Best DMA Brokers (Direct Market Access) Compared & Reviewed

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Direct Market Access (DMA) brokers give traders direct market access to exchange order books for better pricing and execution of futures, options and CFDs.

Good Money Guide has extensively tested dozens of these and brought you the UK’s best direct market access brokers. Read on to find the most appropriate account for your own trading strategy. 

DMA Trading PlatformDMA MarketsDMA CFDsFuturesDMA OptionsCustomer ReviewsMore Info
Interactive Brokers DMA Trading20,000✔️✔️✔️
4.4
(Based on 934 reviews)
See Platform
60% of retail investor accounts lose money
IG DMA Trading12,000✔️✔️
3.9
(Based on 678 reviews)
See Platform
69% of retail investor accounts lose money
Saxo Markets DMA Trading9,000✔️✔️✔️
3.6
(Based on 73 reviews)
See Platform
65% of retail investor accounts lose money
Our Picks of the Best DMA Trading Platforms Reviewed
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    ❓Methodology: How Good Money Guide Chose The UK’s Best DMA Brokers

    • Analysis of over 30,000 customer votes and reviews in our annual awards
    • Our experts’ own experiences testing the direct market access accounts with real money
    • A deep dive of the stand-out features each DMA broker offers
    • Good Money Guide’s exclusive interviews with the DMA broker CEOs and senior management
    • Read more about how we rate and review financial service providers here.

    Saxo: UK’s Best Overall DMA (Direct Market Access) Broker 

    🏆Award Winner🏆

    Saxo Markets
    3.6
    Customer rating: 3.6/5 (73 reviews)
    • DMA markets available: 9,000
    • Minimum deposit: £1
    • DMA account types: CFDs, futures & options, DMA, investing

    70% of retail investor accounts lose money when trading CFDs with this provider

    Saxo Markets won “best DMA broker” in our 2023 and 2020 awards. They offer an robust and intuitive trading platform with wide exchange and market access. Commissions are competitive, but dealer support is what makes them stand out.

    With Saxo Markets you can trade DMA stock CFDs, on-exchange futures and options with ultra-tight DMA spreads, with prices derived from a wide range of Tier 1 institutions.

    Is Saxo good for DMA trading?

    Yes, Saxo provides DMA access to a wide range, but they may not be the best broker for direct market access. I would say that Saxo is the best DMA CFD broker for trading equities for the majority of retail traders. But, if you are a very advanced trader Interactive Brokers offer more execution functionality like the ability to trade pairs with a single click as a percentage or spread, as opposed to Saxo where you have to execute two individual buy and sell orders.

    Saxo Expert Review: Professional Grade Trading & Investing For Everyone

    Is Saxo Markets a good broker?

    Yes, Saxo has a great choice of accounts for beginners with SaxoInvestor and for professionals, the more sophisticated SaxoTrader go provides direct market access. The pro platform, analysis, and direct market access may be too complicated for beginners. But, for experienced traders, its coverage, commissions and research are unrivalled.

    Saxo Markets is an excellent trading platform for retail traders and investors who want institutional-grade pricing, robust execution and wide market coverage.

    Awards: Saxo won best investing app and best DMA/Professional account in 2024. Before that, in our 2023 awards, Saxo won ‘Best CFD Broker’, and ‘Best DMA & Professional Trading Account’. In 2022 Saxo also scooped ‘Best Bond Broker’.

    Pricing: Commissions have just been reduced further making Saxo one of the cheapest brokers

    Market Access: Saxo offers a huge range of markets for both derivatives trading and physical investing

    Platform & Apps: Saxo has an industry-leading robust workhorse of a platform

    Customer Service: Experienced dealers for active larger customers

    Research & Analysis: Some of the best opinions on the markets around.

    Plus, with Saxo posting its best financial results in history (with over $118bn customer funds on account) and now that it has been 70% bought out by J. Safra Sarasin Group, they will be in an even better position to continue to provide excellent market access. This, combined with founder Kim Fournais still owning 28% will keep the firm’s customer-first ethos intact.

