Hotforex
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If what you seek is a Forex broker that will seamlessly deliver trade executions, fill your market orders within seconds and keep interference with your trading to a minimum, then you should consider choosing one of the 30 Best STP Forex Brokers in this review.
STP (Straight Through Processing) brokers fall under the class of “Market-makers” and this type of broker generally accepts the risk of holding Forex positions in order to facilitate the trading of certain currency pairs, and will also display its own quotes.
Also referred to as non-desk dealing brokers, STP Forex brokers give clients access to real markets and are able to fulfil orders much faster than other types of brokers, as orders are routed directly to liquidity providers.
Liquidity providers can be banks, investors or hedge funds, and the prices displayed by STP brokers are generally based on the bid/ask rates stipulated by these financial institutions or individuals.
In contrast to desk-dealing brokers, STP Brokers give traders Direct Market Access (DMA), which greatly reduces the mark-up on spreads offered by the broker and guarantees that clients will have tighter spreads on their currency pairs.
For traders who are interested in scalping, STP brokers may be more suitable due to the fast transaction speeds offered and the potentially low spreads caused by certain types of market movements.
Admiral Markets (Admirals)
As of 2021, Admiral Markets will be rebranded as Admirals and will operate as a multi-functional financial service provider with a wider range of services and products on offer.
Admiral Markets is an award-winning Forex broker that is regulated by CySec, FCA, ASIC and EFSA.
Clients of Admiral Markets can choose from 6 flexible types of accounts that accommodate the needs of all types of traders and based on which platform is preferred by each individual.
New traders will find a great selection of educational resources on the website, consisting of an entire library of eBooks, guides, tutorials and articles.
Pros and Cons of Admiral Markets
| ✔️Pros | ❌Cons |
| Advanced research and analysis tools | Does not facilitate social and copy trading |
| Many accounts to choose from | Inactivity is penalized |
| Negative balance protection | |
| Beginner-friendly |
Alpari International
Alpari International has more than 2 decades of experience in Forex trading and has earned the trust of over 2 million traders worldwide.
Alpari International offers its clients Islamic and demo accounts, along with 2 types of trading accounts that each has two variations, based on individual trading needs.
Alpari International offers strategy managers to its clients and encourages copy trading for traders who are interested in trying tested effective strategies.
Beginners are accommodated for by Alpari International and there is a variety of training material and educational content available for new traders.
Pros and Cons of Alpari International
| ✔️Pros | ❌Cons |
| Wide variety of products | Only 4 base currencies supported |
| Supports Copy Trading | Only regulated by FSC |
| Flexible account types | Clients from Japan, Russia and USA cannot use Alpari |
| Massive client base |
AvaTrade
AvaTrade was founded in 2006 and has established itself as a multi-regulated broker with more than 300,000 loyal clients.
AvaTrade assists new traders along their journey to success by providing a variety of tutorials, guides and eBooks.
AvaTrade specializes in CFD trading, Forex and cryptocurrencies, and clients can choose from AvaTrade’s proprietary platforms or MetaTrader 4 and 5.
AvaTrade offers Islamic and demo accounts in addition to the 4 account types provided, and these accounts can be used with economic calendars, trading calculators, market analyses and all other tools and features offered by supported platforms
Pros and Cons of AvaTrade
| ✔️Pros | ❌Cons |
| Quick and easy to open an account | Service not offered to US |
| Deposits and withdrawals are free | Telephonic customer support seems lacking |
| Great educational materials | US citizens cannot use AvaTrade |
| Highly regulated |
Axiory
Axiory offers an extensive variety of trading tools, including Autochartist, strike indicators, and advanced calculators.
Axiory is compatible with MetaTrader 4 and 5, and cTrader, and alternatively provides a proprietary platform.
Axiory has designed a special trading academy for beginners, and more experienced traders can use Expert Advisors and historical data to navigate the markets.
Axiory clients can choose from 5 flexible account types, as well as Islamic and demo accounts, and these accounts guarantee tight spreads with negative balance protection.
