1.6 Get Know About Broker了解交易商

Get Know About Forex Broker 了解外汇交易商

Forex Broker Types: Dealing Desk and No Dealing Desk

The first step in choosing a broker is finding out what your choices are. You don’t just walk into a restaurant, knowing what to order right away, do you? Not unless you’re a frequent customer there, of course. More often than not, you check out their menu first to see what they have to offer.

There are two main types of brokers: Dealing Desks (DD) and No Dealing Desks (NDD). Dealing Desk brokers are also called Market Makers, while No Dealing Desks can be further subdivided into Straight Through Processing (STP) and Electronic Communication Network + Straight Through Processing (ECN+STP).

Dealing Desk vs. No Dealing Desk Forex Brokers

What is a Dealing Desk Forex Broker?

Forex brokers that operate through Dealing Desk (DD) brokers make money through spreads and providing liquidity to their clients. Also called “market makers,” Dealing Desk brokers literally create a market for their clients, meaning they often take the other side of a clients trade. While you may think that there is a conflict of interest, there really isn’t. Market makers provide both a sell and buy quote, which means that they are filling both buy and sell orders of their clients; they are indifferent to the decisions of an individual trader.

Since market makers control the prices at which orders are filled, it also follows that there is very little risk for them to set FIXED spreads (you will understand why this is so much better later). Also, clients of dealing desk brokers do not see the real interbank market rates. Don’t be scared though, the competition among brokers is so stiff that the rates offered by Dealing Desks brokers are close, if not the same, to the interbank rates.

Trading using a Dealing Desk broker basically works this way:

Dealing Desk Forex Broker

Let’s say you place a buy order for EUR/USD for 100,000 units with your Dealing Desk broker. To fill you, your broker will first try to find a matching sell order from its other clients or pass your trades on to its liquidity provider, i.e. a sizable entity that readily buys or sells a financial asset.

By doing this, they minimize risk, as they earn from the spread without taking the opposite side of your trade. However, in the event that there are no matching orders, they will have to take the opposite side of your trade. Take note that different brokers have different risk management policies, so check with your broker regarding this.

What is a No Dealing Desk Broker?

As the name suggests, No Dealing Desk (NDD) brokers do NOT pass their clients’ orders through a Dealing Desk. This means that they do not take the other side of their clients’ trade as they simply link two parties together.

No Dealing Desk Forex Broker

NDDs are like bridge builders: they build a structure over an otherwise impassable or hard-to-pass terrain to connect two areas. NDDs can either charge a very small commission for trading or just put a markup by increasing the spread slightly.

No Dealing Desk brokers can either be STP or STP+ECN.

What is an STP broker?

Some brokers claim that they are true ECN brokers, but in reality, they merely have a Straight Through Processing system.

Forex brokers that have an STP system route the orders of their clients directly to their liquidity providers who have access to the interbank market. NDD STP brokers usually have many liquidity providers, with each provider quoting its own bid and ask price.

Let’s say your NDD STP broker has three different liquidity providers. In their system, they will see three different pairs of bid and ask quotes.

Liquidity Provider A1.29981.3001
Liquidity Provider B1.29991.3001
Liquidity Provider C1.30001.3002

Their system then sorts these bid and ask quotes from best to worst. In this case, the best price in the bid side is 1.3000 (you want to sell high) and the best price on the ask side is 1.3001 (you want to buy low). The bid/ask is now 1.3000/1.3001.

Will this be the quote that you will see on your platform?

Of course not!

Your broker isn’t running a charity! Your broker didn’t go through all that trouble of sorting through those quotes for free!

To compensate them for their trouble, your broker adds a small, usually fixed, markup. If their policy is to add a 1-pip mark-up, the quote you will see on your platform would be 1.2999/1.3002. You will see a 3-pip spread. The 1-pip spread turns into a 3-pip spread for you.

So when you decide to buy 100,000 units of EUR/USD at 1.3002, your order is sent through your broker and then routed to either Liquidity Provider A or B.

If your order is acknowledged, Liquidity Provider A or B will have a short position of 100,000 units of EUR/USD 1.3001, and you will have a long position of 100,000 units of EUR/USD at 1.3002. Your broker will earn 1 pip in revenue.

This changing bid/ask quote is also the reason why most STP type brokers have variable spreads. If the spreads of their liquidity providers widen, they have no choice but to widen their spreads too. While some STP brokers do offer fixed spreads, most have VARIABLE spreads.

What is an ECN Broker?

True ECN brokers, on the other hand, allow the orders of their clients to interact with the orders of other participants in the ECN.

