum deposit and smooth account opening that takes less than 5 minutes.
- Vantage 4.7/5 Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to millions of clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.
- Plexytrade 3.9/5 Established in 2024 and headquartered in Saint Lucia, Plexytrade is an ECN/STP broker. Geared towards active traders, it supports four account options, crypto deposits and withdrawals, plus very high leverage up to 1:2000 made possible by its unregulated status.
Community Sentiment
See how users rate these brokers based on the average customer ratings submitted on DayTrading.com, plus ratings from Trustpilot, the Apple App Store and Google Play.
| Broker | Our Users' Rating | Trustpilot Score | Trustpilot Reviews | iOS App Rating | Android App Rating |
|---|---|---|---|---|---|
| XTB | 2946 | ||||
| Trade Nation | 2156 | ||||
| FBS | 10200 | ||||
| FXCC | 221 | ||||
| Vantage | 15680 | ||||
| Plexytrade | 95 |
XTB
XTB stands out as a top choice for new day traders with the terrific xStation platform, low trading costs, no minimum deposit, and excellent educational tools, many of which are seamlessly integrated into the platform.
Christian Harris, Reviewer
XTB quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs on shares, Indices, ETFs, Raw Materials, Forex currencies, cryptocurrencies, Real shares, Real ETFs
- Regulator
- FCA, CySEC, KNF, DFSA, FSC, SCA, CMF, Bappebti
- Platforms
- xStation
- Minimum Deposit
- $0
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP
Pros
- XTB has boosted its interest rate on uninvested balances and added zero-fee ISAs (On ETFs and real shares, or 0.2% with transactions over €100k) for UK clients with a huge range of markets available.
- First-class 24/5 customer support is available, including a friendly live chat with response times of under two minutes during testing.
- With an excellent range of educational materials, including training videos and articles integrated into the platform, XTB supports traders at all levels.
Cons
- XTB discontinued support for MT4, limiting traders to its proprietary platform, xStation, potentially deterring advanced day traders familiar with the MetaTrader suite.
- The research tools at XTB are good but could be great if they went beyond in-house features with access to leading third-party tools such as Autochartist, Trading Central and TipRanks.
- The demo account expires after just four weeks, a serious limitation for traders who wish to thoroughly test the xStation platform and practice short-term strategies before committing real funds.
Trade Nation
Trade Nation suits discretionary traders who want to speculate on major indices like the US 500 or liquid FX pairs, and want the predictable all-in costs of fixed spreads. In tests, we found the fixed-spread TN Trader environment particularly useful for trading around scheduled economic releases owing to its reliable charting environment and because published spreads stayed capped.
Christian Harris, Reviewer
Trade Nation quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Indices, Shares, Commodities, Futures, Bonds, Spread Betting (UK and Ireland only), Cryptos (Bahamas entity only)
- Regulator
- FCA, ASIC, CMVM , FSCA, SCB, FSA
- Platforms
- TN Trader, MT4, TradingView
- Minimum Deposit
- $0
- Minimum Trade
- 0.1 Lots
- Account Currencies
- USD, EUR, GBP, AUD, ZAR, SEK, NOK, DKK
Pros
- Trade Nation's 2026 partnership with Volt has sped up payments for Australian traders, who can now make instant deposits and withdrawals using PayID, with the faster payout capabilities planned for clients in the UK and EU.
- In testing of the TN Trader account under normal market conditions, fixed spreads held while fills were prompt on major forex pairs, with a slight drift in the entry level as price ticked between click and fill.
- Trade Nation accounts can now be linked with TradingView, providing advanced multi-charts and the ability to execute trades directly.
Cons
- Withdrawals can take up to five business days, which is around the industry average but slower than the 1-3 days we’re increasingly seeing brokers offer in an attempt to quash withdrawal complaints from retail investors.
- Offshore SCB and FSA entities allow retail clients up to 1:200 and 1:500 leverage compared to 1:30 in regions like the UK, Europe and Australia, so an FSA client can have 16 times the exposure of a UK retail client on the same trade, but with less oversight and no compensation scheme.
- There is no raw or ECN pricing tier, which are often prefered by day traders. No matter how much you deposit or trade, you use the same fixed (or variable on MT4) pricing as beginners, making it unsuitable for scalpers especially.
FBS
FBS is an excellent choice for day traders at every level and budget, with just a $5 minimum deposit and intensive academy for aspiring traders alongside access to MT4 and MT5.
Christian Harris, Reviewer
FBS quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Indices, Shares, Commodities
- Regulator
- ASIC, CySEC, FSCA, FSC
- Platforms
- FBS App, MT4, MT5
- Minimum Deposit
- $5
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, AUD, JPY
Pros
- FBS offers lightning-fast execution speeds from just 10 milliseconds, placing it among the industry leaders for highly active traders like scalpers who demand rapid order processing.
