Picking the right DMA broker in 2025 is like choosing the right car for a cross-country road trip.
You need speed, efficiency, and a platform that does not break down when you are about to hit top gear.
Direct Market Access (DMA) lets you trade without middlemen, offering better pricing, faster execution, and deeper liquidity.
However, not all DMA brokers are built the same.
Some offer ultra-fast order execution. Some give you access to institutional-grade liquidity. Others shine in low trading costs or advanced trading tools.
So, which ones are worth using?
This guide breaks down the 13 best DMA brokers of 2025, helping you find the right fit for your trading style, capital, and goals.
Let’s get into it.
How DMA Brokers Reduce Trading Costs?
DMA brokers slash expenses by connecting traders directly to interbank liquidity, bypassing intermediaries that add markups to spreads or commissions.
Platforms like FP Markets and Pepperstone deliver raw spreads from 0.0 pips combined with fixed fees per lot (e.g., $3–$6), minimizing hidden costs common in market maker models. Institutional-grade pricing tiers reward high-volume activity—IG Group offers 5%+ rebates for accounts exceeding $100M monthly trade volume.
Transparency in order routing eliminates conflicts of interest, as seen with Saxo Bank’s tiered commission structures (from 0.08%), ensuring traders pay only for executed orders rather than inflated spreads. Advanced tools like ProRealTime charts and IRESS integration enable precise cost analysis, helping traders optimize entries/exits.
Regulatory frameworks like MiFID II mandate fee disclosure, with brokers like CMC Markets disclosing spreads and commissions upfront. This clarity prevents unexpected charges during volatile sessions.
Top DMA Brokers of 2025: Trade Faster With Them
| Broker | Spreads (From) | Commission | Regulation |
|---|---|---|---|
| IG Group | 0.6 pips | Volume-based rebates | FCA, ASIC, Six Tier-1 regulators |
| HFM | 0 pips | Commission-based (DMA stocks) | CySEC, FCA, DFSA, CMA |
| FP Markets | 0.0 pips | $3 per lot | ASIC, CySEC, FSCA |
| Pepperstone | 0.0 pips | $3.50 per lot | ASIC, FCA, DFSA |
| Saxo Bank | 0.6 pips | Tiered (from 0.08%) | FSA (DK), MAS (SG), FCA |
| CMC Markets | 0.0 pips | $2.50 per $100k | FCA, ASIC, IIROC |
| IC Markets | 0.0 pips | $3.50 per lot | FSA (SC) |
| FxPro | 0.0 pips | Tiered commissions | FCA, FSCA, SCB |
| Plus500 | 1.2 pips | Zero commission | FCA, ASIC, DFSA |
| E*TRADE | 0 pips | $0 commission | Infrastructure routes orders for optimal execution via advanced tech |
| FOREX.com | 0.0 pips | Low commissions | Reuters News is integrated directly into its MT5 platform |
| Charles Schwab | 0 pips | Zero commission | Combines institutional scale with a strong individual client focus |
| City Index | Low pips | Low commissions | Professional DMA accounts offer cash rebates for high-volume activity |
1. IG Group
IG Group stands out for traders prioritizing direct access to interbank liquidity and institutional-grade execution. Its L2 Dealer platform handles over 12,000 equities and 80 forex pairs with level-2 pricing, allowing precise entry/exit points and real-time interaction with order books.
Traders benefit from tight spreads (from 0.6 pips) and volume-based rebates—for example, accounts exceeding $100M monthly trade volume qualify for 5%+ discounts. IG’s infrastructure supports advanced algorithmic strategies, including pegged orders and fill-or-kill execution, critical for scalping during volatile sessions.
Regulated by six top-tier authorities, including the UK’s FCA and Australia’s ASIC, IG adheres to strict capital adequacy standards, holding over $498 million in excess regulatory reserves as of 2023.
IG Group Unique Feature: IG’s ProRealTime charts integrate 100+ technical indicators and automated strategy builders, ideal for backtesting without third-party tools.
2. HFM
HFM earns its spot among leading DMA brokers by combining direct market access with flexible account structures for traders at every level. The MT5 platform supports DMA equity trading across 950+ global stocks, paired with raw spreads starting from 0 pips on forex pairs like EUR/USD.