Participants could be banks, retail traders, hedge funds, and even other brokers. In essence, participants trade against each other by offering their best bid and ask prices.

ECNs also allow their clients to see the “Depth of Market.” Depth of Market displays where the buy and sell orders of other market participants are. Because of the nature ECN, it is very difficult to slap on a fixed mark-up so ECN brokers usually get compensated through a small COMMISSION.

Dealing Desk vs. No Dealing Desk Forex Brokers

Which type of broker should I choose? A dealing desk broker? Or a no dealing desk broker?

That’s completely up to you! One type of broker isn’t better than the other because it will all depend on the type of trader you are. It’s up to you to decide whether you’d rather have tighter spreads but pay a commission per trade, versus wider spreads and no commissions.

Usually, day traders and scalpers prefer the tighter spreads because it is easier to take small profits as the market needs less ground to cover to get over transaction costs.

Meanwhile, wider spreads tend to be insignificant to longer term swing or position traders.

To make your decision-making easier, here’s a summary of the major differences between Market Makers, STP brokers, and STP+ECN brokers:

Dealing Desk (Market Maker)No Dealing Desk (STP)No Dealing Desk (STP+ECN)
Fixed SpreadsMost have variable spreadsVariable spreads or commission fees
Take the opposite side of your tradeSimply a bridge between client and liquidity providerA bridge between client and liquidity provider and other participants
Artificial quotesPrices come from liquidity providersPrices come from liquidity providers and other ECN particpants
Orders are filled by broker on a discretionary basisAutomatic execution, no re-quotesAutomatic, no re-quotes
  Displays the Depth of Market (DOM) or liquidity information

Brokers are not evil… Well most of them aren’t!

Contrary to what you may have read elsewhere, forex brokers really aren’t out to get you. They want to do business with you, and not run you out of business! Think about it, if you lose all your money in trading, they too will lose customers.

The ideal client of dealing desk brokers is the one who more or less breaks even. In other words, a client who neither wins nor losses at the end.

That way, the broker earns money on the client’s transactions, but at the same time, the client stays in the game by not blowing out his account. In essence, brokers want their clients to keep coming back for more (trading)!


在线外汇交易平台分主要分为两种:  有处理平台模式,(Dealing Desk,简称DD)和 无处理平台模式,(No Dealing Desk,简称NDD)。

有处理平台模式(DD)的外汇交易平台又叫做市商(Market Maker, 简称MM)。


DD-Dealing Desk/MM-Market Maker


DD类的外汇交易平台,又称MM, 即做市商,通常有一个有交易员平台或处理平台(Dealing Desk)用来处理订单,并把点差类型设为固定。


当然做为交易者也不用因为做市商可以控制这些而感到惊慌,因为外汇经纪商之间的竞争是非常激烈的,所以做市商提供的价格,是非常接近银行同业市场(Interbank Market)的价格的,如果不能做到一模一样的话。另外做市商的存在才让广大中小规模的投资者也能参与到外汇交易市场中,其普遍性的存在是历史的必然,也正是做市商推进了外汇零售交易市场的迅速发展。对于新手,和小资金的投资者,选择一个做市商炒汇是比较合适的。

下面举例解释一下上面所讲的,假设你想从DD类的外汇经纪商那买进一定数量的EUR/USD,为了完成订单,经纪商首先会从其客户的订单中寻找相同的数量卖出EUR/USD的订单, 或将你的订单直接交给流通量提供者(或称流动性提供商, 即一个愿意买进或卖出一定量资产的实体)

这样做经纪商就降低了风险,因为他们不用采取与你相反的方向交易,就可以通过点差赚取利润。不过, 如果没有可以与你的订单匹配的相反方向的订单,他们就要以相反方向与你进行交易了。不同的经纪商是有不同的风险管理政策的,这些需要向你目前的经纪商咨询。

NDD-No Dealing Desk


NDD类的外汇交易平台,顾名思义,没有Dealing Desk, 即没有处理平台,经纪商不会做交易者的对家进行交易,只是将交易者和银行同业市场这双方联接起来,所以交易者可以直接在银行同业市场的层次进行交易。个人交易者的交易规模太小,是无法参考银行同业市场的外汇交易的,NDD的外汇交易平台起的就是桥梁的作用,将二者直接联接起来,让个人交易者有机会交易。真正的NDD外汇交易平台,不会要求重新报价,订单确认时也不会有多余的暂停,这样根据新闻交易的时候就没有任何限制了。