Pros and Cons of Axiory
| ✔️Pros | ❌Cons |
| Beginner-friendly | Only 2 base currencies for accounts |
| Low minimum deposit of $0-$10 | Commission charged on stock CFDs |
| Negative Balance Protection | Cannot be accessed by US citizens |
| Compatibility with MetaTrader, FIX API and cTrader |
BDSwiss
BDSwiss is an award-winning Forex broker that was founded in 2012 and is regulated by FSA and CySEC.
BDSwiss offers 3 types of accounts and more than 200 trading instruments that can be traded in highly liquid global markets.
BDSwiss provides a proprietary web and mobile trading app and is also compatible with MetaTrader 4 and 5.
Traders who are new to the markets can use the trading academy on the BDSwiss website to gain a comprehensive understanding of Forex trading through the learning centre.
Customer support is available through live chat and email, and the help and support centre can be used to answer some of the most common questions traders have.
Pros and Cons of BDSwiss
| ✔️Pros | ❌Cons |
| Daily market analysis updates | Not available to US and Canadian clients |
| Trading academy for beginners | No fixed spread accounts |
| Highly regulated broker | |
| 151 deposit methods |
Blackbull Markets
Blackbull Markets was established in 2014 as a true ECN Forex broker that guarantees no desk-dealing and tight spreads.
Blackbull Markets is based in New Zealand with offices worldwide and is a registered Financial Services Provider that is regulated by the FSA.
Blackbull Markets offers clients three different account types, as well as Islamic accounts, Institutional accounts and active trader accounts (for high-volume traders) – all of which can be used on MetaTrader 4 and 5, and WebTrader platforms.
When trading with Blackbull Markets, traders benefit from referral bonuses and they can use ZuluTrade and MyFxbook.
Pros and Cons of Blackbull Markets
| ✔️Pros | ❌Cons |
| Zero-commission trading accounts | No access to US clients |
| Low spreads with fast execution speeds | Fixed spread accounts not available |
| More than 300 trading instruments | |
| Excellent partnership programs |
City Index
City Index was founded over 3 decades ago and has earned the trust of more than 300,000 traders across the globe.
City Index is regulated by IIROC, JFSA, ASIC, FCA and CFTC, and has won several awards over the years.
City Index is part of GAIN Capital Holdings Inc. and StoneX Financial Ltd., and is further regulated in several jurisdictions worldwide.
City Index offers accounts based on three types of traders and accommodates personal trading, professional trading and premium trading for private retail clients.
City Index is compatible with WebTrader and MetaTrader 4, and alternatively provides a proprietary platform, and all platforms can be used with a variety of advanced trading and analysis tools.
Pros and Cons of City Index
| ✔️Pros | ❌Cons |
| Listed on NASDAQ | Penalty fees for inactivity |
| Great selection of products | Stock CFD fees are high |
| Deposits and withdrawals are free | Only one account type to choose from |
| Part of StoneX |
CryptoRocket
CryptoRocket was founded in 2018 as an STP broker that focuses on cryptocurrencies, and is based in St. Vincent and the Grenadines.
CryptoRocket’s product offering includes 55 Forex pairs, 35 crypto coins, 64 stocks, and 11 indices, but is not regulated under any jurisdiction.
CryptoRocket is compatible with MetaTrader 4 and 5, and offers one live account type and a demo account version for new clients and beginners.
By using the MetaTrader platforms through CryptoRocket, traders have access to automated trading features, advanced charting and analysis tools, and a variety of indicators and signals that have cross-platform functionality.
For active traders who have a following on social media, CryptoRocket offers an attractive affiliate program with no set-up fees, unlimited referrals and lifelong commission.
Pros and Cons of CryptoRocket
| ✔️Pros | ❌Cons |
| Supports MetaTrader platforms | Educational content is lacking |
| Low minimum deposit of $10 | Not available to US citizens |
| Good offering for crypto and forex | Only 3 base currencies supported |
| 24/7 customer support |
Darwinex
Darwinex is an FCA-regulated Forex broker based in the United Kingdom, that was founded in 2012.
Darwinex is trusted by more than 3,000 traders and facilitates trading for clients from 80 countries worldwide.
Darwinex is compatible with a variety of platforms, including MetaTrader 4 and 5, Trader Workstation, and FIX API.
