"I want to know the list of overseas forex brokers that use the NDD (No Dealing Desk) method." "I want to verify if a broker that claims to use the NDD method is actually legitimate." —This article is written for those reasons.
Many overseas forex brokers state that they use the NDD (No Dealing Desk) system. However, when you actually look for where this claim is documented, you'll find that it varies greatly from broker to broker. Somebrokers have a dedicated "Order Method" section in their account type specifications sheet, while others don't have a section for order methods anywhere in their specifications sheet.
Therefore, in this article,we visited the official websites of 20 overseas forex brokers that advertise themselves as using the NDD (No Dealing Desk) system on August 28, 2026, and checked whether "the order method is clearly stated in the official specifications" and "what the current maximum leverage is." In addition, we also verified, using official information, whether the widely held belief that "brokers with leverage exceeding 1,000 times are likely to use the DD (Dealing Desk) system" is true.
Conclusion | What I learned from actually checking 20 companies
- Only 4 out of 20 companies (BigBoss, Traders Trust,ThreeTrader, andJadeFOREXThe remaining 16 companies did not even have a section for order types in their specifications. ) clearly stated their order types in their official account specifications.
- The claim that "leverage exceeding 1,000x = DD method" could not be supported by official information. Of the four companies that specify their order methods, three offer leverage significantly exceeding 1,000x (BigBoss 2,222x, Traders Trust 3,000x,JadeFOREX unlimited).
- Conversely, low leverage does not constitute evidence of NDD (No Dealing Desk). Even the Tradeview ILC account, with its maximum leverage of 200x, does not list its order type in its official specifications.
- Only a limited number of brokers publicly disclose the conditions under which leverage changes.IS6FX, for example, discloses leverage in different ranges: 1,000x for account balances below approximately $12,500, and 100x for account balances of approximately $62,500 or more.
- It's impossible to verify externally where orders are actually going. Users can only see "what the official sources say," and anything beyond that is fundamentally unknown.
*This article was created by the MoneyCharger editorial team after individually checking the official websites (each company's account type and trading conditions page) of the 20 companies listed on August 28, 2026, in accordance with our content creation policy . Leverage, fees, and minimum deposit amounts are subject to change at the discretion of each company, so please be sure to check the latest information on the official website before opening an account. Please note that none of the overseas FX brokers discussed in this article are registered with the Japanese Financial Services Agency (FSA). For registration status, please refer to the list of businesses licensed, permitted, or registered with the FSA , and for online trading trouble cases, please refer to the Consumer Affairs Agency's list of consumer troubles related to the internet
If you want to learn about the mechanisms and differences between NDD, DD, ECN, and STP systems , please see our article "What is the NDD system in overseas forex trading? A detailed explanation of its differences from the DD system ." This article focuses on "which brokers use NDD" and "how to verify their claims."
List of NDD (No Dealing Desk) overseas forex brokers [Comparison of official descriptions from 20 companies]
We have compiled a list of 20 overseas forex brokers that advertise the NDD (No Dealing Desk) system, checking whether their official website's account type page lists their "order method" and their current maximum leverage
When we say "listed in the official specifications sheet," we mean that the ordering method is clearly stated as an item in a place that anyone can easily find . This does not mean that companies without this information use the DD (Direct Dealer) method; it simply means that the information was not available in an easily accessible place like the specifications sheet
| Contractor | The ordering method is described in the official specifications sheet. | Maximum leverage (as of August 28, 2026) | Disclosure of conditions under which leverage changes | Moneycha cashback |
|---|---|---|---|---|
| BigBoss | NDD STP method | 2,222 times | Clearly stated as a proportional formula based on account balance | ○ |
| Traders Trust | STP / No Dealing Desk | MT4: 3,000x MT5: 500x | MT4 explicitly states that it uses dynamic leverage | − |
| ThreeTrader | ECN(both accounts) | 1,000 times | Not specified | ○ |
| JadeFOREX | STP | Unlimited | It is explicitly stated that there is no limit regardless of the effective margin | ○ |
| IS6FX | Not specified | 6,666 times | The figures are published for each balance bracket | ○ |
| FXGT | Not specified | 5,000 times | It is clearly stated that it depends on the effective margin and trading volume | ○ |
| HFM | Not specified | Unlimited | Not specified | ○ |
| FxPro | Not specified | Unlimited | Dynamic leverage is explicitly stated | − |
| Monaxa | Not specified | 2,000 times | "Applicable conditions apply" is clearly stated | ○ |
| AXIORY | Not specified | 2,000 times | Not specified | ○ |
| TitanFX | Not specified | 2,000 times | Not specified | ○ |
| Land Prime | Not specified | 2,000 times | Not specified | − |
| Swift Trader | Not specified | 2,000 times | Not specified | − |
| XMTrading | Not specified | 1,000 times | Not specified | − |
| Axi | Not specified | 1,000 times | Not specified | ○ |
| VT Markets | Not specified | 1,000 times | Not specified | − |
| Tradeview | Not specified | 400 times | Not specified | − |
| Exness | Unable to confirm | Unable to confirm | Unable to confirm | ○ |
| Vantage Trading | Unable to confirm | Unable to confirm | Unable to confirm | ○ |
| FBS | Unable to verify (Japanese website service discontinued) | Unable to confirm | Unable to confirm | − |
Looking at the table from top to bottom, you'll notice thatBigBossoffers 2,222x leverage, Traders Trust offers 3,000x leverage on MT4, andJadeFOREXoffers unlimited leverage. all four companies that list their order types in their official specifications table offer high leverage .