High-volume traders benefit from ultra-fast execution (under 40ms) and leverage up to 1:2000, while risk management tools like guaranteed stop-loss orders protect positions during volatility. HFM’s Cent accounts allow testing strategies with micro-lot sizes, while swap-free options align with Sharia principles.
Regulated by CySEC (183/12), FCA (801701), and DFSA (F004885), HFM maintains segregated client funds and adheres to MiFID II transparency protocols.
HFM Unique Feature: HFM’s DMA stocks via MT5 enable direct exchange access for equities, bypassing CFDs—ideal for dividend-focused strategies.
3. FP Markets
FP Markets delivers DMA trading with institutional-level access across 10,000+ instruments, including forex pairs, commodities, and global equities. Its raw ECN accounts connect traders directly to liquidity pools via MetaTrader 4/5 and cTrader, offering spreads from 0.0 pips and a $3 commission per lot.
The IRESS platform (exclusive to FP Markets) provides DMA share trading with real-time ASX/NYSE order books, enabling precise entries for strategies like arbitrage. Traders benefit from sub-40ms execution speeds and 24/5 multilingual support for managing positions across time zones.
Licensed by CySEC (371/18), ASIC (286354), and FSCA (50926), FP Markets adheres to strict client fund segregation and MiFID II transparency standards.
FP Markets Unique Feature: FP Markets’ Social Trading integration lets users mirror strategies from verified traders while maintaining full DMA execution control.
4. Pepperstone
Pepperstone secures its position as a top DMA broker by merging institutional-grade liquidity with tools suited for both manual and automated strategies. Its Raw account provides direct access to interbank pricing via MetaTrader, cTrader, or TradingView, delivering forex spreads from 0.0 pips and a $3.50 commission per lot. With a 99.89% fill rate and execution speeds under 30ms, scalpers and news traders minimize slippage during volatile sessions.
The broker supports algorithmic strategies through APIs and pre-built MT4/5 plugins, while 24-hour CFD access on US shares accommodates global trading hours. Licensed by seven regulators, including Australia’s ASIC (AFSL 414530) and the UK’s FCA (684312), Pepperstone segregates client funds in Tier-1 banks like National Australia Bank.
Pepperstone Unique Feature: Pepperstone’s TradingView integration lets traders execute orders directly from advanced charts, bypassing platform switching.
5. Saxo Bank
Saxo Bank distinguishes itself with multi-asset DMA access across 71,000+ instruments, including forex pairs, global equities, and futures. Its SaxoTraderPRO platform delivers direct exchange connectivity to NASDAQ, NYSE, and 50+ markets, enabling traders to interact with live order books for precise execution.
Institutional-grade spreads from 0.6 pips on EUR/USD and tiered commissions (starting at 0.08% for equities) cater to high-volume strategies, while 99.9% uptime ensures reliability during volatile sessions. The platform supports algorithmic trading via APIs and offers real-time news feeds integrated with charting tools for informed decisions.
Regulated by six top-tier authorities, including Denmark’s FSA (license 1149) and Singapore’s MAS, Saxo holds SIFI status—a designation affirming its systemic stability and adherence to Basel III capital standards.
Saxo Bank Unique Feature: Saxo’s securities lending program allows clients to earn passive income by lending shares to short sellers, available across 15,000+ equities.
6. CMC Markets
CMC Markets excels in bridging retail traders to institutional-grade execution via its FX Active account, offering direct pricing on six major forex pairs with spreads from 0.0 pips and a $2.50 commission per $100,000 traded. The MetaTrader 4/5 integration supports algorithmic strategies like scalping, while the Next Generation platform provides real-time ASX/NYSE order books for equities.
With 99.99% platform uptime and median execution speeds of 66ms, traders maintain precision during high volatility. Regulated by the UK’s FCA (173730) and Germany’s BaFin (154814), CMC Markets segregates client funds in Tier-1 banks like Barclays, adhering to MiFID II protocols.
CMC Markets Unique Feature: Guaranteed stop-loss orders lock in exit prices without slippage, even during market gaps.