    Pros

    • Direct market access
    • Low commissions
    • Robust trading platform

    Cons

    • Seen as a trading platform for professionals
    • Have to subscribe for live prices
    • Pricing
      (4.5)
    • Market Access
      (5)
    • Online Platform
      (5)
    • Customer Service
      (5)
    • Research & Analysis
      (5)
    Overall
    4.9

    Saxo DMA Trading Platform

    Saxo Markets Trading Platform

    Interactive Brokers: Excellent Direct Market Access Pricing

    Interactive Brokers
    4.4
    Customer rating: 4.4/5 (934 reviews)
    • DMA markets available: 20,000+
    • Minimum deposit: £2,000
    • DMA account types: CFDs, DMA, futures & options, investing

    60% of retail investor accounts lose money when trading CFDs with this provider

    IBKR offers direct market access to 30+ market centres with low commissions from USD 0.25 to 0.85 per contract and a trading platform with advanced order execution types and futures tools.

    IBKR DMA Trading Platform

    IBKR Demo Trading Platform

    Interactive Brokers Expert Review: Best Professional/DMA Broker 2025
    Interactive Brokers

    Name: Interactive Brokers

    Description: Interactive Brokers is a major US online automated electronic broker company. The financial broker is listed on the Nasdaq Exchange with ticker IBKR. The firm operates in 150 electronic exchanges in 34 countries, and offers trading in 28 currencies. Interactive Brokers has more than 3.19 million institutional and retail customers.

    Is Interactive Brokers any good?

    Best DMAPro Broker 2025Yes, Interactive Brokers is simply unmatched in terms of market access, account types and execution options for retail traders. It always has been and remains one of the cheapest trading and investing platforms globally.

    Interactive Brokers is an exceptional trading platform that offers institutional-grade trading capabilities to private clients around the world. IBKR has some of the lowest trading and investing fees and the widest market range in the industry.

    2025 Awards: Best Professional/DMA Broker 2025

    Pricing: Top marks as IBKR don’t charge a custody (account) fee and commission are the cheapest around

    Market Access: Top marks again for the widest selection of markets available

    App & Platform: Hard to beat – excellent range of institutional grade execution tools and simple apps for beginners

    Customer Service: IBKR let themselves down a bit here. If you are a big customer you get an account manager, otherwise online support is slow

    Research & Analysis: Some of the best education, screeners and market data for free on their website and integrated into IBKR platforms.

    I’ve used Interactive Brokers for about 20 years now. I’ve interviewed their founder (Thomas Peterffy), their UK MD (Gerry Perez), they’ve been a competitor (when I was a broker myself), a customer and a partner over the years. I’ve traded live with real money when thoroughly testing their platforms.

    This included an in-depth conversations with their Head Of Product (Steven Sanders) to get inside insights on the best parts of the platform and services that some clients may not know about. In this review, I lay out my verdict on Interactive Brokers as an industry expert so you can decide if they are the right investing and trading platform for you.

    There is one thing that Interactive Brokers gives you above all other brokers, and that is control. You can invest and trade in pretty much anything you want, in pretty much any account type, pretty much how you want.

    If you are not familiar with Interactive Brokers (IBKR) they are American, but global, as most American things are, with the notable exception of their news, which always seems to be local. But I digress, IBKR was one of the first brokers to offer electronic trading to the masses. They were founded in 1978 and if you want to know more about the man who founded them and is still running the show, read my interview with Thomas Peterffy, the founder and chairman.

    Highlights: The key things to focus on if you are considering opening an account with Interactive Brokers is that:

    They are cheap: No other investment or trading platform can match their discount commissions, FX rates and zero account charges

    Huge market range: IBKR offer by far the best access to global stock exchanges around the world

    They innovate and create :You can invest in so many different ways through IBKR, from their beginner IBKR LITE apps, to their institutional-grade desktop workstation trading platform. They have some of the most advanced and easy-to-use features available to private investors.