This directly contradicts the long-held belief in this field that "you should be suspicious of brokers with high leverage using the DD (Dealing Desk) method." We will examine this point in more detail later in the section "Is the NDD method a lie?"
which are listed as "unverifiable,"Exness,Vantage Trading, and FBS,brokers whose official websites could not be accessed from Japan as of August 28, 2026.Further details will be explained in the respective descriptions.
What exactly is the NDD method? (Key points only)
*This article will use the term "NDD method". "ndd method", "NDD", and "non-dealing desk" all refer to the same thing
NDDstands for "No Dealing Desk."The NDD methodrefersa system where traders' orders are not handled by the FX broker's dealers, butare instead routed directly to the liquidity provider (LP). This minimizes the risk of conflicts of interest for the broker in the execution of trades, and their revenue comes from spreads and transaction fees.
In contrastthe DD(Dealing Desk) system is a method where the broker receives the order and processes it internally. This is common among domestic FX brokers, and while spreads are narrow, there may be restrictions on trading methods.
In the industry, NDD (Non-Dealing Desk) brokers are sometimes referred to as "A-Book brokers ," and DD (Dealing Desk) brokers as "B-Book brokers." If you are looking for a list of A-Book brokers, the list of 20 companies in this article will suffice (they refer to the same thing, just with different names).
The NDD (Non-Dealing Desk) system is further divided into the STP ( Straight Through Processing) and ECN (Electronic Communication Network) systems . The differences in their mechanisms, advantages and disadvantages, and which one to choose are explained in detail in the article "What is the NDD system in overseas forex trading? Differences from DD (Dealing Desk) system, ECN, and STP," which includes diagrams
Four companies that clearly state their "ordering method" on their official website
After reviewing the official websites of 20 companies, we found that only the following four companies listed order types as an item in their account type specifications table . In all cases, it was listed not as a promotional item highlighting "features" or "strengths," but rather as a comparative specification item alongside spreads and minimum deposit amounts
| Contractor | Official website description | Pages I checked |
|---|---|---|
| BigBoss | Ordering method:NDD STP method | List of account types |
| Traders Trust | Execution Model:STP / No Dealing Desk | Live Account |
| ThreeTrader | Ordering method:ECN(both Raw Zero and Pure Spread) | Account comparison |
| JadeFOREX | Execution method:STP | Account type |
I'm not saying these four companies are superior. However, they are treated differently from the other 16 companies in one respect: "the basis for their NDD (Non-Dealing Desk) claim can be verified by the user using the same procedure."
Traders Trust, in particular, includes not only order types but"execution quality: no rejections / no requotes"in its specifications sheet. Order rejections and requotes are common problems with the DD (Dealing Desk) system, so the fact that they go into detail about these issues is commendable.
Please note that of these four companies,Traders Trust is not eligible for MoneyChat's cashback program. If you want to trade while receiving cashback,BigBoss,ThreeTrader, andJadeFOREXare your options.
Three companies that also offer cashback
| Contractor | Ordering method for official specifications sheet | Maximum leverage | This is suitable for people like this |
|---|---|---|---|
 BigBoss | NDD STP method | 2,222 times | The official website has clarified how leverage changes depending on the account balance. This is for those who want to use high leverage after understanding the conditions |
 ThreeTrader | ECN | 1,000 times | The order method is clearly stated as ECN, and the commission is fixed at approximately $2.50 per lot in yen. For those who want to accurately predict costs |
 JadeFOREX | STP | Unlimited | There's only one account type, and the conditions are simple. Perfect for those who don't want to get confused when choosing an account |
The cashback conditions and account opening procedures for these three companies' money trading platforms can be found in the respective sections for BigBossopening an JadeFOREXaccount ThreeTraderwith , , and
NDD (No Dealing Desk) brokers generate revenue from spreads and transaction fees, meaning that the moreyou trade, the more costs you incur. Opening an account through Moneycha will return a portion of these costs as cashback.This cashback is managed separately from your broker account balance and will not affect spreads or execution conditions.
Is the "NDD system" of overseas forex brokers a lie? We investigated using official information
The suspicion that "although it says NDD (No Dealing Desk) system, it's actually a DD (Dealing Desk) system" has been discussed in the overseas forex market for a long time. The most commonly used justification for this is the following theory:
"LPs (Limited Partners) generally offer leverage of 100 to 200 times, and at most around 500 times. There are very few LPs that will connect you with leverage exceeding 1,000 times, so brokers offering leverage of 1,000 times or more are likely to be using a DD (Dealing Desk) system."
This theory is repeated on many overseas forex comparison websites.Therefore, we actually checked whether this theory holds true using official information from 20 companies. In conclusion, it does not hold true.
Verification 1 | Brokers that officially state they are NDD (Non-Dealing Desk) offered higher leverage
If this theory were correct,brokers that openly state their order methods on their official websitesshould have lower leverage. In reality, the opposite was true.
| Contractor | Ordering method for official specifications sheet | Maximum leverage | Consistency with the theory |
|---|---|---|---|
| JadeFOREX | STP is clearly stated | Unlimited | Contradictory |
| Traders Trust | STP / No Dealing Desk (specified) | 3,000x leverage(MT4) | Contradictory |
| BigBoss | Clearly stated as NDD STP method | 2,222 times | Contradictory |
| ThreeTrader | Clearly marked as ECN | 1,000 times | on the boundary |
Of the four companies that list their order methods in their official specifications,three have order ratios well over 1,000. If we apply the standard that "order ratios over 1,000 should raise suspicion of due diligence,"the company that is most transparent with its information disclosures would be the most suspicious.