- 24/7 customer support that performed excellently during testing is available, alongside a $5 minimum deposit, and a huge variety of 200+ funding options, making it ideal for traders with small accounts.
- FBS strikes the balance between robust features and ease of use, with a sign-up process taking <10 minutes, an intuitive app, advanced research through Market Analytics & more recently VIP Analytics, plus immersive education through the FBS Academy and Trader’s Blog.
Cons
- Despite enhancing the selection of currency pairs, now providing over 70, FBS still trails industry leaders like BlackBull Markets in its market offering with a particularly narrow selection of commodities and indices.
- Although the FBS app offers a terrific mobile trading experience for aspiring traders and MT4/MT5 cater to advanced traders, the absence of cTrader and TradingView, which are increasingly offered by alternatives like Pepperstone, will deter day traders familiar with these platforms.
- There are only four base currencies available - EUR, USD, AUD and JPY (region dependant) - which isn't practical for minimizing currency conversion fees for many global traders, and is especially striking given the broker’s user base spans over 150 nations.
FXCC
FXCC continues to prove itself an excellent option for day traders with a particularly strong selection of 70+ currency pairs, ultra-tight spreads from 0.0 pips during testing, and a free VPS for qualifying traders.
Jemma Grist, Reviewer
FXCC quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Stocks, Indices, Metals, Energies, Crypto
- Regulator
- CySEC, MISA
- Platforms
- MT4, MT5
- Minimum Deposit
- $0
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, CAD
Pros
- FXCC’s ECN XL account has been built with active traders in mind, featuring spreads from 0.0 with no commission, while also passing our execution speed benchmark for day traders.
- Customer support still relies on human agents with response times of under three minutes on live chat during our tests and knowledgeable reps - a welcome break from the frustrating AI chatbots increasingly offered by brokers.
- The free VPS for qualifying traders and the ability to build or buy EAs on MetaTrader make FXCC a strong option for algo traders.
Cons
- Although FXCC has bolstered its range of markets with US, European and Asian stocks, the choice of metals and energies is light, and there are no soft commodities.
- Although regulated by the CySEC, FXCC’s offshore entity operates with weak regulatory oversight from MISA and may not provide safeguards like investor compensation in the event of broker insolvency.
- FXCC charges steep withdrawal fees on many of its payment methods, including $45 for bank transfers and 2% crypto transfers, which may cut into the returns of traders making regular withdrawals.
Vantage
Vantage remains an excellent option for CFD traders seeking a tightly-regulated broker with access to the reliable MetaTrader platforms. The fast sign-up process and $50 minimum deposit make it very straightforward to start day trading quickly.
Jemma Grist, Reviewer
Vantage quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds
- Regulator
- FCA, ASIC, FSCA, VFSC, CIMA
- Platforms
- ProTrader, MT4, MT5, TradingView, TradingCentral, DupliTrade
- Minimum Deposit
- $50
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN
Pros
- The broker has made efforts to expand its suite of CFDs providing further trading opportunities
- There are no short-term strategy restrictions with hedging and scalping permitted
- Vantage has bolstered its algorithmic trading tools for advanced traders with AutoFibo EA identifying reversal opportunities
Cons
- A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side
- It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection
- The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
Plexytrade
Plexytrade is a newcomer in the brokerage scene with attention-grabbing features like 1:2000 leverage, zero spreads on select instruments and fast execution speeds of less than 46 milliseconds. However, the absence of regulation is a significant concern, while the non-existent research and educational tools place it far behind industry frontrunners.
Christian Harris, Reviewer
Plexytrade quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Indices, Stocks, Commodities, Crypto
- Platforms
- MT4, MT5, TradeLocker
- Minimum Deposit
- $50
- Minimum Trade
- 0.01
- Account Currencies
- USD, EUR
Pros
- Plexytrade accommodates a range of trading methods and short-term strategies, including scalping, hedging, and automated trading.
- There are various VPS packages starting from $50 per month, but they become complimentary once specific deposit thresholds are reached.
- The choice of accounts provides a solution for various trading styles, with Gold Raw appealing to day traders owing to its spreads from 0.0 pips.
Cons
- There are no research and educational materials, falling short of alternatives like IG, while access to the economic calendar is restricted to clients with balances of $500.
- There are no social or copy trading features for inexperienced traders to replicate the trades of more experienced investors, trailing category leaders like eToro.
- Deposits and withdrawals are exclusively facilitated through cryptocurrencies, as Plexytrade does not support bank cards, bank wire transfers, or e-wallets.
What Is An STP Broker?
STP stands for Straight Through Processing and is a type of technology used by brokers to electronically pass trades directly to the market. STP forex brokers execute trades on behalf of clients by sending them straight to liquidity providers, such as banks or interbank exchange houses. Trades do not pass through a dealing desk, instead, they go directly to the market.