NDD类的外汇交易平台分为两类, 一类是STPDMA/STP,另一类是ECN+STP



即Straight Through Processing,直通式处理。STP类的外汇交易平台,客户的订单被直接发送至其流通量提供者(银行或其他经纪商),这些流通量提供者,能够在直接在银行同业市场中进行交易。有的STP类的经纪商只有一个流通量提供者,有的则有数个。每个流通量提供者报出的买入/卖出价是不同的。交易商会从中选择出最佳价格。流通量提供者数量越多,那么流通性就越好,那么订单的完成就越顺利。STP平台的交易者,可以看到实时的市场价格,并立即将订单执行,没有处理平台(dealing desk)在其中干预,这就是直通式处理(Straight Through Processing)的意思。


相关文章: 1 STP外汇交易平台详解 2 DMA外汇平台详解以及DMA与STP、ECN平台的区别


即Electronic Communications Network,电子通讯网络, ECN外汇交易平台允许客户与其他客户交互交易,换句话说,客户的订单是可以与市场上其他参与者的订单交互的。ECN外汇交易平台为各参与者提供一个市场,在这市场里,各参与者(银行、零售外汇交易者、对冲基金、经纪商等)通过把各自已具有竞争性买进或卖出的报价发送到ECN系统中,相互之间成为对家做交易。所有交易的订单实时的会有相反操作方向的一方与之匹配。

有时STP外汇交易平台,会被说的和ECN平台似的。真正的ECN交易平台,经纪商必然会在一个数据窗口里展示市场深度DOM(Depth Of Market),市场深度可以让客户看到哪里其他参与者的买进或卖出订单,换句话说, 在ECN外汇交易平台上,交易者是可以知道哪里有流动性,以执行订单。客户也可以在这个数据窗口里看到自已的订单大小,并允许其他客户点击这个订单。

ECN交易平台,总是会收少量的佣金的,因为 ECN的特点导致很难在点差上加价,所以只有用佣金做为补偿。


(固定点差 ,浮动点差,佣金的对比)





那么STP经纪商怎么盈利? STP经纪商和ECN一样,是不与交易者对着交易的,他们通过从流通量提供者那获得的点差上略微加点。比如,在数个流通量提供者中提供的最低卖价上加上一点或半点(或其他值)的点差,在所提供的最高买价上减一点或半点。STP经纪商就是通过加点的这部分盈利,然后交易者的订单全部以实际价格发送至流通量提供者。


很多 STP经纪商用的是混合的STP模式。STP经纪商都会与其流通量提供者(其主经纪商)签订商业合同,这个合同中规定了流通量提供者所能接受的最小交易规模。 一般来说,小交易额订单(通常是0.1手)是不被其流通量提供者接受的,所以不会被 交易平台直接发送至流量能提供者,那么STP经纪商怎么处理这种订单呢? 他们这时就采取Dealing Desk处理平台的模式,成为交易者的反方(counter-party),对于迷你帐户,这种混合型STP经纪商基本上都是交易者的反方。

对所以规模大一些的订单(通常,大于0.1手), STP经纪商用其STP交易平台,将订单直接发送到流通量提供者。这种情况下,STP经纪商通过点差上加价的那一小部分盈利。





STP经纪商通过点差盈利,尽管他们没有Dealing Desk,不与客户对着交易(混合模式的STP经纪商除外),他们通过在流通量提供者提供的点差上略微加点来盈利,打个比喻,如果说这里的流通量提供者是批发商,那外汇经纪商就是零售商,如果只按批发商的原价格出售产品,那么零售商就可以破产了,所以这里的加点是可以理解的。要注意的是我们要找正规的经纪商,因为有的不正规的经纪商会过分加点,这就像现实生活中有一些零售商店卖假货一样。



不论是NDD(ECN,STP)类的交易平台,还是DD/MM类的交易平台,都一样是零售外汇交易市场组成部分,有了他们的存在,普通个人小规模的投资者才有机会参与到大银行,跨国企业,对冲基金等机构才能进行的外汇交易当中。不同交易规模的交易者适合不同类型的平台进行交易。 其中,ECN类的外汇交易平台更接近银行同业市场层次的交易,STP 其次,DD/MM排最后,当然这个排序并不是好坏的排序,不同类型的投资适合用不同类型的交易平台进行交易