Darwinex offers only 2 account types – a Standard account for retail traders, and a Joint account for corporate traders – and both accounts require high minimum deposits.
Unfortunately, there appears to be no educational material on the website.
Pros and Cons of Darwinex
| ✔️Pros | ❌Cons |
| Regulated by the FCA | No cryptocurrencies |
| Supports Copy trading | Limited accounts for Forex |
| Compatible with MetaTrader platforms | Only 3 supported base currencies |
Dukascopy
As a licensed member of the Swiss Banking Group, Dukascopy offers a variety of financial products and services, including wealth management services, traditional trading accounts, crypto accounts and Binary Options accounts.
There are several different live and demo accounts to choose from and a wide range of products are offered for each instrument on the website.
Dukascopy provides online charts, data tools, calendars, advanced calculators, signals and technical indicators, and supports automated trading and APIs.
Unfortunately, it appears that Dukascopy does not have a dedicated section for educational content and may not be suitable for beginners.
Pros and Cons of Dukascopy
| ✔️Pros | ❌Cons |
| Multi-currency accounts offered | Commission fees are high |
| Incredible selection of tools and data | Withdrawals are not free |
| Advanced market research features | High minimum deposit |
| Variety of trading platforms | Not beginner-friendly |
Eightcap
Eightcap offers two account types that are compatible with the MetaTrader platforms and clients can trade more than 250 instruments in global markets.
Eightcap has dedicated educational resources for beginners and new traders can learn about trading strategies, how to use MetaTrader and gain a deeper understanding of the fundamentals of trading.
Eightcap guarantees tight spreads with fast execution speeds, and is regulated by VFSC and ASIC.
Eightcap is a good choice for investors who prefer trading with Expert Advisors and the minimum deposit for both accounts is $100.
Pros and Cons of Eightcap
| ✔️Pros | ❌Cons |
| Compatibility with MetaTrader platforms | Limited selection of trading instruments |
| Extremely low spreads offered | High commission charged on Raw account |
| 7 base currencies supported | No advanced market or research tools offered |
| Supports trading with EAs |
eToro
eToro is trusted by more than 3 million traders and was founded in 2007 as a broker that facilitates trading with top international instruments, including shares in Amazon, Tesla and Apple, and Bitcoin trading.
eToro is a great option for social traders and provides a dedicated app called OpenBook, which was the first social trading app ever launched.
eToro supports all major cryptocurrencies and offers a variety of risk management and analysis tools for CFD traders.
eToro is beginner-friendly and provides a special training academy for new traders to learn how to trade.
Pros and Cons of eToro
| ✔️Pros | ❌Cons |
| Supports CopyTrading | Difficult to find detailed account information |
| Supports Social trading | Forex fees are high |
| Flexible leverage | Withdrawal fee of $5 |
| Free stock and ETF trading in EU |
FBS
FBS is a beginner-friendly, multi-award-winning Forex broker that is compatible with the MetaTrader platforms and provides its own innovative trading platform as an alternative.
FBS has over 15 million clients worldwide and offers promotional deals, loyalty programs and contests to encourage participation.
FBS traders can choose from five account types and this broker also facilitates copy trading.
When using FBS, traders benefit from a variety of trading and research tools that can also be used for advanced charting and analysis.
FBS is regulated by the ASIC, FSCA, IFSC and CySEC, and requires a low minimum deposit of only $1 to activate a live account.
Pros and Cons of FBS
| ✔️Pros | ❌Cons |
| Flexible account options | Limited product offering |
| Copy trader-friendly | EU clients do not have many benefits |
| Compatible with MetaTrader platforms | |
| Plenty of promotions and bonuses |
Forex.com
Clients of Forex.com can choose from three account types with either low spreads, or zero commission trading.
Forex.com accounts can be funded using 6 major currencies and deposits and withdrawals are free of charge.
Forex.com offers 91 currency pairs, which greatly exceeds that of any other broker, and provides a wide range of trading and research tools.
Customer support can be reached via live chat, email and telephone, and telephonic support has been rated highly.
