We found 11 online brokers that are appropriate for Trading A Book Versus B Book Brokers Platforms.
I learned early on that brokers operate under two main execution models: the A Book model and the B Book model. For example, I used IC Markets (an A Book/STP broker) to route my orders straight to interbank liquidity during the Feds May 2025 rate hike volatility, while I tested Pepperstones B Book environment on small EUR/USD trades during the Swiss National Banks surprise April 2025 announcement. Understanding these models. A Book brokers passing your trades outwards versus B Book brokers taking the opposite side themselveshas been crucial for matching my risk tolerance and trading objectives.
Feature | A Book Brokers | B Book Brokers |
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Execution Model | Routes orders directly to external liquidity providers (banks, hedge funds, interbank). | Internalizes client orders and acts as counterparty to all trades. |
Counterparty Risk | Minimalyour counterparty is the interbank market, not the broker. | Highbroker itself is counterparty; risk of trade rejection or manipulation. |
Pricing & Spreads | Variable spreads with genuine market pricing; may widen during volatility (e.g., IC Markets, FP Markets). | Fixed spreads even in low liquidity; stable cost structure during news (e.g., XM, AvaTrade). |
Slippage | Possible positive or negative slippage due to real market fills (as experienced on FP Markets during Fed volatility). | No slippage guaranteed, but fills occur at brokers internal price. |
Conflict of Interest | No direct conflictbroker profits via commissions or markups on spread. | Potential conflictbroker profits when client loses; requires strong regulation and transparency (e.g., monitored by ASIC for Pepperstone). |
Transparency | Highclear commission schedule, visible liquidity sources (e.g., IC Markets publishes its LP list). | Variablemay not disclose internal pricing logic; must trust brokers fair dealing policies. |
Revenue Model | Earns via per trade commissions or small spread markups. | Earns from client losses and spread differentials; may include volume or inactivity fees. |
Best For | Experienced or high volume traders seeking true market execution (e.g., XTBs STP offering). | Retail or beginner traders preferring predictable costs and fixed spreads (e.g., RoboForexs market making). |
Recent Event Example | IC Markets routed USD/CNH orders through interbank during May 2025 Fed minutes, showing genuine slippage both ways. | XM maintained 1.0 pip EUR/USD fixed spread during the April 2025 flash crash, ensuring no spread widening. |
From my own trading journey, I’ve come to understand that A-book brokers often called straight-through processing (STP) or non-dealing desk brokers earn their fees by adjusting the spreads rather than taking the opposite side of my trades. In my experience, when I trade with an A-book broker, my terminal connects directly to a liquidity provider, so my orders flow straight through without the broker intervening as a counterparty.
Whenever I worked with an A-book broker, they either tapped into their own pool of liquidity or routed my orders to another large pool, depending on their setup. I noticed two main ways they made money: sometimes I’d see the spread widen slightly, and other times I paid a small commission based on my order volume. Both felt transparent to me, since the costs applied equally whether my trades won or lost.
One thing I appreciated was that I never felt any conflict of interest. The broker’s earnings came strictly from those spreads and commissions so they didn’t profit or lose based on my individual performance. Because they weren’t gambling against my positions, I felt confident that their business wasn’t built on my losses. Admittedly, their profit margins are slimmer, but I valued the peace of mind.
The main drawback I encountered was variable spreads. During peak liquidity times, I enjoyed tight spreads, but when liquidity dried up especially on exotic currency pairs the spreads widened noticeably. It taught me to plan my entries carefully and be mindful of market conditions when trading less common instruments.
Ive found that A Book brokersalso called Straight Through Processing (STP) or Non Dealing Desk (NDD) brokersoffer the cleanest execution. My experience with FP Markets during the Q1 2025 USD/JPY volatility showed real time interbank pricing and zero conflicts of interest: the broker added only a tiny commission per lot rather than trading against me. The trade off can be variable spreads during the May Fed minutes release, spreads on exotic pairs like USD/TRY jumpedbut you know youre getting genuine market rates.
