Direct market access (DMA) is a meaningful advantage for active traders and investors. DMA brokers give traders direct access to market makers and liquidity providers, bypassing the traditional broker intermediary layer that handles internalised order flow.
The main benefit of DMA is that it gives traders more control over their orders. You can see live market prices and place trades directly at the National Best Bid and Offer (NBBO) (in US markets) or equivalent best-execution benchmarks elsewhere. This level of transparency and execution speed is genuinely valuable for traders implementing active strategies such as algorithmic trading, high-frequency trading, scalping, and arbitrage.
In this article, we review some of the best DMA brokers available for those seeking direct access to financial markets. Our criteria include minimum deposit, platform features, range of markets, range of order types, execution quality, and overall cost structure.
Here is our list of the best DMA brokers:
Interactive Brokers | Best overall
Interactive Brokers offers one of the industry’s broadest selections of tradable assets and joined the S&P 500 in 2024, marking its status as a top-tier global broker. IBKR provides direct market access through Trader Workstation (TWS), an advanced desktop platform designed for active investors who engage in multi-product trading across 170+ markets in 36+ countries, with industry-leading SmartRouting for execution.
Forex.com | Best for DMA on forex
Forex.com (part of StoneX Group) is a global forex broker offering a range of financial instruments including forex, CFDs on indices, stocks, commodities, and cryptocurrencies. They offer 80+ currency pairs and provide direct market access to prices sourced from global banks and tier-one liquidity providers, with no additional markup beyond the spread.
Charles Schwab | Best for DMA on stocks
Charles Schwab is a US discount broker offering low fees, a comprehensive online platform, and strong research and customer service. Following the full integration of TD Ameritrade in 2023, thinkorswim is now Schwab’s flagship trading platform – providing direct market access alongside order routing arrangements with leading liquidity providers to maximise opportunities for price improvement and liquidity enhancement.
IG | Best for DMA on CFDs
IG is a well-known CFD broker (LSE FTSE 250-listed under IGG, founded in 1974) offering a wide range of trading instruments across 19,000+ markets. Their L2 Dealer trading platform provides direct market access to CFDs on forex and shares, where you benefit from anonymity, a broad set of order types, and the ability to enter auctions to maximise the chance of getting the best available prices.
Saxo | Best for institutional and professional investors
Saxo is an international broker offering a range of features that meet the needs of both individual and institutional investors, including high liquidity, tight spreads, and advanced trading platforms. Saxo provides direct market access to bank and non-bank liquidity providers, ECNs, and listed FX derivatives on major exchanges – all through a single integrated account.
| Broker | Interactive Brokers | Forex.com | Charles Schwab | IG | Saxo |
| Products available | Stocks, ETFs, options, futures, forex, commodities, bonds, mutual funds, and crypto | Forex, CFDs on indices, stocks, commodities, and cryptocurrencies | Stocks, ETFs, options, futures, bonds, and mutual funds | CFDs on stocks, forex, indices, commodities, options, futures, and cryptocurrencies | Stocks, ETFs, options, bonds, futures, and CFDs on indices, commodities, forex, and cryptocurrencies |
| DMA available on | Stocks, forex, bonds, funds, futures, options, and warrants | Forex | Stocks, futures, and options (via thinkorswim) | CFDs on forex and stocks (via L2 Dealer) | Stocks, forex, and options |
| Minimum deposit | $0 | $100 (DMA tier typically requires higher balances; $25,000+ recommended) | $0 | $1,000 for DMA | $0 for Classic (no minimum); higher tiers for premium support |
| Deposit method | Bank transfer | Bank transfer, credit/debit cards, Skrill, Neteller | Bank transfer, cheque deposit (varies by country) | Bank transfer, credit/debit cards | Bank transfer, credit/debit cards, and electronic wallets |
| Countries available | International, including US (some exceptions apply) | International, including US (varies by entity) | US and select other countries | International (excludes US retail, some exceptions apply) | International (some exceptions apply; not available to US retail) |
These brokers offer a variety of features and benefits, so it’s important to compare them carefully before choosing one. In the next section, we’ll briefly review their services.
Best brokers for Direct Market Access (DMA) reviewed
Interactive Brokers at a glance
Interactive Brokers is a well-established brokerage firm founded in 1978 and listed on NASDAQ (ticker: IBKR), and joined the S&P 500 in 2024. It is known for advanced technology and robust trading platforms, and offers a wide range of investment options across multiple asset classes – including stocks, ETFs, options, futures, forex, bonds, mutual funds, and real cryptocurrencies.