This broker is beginner-friendly, offers demo accounts for new traders to practice on, and is regulated in 6 different countries (including the US, Japan and Canada).
Pros and Cons of Forex.com
| ✔️Pros | ❌Cons |
| Cash rebates for high-volume trades | Not a CySEC-regulated broker |
| Great range of research tools | Inactivity is penalised |
| Withdrawals and deposits are free |
FP Markets
FP Markets is a CySEC- and ASIC-regulated Forex and CFD broker with nearly two decades of experience in the industry.
FP Markets offers two account types, as well as swap-free accounts, and guarantees tigt spreads and zero to low commission fees.
Accounts can be funded using most major currencies and they can be used with Expert Advisors on a VPS (Virtual Private Server).
FP Markets welcomes traders of all experience levels and provides educational material, advanced trading tools, trading calculators and a variety of research, analysis and charting tools.
Pros and Cons of FP Markets
| ✔️Pros | ❌Cons |
| 10 Base currencies supported | Withdrawal fees |
| Great product offering | No fixed spreads |
| Compatible with MetaTrader 4 and 5 |
FXCM
FXCM was founded over two decades ago as a Forex and CFD Broker, and it is regulated by FSCA, ASIC and FCA.
FXCM is compatible with several platforms, such as MetaTrader 4, NinjaTrader, ZuluTrade, TradingView, Capitalize AI, and Trading Station – ensuring that every client can use a platform they are familiar or comfortable with.
By supporting algorithmic trading and having multi-platform capabilities, FXCM is able to offer a wide variety of tools and features.
Pros and Cons of FXCM
| ✔️Pros | ❌Cons |
| Great selection of technical research tools | Bank withdrawal fees are high |
| Comprehensive educational resources | Limited product offering |
| Rebate and Referral Program | Penalty fee for one year of inactivity |
| Allows Copy Trading |
FXTM
FXTM is a regulated broker that was founded in 2011 and is trusted by more than 2 million traders worldwide.
The accounts offered by FXTM are flexible, with guaranteed tight spreads and different leverage options.
FXTM is available to clients from over 100 countries and supports Copy Trading, providing more than 5,000 tested strategies for clients to use.
FXTM is not only a beginner-friendly broker with a great selection of educational content, but it also provides advanced trading courses and tools for more experienced traders.
Pros and Cons of FXTM
| ✔️Pros | ❌Cons |
| Tight spreads | No US clients allowed |
| Fast trade execution | Penalty fees for inactive users |
| Option to start trading with $10 |
GO Markets
GO Markets is a highly regulated CFD and Forex broker that was founded in 2006 in Australia.
GO Markets has been awarded several times for exceptional customer services, high-quality educational content and for the accounts offered to its clients.
GO Markets offers more than 600 tradable assets and clients can choose from two account types that allow scalping and hedging, and offer low spreads.
GO Markets is an excellent option for investors seeking partnership opportunities and beginners will find a comprehensive library of educational material on the website.
Pros and Cons of GO Markets
| ✔️Pros | ❌Cons |
| Great educational content | No Islamic account |
| Beginner-friendly | Penalty fee for inactivity after 3 months |
| More than 5 base currencies supported |
HotForex
HotForex is a highly credible STP and ECN Forex broker that is regulated by FSA, FSCA, DFSA and FCA.
HotForex is a great option for traders on a budget as no account fees are charged and withdrawals and deposits are free.
HotForex clients can use 38 customizable indicators on the web trading platform, along with 100 charts and access to accurate historical trading data.
HotForex also provides updated market news and insights and supports Copy trading.
Pros and Cons of HotForex
| ✔️Pros | ❌Cons |
| 5 account types offered | Trading fees are high |
| Highly regulated | Penalty fees for inactivity |
| 18 trading tools provided | |
| Negative Balance Protection |
IC Markets
IC Markets is a reputable Forex and ECN broker with nearly 2 decades of experience in the online trading industry.
IC Markets is regulated by CySEC, ASIC and FSA and offers Swap-free accounts and demo accounts, in addition to other accounts offered.
IC Markets has a total of 3 account types of choose from and supports day trading, scalping and retail trading.