Verification 2 | Low leverage does not constitute evidence of NDD (No Dealing Desk)
I also checked the opposite direction. Of the 20 companies I checkedTradeview has the lowest maximum leverage, with 1:200 for ILC accounts and 1:400 for XLev accounts. According to the theory, this puts it on the side of "highly likely to be connected to LPs."
However, Tradeview's account type page does not have a section indicating the order type. While it lists spreads, fees, minimum deposit, maximum leverage, and minimum trade volume, it does not specify whether it is NDD, STP, or ECN.
Low leverage does not prove that a broker uses the NDD (No Dealing Desk) system.Some low-leverage brokers do not clearly state their order type.
Verification 3 | "It varies depending on the conditions" was true
On the other hand,the fact that "leverage varies depending on the conditions" was confirmed in official information.In fact, many brokers explicitly state this themselves.
| Contractor | Explanation on the official website |
|---|---|
| IS6FX | Account balance less than approximately $12,500 = 1,000x leverage / approximately $12,500 or more = 500x leverage / approximately $31,250 or more = 200x leverage / approximately $62,500 or more = 100x leverage (for micro accounts, FX and precious metals) |
| BigBoss | It is clearly stated that "leverage is proportional to the account balance." |
| FXGT | All accounts clearly state "based on effective margin" and "according to trading volume." |
| FxPro | "As the volume of each product increases, the maximum leverage offered will decrease accordingly." |
| Monaxa | The phrase "Maximum leverage 1:2000" is accompanied by the note "Applicable conditions apply." |
| Traders Trust | MT4 offers dynamic leverage up to 1:3000,while MT5 offers 1:500, indicating that the platforms have different leverage limits. |
These six companies explain the conditions under which leverage changes on their official websites.in particularIS6FX, publishes specific figures for each balance bracket, making it the most comprehensive disclosure among the 20 companies.
If you open an account based solely on the "up to X times" advertised, you might find that the actual leverage you can use is different from what you expected. Whatyou should be looking at is not the maximum value, but the conditions under which that maximum value decreases.
If you don't understand when leverage decreases, you may find yourself with insufficient margin requirements, leading to an unintended stop-loss. When your balance increases or you take on larger lot sizes, be sure to check the official leverage conditions beforehand
Four steps to check if your device uses NDD (Non-Desktop Drive) technology
Since leverage figures alone aren't sufficient for judgment, a different approach is needed. We've compiled four verification methods that users can use themselves, following the same procedure for any broker
Step 1 | Check if there is an "Order Method" column in the specifications table on the account type page
The first thing you should look at is the "Account Types," "Account Comparison," and "Trading Conditions" pages on the official website. Check if there are rows for "Order Type," "Execution Method," and "Execution Model" in the specifications table that lists spreads and minimum deposits
If it's listed here, it meansBigBoss, Traders Trust,ThreeTrader, andJadeFOREX—met this requirement. the broker is presenting the order method as a "comparable specification" along with spreads and fees . Of the 20 companies reviewed, four—
Conversely, even if a company's homepage or company profile page boasts of a "highly transparent NDD (Non-Dealing Desk) system,"if the specifications sheet doesn't include that item, it's just advertising and not a specification. Simply distinguishing between the two will improve the accuracy of your judgment.
Step 2 | Check if the conditions for lowering leverage are publicly available in numerical terms
Next, check whether the conditions for leverage fluctuations are clearly stated . There is a big difference in the level of disclosure depending on whether it simply says "up to 2,000 times" or "if the account balance is above X yen, the leverage will be X times."
While this doesn't prove the ordering method itself,whether they disclose potentially unfavorable conditions upfront. As shown in the table in the previous chapter, 6 out of 20 companies clearly stated their variable conditions.
Step 3 | Look for information about order rejection and requotes
Common problems with the DD (Dealing Desk) method include order rejection and requoting (re-submission of the initial offer). Brokers that advertise the NDD (No Dealing Desk) method will often mention these two points.
Of the 20 companies surveyed, Traders Trust clearly stated "Execution Quality: No Rejections / No Requotes" in its specifications sheet . Not many brokers include this level of detail. If you can't find this information, check the legal document called the Order Execution Policy , as it may be included there
For information on the actual speed and slippage of trade execution, please also check out " What is the execution power of overseas forex brokers?" and list brokers with high execution power
Step 4 | Check the status of financial licenses and services for Japan
Finally, check whether the company has a financial license and whether it still provides services in Japanese . This is important because, before considering the ordering method, it's crucial to ensure that the information provision system is still in place
Please note that none of the overseas forex brokers discussed in this articleare registered with the Japanese Financial Services Agency (FSA). Registered domestic brokers can be found in the FSA'slist of licensed, permitted, and registered businesses.For brokers operating without registration, theFSA's information regarding unregistered financial instrument business operatorsis publicly available.We recommend checking both of these before using any of these services.