My experience with B-book brokers also known as market makers felt very different. These brokers don’t link me directly to external liquidity pools. Instead, they act as the counterparty to my trades: when I place a sell order, they buy from me; and when I buy, they sell to me. This setup inherently creates a potential conflict of interest, since they profit when I lose and vice versa.
One upside I found was that B-book brokers often guarantee fixed spreads, so I never had to worry about slippage or spread widening, even when overall market liquidity was low. I could open and close positions at any hour during major sessions or off-peak periods without unexpected costs, which was reassuring for my short-term strategies.
However, I did run into issues during high-volatility events or market shocks. Execution could become challenging, and I started to question whether the broker was leaning against my positions when things got crazy. Over time, I also learned of industry concerns that some B-book brokers might profile client behavior and subtly disadvantage consistently profitable traders. Those stories made me more cautious when choosing a market maker.
B Book brokers (or market makers) like XM internalize orders. I opened a small GBP/JPY position with XM during the UK election rally in June 2025 and enjoyed fixed spreads with no slippage even when liquidity thinned. However, because the broker was my counterparty, I remained aware of the inherent conflict: the broker profits when I lose, so I always verify their regulatory transparency before trading larger volumes.
From personal experience, the core difference lies in execution and alignment of interests. With IC Markets (A Book), trades go straight to external liquidity commissions are transparent, and I never worry about stop hunting. Meanwhile, trading small micro lots on AvaTrade (B Book) gave me predictable costs and guaranteed fills when EUR/USD spiked 100 pips on the SNB decision in April 2025. Seasoned traders often prefer A Book for transparency, while beginners might value the stability of fixed spreads in a B Book setup.
Yes. Many brokersincluding RoboForexuse a hybrid model, routing high volume or consistently profitable trades to liquidity providers (A Book) while internalizing smaller or speculative trades (B Book). This lets them balance risk and maintain service quality.
Neither is inherently safer. My rule is to choose a regulated brokerlike XTB (FCA/ASIC) or FP Markets (ASIC)with clear disclosures. A transparent B Book broker can be as reliable as an unregulated A Book broker.
Look at their trading conditions. Fixed spreads, no slippage, and guaranteed fills (as I experienced on XM during the May 2025 NFP release) usually signal B Book. Variable spreads and explicit commission schedules (as with IC Markets) point to A Book. You can also ask support or check reviews.
Yes because A Book execution reflects real time market liquidity. During the Feds May rate hike, I saw 12 pip slippage on some USD/CNH trades with FP Markets, but it confirmed genuine market access.
B Book brokers control internal pricing, so they can lock in spreads regardless of external liquidity. This predictable cost structurelike the 1.0 pip EUR/USD spread I enjoyed on AvaTrade during the April 2025 flash crashcan be comforting, though you should verify that execution speed remains fair.
After trading with both A Book and B Book brokers during key events in 2025, Ive concluded that neither model is universally superiorit all comes down to your strategy and trust in regulation. My experience routing USD/CNH orders through IC Markets during the Feds May rate hike showed me the transparency and genuine market access of an A Book broker, even when slippage occurred. Conversely, trading micro lots on AvaTrade with fixed spreads during the April SNB flash crash gave me predictable costs and peace of mind when liquidity dried up.
If youre an experienced, high volume trader, an A Book broker like FP Markets or XTB (both FCA/ASIC regulated) will likely suit you bestclear commission structures and external liquidity mean minimal conflict of interest. For newer or smaller traders, a well regulated B Book broker such as XM or Pepperstone can offer stable, slippage free pricing, provided you verify their transparency and execution fairness.
Hybrid modelsused by brokers like RoboForexcan offer the best of both worlds, routing large or profitable trades to the interbank market while internalizing smaller orders. This flexibility can be a smart compromise if you need both stability and market access without switching platforms.
