Market maker forex brokers play a pivotal role in the trading ecosystem by providing liquidity and ensuring continuous buy and sell quotes, even when market activity is low. Unlike ECN brokers that connect traders directly with liquidity providers, market makers often act as counterparties to their clients' trades. This model can offer benefits such as fixed spreads and lower minimum deposit requirements, making it appealing to both novice and experienced traders.
In this guide, we delve into the top market maker forex brokers, evaluating their platforms, regulatory compliance, trading conditions, and unique features to help you make an informed decision.
Compare Market Maker Forex Brokers
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5 Best Market Maker Forex Brokers
Here are the best forex market maker brokers worth considering.
Best for Mobile Traders: Plus500
Plus500 is a user-friendly forex broker that makes trading simple, especially for beginners who prefer mobile access. Its proprietary platform is available on both Android and iOS, offering a streamlined experience with built-in risk management tools. As a market maker, Plus500 sets its own bid/ask prices and keeps trading costs transparent. Spreads start as low as 0.8 pips, and the minimum deposit is just $100, making it accessible for newer traders. With leverage up to 1:30, Plus500 allows you to magnify your exposure while maintaining control through a clean, intuitive interface.
Key Features:
- Mobile trading platform: Available for Android and iOS
- Low spreads: Starting from 0.8 pips
- Affordable minimum deposit: $100
- Leverage available: Up to 1:30
- Proprietary platform: Simple interface with built-in tools
Best for Multiple Account Types and Execution Methods: FOREX.com
- Best For:Earning Cashback on TradesVIEW PROS & CONS:securely through Forex.com's website
FOREX.com is a trusted name in forex trading, known for combining transparency, educational support and flexible trading options. It offers three account types to suit different strategies: a Standard account with fixed spreads and no commissions, a Commission account with lower spreads, and an STP Pro account for advanced traders. Spreads start at 1.0 pips for Standard accounts and can go as low as 0.2 pips on Commission accounts. With over 80 currency pairs, powerful research tools, and resources like webinars and video tutorials, FOREX.com supports both beginners and experienced traders in building skills and executing trades confidently.
Key Features:
- Multiple account types: Standard, Commission and STP Pro
- Flexible pricing: Spreads from 1.0 pips (Standard) or 0.2 pips (Commission)
- Wide currency pair selection: 80 pairs available
- Trader education: Webinars, videos and written guides
- Regulated market maker: Transparent pricing structure
Transparent Market Maker with Competitive Spreads: eToro
eToro stands out with its social trading features, allowing you to follow and copy seasoned traders in real time. This makes it especially attractive for beginners looking to learn by example. As a market maker, eToro sets its own bid/ask spreads based on market data and builds trading costs into the spread — starting from 1.0 pips. There are no commissions, and the platform offers a user-friendly interface with helpful guides and responsive customer support. While advanced tools may be limited, eToro’s straightforward pricing and social functionality provide a strong starting point for new forex traders.
Key Features:
- Social trading: Copy trades from top-performing investors
- Commission-free pricing: Costs built into spreads starting at 1.0 pips
- Beginner-friendly interface: Simple and easy to navigate
- Market-maker execution: Prices based on independent market data
- Customer support and learning: Responsive service and educational tools
Best for Fast Execution and Tight Spreads: IG Markets
IG Markets, known in the U.S. as tastyfx, delivers fast execution and competitive pricing through its market-maker model. With decades of experience and strong global regulation, IG offers both MetaTrader 4 and a proprietary web platform designed to suit traders at every level. Spreads start at just 0.6 pips on major pairs with no added commission and traders can access up to 400:1 leverage. A $100 minimum deposit opens the door to robust charting tools, market insights, and a solid educational library. IG is an excellent fit for traders who value both speed and a full-featured trading experience.