The IBKR SmartRouting algorithm aims to get the best overall price for your order by continuously evaluating and dynamically re-routing as market conditions change. It does this by considering factors such as current market depth, the size of your order, and the fees charged by different exchanges and trading venues.
In addition to using IBKR’s SmartRouting technology, Interactive Brokers also offers direct-access routing, an excellent feature for professional and active traders. With direct-access routing, you can give specific instructions for your order to be routed to a particular exchange or venue – useful for traders who want to target specific liquidity sources or capture exchange-specific rebates. This is available on IBKR’s desktop platform Trader Workstation (TWS), not the mobile app or web platform.
Trader Workstation allows traders to customise general order settings and IBKR SmartRouting defaults to suit their trading style. Additional fees may apply depending on the directed order and exchange, and any rebate received from a liquidity provider is passed through as a reduction in the standard commission – a meaningful saving for high-frequency traders. If you need access to Level 2 market data, fees vary depending on the exchange and whether your account is classified as non-professional or professional.
IBKR is available internationally and provides competitive pricing for traders looking for low-cost margin borrowing. The company offers two account types for US users: IBKR Lite and IBKR Pro. IBKR Lite is designed for beginners and offers $0 commissions on US stocks/ETFs at the cost of routing through internalised order flow. IBKR Pro is built for more experienced traders, offering tiered or fixed commission pricing, full access to direct-access routing, and a richer set of trading tools and research. For DMA users, IBKR Pro is the relevant account type.
For a deeper look at the broker, check our comprehensive Interactive Brokers review.
Forex.com at a glance
76% of retail CFD accounts lose money.
Forex.com is a global online broker regulated by several top-tier authorities, including the NFA and CFTC in the US, the FCA in the UK, CIRO in Canada, the FSA in Japan, and ASIC in Australia. It is a subsidiary of StoneX Group (NASDAQ: SNEX), a publicly listed company – which adds an extra layer of transparency and oversight given the strict reporting and reliability requirements that apply to listed firms. At Forex.com, you can trade forex, stocks, indices, commodities, and cryptocurrencies through CFDs.
Forex.com offers a Direct Market Access trading account for professional traders who seek deep liquidity to capture rapid price opportunities. With this account, you get direct access to prices sourced from global banks and tier-one liquidity providers with no additional markup. You can view multiple levels of real-time pricing on Forex.com’s order book, split the spread, and place orders within the top-of-book spreads. The DMA account also offers premium features, including interest on your average daily available margin balance, dedicated Relationship Manager support, priority VIP service, and waived bank fees.
Forex.com provides access to three platforms: the popular MetaTrader 4 and MetaTrader 5, alongside its proprietary trading platform – accessible via desktop, web, or mobile app, with advanced tools and functionality designed for experienced traders.
It has flexible account funding options, including bank wire transfers, credit/debit cards, and e-wallets such as Neteller and Skrill. There are no fees for depositing or withdrawing funds. While there are no minimum account or per-trade requirements on the standard DMA account, the minimum trade size is 100K (standard lot).
On pricing, you’ll be charged a standard commission based on your trading volume – the more you trade, the deeper the commission discount you’ll receive in the following month, with tiered pricing rewarding higher activity. On the downside, Forex.com charges a $15 monthly inactivity fee after 12 months of no trading activity. Note that DMA terms, eligibility, and fee structures can vary by regional entity (StoneX Financial Inc. for US, StoneX Financial Ltd. for UK, etc.), so it’s worth verifying directly with the entity that serves your country.
Charles Schwab at a glance
Charles Schwab is a well-established online brokerage firm that has been in operation since 1971. Following the full integration of TD Ameritrade in 2023 and continued AUM growth, it now manages over $11 trillion in total client assets, making it one of the largest brokerages in the industry. Schwab offers a comprehensive range of financial services, including brokerage accounts, retirement accounts, mutual funds, ETFs, fixed income, and banking services. The platform is known for its low fees, comprehensive trading platforms (including the thinkorswim suite inherited from the TD Ameritrade integration), and strong research and customer service. The platform is primarily intended for US clients but is accessible in a few other countries through Schwab International.