This investigation revealed that FBS had discontinued its Japanese website altogether . Furthermore, FxPro's Japanese website permanently displays a disclaimer on every page stating, "This site is not intended for residents of Japan." This situation is immediately apparent upon visiting the official websites
The limits of what can be verified (I'll be honest)
Even after following these four steps,it is impossible to verify from the outside whether the vendor is actually using the NDD (No Dealing Desk) method for processing orders.
The broker's internal processing of which landing page an order went to and through what route it tookis not reflected in the user's transaction history. Even perceived fast execution and low slippage can be achieved with a DD (Dealing Desk) system if the server performance is high, so these are not conclusive evidence.
Therefore, all users can verify"where and to what extent the official source states it." This article distinguishes between "brokers that explicitly state NDD" and "brokers that do not explicitly state it" because that is the limit of what can be verified.Not making definitive statements about things that cannot be definitively determined is the safest approach in this field.
Who is an NDD (No Dealing Desk) overseas forex broker suitable for?
The NDD (Non-Dealing Desk) method is not advantageous for everyone.Its suitability varies greatly depending on your trading style.
Suitable for ① | Those who want to do scalping
Scalping, which involves buying and selling repeatedly within seconds to minutes,is highly sensitive to the number of trades, meaning that even a single order rejection or requote can directly impact performance. The NDD (No Dealing Desk) method, where the broker does not process orders internally, is well-suited to this situation.
Furthermore, some DD (Dealing Desk) brokers impose restrictions on scalping itself.Choosing a broker that officially states that there are no restrictions on trading methodswill help you avoid problems such as account freezing.
Choosing the right account for scalping is explained in detail in our article "Recommended Accounts and Tips for Scalping with Overseas Forex Brokers ."
Suitable for people ② | Those who want to run EA (Expert Advisor/automated trading)
An EA (Expert Advisor) will continue to place orders according to predetermined rules.If the execution does not proceed as expected, the results of backtesting will diverge from those of actual trading.EAs are easier to use in an environment where there are no restrictions on trading methods and the execution conditions are stable.
20 companies we checkedcompatible with MT4 or MT5, so there are no problems in preparing the environment to run the EA.
For information on how to choose an EA and important points to note, please see " How to use EAs (automated trading) in overseas forex trading ."
Suitable for person #3: Those who want to conduct business in an environment where there is no conflict of interest with the supplier
In the DD (Dealing Desk) system, the broker acts as the counterparty to your order. For those who are concerned about this structure,the NDD (No Dealing Desk) system, which generates revenue from spreads and transaction fees,should be easier to understand and trade with.
However, as mentioned in the previous chapter,there is no way to verify from the outside whether the distribution is truly running on NDD (Non-Dealing Desk). A realistic guideline is to choose based on "how much the official documentation specifies."
People who are not suited to this strategy: those who only prioritize a narrow spread
Because the NDD (No Dealing Desk) system does not allow the broker to set prices,spreads tend to be wider and more variable than those in the DD (Dealing Desk) system. If you are used to the fixed spreads of domestic FX, you may find it to be expensive at times.
If spreads are your top priority,an account that offers narrower spreads but charges a trading fee,, and compare the total cost (spread + fee). NoteThreeTrader's Raw Zero account charges approximately $2.50 per lotAXIORY, whilethe commission units differ from broker to broker;.
For a comparison of actual costs, please refer to our comparison of spreads for overseas forex brokers
Official information on 20 overseas forex brokers that advertise the NDD (No Dealing Desk) system [Individual explanations]
From here, we will look at each of the 20 companies one by one. The information listedonly what we were able to actually confirm on each company's official website as of August 28, 2026.Items that could not be confirmed are not included.
The order is as follows:the four companies that clearly state their order methods in their official specifications are listed first, followed by those with the highest maximum leverage.
BigBoss| Specification sheet clearly states "NDD STP method"
| item | Official website description |
|---|---|
| Ordering method | NDD STP method |
| Maximum leverage | 2,222 times (*Leverage is proportional to the account balance) |
| Fixed leverage per product | Forex Exotic: 100x CFD Energy: 100x CFD Index: 500x Cryptocurrency CFD: 50x CFD Stocks: 20x |
| Account currency | USD, JPY |
BigBossamong the 20 companies we investigatedthat uses the term "NDD" as an item in its specifications table. The same "NDD STP method" description appears for all of their accounts: Standard, Pro Spread, and Omega.
Regarding leverage, they themselves note that it is "proportional to the account balance," and evendisclose a list of fixed leverage for each product. While the maximum figure of 2,222 times may seem high at first glance, the fact that they specify where it might decrease beforehand is a useful factor in making a decision.
Traders Trust | Clearly states "STP / No Dealing Desk"
| item | Classic | Pro | VIP |
|---|---|---|---|
| Execution Model | STP / No Dealing Desk | Same left | Same left |
| execution quality | No rejection, no requotes | Same left | Same left |
| MT4 leverage | Maximum 1:3000 (dynamic) | Same left | Same left |
| MT5 leverage | 1:500 | 1:500 | 1:500 |
| Minimum deposit amount | $50 | $500 | $5,000 |
| Fees (one side) | none | $3 / lot | $1.5 / lot |
| Margin Call | 50% | 50% | 50% |
Traders Trustlists its order execution method under the name "Execution Model" in its specifications sheet, and even specifies whether or not it rejects orders and requotes. This is the most detailed description among the 20 companies reviewed.