Key Features:
- Tight spreads: From 0.6 pips with no commission
- Platform access: MetaTrader 4 and IG’s web-based platform
- High leverage potential: Up to 400:1
- Low entry barrier: $100 minimum deposit
- U.S. brand name: Operates as tastyfx
- Educational resources: Wide selection of trading materials
Best for Flexible Account Options: XM
XM offers a wide range of account types, making it a versatile choice for traders at any stage. Beginners can start with Micro or Standard accounts that run through XM’s dealing desk, offering spreads from 0.6 pips and no commissions. For more experienced traders, the XM Zero account delivers lower spreads and an ECN-style experience with greater liquidity. The broker supports both MT4 and MT5 platforms and includes educational resources like webinars and tutorials. With a low $5 minimum deposit and leverage up to 30:1, XM combines affordability with the flexibility to grow alongside your trading journey.
Key Features:
- Flexible account options: Micro, Standard and XM Zero
- Competitive spreads: From 0.6 pips, with no commission (on some accounts)
- Advanced trading tools: Supports both MT4 and MT5 platforms
- Low minimum deposit: Starts at just $5
- Scalable leverage: Up to 30:1
- Educational content: Webinars, tutorials and market analysis
What are Market Makers?
A market maker is a financial institution or individual that actively buys and sells securities, currencies or other financial assets to provide liquidity to a market. In the foreign exchange market, market makers facilitate trading by providing buy and sell quotes for currency pairs and profit from the spread between the bid price and ask price. They play an important role in ensuring that there is always a buyer or seller for a currency pair, even during times of low trading activity.
What's the Difference Between Market Makers and ECN Brokers?
Market makers act as a counterparty to their clients' trades, meaning they take the opposite position of their clients. When a client buys a currency pair, the market maker sells that same currency pair and vice versa. Market makers typically offer fixed spreads and can provide liquidity even during low trading volumes.
On the other hand, ECN brokers connect traders directly to the interbank market, where they can trade directly with other market participants. ECN brokers typically offer variable spreads and charge a commission on trades. They provide traders with direct market access (DMA) to deeper liquidity and potentially tighter spreads, especially during high trading volumes.
Forex traders might choose a market maker if they prefer fixed spreads, want to avoid paying commissions or if they are trading during low trading volumes. Conversely, traders might prefer an ECN broker if they want deeper liquidity, more pricing transparency, potentially tighter spreads and are willing to pay a commission on trades.
Advantages of Market Makers
Market makers offer several advantages to forex traders, including:
- Fixed spreads: This means traders know exactly what they will pay as spread when they enter a trade. This can be beneficial if you want to know your costs upfront.
- Liquidity provision: Market makers provide liquidity to the market, allowing you to buy and sell currencies even during low trading volumes, which makes it ideal for when you need to execute trades quickly.
- Price stability: Market makers stabilize prices by supplying liquidity and taking the opposite side of their client trades, which helps clients avoid sudden price movements.
- Risk management tools: Market makers help traders manage risks and limit losses with risk management tools, such as stop-loss orders and guaranteed stop-loss orders.
Disadvantages of Market Makers
Market makers also have some disadvantages that traders should be aware of, including:
- Conflict of interest: Market makers act as a counterparty to their clients' trades, which means that they can profit when their clients lose money. This creates a conflict of interest which could impair trust.
- Requotes: Market makers may require requotes when there is a significant change in market conditions or when there is a large order size. This can be frustrating for traders who are trying to execute trades quickly.
- Limited transparency: Market makers do not always provide transparent pricing information, making it difficult for you to know if you are getting a fair price.
Your Forex Success: Choosing the Right Market Maker Broker
The brokers mentioned in this post are some of the best in the industry, offering competitive spreads, reliable execution and a range of trading platforms to suit different needs. It's important to do your own research and consider your individual trading goals and preferences before selecting a broker.
Frequently Asked Questions
Who is the biggest forex market maker?
The largest forex market makers are often major banks or financial institutions.
Do market makers make money?
Yes, market makers make money through the difference (or spread) between the bid and ask prices.
Is a market maker a broker?
Yes, a market maker can be a broker that facilitates the buying and selling of currency pairs in the forex market.
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About Anna Yen
Anna Yen, CFA is an investment writer with over two decades of professional finance and writing experience in roles within JPMorgan and UBS derivatives, asset management, crypto, and Family Money Map. She specializes in writing about investment topics ranging from traditional asset classes and derivatives to alternatives like cryptocurrency and real estate. Her work has been published on sites like Quicken and the crypto exchange Bybit.