IC Markets allows its clients to use Expert Advisors and offers a variety of trading and research tools, including alarm managers, stealth orders, and trading signals.
Pros and Cons of IC Markets
| ✔️Pros | ❌Cons |
| Multiple accounts offered | Not available to US citizens |
| Secure VPS server | No investor protection for non-EU clients |
| 10 base currencies supported |
IG
IG has been in the trading industry for more than 3 decades and is a well-established a trusted CFD and FOrex broker with more than 300,000 clients.
IG traders can use MetaTrader and ProRealTime platforms and have access to 17,000 global markets.
IG caters to retail, corporate and institutional traders and allows APIs and algorithmic trading.
IG customer support is available 24 hours a day, 5 days a week, and can be contacted via live chat, email or telephonically.
New traders can use the IG trading academy to learn how to trade and also have the option of using demos accounts to practice.
Pros and Cons of IG
| ✔️Pros | ❌Cons |
| Exceptional web platform | Product portfolio needs more options |
| Great educational tools | Phone support could be better |
| Low trading fees |
InstaForex
InstaForex is trusted by more than 7 million traders internationally, which greatly exceeds the client base of most Forex brokers.
InstaForex is regulated by FSC, BVI and CySEC and is part of Insta Global Ltd.
InstaForex offers 2 account types, as well as a demo account and a swap-free Islamic account.
InstaForex has dedicated an entire section of the website to beginners to make it easy for new traders to learn how to trade.
InstaForex is highly popular not only for its great product offering but there are also several different contests and events that clients can participate.
Pros and Cons InstaForex
| ✔️Pros | ❌Cons |
| Cent and Islamic accounts offered | Only 2 base currencies to choose from |
| 10 trading servers provided | US clients not accepted |
| Negative Balance Protection | |
| Great variety of research and trading tools |
LCG
LCG ( London Capital Group) was founded over 20 years ago and has won several awards since its inception.
LCG clients have access to over 7,000 highly liquid international markets and can rest assured that their funds are safe with this FCA- and CySEC-regulated Forex broker.
LCG is an excellent option for beginners who are looking for a broker that provides educational webinars, trading guides, glossaries and market news.
More experienced traders can use different technical indicators and advanced analysis and research tools to support their trading strategies and these tools can be used on MetaTrader 4 and the LCG proprietary platforms.
Pros and Cons of LCG
| ✔️Pros | ❌Cons |
| More than 7,000 tradable instruments | Limited account types |
| Regulated by CySEC and FCA | Clients from several countries cannot use this broker |
| Educational resources provided | ECN trading requires a minimum deposit of $10,000 |
| Multilingual website |
NAGA
NAGA is a Forex and CFD Forex broker that also focuses on copy trading and offers free education for beginners.
NAGA is compatible with MetaTrader 4 and 5, and provides its proprietary desktop and mobile platforms as an alternative option for traders who would like to try something new.
NAGA offers a professional account for more experienced traders and a standard account for intermediate traders, along with a demo account for new traders.
The Naga trading accounts can be funded using USD, GBP, PLN, CHF and EUR and what makes NAGA unique is that instead of offering many account types, traders can level up their accounts in tiers for exclusive benefits.
Pros and Cons of NAGA
| ✔️Pros | ❌Cons |
| Compatible with MetaTrader platforms | Penalty fee charged for inactivity |
| 5 base currencies supported | Not available to US citizens |
| Educational resources provided | |
| Innovative account tier system |
OctaFX
OctaFX is a beginner-friendly Forex broker that is compatible with the MetaTrader platforms and cTrader, and is trusted by more than 300,000 traders worldwide.
OctaFX is regulated by FSA and offers swap-free accounts and demo accounts, as well as 3 flexible trading accounts that have tight spreads.
OctaFX allows scalping and hedging and traders can use Expert Advisors and Autochartists.
Pros and Cons of OctaFX
| ✔️Pros | ❌Cons |
| Low minimum deposit | Limited product offering |
| Tight spreads | Only 2 base currencies accepted |
| CopyTrader-friendly | |
| Compatible with popular platforms |
Pepperstone
Pepperstone is a highly regulated Forex and CFD broker with more than 300,000 clients from across the globe.