One thing to be aware of is that leverage differs between platforms . The often-mentioned "up to 3,000x" is the figure when dynamic leverage is applied in MT4, while MT5 officially states 1:500 . If you intend to use it with MT5, your expectations will change by 6 times
Please note thatTraders Trust is not eligible for MoneyChat's cashback program.
ThreeTrader| Both accounts clearly state "Order type: ECN"
| item | Raw Zero | Pure Spread |
|---|---|---|
| Ordering method | ECN | ECN |
| Maximum leverage | 1,000 times | 1,000 times |
| commission | Approximately $2.50 / 1 Lot | free |
| spread | 0〜 | 0.5〜 |
| Minimum transaction quantity | 1,000 units of currency (0.01 Lot) | 1,000 units of currency (0.01 Lot) |
| Zero Cut | can be | can be |
| Server location | NY4 | NY4 |
ThreeTraderon its account comparison pagelabeled "Order Method: ECN," and both accountshave the same description. The fact that they even disclose the server location (NY4) means that they provide a lot of information for verification.
Since the commission is fixed in Japanese yen ("approximately $2.50/1 Lot") rather than in dollars , you can calculate costs without being affected by exchange rates. This design is easy to use for those who want to predict their actual costs in advance.
JadeFOREX| Clearly states "Execution Method: STP" and offers only one account type
| item | No-limit account |
|---|---|
| Execution method | STP |
| Maximum leverage | Unlimited(regardless of effective margin) |
| Transaction fees | free |
| Minimum initial deposit | Approximately $6.25 or 10 USD |
| spread | USD/JPY 0.0 pips ~ |
| Stop-loss | Execution with a margin maintenance ratio of 0% |
| Double down | Prohibited |
| Account currency | USD, JPY |
JadeFOREXhasonly one account type: the "No Limit Account." This eliminates the need to compare conditions for each account, and the specifications sheet clearly states "Execution Method: STP."
The maximum leverageunlimited, and the official website states in its table that "there is no limit on effective margin for FX trading, precious metals, and cryptocurrencies."leverage does not decrease even as your balance increasesis a major feature that sets it apart from other companies.
On the other hand,hedging is prohibited. Avoid using strategies that rely on hedging.
IS6FX| Leverage figures for each balance range are publicly available
| Account balance (micro account - FX and precious metals) | Maximum leverage |
|---|---|
| Approximately less than $12,500 | 1,000 times |
| Approximately $12,500 or more | 500 times |
| Approximately $31,250 or more | 200 times |
| Approximately $62,500 or more | 100 times |
IS6FX's account type page doesn't have a section for order types, itthe most detailed of the 20 companies surveyed in that it publicly displays the conditions under which leverage decreases for each balance range. It also lists the upper limits for each product, such as 50-100x for stock indices and energy, and 50x for stocks.
Currently,eight types of accounts: Micro, Standard, Pro Zero, Leverage 6666x, Leverage 2000x, EX, Crypto, and Zero. The "Leverage 6666x account" is advertised as having a limited number of accounts.
FXGT| Clearly states "based on effective margin" for all accounts
| account | Maximum leverage | Minimum account balance |
|---|---|---|
| OPTIMUS | Based on effective margin, up to 1:5000 | $0 |
| CRYPTOX | Up to 500x depending on trading volume | $100 |
| PRO | Based on effective margin, up to 1:1000 | $100 |
| ECN ZERO | Based on effective margin, up to 1:1000 | $100 |
| STANDARD | Based on effective margin, up to 1:2000 | $0 |
| MINI | Based on effective margin, up to 1:1000 | $0 |
FXGTdoesn't list its order types in its specifications sheet,it always includes the conditions "based on effective margin" and "depending on trading volume" when indicating leverage for all accounts. This is a way of writing that avoids making the maximum value seem excessive.
The OPTIMUS account with a maximum leverage ratio of 1:5000 is eye-catching, but this is only the upper limit when the effective margin is small. Keep in mind that the leverage ratio will decrease as your balance increases
HFM| Offers a "KATANA" account with unlimited leverage
| account | Maximum leverage | Minimum deposit amount |
|---|---|---|
| KATANA | Unlimited | $500 / approx. $500.00 |
| CENT | 1:2000 | $0 |
| ZERO | 1:2000 | $0 |
| PRO | 1:2000 | $100 / approx. $81.25 |
| PREMIUM | 1:2000 | $0 |
| TOP-UP BONUS | 1:1000 | $0 |
HFMoffersa "KATANA" account with unlimited leverage. It has a 20% margin call and 0% stop-out, a different structure from other accounts (50%/20%).
Please note thatfrom a Japanese IP address hfm, the English version , /int/en/ will redirect you to2026). While Japanese yen pricing and Japanese language support are still available, you will need to check the terms and conditions on the English page.
FxPro | Note that some products are "unlimited" and not for residents of Japan
| financial products | The maximum leverage indicated by the official source |
|---|---|
| Major currencies | Unlimited |
| Minor currencies | Unlimited |
| gold | Unlimited |
| Silver, Platinum, Palladium | 1:888 |
| Major stock market indices (partial list) | 1:500 |
| Spot energy (WTI/Brent) | Unlimited |
| Bitcoin | Unlimited |
| stock | 1:25 |
FxProdynamic leverage, and its official statement clearly states that "as the volume of each product increases, the maximum leverage offered will decrease accordingly." The values in the table represent the upper limit for the minimum lot size.