很多交易者更愿意选择没有处理平台(dealing desk)的外汇交易平台,因为NDD交易平台,更透明,订单执行更快,而且匿名。

匿名指没有处理平台(dealing desk)来观察和处理交易者的交易,相反所有订单立即被匿名执行。

与之相应的是有处理平台的做市商,这样的经纪商将客户分类处理, 亏损的客户一类,盈利的客户为一类,对于亏损的交易,与其对着交易,变成利润,对于盈利的交易发送至银行同业市场处理。做市商的透明度由公司内部 制定的规则决定。

总的来说,除了少数黑平台, 不论是有处理平台,还是无处理平台的经纪商,







NDD( STP)交易平台NDD (STP+ECN)交易平台
订单执行时间由经纪商决定订单自动执行, 不用重新报价订单自动执行, 不用重新报价
  展示市场深度DOM(Depth of Market)和流动性信息

Things to Consider When Choosing a Forex Broker

The retail forex market is so competitive that just thinking about having to sift through all the available brokers can give you a major headache.

Choosing which forex broker to trade with can be a very overwhelming task especially if you don’t know what you should be looking for.

In this section, we will discuss the qualities you should look for when picking a broker.

1. Security

The first and foremost characteristic that a good broker must have is a high level of security. After all, you’re not going to hand over thousands of dollars to a person who simply claims he’s legit, right?

Fortunately, checking the credibility of a forex broker isn’t very hard. There are regulatory agencies all over the world that separate the trustworthy from the fraudulent.

Below is a list of countries with their corresponding regulatory bodies:

  • United States: National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC)
  • United Kingdom: Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA)
  • Australia: Australian Securities and Investment Commission (ASIC)
  • Switzerland: Swiss Federal Banking Commission (SFBC)
  • Germany: Bundesanstalt für Finanzdienstleistungsaufsicht (BaFIN)
  • France: Autorité des Marchés Financiers (AMF)

Before even THINKING of putting your money in a broker, make sure that the broker is a member of the regulatory bodies mentioned above.

2. Transaction Cost

No matter what kind of currency trader you are, like it or not, you will always be subject to transaction costs.

Every single time you enter a trade, you will have to pay for either the forex spread or a commission so it is only natural to look for the most affordable and cheapest rates. Sometimes you may need to sacrifice low transaction for a more reliable broker.

Make sure you know if you need tight spreads for your type of trading, and then review your available options. It’s all about finding the correct balance between security and low transaction costs.

3. Deposit and Withdrawal

Good FX brokers will allow you to deposit funds and withdraw your earnings hassle-free. Brokers really have no reason to make it hard for you to withdraw your profits because the only reason they hold your funds is to facilitate trading.

Your broker only holds your money to make trading easier so there is no reason for you to have a hard time getting the profits you have earned. Your broker should make sure that the withdrawal process is speedy and smooth.

4. Trading Platform

In online forex trading, most trading activity happens through the brokers’ trading platform. This means that the trading platform of your broker must be user-friendly and stable.

When looking for a broker, always check what its trading platform has to offer.

Does it offer free news feed? How about easy-to-use technical and charting tools? Does it present you with all the information you will need to trade properly?

5. Execution

It is mandatory that your broker fill you in the best possible price for your orders.

Under normal market conditions (e.g. normal liquidity, no important news releases or surprise events), there really is no reason for your broker to not fill you at, or very close to, the market price you see when you click the “buy” or “sell” button.

For example, assuming you have a stable internet connection, if you click “buy” EUR/USD for 1.3000, you should get filled at that price or within micro-pips of it. The speed at which your orders get filled is very important, especially if you’re a scalper.

A few pips difference in price can make that much harder on you to win that trade.

6. Customer Service

Brokers aren’t perfect, and therefore you must pick a broker that you could easily contact when problems arise.

The competence of brokers when dealing with account or technical support issues is just as important as their performance on executing trades. Brokers may be kind and helpful during the account opening process, but have terrible “after sales” support.







  1. 该经纪商或交易商受监管码?如果是,受到哪国金融机构监管?
  2. 经纪商交易平台的可靠性如何?
  3. 资金
  4. 该公司是经纪商还是交易商?
  5. 客户支持
  6. 成本:手续费及佣金结构
  7. 帐户类型
  8. 经纪商提供其他增值服务吗?
  9. 杠杆和保证金政策


1. 该经纪商或交易商受监管码?如果是,受到哪国金融机构监管?


  • 美国
  • 英国
  • 欧元区
  • 日本
  • 澳大利亚
  • 瑞士




主要监管机构名录 按国家和监管机构排列经纪商

2. 经纪商交易平台的可靠性如何?







3. 资金






4. 该公司是经纪商还是交易商?