    Interactive Brokers Account Types: IBKR offer by far the most types of accounts globally including regular investing account, active trader accounts, direct market access, futures, options and fractional stock trading

    You can also earn money on your cash, you can buy bonds (high and low yielding), buy warrants, partake in placings, vote on company corporate actions. You can convert currency at 0.2%, which is cheaper than most specialist currency brokers or money transfer apps.

    Foreign Exchange: Which actually segues me nicely to prove my control point. With most brokers you have to choose an account base currency (if you are in the UK that is probably going to be GBP) and when you trade, no matter what currency an asset is traded in your P&L will be converted to that base currency. But with Interactive Brokers you can run your account in multiple currencies.

    So, if you put in GBP and trade the S&P for example, your P&L will be in USD. If you buy USD stock you get the option to attach a currency conversion to the transaction so you can convert exactly the right amount to cover the purchase, or you can choose to run a deficit in USD.

    It’s not such an issue for small traders, as currency exposure, whilst important to be aware of, isn’t the most pressing matter. But if you are running a net flat long/short global macro portfolio, then keeping on top of your currency exposure could be the difference between making money or not.

    Desktop Trader: Through ScaleTrader, (one of the founder’s favourite features) IBKR also gives you some very advanced order functionality, the sort you usually only get with professional trading systems like Fidessa (for stocks) or TT (for futures).

    If you’re building a big position and don’t want the market to know you’ve got a big order to work, IBKR’s order ticket will let you gradually feed that into the market (but only charge you for the single order).

    You can automatically drop bids and offers into the market based on time and price to take advantage of volatile markets. You can also set it to scalp for quick profits in choppy markets.

    Testing IBKR's trading platform

    Pairs Trading: You can trade one stock against another automatically by spread, percentage or price.

    Why is that important? Because it can help you build a market-neutral portfolio and when we asked the boss of IBKR the habits he saw in his most profitable customers, (referring back to our interview with him for the third time) he said the ones that traded one stock against another, often did well.

    Interactive Brokers Universal Account: You can of course do these things with other brokers, but what you can’t do is do them all in one place.

    For this review, I spent a while talking to Steven Sanders, IBKR’s head of Marketing & Product Development, and he said in the twenty years, he’s worked for Interactive Brokers the thing he’s most proud of (other than it being founder lead and therefore very little red tape when you want to get things done) is the implementation of the Universal Account, where everything is done from one account.

    What’s amazing to me is that nobody else really offers it. Ten years ago when I was a derivatives broker at Man Financial, we offered everything that IBKR did, but all on separate platforms. We have a couple of big accounts, £20m upwards, that we were always trying to lure back from IBKR with our personalised voice brokerage where you could phone us up we’d take care of your complicated orders for you.

    But times change, there is still demand for bespoke voice brokerage, but not as far as Interactive Brokers are concerned. They do offer it from specialists desks if needed, but most trading and investing is done online.

    Demo Account: Interactive Brokers does have a demo account, but they call it a free trial instead. This is odd, because you don’t actually have to pay to have an account with IBKR. In fact, Interactive Brokers is one of the only trading platforms that does not have a custody fee for investing in a GIA, SIPP and ISA.

    If you want to know more about that, you can listen to my podcast with Gerry Perez, the UK MD, who explains, how they offer such amazing market access for such little cost.

    You get a cool $1m to paper trade with on the Interactive Brokers demo account or ‘Paper Trading version’ as they call it. You get access to the easy-to-use investors portal and the more complex IBKR TWS provides delayed market data, simulated trading and access to all of our unique tools and offerings, including the IBKR Risk Navigator, the Volatility and Probability Labs, Portfolio Builder, Research and News.

    But, to be honest, I didn’t find the demo account very good. Lots of information was missing and I couldn’t place a trade. I’m not sure why, and actually, that’s going to be a bit of an issue for Interactive Brokers because demo accounts are a great way to get client’s interest. In a world where so many brokerages a vying for the same business, even small hiccups like that can cause a massive drop off rate in opening an account.