Charles Schwab’s Direct Market Access feature gives clients greater control over the routing and execution of their trades. With DMA, clients can choose from several order-routing options, including Schwab Pre-Market, SmartEx, Schwab Post-Market, NSDQ, and ARCA ECN. Orders are routed for execution to unaffiliated broker-dealers who may act as market makers or manage execution in other market venues.
Schwab also maintains order-routing arrangements with leading liquidity providers to maximise opportunities for price improvement and liquidity enhancement. You can view the price improvement received on eligible equity orders on the “Order Status” page or via “Order Messages”. Schwab continually monitors execution quality to ensure orders are routed to venues that have provided high-quality executions over time.
The broker offers price improvement on orders filled at prices better than the National Best Bid and Offer (NBBO), with marketable orders receiving fast execution. Per Schwab’s published execution statistics, orders of 500-1,999 shares in S&P 500 stocks have historically achieved a price improvement rate above 96%, resulting in meaningful savings for customers compared to the NBBO benchmark.
IG at a glance
67% of retail CFD accounts lose money.
IG Group is a London-based broker founded in 1974 and listed on the London Stock Exchange (FTSE 250-listed under IGG). It offers access to an extensive range of trading instruments, with 19,000+ CFDs spanning shares, indices, forex, commodities, bonds, options, and cryptocurrencies. IG’s services are available internationally, with offerings varying by country – for example, US clients can only trade CFDs on forex through IG US (a separate CFTC/NFA-regulated entity).
IG offers a variety of trading platforms for its clients, including the Direct Market Access (DMA) platform L2 Dealer, which provides institutional clients and professional traders with direct access to the order books of major global exchanges. With L2 Dealer, traders also benefit from anonymity, a broad set of order types, and the ability to enter auctions to increase their chances of getting the best available prices. However, it’s worth noting that L2 Dealer is not recommended for beginner traders, as it requires a higher level of expertise and understanding of order book dynamics.
Traders using L2 Dealer can trade CFDs on shares or forex and benefit from both Level 1 and Level 2 market access. Level 1 provides pricing directly from an exchange, while Level 2 allows traders to see and interact directly with the exchange order book, giving them a richer view of market depth, sentiment, and underlying liquidity. L2 Dealer also features in-platform news and analysis, customisable alerts, and real-time charts, making it a comprehensive platform for experienced traders looking for genuine DMA capabilities.
IG’s pricing structure for L2 Dealer is straightforward. You pay a small commission (depending on the instrument), and there may be data fees associated with viewing or trading on certain exchanges. Under the customer agreement, IG also passes through any transaction costs such as stock borrowing fees. For forex trading, there is no IG spread to pay – instead, IG charges a variable commission based on the volume traded in the preceding month, with rates typically ranging between $10 and $60 per $1 million of currency traded.
It’s important to note that while you trade based on underlying market prices and depth, you do not gain ownership rights over the underlying currencies or shares – L2 Dealer remains a CFD product, with the same tax and regulatory treatment as IG’s standard CFD offering.
Saxo at a glance
62% of retail CFD accounts lose money.
Saxo is a leading broker offering a range of financial services that bring institutional-grade trading capabilities to individual and institutional clients alike. Founded in 1992 in Copenhagen, the firm holds an A- credit rating from S&P and now manages over EUR 115 billion in client assets. Saxo offers a comprehensive suite of trading tools, in-depth research capabilities, and premium features such as Direct Market Access (DMA).
With DMA, clients can connect to all relevant liquidity venues through Saxo’s high-quality market access and services. This includes direct market access to bank and non-bank liquidity providers, ECNs, and listed FX derivatives on major exchanges such as CME, HKEX, and ICE. Additionally, clients can access locally formed and aggregated liquidity from over 25 providers in NY4, LD4, and TY3 (the major data centres for forex liquidity), giving them access to a deep pool of liquidity and the ability to capture the best available prices.
Saxo’s DMA also includes a range of post-trade and back-office services, such as real-time position-keeping and account management, alongside a suite of straight-through-processing (STP) solutions and account management APIs.
Saxo offers two main trading platforms:
- SaxoInvestor: a streamlined, all-in-one web and mobile platform with portfolio overview, in-depth analysis, and easy-to-use charts and tools – ideal for long-term investors trading stocks, ETFs, mutual funds, and bonds.
- SaxoTrader: the advanced platform for active traders, available on web, mobile, and desktop. It offers Saxo’s full product range (stocks, ETFs, mutual funds, bonds, options, CFDs, forex, futures, commodities), margin trading, complex order types, and advanced features such as Depth Trader, the Level 2 order book, time-and-sales data, and customisable workspaces for up to 6 screens on the desktop version.