瞭解经纪商与交易商的本质始终是项重要的任务,因目前有几种不同类型的公司开展不通过交易所直接销售给顾客的外汇交易业务(俗称场外交易,即OTC FX)。









5. 客户支持






6. 成本:手续费及佣金结构



  1. 固定点差
  2. 可变点差
  3. 佣金基於点差的百分比












7. 帐户类型





8. 经纪商提供其他增值服务吗?



9. 杠杆和保证金政策




Beware Kind Of Broker and Protect yourself against Scam

While you may feel like a dwarf among big bad brokers, it doesn’t mean that you have to take their abuse! If you are disheartened because it seems that brokers have all the advantage, rest assured that there are a few simple measures to help even the odds.

Compare Price Feeds

Imagine a horse with blinders. This horse’s vision is limited to what’s in front of him. If there is a hurdle in front, this horse has no other choice but to exert the additional effort needed to jump over it. This horse is a very sad horse.

If you only use the price feed on your trading platform, you are basically trading like a horse with blinders on.

You have no idea what’s going on in the rest of the forex world because you have limited yourself to your broker’s price feed. If your broker chooses to widen spreads, manipulate rates, and run your stops, you have no way of knowing if the move resembled the general market.

You do not want to be a sad horse. Because you are a smart trader, you want to have the most complete view of the market as possible.

The best way to do this is to subscribe to a second, third, or even fourth price feed. That way, you get another view of the market, and you’d have a chance to confirm whether price really moved the way it did.

Record Everything

Prevent forex broker scams by keeping records.

Always keep a detailed journal tracking ALL of your transactions! Always, always, always! Like in a courtroom, you need evidence to make a case. You may FEEL cheated, but if you have nothing to back it up, then that feeling will remain just a feeling.

The easiest way to keep records is to take a screenshot of each order you put, each trade you take, and other suspicious broker activity like odd price feeds.

Not only is this good trade journaling, but it will come in handy if have been victimized by an errant fill. By properly tracking the trades you take, you can assure yourself that you will always have evidence needed to support your case in the event that you file a dispute with your broker.

File Legal Action

If you cannot settle your conflict with your broker, then it is time for you to take legal action. Most brokers give in when faced with the threat of legal action, but if they do not, you can approach either the Commodity Futures Trading Commission (CFTC) or the National Futures Associations (NFA).

The CFTC has a Reparations program that provides an “inexpensive, expeditious, fair, and impartial forum to handle customer complaints and resolve disputes between futures customers and commodity futures trading professionals.” You can check out their program here.

Likewise, the NFA has an Arbitration/Mediation program that helps FCM’s and their clients resolve disputes. For more information, just head on over to the NFA’s website.

Good Trading Habits

Like a disciplined nun who wears a habit, you too should develop good trading habits. We know that joke doesn’t make sense, but it sounded funny so we might as well put it here. In any case, even with the proper weapons to protect yourself against evil brokers, the most important thing is still to become a better trader.

Know that no matter how advanced your charting software is, no matter how much time you put into finding the right broker, no matter how complicated your trading system is, without proper discipline, you will end up losing.

It is very easy to put the blame on brokers, but at the end of the day, it is really your choices that get you to where you want to go.


虽然你可能会想要一颗矮星大坏经纪之间,它并不意味着你要他们滥用 !如果你是心灰意冷,因为它似乎经纪人有所有的优势,请放心有几个简单的措施来帮助甚至赔率。








Prevent forex broker scams by keeping records.

始终保持跟踪您的全部交易的详细的日志 !总是,总是,永远 !就像在法庭上,你需要证据来证明有一例。你可能 觉得 被骗了,但如果你没有将它备份起来,然后这种感觉依然是一种感觉。

保持记录的最简单方式是采取 截图 你把每个订单,你拿,每笔交易和其他可疑经纪活动像奇怪的价格为食。



如果你与你的经纪人不能解决你的冲突,它就是你要采取法律行动的时候。多数券商给面对法律行动的威胁时,但如果他们不这样做,你可以接触 商品期货交易委员会 (CFTC) 全国期货协会 (NFA)

商品期货交易委员会有一个赔偿计划,提供”价格低廉、 迅速、 公平和公正论坛来处理客户投诉和解决期货客户和商品期货交易的专业人员之间的纠纷”。你可以看看他们的计划 在这里

同样,NFA 已帮助 FCM 的和他们的客户解决争端的仲裁/调解程序。有关详细信息,只是头部到 NFA 的 网站





2020-01-07T17:49:38+08:00February 10th, 2015|

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