    Interactive Brokers Demo Account

    Usually, IBKR’s technology is first-rate, but the demo account isn’t up to scratch. I didn’t use the paper trading account, just the live trading platform with real market orders.

    Customer Service At Interactive Brokers: It’s not all great, it takes a while to get through on the phone to customer service, and it has a slightly outsourced feel about it (if you know what I mean).

    The desktop trading platform, despite its exceptional functionality, is also a bit ‘Windows 95’. But if you don’t need all the bells and whistles, the web based platform, or app has a more modern feel to them.

    Options Strategy Builder: Options trading is gaining in popularity in the UK, mainly because of the press attention they derived from meme stocks (where US traders punt via options). But they are still a very complicated product. So what Interactive Brokers has down is create a Strategy Builder product, that essentially reverse the process of putting on options strategy trades.

    You tell Strategy Builder what you think the market is going to do. For example, either, go up, stay still, not move for a while, or volatility will increase and it will create an options strategy around that. Instead of you having to know what strategy to put in place or working out the individual options legs.

    IMPACT Ethical Investing: In tune with moving with the times, Interactive Brokers has also released the IMPACT app to help people investing in ESG and impact sectors, so they can put their money to good.

    You can see the IMPACT dashboard on desktop, but it also operates as a standalone app that connects directly to your IBKR account and scores your portfolio based on how ethical the stocks you hold in it are. Ratings come from FactSet and Refinitiv, and there is this excellent feature that allows you to swap into more ethical stocks.

    If one of your holdings is flagged as not that ethical, the app will suggest another one and at the click of a button, it will sell your shares and calculate how many new shares of a more ethical but similar company to buy and do it all for you. If you’re in the US, you can also make charitable donations directly on the app.

    Interactive Brokers For Beginners: There is no doubt that Interactive Brokers is a proper trading platform, for those who know what they are doing and cater mainly to the more sophisticated investor. But they are making an effort to open their services up to the newer breed of investor and trader.

    It’s standard now among many fintechs, but IBKR were actually the first to offer no commission trading. They also offer fractional shares through IBKR LITE and IBKR Pro accounts and have removed the monthly minimum account charge.

    The hope of course is that by onboarding investors when they just start, they can look after their investments for the next 40 years, just as they have been doing for their existing clients for the last 40.

    Interactive Brokers runs a Student Trading Lab where students from 600 schools and universities take part in a $1m paper trading account for the purposes of getting a better understanding of the markets. No broker these days can tell you what to buy or sell, but IBKR GlobalAnalyst helps you hunt out undervalued opportunities, across the world, not just in the US.

    IBKR offer a Trading Academy, podcasts, webinars and blogs for beginners and experienced traders so that new customers survive the markets to become long-term clients.

    Plus, they are cheap.

    24-Hour ETFs At Interactive Brokers:Interactive Brokers has a list of 24 selected ETFs available to trade around the clock from Sunday evening, east coast time, through to the close on Friday, by adding these funds to its US overnight trading facility.

    Clients who are permissioned to deal in US stocks, are able to trade these ETFs 23.50 hours a day, five days per week, allowing them to react to news stories, macroeconomic and geo-political events as they happen, rather than waiting for US markets to open.

    The trading hours and ETFs are available to both retail and institutional clients alike and are traded via the firm’s IBEOS system. Trades can be submitted using multiple order types.

    The range of ETFs is pretty broad and includes firm favourites such as SPY, QQQ, DIA and IWM, which track the S&P 500Nasdaq 100Dow 30 and Russell 2000 indices respectively. You can also short those indices by trading the SH, PSQ, DOG, and RWM inverse ETFs.