Saxo lets you open an account in various currencies, including USD, EUR, GBP, and other major currencies. Following Saxo’s 2024 retail account changes, the Classic tier no longer has a minimum funding requirement in most countries, with higher-tier accounts (Platinum, VIP) requiring substantially larger balances in exchange for premium service. Minimums may still apply depending on your country of residence and the specific entity you are onboarded through.
Factors to consider when choosing a DMA broker
When choosing a direct market access (DMA) broker, consider the following factors:
- Speed and reliability of order execution: a DMA broker should be able to execute orders quickly and reliably, especially in volatile markets. Look for published average execution speeds (often measured in milliseconds) and uptime statistics where available.
- Access to multiple markets and asset classes: a strong DMA broker offers access to a wide range of markets and asset classes, allowing you to diversify your portfolio and find the best opportunities across geographies. Geographic breadth (US, European, Asian exchanges) matters as much as asset class diversity.
- Transparency of pricing and fees: look for a DMA broker that is transparent about pricing, including per-share commissions, exchange fees, data fees, and any pass-through rebates. DMA pricing structures vary significantly between brokers – some pass through ECN rebates, others keep them.
- Level of customisation and control over orders: a DMA broker should offer high customisation and control over orders, so traders can fine-tune their strategies. This includes support for limit, stop, iceberg, hidden, and conditional orders, alongside venue selection (specific exchanges, dark pools, ECNs) and advanced routing rules.
- Quality of trading tools and platforms: some brokers offer a wide variety of trading tools, including advanced charting, technical analysis tools, Level 2 market depth, time-and-sales data, and research reports. Ensure the broker offers the tools you need to make informed trading decisions and execute your strategies effectively.
- Regulatory protections: DMA accounts often have professional client classifications that come with reduced regulatory protections (e.g. lower compensation scheme limits, reduced negative balance protection). Make sure you understand which classification you will be onboarded under and what protections apply.
- API availability: many DMA traders combine direct market access with algorithmic execution. A broker with a robust, well-documented API (such as IBKR’s TWS API or Saxo’s OpenAPI) is a significant advantage for any trader looking to automate or semi-automate their strategies.
Bottom line
Direct Market Access (DMA) is a powerful tool that gives traders and investors a competitive edge in the financial markets. With a DMA broker, traders can access various markets and asset classes, execute orders quickly and reliably, and manage risk effectively. Identifying the best DMA brokers can take time due to the many options available.
In this review, we identified the “Best DMA brokers” and highlighted their key features:
Interactive Brokers
Best overallForex.com
Best for DMA on ForexCharles Schwab
Best for DMA on stocksIG
Best for DMA on CFDsSaxo Bank
Best for institutional and professional investors
When choosing a DMA broker, it is important to consider factors such as minimum deposits, market coverage, trading platform, fees, and regulation. We hope this article has been helpful in your search for the best Direct Market Access broker and saved you some time in your research. Remember that it is always best to do your research and determine which online broker is best for you.
FAQs
What is a DMA broker?
A direct market access (DMA) broker allows its clients to trade directly on the market without going through a third party. This means that clients have full control over their orders and can execute them at the best possible price. You are connected directly to the order book of an exchange and liquidity provider.
What are the benefits of using a DMA broker?
There are many benefits to using a DMA broker, including:
- Full control over orders: With a DMA broker, clients have full control over their orders and can execute them at the best possible price.
- Access to multiple markets: DMA brokers offer access to multiple markets, including stocks, options, futures, and Forex.
- Low trading fees: DMA brokers typically charge lower fees than traditional brokers. However, you should be aware that some brokers charge connectivity or exchange fees.
What is the difference between a DMA broker and a traditional broker?
A traditional broker is a type of broker that acts as an intermediary between the client and the market. This means that the broker executes orders on behalf of the client and charges a commission for each trade. On the other hand, a DMA broker allows clients to trade directly on the market through a direct market access platform. This means the client has full control over their orders and can execute them at the best price.
Which is better, a DMA broker or a traditional broker?
Your best broker type depends on your individual needs and preferences. A traditional broker may be a better option if you are a beginner trader, as they offer more support and guidance. However, if you are a more experienced trader, a DMA broker may be a better option, as they offer more control and flexibility.