No Dealing Deck Vs Dealing Desk
STP brokers are a type of No Dealing Desk (NDD) broker, meaning they do not use a dealing desk to complete a trade. Dealing desk brokers, known as market makers, fill the opposite end of a client’s trade. They do this either by finding another client to take the opposite side or by taking the trade themselves.
Since market makers do not connect directly to the wider market, there is a limited number of clients that can take the opposite side of your trade. Therefore, often the broker will buy the stock you’re selling, for example, making the market themselves.
Regulated STP forex brokers have slightly different licenses to market makers. They are known as A-book brokers, where market makers are known as B-book.
STP Vs ECN
Another type of NDD provider is an ECN (Electronic Communication Network) broker. These are similar to STP brokers in that they both send trades directly to the market. However, ECN brokers act as a liquidity hub, bringing together banks and financial institutions that compete to take the opposing side of your trade.
Pros Of STP Brokers
STP brokers are often favoured by retail traders. Their business model comes with several benefits:
- Processing speed – The STP technology used by these brokers means that trade execution occurs electronically and at high speed. Some market maker brokers also use software to process trades, but many complete them manually via a dealing desk. This can be a slow process and can result in requotes if the market is volatile.
- Quotes reflect the market – STP brokers trade directly with the market. Therefore, their quotes accurately reflect prices. Market makers may offer artificial quotes to improve their margins.
- No conflict – Market maker brokers profit when their clients lose since they’ve often taken the other side of the trade. This can cause some brokers to operate in ways that may conflict with their client’s ability to win. For example, they might offer artificial quotes or pick and choose which orders they fill. STP brokers are linked directly to the market and so have no profit motive behind client losses. In fact, if clients profit, they’ll often invest more with the broker whose revenue will grow.
- Lot sizes – ECN brokers typically restrict trades to a minimum lot size of 0.1 – the equivalent of 10,000 units of the base currency. This is because banks and other financial institutions operate on this minimum trade size. This can be prohibitive to retail traders, who may want to trade smaller values. STP brokers can often offer lower minimum lots. XTB, for example, has a minimum lot size of 0.01 while Interactive brokers has no minimum order size – you can place a trade for as little as 1 unit of the base currency.
Cons Of STP Brokers
Since STP brokers operate with most of the benefits of both ECN and market-markers, drawbacks are limited:
- Spreads – STP brokers tend to offer wider spreads vs dealing desk brokers. This is because dealing desk brokers make money from their clients’ losses. Therefore, they do not need to make as much revenue through spreads. With STP brokers, their revenue is coming solely through the spreads and commission they offer.
- Hybrid models – Some dealing desk brokers take a hybrid approach. They may pass some trades onto the market and take the other side of the trade on others. It can be difficult to know which brokers operate in this way. Seeking clarity from the broker’s customer support team via a contact number may help.
Identifying STP, ECN & Market Maker Brokers
It can be difficult to determine if a broker is a true ECN broker, STP or market maker. Some brokers do not make their business model clear to clients. However, some clues will help you work it out for yourself:
- Minimum lot size – If your broker is offering a minimum lot size below 0.1, they are probably not an ECN broker. The lowest minimum lot sizes are usually offered by market makers and STP brokers.
- Spreads – Brokers claiming to have the tightest spreads and be the cheapest around could be market makers. They often make money from client losses and so do not need to create as much revenue through spreads. Also, ECN brokers typically offer tight spreads but charge commissions to generate profit.
- Scalping rules – Scalping is a trading strategy that utilises inefficiencies in market quotes to make a profit. Traders can make healthy returns using scalping strategies, which can hurt a market maker’s bottom line. But most importantly, market makers will find it difficult to fill orders at the speed required for scalping strategies. Therefore, forex scalping is often not permitted at market makers and is instead more common at ECN and STP brokers in most countries, including the USA, UK, Australia, South Africa and more.
Final Word O
STP brokers are those with the technology to execute forex trades directly with the market. They offer quick processing times and accurate quotes whilst allowing small lot sizes which makes them a good choice for retail traders. However, it’s not always easy to know if your broker follows an STP model. If you start to experience slippage, quotes you feel are not in line with the market or requotes that you’re not happy with, you may want to switch to one of the STP brokers in our list above.
FAQ
What Is An STP Broker?
An STP broker routes trades directly to the market using Straight Through Processing technology. They follow a No Dealing Desk model (NDD). STP brokers are usually the preferred choice for retail traders due to accurate market quotes and fast processing.
How Can I Tell If My Broker Is A Market Maker?
Brokers may make it tricky to unpick their business model as no dealing desk brokers are often preferred by retail traders. With that said, there are some clues that you can look for. For example, stringent rules on trading behaviours, extra tight spreads and regular requotes indicate they could be a market maker.
Are NDD Brokers And STP Brokers The Same?
Yes, an STP broker is a type of no dealing desk (NDD) broker. They send your trades directly to the market rather than through a dealing desk. ECN brokers are another type of NDD broker. Dealing desk brokers are sometimes called market makers.