7. IC Markets
IC Markets dominates DMA trading with raw spreads from 0.0 pips and institutional-grade liquidity across 2,250+ assets, including 61 forex pairs and 2,100+ CFDs. The MetaTrader 4/5 and cTrader platforms process over 500,000 daily trades via Equinix NY4 servers, achieving sub-40ms execution speeds ideal for scalping and algorithmic strategies.
Traders access tiered pricing from 25 liquidity providers, ensuring minimal slippage during high-impact news events. Accounts start at $200 with $3.50 per lot commissions, while micro-lot support (0.01) accommodates precise risk management. Licensed by Seychelles’ FSA (SD018), IC Markets segregates client funds in the National Australia Bank and undergoes biannual external audits for compliance transparency.
IC Markets Unique Feature: Free collocated VPS hosting reduces latency to under 1 ms for automated strategies, available to traders executing 10+ lots monthly.
8. FxPro
FxPro has cemented its status as a DMA leader by serving over 11.2 million accounts across 173 countries since 1999. Traders access direct pricing on forex pairs, indices, and futures via MT4/5, cTrader, and FxPro Edge, with execution speeds under 50ms and spread from 0.0 pips.
The broker’s Pro accounts cater to high-volume strategies through tiered commissions and 1:500 leverage, while swap-free options accommodate Islamic finance principles. Regulated by the UK’s FCA (509956), South Africa’s FSCA (45052), and Bahamas’ SCB (SIA-F184), FxPro holds client funds in segregated Barclays and Julius Baer accounts, backed by FSCS protection up to £85,000.
FxPro Unique Feature: FxPro’s Negative Balance Protection ensures clients never lose more than deposited, even during extreme volatility.
9. Plus500
Plus500 provides direct market access to 2,800+ CFDs, including forex pairs like EUR/USD (1.2 pips) and indices such as the S&P 500 (0.7 pips), via its proprietary platform. Traders benefit from zero commissions, real-time quotes, and execution speeds under 66ms, supported by a market maker model ensuring liquidity during high volatility.
The platform’s +Insights tool highlights trending assets like Bitcoin and Tesla shares by aggregating data from 26+ million users, aiding strategy adjustments. Licensed by the UK’s FCA (509909), Australia’s ASIC (417727), and Dubai’s DFSA, Plus500 adheres to MiFID II guidelines, segregating client funds in Barclays and offering negative balance protection.
Plus500 Unique Feature: Demo accounts with $40,000 virtual funds mirror live markets, allowing uninterrupted strategy testing alongside active trades.
10. E*TRADE | Powering Active Traders with Direct Access
ETRADE offers trading capabilities in 2025, especially through its acclaimed Power ETRADE platform. This system provides active equity and options traders with professional-grade tools, including direct order routing options. This empowers users with greater control over their trade execution, backed by Morgan Stanley's insights.
Who is E*TRADE's DMA-style access best for in 2025?
This is ideal for active U.S. equity and options traders who are tech-savvy and demand advanced tools for swift execution. They can use up to 2:1 margin leverage. Trade stocks, ETFs, options, and access cryptocurrency-related funds. A $2,000 minimum applies for margin trading; fund via ACH, wire, or checks.
E*TRADE Unique Feature: E*TRADE's infrastructure routes non-directed orders to various market centers, using advanced technology to seek optimal execution based on price, speed, and liquidity.
11. FOREX.com | Direct Access for Serious Traders
FOREX.com provides its direct market access chiefly through its RAW Spread accounts, aiming for rapid execution and drawing on deep liquidity pools for serious forex traders in 2025.
This setup offers super-tight spreads, potentially as low as 0.0 on major currency pairs, coupled with low commissions. This direct connection is designed for traders who demand speed and precision in today's fast-paced markets.
Who benefits most from FOREX.com’s DMA access?
Experienced traders seeking fast, low-cost execution, like scalpers or high-frequency strategists, thrive here. They can use MT5 or FOREX.com's advanced web platform.
With leverage up to 1:50, you can trade over 80 currency pairs, precious metals, and cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.). The minimum deposit is $50, via wire or credit card.
FOREX.com Unique Feature: FOREX.com uniquely integrates Reuters news directly into its MT5 platform, a feature typically absent or requiring add-ons with other brokers, giving you a distinct informational edge.
