Best STP Forex Brokers
Compare live Forex trading accounts from STP brokers, including DMA and ECN STP brokers, in Canada. Understand how STP brokers work and what this means for you.
Brokers we recommend
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Broker 1
Trade over 1,000 instruments on flexible leverage up to 1:500 on the MT4/5 and cTrader platforms. F************ is a true ECN broker and accepts all trading styles without restrictions.
Broker 2
F******* is a regulated offshore broker with an ECN trading environment. Trade CFDs on over 100 instruments with leverage up to 1:500, only on MT4. FXCC allows all trading styles and EAs.
Broker 3
Trade CFDs on a wide range of markets on MetaTrader 4 and 5, with leverage up to 1:1,000 through L**************. This broker accepts all EAs and trading styles, including scalping and news trading. Earn up to 2.5% interest on your account's balance.
Other brokers:
- 4** Best Customer Service
Broker 1
Trade over 1,000 instruments on flexible leverage up to 1:500 on the MT4/5 and cTrader platforms. F************ is a true ECN broker and accepts all trading styles without restrictions.
- Likes
- Flexible leverage up to 1:500.
- Trade over 1,000 financial instruments.
- Trade on MT4/5, cTrader or TradingView without restrictions.
- Copy trading service is available.
- Customer support is available 24/7.
- Dislikes
- No TradingView integration is available for now.
- No investor compensation fund in the event of bankruptcy.
Enjoy low spreads and reliable trading conditions at all times with this award-winning broker. Open a Standard account to trade without commission, or a Raw account if you prefer to trade on raw spreads.
Access over 1,000 markets through MT4, MT5, cTrader and more recently TradingView. You'll find over 70 currency pairs, as well as gold and silver priced in US dollars, euros, Aussie dollars and other currencies. You can also go long or short on stocks and government bonds through over 40 ETFs.
Its free educational content also sets it apart from the competition. Get access to trading signals from Trading Signal and Autochartist as soon as you fund your account. You'll also get access to free trading courses for beginners and experienced traders, weekly webinars and e-books.
Read reviewBroker 2
F******* is a regulated offshore broker with an ECN trading environment. Trade CFDs on over 100 instruments with leverage up to 1:500, only on MT4. FXCC allows all trading styles and EAs.
- Likes
- 100% bonus on your 1st deposit (up to US$2,000).
- Flexible leverage up to 1:500.
- All MT4 Expert Advisors are allowed.
- No fees on deposits.
- No minimum deposit.
- Dislikes
- MetaTrader 4 is the only available trading platform.
- Withdrawal fees apply across some, but not all, funding methods.
We particularly like F***'s high leverage (up to 1:500) available across all currency pairs, gold, silver, stock indices and energy products. Negative balance protection is available at all times.
Its MetaTrader 4 integration provides a smooth trading experience, with no lags and only minimal slippage. It accepts all trading styles and Expert Advisors, including scalping robots, without restrictions.
As this broker offers consistently low spreads, it is possible to enter and exit trades several times a day, to take advantage of even small price swings. Its ECN XL account has no commission. However, you should be aware that a $5 mark-up per lot will apply if you open an account through us.
Read reviewBroker 3
Trade CFDs on a wide range of markets on MetaTrader 4 and 5, with leverage up to 1:1,000 through L**************. This broker accepts all EAs and trading styles, including scalping and news trading. Earn up to 2.5% interest on your account's balance.
- Likes
- All trading strategies are allowed.
- Get free daily technical and fundamental analysis.
- Receive up to 2.5% interest on used funds.
- Copy trading accounts are also available.
- Dislikes
- Withdrawals fees are somewhat high, especially card withdrawals.
We've trade through L**********'s ECN account for over 4 years on raw spreads plus a commission of $5 per lot, per side. We like that it places no restrictions at all on our use of automated trading strategies.
Their customer service team is responsive, even on weekends. Our withdrawals have always been processed as quickly as possible. However, their withdrawal fees are a somewhat high, especially card withdrawals.