    Pros

    • Very low dealing fees
    • Wide market range
    • Direct market access
    • Complex order types

    Cons

    • Customer services can be slow
    • No financial spread betting
    • Pricing
      (5)
    • Market Access
      (5)
    • Apps & Platform
      (5)
    • Customer Service
      (4)
    • Research & Analysis
      (5)
    Overall
    4.8

    IG: Best Broker For Liquidity Direct Market Access Markets

    IG
    3.9
    Customer rating: 3.9/5 (678 reviews)
    • DMA markets available: 12,000
    • Minimum deposit: £250
    • DMA account types: CFDs, spread betting, DMA, investing

    70% of retail investor accounts lose money when trading CFDs and spread bets with this provider.

    IG’s L2 Dealer lets you trade on over 12,000 shares and 80 forex pairs against multiple liquidity venues, including primary exchanges, multilateral trading facilities (MTFs), dedicated market makers and dark pools.

    IG DMA Trading Platform

    IG DMA Trading Platform

    IG Expert Review: The original and still one of the best brokers
    IG

    Name: IG

    Description: IG is one of the largest and best brokers in the world and offers the full suite of investing and trading accounts for all types of investors. Highly recommended. Founded in 1974 as Investors Gold Index, then IG Index, now just “IG” is one of the world’s largest margin trading brokers. IG offer CFDs, FX and Spread Betting (in the UK) alongside share trading and prime brokerage to over 313,000 active clients and offers 17,000 tradable markets. IG also recently introduced physical share dealing and smart portfolios for longer-term investors.
    70% of retail investor accounts lose money when trading CFDs and spread bets with this provider.

    Is IG a good trading platform?

    Best Trading App 2025Yes, IG provides an excellent all-round trading and investing brokerage service. IG pioneered online trading and financial spread betting for private clients and remains not only one of the largest online trading platforms, but also one of the best. IG stands out through deep liquidity, high market range and excellent added value such as trading tools and analysis.

    Before we kick off this review I must disclose a bit of an interest. I’m a big fan of IG, in my mind, they are the default broker. When we review brokers, we tend to ask the question “why would you trade here rather than at IG?” So, in my updated 2024 IG review, I compare IG Index to other brokers, tell you what I like about them, who they are best for and show you their trading platform with some live trades in a video demo.

    I’ve had an account with IG for about 20 years and I remember their first online trading platform when it was just basically a messaging system through to the dealing desk. Amazingly enough, it turns out that I was also in the same class (at two different schools over about five years) as the founder’s daughter, but of course, didn’t know that back then.

    When I was interning on the NYMEX and IPE trading floors in London and New York as a ticket checking clerk, I’d tap away on IG on my Ericsson R380 trying to emulate the bigger boys in the pit.
    IG were my first trading account and along with Trading Places (my dog is even called Winthorpe #notobsessed) I hold them fully accountable for the path my so-called career has taken.

    The Beginnings & Ethos

    Stuart Wheeler, the founder, basically invented financial spread betting in the attic of a Chelsea townhouse in 1974. It was first called Investors Gold Index, then IG Index and then just IG. As the product range grows, the name shortens. As is the fashion these days with II, HL & IBKR.

    If you read his biography (Winning Against the Odds, My Life in Gambling and Politics), you can tell that IG was founded for the love of the business. That business being gambling and investing. It’s a great read, very witty, lots of indescrete gossip, some “slightly dated” views, but overall a great insight into how and why the business started.

    This brings me to my first point. One of the things that makes IG stand out, is really the fact that it is IG.  I’m a big believer that there are two types of financial business. One that is set up to extract money from customers because they spot a gap in the market. And the second, that does it because they are good at it and want to be the best.

    I hope that’s what we at the Good Money Guide do and I hope that that’s what IG still do. I certainly gathered from my interview with the now IG CEO, June Felix, that their position is still to very much be on the clients side. In that, they believe it’s better to try and help a client win and give them a good service, so they are still doing business with you in twenty years, rather than the churn and burn quick-fire approach.

    Index & Forex Trading

    IG was originally called IG Index (Investors Gold Index) and was one of the first brokers to let private individuals trade the financial markets. When they started off customers mainly traded the London stock market index (FTSE 100), but now IG clients can trade a market-leading 80+ indices.