Please note that the Japanese website fxpro.jpn.com has moved to , and a notice is permanently displayed in the header of every page stating, "FxPro is not regulated by the Japanese Financial Services Agency and does not hold any licenses or permits... This site is not intended for residents of Japan ." If you are considering using this service, please be sure to check this point
FxPro is not eligible for MoneyChat's cashback program.
Monaxa| "Maximum 1:2000" is accompanied by the note "Applicable conditions apply"
| item | Standard | Pro | Zero | Cent |
|---|---|---|---|---|
| Maximum leverage | Max 1:2000 | Max 1:2000 | Max 1:2000 | Max 1:1000 |
| Minimum deposit amount (first time) | $15 | $50 | $200 | $15 |
| Handling fee (one way) | − | − | $3.50 | − |
| Lowest spread | 1.8 pips ~ | 0.9 pips ~ | 0.0 pips ~ | 1.8 pips ~ |
| Stop-loss / Stop-out | 50% / 20% | 50% / 20% | 50% / 20% | 50% / 20% |
Monaxadisplays "Maximum leverage 1:2000" on its homepage,along with the caveat "Conditions apply." The fact that they don't hide the conditions is commendable.
The Zero account (ECN type) also has a maximum leverage of 1:2000, the same limit as other accounts. Please note that ECN accounts are not the only ones with lower leverage.
AXIORY| 6 types of accounts available, with only the Max account offering 2,000x leverage
| account | Maximum leverage | Transaction fees |
|---|---|---|
| zero | 1,000 times | can be |
| Max | 2,000 times | none |
| Standard | 1,000 times | none |
| nano | 1,000 times | can be |
| Terra | 1,000 times | can be |
| Alpha (for physical stocks and ETFs) | 1x | can be |
AXIORY's account type page does not have a section for order types, but it does have a table summarizing the maximum leverage and whether or not there are fees for each account type
One easily overlookedZero Accounts incur transaction fees. While the name might lead one to mistakenly believe it's commission-free, the official table clearly states that fees apply. Additionally,an Alpha Account (with 1x leverage)is also available.
TitanFX | Micro account leverage increased to 2,000x
| account | Maximum leverage | Transaction fees |
|---|---|---|
| Zero Standard | 1,000 times | none |
| Zero Blade | 1,000 times | US$3.5 (per 100,000 units of currency) |
| Zero Micro | 2,000 times | none |
TitanFXwas once known for offering 500x leverage on all accounts, but now it offers 1,000x leverage for Standard Blade accounts and 2,000x leverage for Micro accounts. The official website also clearly states, "Choose your leverage: up to 1,000x for Standard Blade accounts and up to 2,000x for Micro accounts."
If you see a description that says "TitanFX is safe because it has low leverage," thatinformation is from before the leverage was increased. Please make your decision based on the latest conditions.
Land Prime | Account structure has been revamped
| account | Maximum leverage | Minimum deposit amount | commission |
|---|---|---|---|
| KAMINARI | 2000:1 | approx. $6.25 | none |
| Prime | 2000:1 | US$10 | none |
| ECN | 1000:1 | US$100 | 0.3 pips / one way |
| Cent | 2000:1 | US$10 | none |
Land Prime currently offersfour account types: KAMINARI, Prime, ECN, and Cent. The previously mentioned "Standard Account" and "Islamic Account" categories are no longer listed on the current account types page.
The leverageis not "unlimited" butis specified as 2000:1 (1000:1 for ECN accounts only).Land Prime is not eligible for MoneyChat's cashback program.
Swift Trader | The account structure is described inconsistently on their official website
While Swift Trader's official website states that it offers "a total of five accounts: Standard, Mini, Micro, Pro, and ECN," the account card on the same page lists only four accounts: Standard, Pro, ECN, and Swift , indicating a discrepancy between the two (confirmed August 28, 2026).
Regarding leverage, the document states "Maximum leverage of 1:2000 for SWIFT (account) FX and precious metals trading." While the explanation that "all accounts offer 1,000x leverage" is circulating, SWIFT accounts, at least, offer higher leverage
Also, swifttrader.com/ja/ will redirect to jp.swifttrader.com . Swift Trader is not eligible for MoneyChat cashback .
XMTrading | All 4 account terms and conditions are as published
| account | Maximum leverage | Narrowest spread |
|---|---|---|
| Standard | 1,000:1 | 1.0 pips |
| Micro | 1,000:1 | 1.0 pips |
| KIWAMI | 1,000:1 | 0.6 pips |
| Zero | 500:1 | 0 pips |
XMTradingone of the companies among the 20 that had the least discrepancy between its stated information and actual practices. The content on its account type page perfectly matched the conditions widely advertised.
However,the specifications sheet does not include a section for order types. Please note that only the Zero account has a leverage ratio limited to 500:1 when choosing an account.XMTrading is not eligible for MoneyChat's cashback program.
Axi| All 3 accounts have a 1,000:1 ratio, and the account name is "Pro"
| account | Maximum leverage | Recommended minimum deposit | commission |
|---|---|---|---|
| Standard | 1000:1 | − | none |
| Pro | 1000:1 | $100 | $4.5 / round trip |
| Elite | 1000:1 | $25,000 | $3.5 / round trip |
Axiaccounts have a maximum trading ratio of 1000:1. The mid-tier account is called"Pro" and not "Premium,"and the official recommended minimum deposit is $100, with a round-trip fee of $4.50.