L********** publishes a lot of educational content in the form of webinars and articles on its blog, often with a focus on technical analysis. Their commentary could spark new trade ideas. However, you might find yourself lost if you are new to trading.
Read reviewBroker 4
4****** is an offshore broker founded in 2018 by Forex veterans. Trade Forex, metals, oil and stocks with leverage up to 1:500. It accepts all trading styles and Expert Advisors on MT4/5.
- Likes
- Enjoy flexible leverage up to 1:500.
- Choose between MetaTrader 4 and 5.
- All trading styles and Expert Advisors are allowed.
- Fast execution speeds from its London data-centre.
- Dislikes
- Negative balance protection is only available across Forex and precious metals.
- This broker is regulated in the Cook Islands, a country without an investor compensation fund.
4****** will appeal to you if you enjoy trading Forex, gold or silver on high leverage, up to 1:500. It accepts all trading styles on MT4 and MT5 without restrictions. And unlike some brokers, who'll adjust leverage dynamically, this broker keeps leverage constant at all times.
Alternatively, you may open a PAMM account or a copy trading account if you prefer to replicate other investors' trade. A copy trading account may be of interest to you if you lack the time or knowledge to trade the markets.
Customer support is available 6 days a week, and has always been professional in our interactions with them. So it's perhaps no surprise that 4** has received several awards commending the quality of its customer service.
Read reviewWhat's an STP broker?
Straight Through Processing (STP) means full integration between all market participants, from liquidity providers to investors and the trading platform. In its purest form, an STP broker aggregate prices in real time from liquidity providers and passes client orders onto them. In practice, this also means there is No Dealing Desk (NDD).
Types of STP brokers
However, Forex brokers tend to apply the term loosely and "STP" can mean different things to different brokers. This article describes common traits and differences between STP brokers and suggests ways to check how your own broker operates.
Number of liquidity providers
STP brokers aggregate prices from banks, financial institutions and other liquidity providers (LPs) in the Forex interbank bank market. The price you see on your end is the best-bid and the best-offer (BBBO) across all quotes. This means the bid could come from Bank A and the ask from Bank B.
STP brokers typically work with more than one liquidity provider. However, circumstances can arise when they only have one. The more liquidity providers your broker works with, the greater the competition and the tighter the spreads.
Fixed or variable spreads
The spread is the difference between the buying and selling price of a currency pair. If you're quoted EUR/USD at 1.2502/05, the spread is 0.0003 or just 3 pips.
STP brokers usually quote variable spreads because the prices they receive from liquidity providers change dynamically over time. The price you're quoted adjusts automatically to reflect the BBBO available from your broker's liquidity providers. Your broker adds his own mark-up to the spread to cover his costs and earn a profit.
However, some brokers can quote fixed spreads instead. This can happen when they have just one liquidity provider. And when they have more, they can achieve this by adjusting the mark-up they apply to the BBBO to ensure that the spreads you see on your end remain the same.
Instant vs. market execution
A regular STP broker fills client orders through instant execution. This means your broker acts as the counterparty to your trades and will hedge these positions with his liquidity providers. This can give rise to re-quotes if your broker has difficulties filling orders at the price you requested. However, instant execution does allow you to enter Stop and Limit Orders at the very same time you open a position, which can help manage your risks.
Other STP brokers offer market execution. When this happens, your broker passes your order directly onto his own liquidity providers. This gives you what is known as Direct Market Access and is one of the purest forms of trading. Liquidity providers will act as the counterparty to your trade and fill your order at the prevailing market price. The downside is that you cannot enter Stop or Limit orders at the time you place an order because the execution price is not known when you click the 'Trade' button.
Is your broker STP?
First, check your broker's website and Order Execution Policy for comments about spreads and execution types. If in doubt, ask your account manager directly.
If your broker offers fixed spreads and instant execution, it's unlikely but not impossible that he delivers Straight Through Processing.
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About the author
I'm Stefan, a trader and an entrepreneur. My mission with TrustedBrokers is to help you find the right broker for you, whether you're a beginner or a pro. I've personally used and tested the brokers on our service, opening and funding real-money accounts, contacting customer service and placing trades. I started my career in investment banking in London.