    You can also trade forex on their platform. But remarkably, unlike most other forex brokers, which see the largest percentage of their volumes in the forex markets, IG’s most popular asset class is indices, followed closely in second by currency trading.

    Quality Service

    This was most evident I think during the big bonus push of around seven years ago. This was basically a time when the trading industry became uber-competitive and brokers were offering big bonuses, sometimes up to £5,000 to new clients to sign up.

    The catch of course was that you had to generate more than that in trading commission before you could withdraw it or use it. IG’s stance on that was, “No, that’s not for us” clients trade with us because of what our service offers” and didn’t get into the murky business of incentives.

    Interestingly enough, the FCA banned new account bonuses because it all got a bit out of hand as the more unscrupulous platforms were running too heavy B-books.

    No B-Book

    One draw for big clients is that whilst IG does internalise orders, they have Symmetrical exposure limits.

    So they don’t take a view on the markets. This means two things, first, IG are not betting against you with a B-Book.

    And second if you are a big trader, because of their liquidity there may actually be bigger volume on IG’s bid and offer than there is in the underlying market. You get positive slippage, so if you place a limit order and the market suddenly moves in your favour you get filled at a better price than your limit.

    Spread Betting & CFD Trading

    With IG you can trade CFDs or spread bet 24 hours on major indices, forex and commodities markets, there are extended hours on global equities, where some fairly significant volume goes through, particularly on US equities when company announcements are made after the main market shuts. IG is one of the few brokers to allow trading during the weekend, so you can still take a view or limit your exposure if something big comes out politically.

    IG is one of the best CFD trading platforms as they offer a huge range of markets to trade and DMA access for more sophisticated traders. Also, because IG offers CFDs globally (with the exception of the US) they have a huge amount of volume and liquidity meaning that sometimes you can place bigger orders via IG’s order book than you could do on the underlying exchanges like the LSE or NYSE. Because of the sheer volume of CFD trades, IG is able to internally match up orders for quicker and larger fills.

    One key disadvantage of trading CFDs through IG is that you have to pay tax on profits. However, CFDs are not the only product that IG offer. You can also trade financial spread bets, where you do not have to pay capital gains tax on profits.

    IPO Grey Market

    One feature that is now unique to IG (lots of other brokers used to do it) is the “grey market”, where they will make you a price in unquoted stocks that are due to come to market. You essentially take a bet on what the market cap will be of a company when it lists. Or, you can just apply for shares in the IPO through PrimaryBid, who will deliver them to your IG account.

    International Presence

    IG also have this nice nack of looking at a region and finding specific products for them. It’s actually quite interesting how each country has a specific way it likes to trade the markets. The UK for example, is the only country that benefits from financial spread betting, the rest of the world trades on margin with CFDs. Of course, with the exception of the Americans, who trade on margin by taking out a loan to buy stock (from their broker) or trade options, which are much more popular on equities. Japan has knockouts and Europe has barrier options and Turbos Warrants.

    Trading Platforms & Apps

    IG’s trading platform has gone through many iterations in the 20 years or so I’ve used them. Their first online platform was just really a live price feed with a messenger box, that put you through to the dealers, who would manually execute trades for you. Now, of course, it’s all DIY online, but still with phone support if you need it.

    IG Trading Platform

    Something IG is very keen to push, is their added value. The platform tries to integrate as much as possible. IGTV, is based on the platform analytics of what people are trading and they create programs around what markets and assets traders are looking for information on. The news and analysis comes from Thomas Reuters, with snapshot videos and a series of IG market commentary videos.

    We rate IG’s trading app as extremely safe because of IG’s regulation and reputation. However, it’s important to note that while trading on the app itself is financially secure, the products on offer are high risk and IG does offer investments that are not safe for capital preservation. IG offers financial spread betting and CFDs which are high-risk, high reward products.