12. Charles Schwab | Trusted Investing with Broad Market Access
Charles Schwab offers a powerful trading environment built on its strong institutional reputation and award-winning, user-friendly design. While their homepage doesn't detail specific DMA Brokers order routing technology like “SmartRouter” or connections to high-speed networks, they provide extensive access to U.S. markets.
This includes $0 online commission trades for listed stocks, options, and ETFs, appealing to investors who value robust execution within a client-focused framework.
Who is Charles Schwab best suited for in 2025?
Schwab best serves U.S. investors and traders focused on equities, ETFs, options, and futures, alongside cryptocurrency-related funds, who appreciate professional-level tools with a $0 minimum deposit.
Their banking arm maintains a Tier 1 Leverage Ratio of 7.1% (a measure of bank capital adequacy). Deposits and withdrawals are primarily via bank transfers; specific crypto deposits/withdrawals for Bitcoin or Ethereum are not detailed on their main site.
Charles Schwab Unique Feature: Charles Schwab masterfully combines institutional-scale financial services with a strong focus on individual client satisfaction, making sophisticated investing widely accessible.
13. City Index | DMA for the Discerning Professional
City Index, a highly trusted broker (Trust Score 99), delivers a potent DMA offering in 2025. Professional traders gain access to Level 2 pricing, revealing the market depth and facilitating engagement with institutional-grade spreads. This setup, backed by City Index's long-standing reputation and extensive range of over 13,500 markets, ensures a high-calibre trading environment.
Who is City Index DMA best suited for in 2025?
Active traders focusing on forex, shares, or indices who prioritize deep market visibility and tight pricing will find City Index DMA ideal.
Expect leverage up to 1:500 on forex. Trade a vast array of instruments, including Cryptocurrencies (Bitcoin, Ethereum, Tether, Dogecoin, Ada, XRP). Start with a $0 minimum deposit, using cards, PayPal, or bank transfer.
City Index Unique Feature: City Index's professional DMA accounts offer cash rebates, directly rewarding high-volume activity and enhancing the value of their execution services.
Frequently Asked Questions
How do DMA Brokers ensure Low-Latency Trade Execution?
Via collocated servers (e.g., Equinix NY4) and direct exchange connectivity, reducing latency to ≤40ms for real-time order processing.
What order types do DMA Brokers Support?
Fill-or-kill, iceberg orders, and pegged orders for precise execution are available on platforms like SaxoTraderPRO and L2 Dealer.
How do DMA Brokers handle Liquidity Aggregation?
They connect to 25+ tier-1 liquidity providers (e.g., banks, ECNs) for consolidated order books and tighter spreads.
What APIs do DMA Brokers Offer for Algo Trading?
REST and FIX APIs, plus MT4/5 plugins for custom strategies (e.g., Pepperstone’s cTrader API).
Why do DMA Brokers require Higher Minimum Deposits?
To cover infrastructure costs (e.g., IG Group’s $1,000 minimum) linked to direct market access fees.
How do DMA Brokers Mitigate Slippage?
Tiered liquidity pools and “last look” protocols minimize requotes, critical during high volatility.
What Distinguishes DMA from ECN Brokers?
DMA bypasses CFDs for direct exchange access, while ECNs aggregate liquidity without order book visibility.
How are DMA Brokers regulated for client Fund Safety?
Segregation in Tier-1 banks (e.g., Barclays) and audits under FCA/ASIC guidelines ensure compliance.
Can DMA Brokers Support Scalping Strategies?
Yes, via sub-40ms execution (e.g., IC Markets) and zero re-quote policies on raw spread accounts.
The End Note
Picking the right DMA broker in 2025 is all about speed, costs, and execution. Some give you razor-thin spreads, others offer ultra-fast order fills, and a few provide direct access to deep liquidity pools. The best choice? The one that fits your trading style, risk appetite, and capital.
Whether you are scalping forex with IC Markets, diving into equities with Saxo Bank, or keeping it simple with Plus500’s commission-free model, the right DMA broker can take your trades to the next level.
Want tighter spreads? Faster execution? Better trading tools? You now have nine solid options. The rest is up to you.