Pepperstone is regulated by CySEC, FCA, BaFin, CMA, ASIC and SCB, and offers one account that is compatible with the MetaTrader platforms and cTrader.
Pepperstone clients have access to more than 1,200 tradable instruments and beginners can learn to trade by using the educational material provided on the website.
Pros and Cons of Pepperstone
| ✔️Pros | ❌Cons |
| Regulated in several jurisdictions | Only one account types |
| Good customer service experience | Educational content is somewhat lacking |
| Great product portfolio |
RoboForex
RoboForex is a regulated broker with more than 800,000 clients from 169 countries.
RoboForex traders can choose from 5 different account types, and demo accounts and swap-free accounts are also offered.
All trading accounts can be used with the MetaTrader platforms, cTrader, WebTrader and R StocksTrader.
RoboForex gives its clients access to 12,000 markets across 7 asset classes.
New traders can use RoboForex to learn about trading strategies and to understand the fundamentals of trading and navigating the markets.
Pros and Cons of RoboForex
| ✔️Pros | ❌Cons |
| Flexible account types | Not regulated by ASIC or FCA |
| Great affiliate program | USA clients not accepted |
| Excellent variety of educational content | |
| Negative Balance Protection | |
| Free VPS server |
ThinkMarkets
ThinkMarkets is one of the leading brokers in the Forex trading industry and has over 10 years of experience.
ThinkMarkets is regulated by FCA, ASIC and FSCA, and is a beginner-friendly broker that offers a wide variety of educational and learning materials for new traders, along with demo accounts to practice on.
ThinkMarkets offers two types of trading accounts with tight spreads and access to more than 1,600 markets, as well as a swap-free account.
Customer support is available 24/7 and is available via live chat, email and telephonically.
Pros and Cons of ThinkMarkets
| ✔️Pros | ❌Cons |
| Great research tools | Only 3 base currencies |
| Zero-commission account | Penalty fee charged for inactivity |
| No minimum deposit required |
XM
XM is a fully regulated Forex broker that was founded in 2009 and is trusted by more than 5 million traders worldwide.
XM operates under the strict regulations of CySEC, DFSA, IFSC and ASIC, and offers online trading services to clients from 196 countries.
XM can be used to trade over 1,000 highly liquid instruments on 16 platforms, and customer support is offered 24/5 in 30 international languages.
XM offers a variety of educational content to new traders and more seasoned traders can experiment with the advanced trading toolset to improve their research and analysis techniques.
Pros and Cons of XM
| ✔️Pros | ❌Cons |
| User-friendly website | Fixed spreads not offered |
| Compatible with many different platforms | Not available to US clients |
| Negative Balance Protection | Inactivity is penalised |
| Promotions and sing up bonuses |
XTB
XTB was founded in 2002 and is an FCA-regulated Forex and CFD broker.
XTB has nearly 400,000 loyal clients and offers one account type that can be used to trade more than 2,100 instruments.
XTB’s trading academy can be used by new traders to learn about the basics of trading, and different training courses are provided, depending on experience levels.
XTB customer support can be reached via live chat, email and telephone and the help centre offers several different articles that answer the most common questions clients have.
Pros and Cons of XTB
| ✔️Pros | ❌Cons |
| Accounts can be funded with 5 currencies | Penalty fee for inactivity |
| No minimum deposit required | Not available to US citizens |
| Beginner-friendly | |
| Reliable customer support team |
Conclusion
There are several benefits to using an STP Forex broker, with the greatest advantage being that orders will be fulfilled faster and the mark-up on spreads will be significantly lower than the spreads offered by dealing-desk brokers.
Based on the nature of the relationships that non-dealing desk (NDD) brokers have with liquidity provides, traders who use STP brokers are guaranteed to get more out of their trades because of the superior transactions speeds and tight spreads.
For traders who prefer using brokers who do not act as a middleman for their trading activities, this list of the 30 Best STP Forex Brokers will be useful in determining exactly which broker will meet their trading and strategical requirements, as well as choosing a broker that provides educational material for traders who are new to the scene.