    High Net Worth Accounts

    If you are a high-volume trader, you can also trade DMA with ProRealTime, and you can get level 2 pricing and trade directly on the exchange order book. This can be done on the IG trading app or by downloading the L2 dealer software. There is a cost of course, but if you do a few trades that is rebated back. Brokers have to pay the exchanges for providing level 2 data to their clients, so the charge is there to dissuade everyone signing up without trading. If you are really clever and have developed your own trading algorithm, you can plug that into IG’s platform too. Or MT4/MT5 which they also offer, if you’re into that sort of thing.

    IG Community

    There is a fairly active forum in the IG community, it’s not as quite as “social media feed” as some copy trading platforms, but there are a few thousand users chatting away and the IG staff get involved. As with other brokers, there is Autochartist, but they add value there, by having a “copy to order” function where you can execute the signal, but also add the stop and limit. You can then tinker with the pricing by moving the lines on the chart. On charting, IG are implementing logarithmic charting, one of their most requested features from traders.

    Sticky Clients

    A problem all brokers are desperate to address though is people losing money. It’s always been the case and previously was always anecdotally noted that only around 20% of people made money. The IG founder, even mentions this in his book, prior to it being a regulatory requirement to display in all marketing and on websites what percentage of clients lose money when trading spread betting and CFDs. A few brokers have implemented post-trade analytics, to help their clients try and win more. IG’s Trade Analytics tool does just that. It’s sole purpose is to try and help traders win more by getting a better understanding of where they profit and lose in the markets. It’s been developed in-house by IG, based on their analytics and to provide clarity.

    James Perry IG’s Client Experience Manager told me “We desperately want our clients to win as the more they win, the longer they are going to be a client, and the more they are going to trade” as they make their money from commissions, financing and spreads, “as soon as they lose, they feel disenfranchise, sad and reduce trading volumes”.

    I know this to be true from my own trading, when you’re on a winning run you trade more, when you can’t call the market right so step away until another day.

    Investing, ETFs & Share Dealing

    IG also, offer longer-term investing products, where you can buy and hold stocks, ETFs and funds in a stocks and shares ISA, or IG Smart Portfolio. They have a trading academy so they can learn through video and interactive courses. IG can see from their analytics that clients that use these, do become better traders. Along with their recent acquisition of DAILY FX (for $40m) they also offer live webinars to provide analysis and trading strategy.

    you can invest and trade ETFs with IG. You have the option of either investing in the long term by buying ETFs in their general investment account, SIPP or ISA. Or you can speculate on them going up or down by going long or short via CFDs or financial spread bets. IG is not the cheapest place for investing in ETFs, (that is probably Interactive Brokers) but they do have very good customer service and a really easy to use ETF platform.

    Ratings Explained

    • Pricing: Industry leading spreads and with DMA you can get inside the bid/offer.
    • Market Access: Best around for spread betting and CFD trading.
    • Platform & Apps: Loads of added value, signals and execution features.
    • Customer Service: IG is very big, but still managed to score well here.
    • Research & Analysis: Superb, news, analysis, social feeds, plus free premium subscriptions for active clients.

    Overall, if you are going to trade, I would be surprised if you didn’t have an account with IG.

    Pros

    • Vast range of markets
    • Excellent liquidity & DMA equities
    • Listed on the London Stock Exchange

    Cons

    • Customer service can be slow
    • No DMA futures trading
    • Still charges inactivity fee
    • Pricing
      (4.5)
    • Market Access
      (5)
    • Online Platform
      (5)
    • Customer Service
      (4)
    • Research & Analysis
      (5)
    Overall
    4.7

    Futures 

    Saxo Markets is the best DMA broker for futures trading as they offer DMA futures on 300 contracts across 16 future exchanges. Saxo Markets has won ‘best futures broker’ in our awards three out of the past four years. For more information on futures trading platforms, you can compare futures brokers here.

    Options 

    Saxo Markets is the best DMA options broker as it offers options trading on over 30,000 stocks and indices across 60 exchanges. Saxo Markets has won ‘best options broker’ in our awards three of the past four years. For more information, you can compare options brokers here.