The Elite account requires a cumulative trading volume of $25,000, and the commission is reduced to $3.50 round trip. It is designed to be more advantageous the higher your trading volume
VT Markets | Currently offers 5 accounts (there are others besides the two most frequently listed)
| account | Maximum leverage | Minimum deposit amount | commission |
|---|---|---|---|
| Standard STP | 1000:1 | $100 | $0 |
| Low ECN | 1000:1 | $100 | $6 (round trip) |
VT Markets' Standard STP Low ECN had terms and conditions that matched those stated on their official website
Our current account lineup alsoPRO ECN, Swap-Free, and Cent Accounts. Comparing and choosing based on only these two accounts may cause you to overlook an account that meets your needs.
VT Marketsis not eligible for MoneyChat's cashback program.
Tradeview | Domain changed to tvmarkets.com - Two types of FX accounts available
| account | Maximum leverage | Minimum deposit amount | commission |
|---|---|---|---|
| XLev | 1:400 | $100 | none |
| ILC | 1:200 | $1,000 | $2.50 / lot |
Tradeview's official domain has changed from tradeviewforex.com to tvmarkets.com . The Japanese site is currently operational at tvmarkets.com/ja/
Currentlyonly two types of FX accounts: XLev and ILC. The "cTrader account" is not currently in the lineup. The maximum leverage for the XLev account1:400, not 500x.
Although it has the lowest maximum leverage among the 20 companies , there is no section on the account type page indicating the order type. Tradeview is not eligible for MoneyChat's cashback program .
Exness| Unable to access the official website from Japan
Exnessmy.exness.comofficial website from a Japanese IP address, users are redirected to an English sign-up screen (,exness.and the page displaying the publicly available trading terms and conditions cannot be accessed(confirmed on August 27th and 28th, 2026)
Therefore, in this article,Exnesswe were unable to verify official primary information regarding. We have not been able to verify any claims such as "unlimited leverage" found on other websites. If you are considering opening an account, please check the actual conditions on your member page after registration.
Vantage Trading | Official website access blocked and cannot be verified
Vantage Trading's service is operational,our editorial team was unable to retrieve the account type page content due to access restrictions on their official website(confirmed on August 27th and 28th, 2026).
Therefore,we have not been able to confirm official primary information regarding order types and maximum leverage. Please check the conditions directly on the official website.
FBS | The Japanese website is no longer available
FBShas discontinued providing a Japanese website.fbs.com/jaandfbs.com/jp return a 404 error, and Japanese is not included in the language settings (hreflang) on the official homepage (only ar / en / es / id / my / th / tr / x-default / en-sc are available - confirmed August 28, 2026). There is no Japanese option in the language selector either.
While this company has often been introduced as an NDD (Non-Dealing Desk) provider in the past,we cannot confirm that they currently offer information or support in Japanese. Please make your decision assuming that you cannot confirm the terms and conditions in Japanese.FBS is not eligible for MoneyChat's cashback program.
Frequently Asked Questions about NDD (Non-Dealing Desk) Overseas Forex
Q. Which is better, NDD or DD?
The answer depends on your trading style. Here's a summary of the differences between the two:
| item | NDD method | DD method |
|---|---|---|
| The role of the contractor | Send the order to the cover artist (LP) | Sometimes the supplier becomes the counterparty to the order |
| Main sources of revenue | Spreads and transaction fees | In addition to the spread, customer profit and loss |
| spread | It tends to expand due to its variable nature | They are often narrow and fixed in place |
| Restrictions on trading methods | Many businesses do not set this up | There may be restrictions on scalping and other similar trading methods |
| Main recruitment | Common among overseas forex brokers | Common among domestic FX companies (over-the-counter trading) |
As a general guideline, those who trade frequently using scalping or EAs (Expert Advisors) tend to prefer the NDD (Non-Dealing Desk) method, while those who prioritize narrow, fixed spreadsare more likely to find the DD (Dealing Desk) method (domestic FX) suitable.
Q. Is it true that brokers offering leverage of 1,000 times or more use the DD (Dealing Desk) method?
Based on our review of official information from 20 companies, this theory could not be supported.Of the four companies that clearly state their order types in their official specifications, three offer leverage exceeding 1,000x (JadeFOREX unlimited, Traders Trust 3,000x,BigBoss 2,222x), and there was no correlation between the level of leverage and the description of the order types.
Conversely, even Tradeview's ILC account, which has the lowest leverage ratio of 1:200 among the 20 companies, does not list its order type in its official specifications. Youcannot determine whether it is NDD or DD based solely on the leverage value.
Q. Is there a way for me to check if a device uses the NDD (Non-Desktop) method?
The most reliable method is to check the specifications table on the account type and trading conditions page of the official website to see if there are columns for "Order Method," "Execution Method," and "Execution Model." Also, check if the leverage fluctuation conditions are published numerically and if there is any information about order rejection and requotes.
However,there is no way to verify from the outside where orders are actually going.All you can confirm is "how much the official source has written."
Q. Can I use MT4 with NDD (No Dealing Desk) overseas forex brokers?
Yes, you can use it. All 20 companies we checked support either MT4 or MT5 , and most offer both.JadeFOREXHowever, some brokers, likeAXIORYsome, like , focus on cTrader, and 's Terra account, only offer MT5, so please check the supported platforms by account type rather than by broker
Q. Are "interbank direct connection" and NDD (Non-Dealing Desk) the same thing?
Although they are used with almost the same meaning,"interbank direct connection" is actually a promotional expression and not a term used in official specifications.The terms actually used in official specifications are "NDD," "STP," and "ECN."
