Best Market Maker Brokers for 2024

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Brokers in the Forex trading industry have different business models, but most of them are market-maker brokers. The term ‘market maker’ only refers to the business model. Within a business model, there are varying components such as quality, pricing, and product offering. Key considerations in establishing whether a market maker broker is a good one, are regulation and offerings. 

Best Market Maker Brokers for 2024 / Photo by Karolina Grabowska on Pexels

What is a Market Maker Broker? 

There is a slight distinction between Forex brokers in the general sense and market makers. Here is a basic outline of the differences between these two: 

Market makers buy up trading positions in bulk from their partners and sell them on to traders, so they are always the counterparty to your trade. They ensure liquidity in a market by quoting buy and sell prices, and profit from the difference between the buy and sell price.

A broker is an intermediary that connects buyers and sellers of investments. They do not take a position in the security themselves; instead, they execute trades on a client’s behalf and earn commissions or fees for their service. 

Market makers prioritise liquidity, whereas brokers prioritise order execution. 

Market makers profit from the spread, whereas brokers profit from commissions/fees.

Top Market Maker Brokers 

By conducting extensive research and meticulous testing, FxScouts has identified the eight market maker brokers listed below as the best market maker brokers for this year.

• AvaTrade

With regulation across six jurisdictions, Avatrade is one of the most reputable market maker brokers in the industry. They offer accessible trading with a low minimum deposit of 100 USD.

• XM

XM is a well-regulated market maker broker that offers free deposits and withdrawals. They are known for their excellent educational offerings. XM’s education and market analysis materials are comprehensive, in-depth, and well-structured. Webinars are available in 19 languages, and the educational videos cover basic, intermediate, and advanced trading concepts.

• XTB

XTB uses straight-through processing (STP) execution, i.e. with no dealing desk. All trades are automatically sent to its parent company, X-Trade Brokers DM and executed without dealing desk intervention. They offer trading on two live accounts with competitive trading conditions. XTB is a good option for beginners in the Forex trade industry.

• IG Markets

IG Markets is one of the best-regulated market makers in the industry. 10 top-tier authorities regulate them. They offer highly competitive trading conditions on two account types, which are dependent on the chosen platform. A high minimum deposit is required.

• FxPro

All accounts that FxPro offers, feature a minimum deposit requirement of 100 USD and there is no dealing desk intervention. FxPro may not be the best option for beginners as it has a limited selection of educational and market analysis materials.

• HFM

HFM offers several innovative tools, including daily market analysis and a traders’ board with information on currency movers and live charts. Although they have limited base currencies, a low minimum deposit is required.

• Markets.com

Markets.com offers competitive trading conditions on one live commission-free account, with a minimum deposit requirement of 100 USD. They have a hassle-free withdrawal process without any fees.

• FXTM

FXTM’s trading conditions vary across the three account types they offer. One aspect that sets them apart, is that they offer a copy trading scheme, the FXTM Invest. Copy trading is an effortless way for beginners to benefit from another trader’s expert knowledge.

In Conclusion

Choosing the right market maker broker depends on a trader’s individual trading needs and experience level. Because Forex trading carries inherent risks, thorough research and a solid trading strategy are also important in addition to choosing a broker.