    CFDs

    Saxo Markets is the best broker for trading DMA CFDs as it offers CFDs with direct market access on over 9,500 shares, indices and commodities. Saxo Markets has also won ‘best CFD broker’ in our awards for the past four years.

    DMA CFDs (offered by CFD brokers that offer professional accounts) are for when you have a big account and work big orders or are trading on a high-frequency basis or a trading strategy requires you to be inside the bid/offer spread.

    Forex 

    Saxo Markets is the best broker for trading forex DMA as they offer on-exchange forex futures and options compared to other forex brokers like IG and CMC Markets that only offer DMA forex to institutional clients as a prime offering.

    UK Shares

    IG is the best DMA broker for UK equities according to Good Money Guide’s broker matrix as they offer access to the most shares. With IG you can also trade UK shares as a spread bet or CFD whereas other DMA stock brokers do not.

    US Stocks

    Interactive Brokers is the best DMA broker for trading US stocks. IBKR are US based but take on non-US residents through their international offices.

    Pros & Cons Of Direct Market Access Brokers

    Here is a round-up of the advantages and disadvantages of using DMA brokers.

    Pros

    • Clean pricing: You can place your DMA orders directly on the exchange and get in between the bid and offer price
    • Speed of execution of trade: Cutting out the ‘middle man’ means a slicker, quicker trading process
    • Better prices: No middle man means less people taking a cut of the trade
    • Less risk of error: As a broker is acting on your behalf this decreases the chances of a human error on your part

    Cons

    • Account size: DMA brokers may only be looking for larger accounts
    • Tax: There are no tax benefits of financial spread betting
    • Charges: You need to factor in the commission charges the DMA broker imposes into your profit/loss calculations

    ⚠️ FCA Regulation – What You Need To Know

    All DMA trading platforms that operate in the UK must be regulated by the FCA. The FCA is the Financial Conduct Authority. They are responsible for ensuring UK direct market access trading platforms are properly capitalised, treat customers fairly and have sufficient compliance systems in place. 

    Good Money Guide only features DMA brokers that are regulated by the FCA, where your funds are protected by the FSCS.

    DMA (Direct Market Access) Broker FAQs:

    The main things to consider when comping direct market access brokers are:

    • Commission rates – these are often volume-based for larger DMA traders and can be significantly cheaper than the published rate card.
    • Leverage and margin – exchanges set margins for DMA futures and options trading, but DMA brokers set their own margin rates for DMA CFDs
    • Types of DMA – Do you need direct market access for trading futures, options or CFDs?

    Yes and no. If you want to get inside the bid-offer you need to be trading with direct market access (DMA). However, this is a tricky thing to do if you want a spread betting broker to provide direct market access.

    The reason is quite simple. The mechanics just don’t work. Spread betting is over the counter (OTC), in that it is conducted off-exchange and structured as a bet. There is no exchange to access and the quotes provided by the spread betting brokers are based on the prices in the underlying exchanges.

    It is possible to spread bet with DMA, although it’s all about relationships. You can ask your dealers at brokers like IG or Spreadex to work order in the market for you. However, you will need a big account and a good relationship with your account executive to get the service.

    Yes, IG offer direct market access trading. You can find out more about their account offering here. Other brokers like Saxo Markets & Interactive Brokers also offer it.

    Yes, DMA brokers if you are a high-frequency day trader making short term trades you will get better pricing and fills with direct market access.

    Yes, as they provide direct market access to exchange order books they do not have to internally match or decide whether or not to hedge client positions.

    DMA stock trading means buying and selling shares on stock exchanges like the LSE with direct market access. It enables clients to place bids and offers directly on the exchange order book.

    No, DMA trading platforms are not suitable for beginners. Leveraged trading is a high-risk form of speculation and generally, it’s only economical using a direct market access provider if you are trading with over £50,000 and are a regular and experienced trader.

    This article contains affiliate links which may earn us some form of income if you go on to open an account. However, if you would rather visit the DMA brokers via a non-affiliate link, you can view their direct market access pages directly here:

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