Furthermore, individual traders' orders don't go directly into the interbank market;brokers route them through limit holders (LPs). The image associated with the term "direct connection" doesn't always match the actual route taken.
Q. Is XMTrading an NDD (No Dealing Desk) service?
XMTrading describes itself as using an NDD (No Dealing Desk) system, butas of August 28, 2026, the specifications table on its official account type page does not include an order type section. Based on the criteria of this article, it is classified as "not listed in the specifications table."
This does not mean that XMTrading uses a DD (Dealing Desk) system. It simply indicates that this information could not be found in the specifications sheet, which is accessible to everyone using the same procedure . The maximum leverage is 1,000:1 for Standard, Micro, and KIWAMI accounts, and 500:1 for the Zero account only
Q. Is it a lie that Hirose Trading uses the NDD (No Dealing Desk) method?
Hirose Tusho (LION FX)is a Japanese financial instruments business operator, and on its official website, it describes its services as "over-the-counter foreign exchange margin trading." Over-the-counter trading is a format in which the broker and the customer trade directly with each other, which is a different premise from the NDD (No Dealing Desk) method used by overseas FX brokers discussed in this article.
In other words, the argument that "they said NDD (No Dealing Desk) but it was a lie" basically doesn't apply to domestic FX companies. Domestic FX companies are registered with the Financial Services Agency and operate as over-the-counter (OTC) trading companies.to consider domestic and overseas companies separately, as they operate under different systems.
Q. Which brokers offer narrow spreads using the NDD (Non-Dealing Desk) method?
Comparing brokers solely based on the narrowness of their spreads can lead to misjudgments. Since NDD (Non- Dealing Desk) accounts typically charge trading fees instead of offering narrow spreads (ECN type) , it's necessary to compare the actual costs, including both spreads and fees
Furthermore, the units of the commission vary from broker to broker. In the scope of what we checked,ThreeTrader's Raw Zero account isapproximately $2.50 per lot,AXIORY's Nano account is$3 one way,Monaxa's Zero account is$3.50 one way, andAxi's Pro account is$4.50 round trip. There is a mix of yen-denominated, dollar-denominated, one-way, and round-trip fees.Please compare them after standardizing the units.
For a comparison of actual costs, please see our overseas forex spread comparison . For a comprehensive selection of brokers, please also check out our ranking of highly-rated and popular overseas forex brokers
Summary | When evaluating NDD (Non-Dealing Desk) brokers, focus on their "disclosure methods" rather than their "leverage."
On August 28, 2026, I checked the official websites of 20 overseas forex brokers that advertise themselves as using the NDD (No Dealing Desk) system, one by one. Here's a summary of what I found
- Only four companies clearly stated their order type in their account specifications:(BigBoss"NDD STP method"), Traders Trust ("STP, No Dealing Desk"),ThreeTrader("ECN"), andJadeFOREX("STP").
- The theory that "leverage exceeding 1,000 times = DD method" proved to be incorrect. Three of the four companies explicitly mentioned significantly exceeded 1,000 times leverage.
- Low leverage does not prove NDD (Non-Dealing Desk). Even the lowest level, 1:200 (Tradeview ILC), does not specify the order type.
- What you should look at is not the maximum leverage, but the conditions under which it decreases.IS6FX,BigBoss,FXGT, FxPro,Monaxa, and Traders Trust—have officially explained the conditions under which it fluctuates
- The widely circulated information is outdated. TitanFX's leverage has changed from 500x to 1,000-2,000x, and Land Prime, Tradeview, andJadeFOREXhave completely changed their account structures.
- The actual order process cannot be verified externally. All that can be confirmed is what is written in the official documentation.
Unfortunately, users have no concrete evidence to definitively say, "It's safe because it's an NDD (No Dealing Desk) system."However, two things that anyone can check using the same procedure—whether the order method is made public as a comparison specification, and whether the conditions under which leverage is reduced are disclosed in advance—clearly show differences between brokers.When choosing a broker, please use these verifiable differences as your deciding factor.
Regardless of which broker you choose, as long asit's an NDD (No Dealing Desk) system, costs such as spreads and fees will always be incurred with each trade. If you open an account through MoneyChat, a portion of these costs will be returned to you as cashback. Since the cashback is managed separately from your broker account balance, itwill not affect the spread or execution conditions.
For information on the mechanisms of NDD, DD, ECN, and STP in overseas forex trading, and how they differ from the DD method , please also refer to our complete guide for overseas forex trading beginners
*The maximum leverage, trading fees, minimum deposit amount, and order type listed in this article are all based on information confirmed on each company's official website (account type/trading conditions page) as of August 28, 2026.Exness,Vantage Trading, and FBS were not listed as their official pages could not be accessed on that date. Trading conditions are subject to change at each company's discretion, so please be sure to check the latest information on their official website before opening an account. For information on the registration status of financial instrument business operators, please refer to the list of businesses licensed, permitted, or registered by the Financial Services Agency , as well as the names of those conducting financial instrument business without registration. For examples of online trading troubles, please refer to the Consumer Affairs Agency's information on consumer troubles related to the internet