My rule is simple: always choose a broker (A book or B book) with strong regulatory oversight, clear disclosures, and execution history you can verify. Whether A Book, B Book, or hybrid, what matters most is your confidence in how your trades are handledso test small, monitor your fills during volatility, and pick the model that aligns with your risk tolerance and trading goals.
A Book brokers deliver true market execution and transparency, B Book brokers provide predictable costs and fixed spreads, and hybrid brokers blend both approaches. Your choice should reflect your trading style, capital size, and comfort with counterparty riskand always be backed by personal testing and a regulated framework.
The choice between an A Book vs B Book broker depends on your trading strategy, risk tolerance, and trust in your broker. A Book brokers are ideal for traders who want market based execution and less interference, especially for high frequency or institutional strategies. B Book brokers, on the other hand, offer simplified trading conditions and lower entry requirements, but may carry more execution related concerns.
Before committing to any broker, make sure to research their regulatory compliance, execution model, spreads, and fees. Also, check whether they disclose whether they operate as A Book, B Book, or a hybrid modelwhich many modern brokers do.
We have conducted extensive research and analysis on over multiple data points on A-Book Versus B-Book Brokers to present you with a comprehensive guide that can help you find the most suitable A-Book Versus B-Book Brokers. Below we shortlist what we think are the best A Book Versus B Book Brokers Trading Platforms after careful consideration and evaluation. We hope this list will assist you in making an informed decision when researching A-Book Versus B-Book Brokers.
Selecting a reliable and reputable online A Book Versus B Book Brokers Trading Platforms trading brokerage involves assessing their track record, regulatory status, customer support, processing times, international presence, and language capabilities. Considering these factors, you can make an informed decision and trade A Book Versus B Book Brokers Trading Platforms more confidently.
Selecting the right online A Book Versus B Book Brokers Trading Platforms trading brokerage requires careful consideration of several critical factors. Here are some essential points to keep in mind:
Our team have listed brokers that match your criteria for you below. All brokerage data has been summarised into a comparison table. Scroll down.
When choosing a broker for A Book Versus B Book Brokers Trading Platforms trading, it's essential to compare the different options available to you. Our A Book Versus B Book Brokers Trading Platforms brokerage comparison table below allows you to compare several important features side by side, making it easier to make an informed choice.
By comparing these essential features, you can choose a A Book Versus B Book Brokers Trading Platforms broker that best suits your needs and preferences for A Book Versus B Book Brokers Trading Platforms. Our A Book Versus B Book Brokers Trading Platforms broker comparison table simplifies the process, allowing you to make a more informed decision.
Here are the top A Book Versus B Book Brokers Trading Platforms.
Compare A Book Versus B Book Brokers Trading Platforms brokers for min deposits, funding, used by, benefits, account types, platforms, and support levels. When searching for a A Book Versus B Book Brokers Trading Platforms broker, it's crucial to compare several factors to choose the right one for your A Book Versus B Book Brokers Trading Platforms needs. Our comparison tool allows you to compare the essential features side by side.
All brokers below are A Book Versus B Book Brokers Trading Platforms. Learn more about what they offer below.
You can scroll left and right on the comparison table below to see more A Book Versus B Book Brokers Trading Platforms that accept A Book Versus B Book Brokers Trading Platforms clients.
Broker |
IC Markets
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Roboforex
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eToro
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XTB
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XM
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Pepperstone
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AvaTrade
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FP Markets
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EasyMarkets
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SpreadEx
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FXPro
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Regulation | Seychelles Financial Services Authority (FSA) (SD018) | RoboForex Lid is regulated by Belize FSC, License No. 000138/7, reg. number 000001272. RoboForex Ltd, which is an (A category) member of The Financial Commission, also is a participant of its Compensation Fund | FCA (Financial Conduct Authority) eToro (UK) Ltd (FCA reference 583263), eToro (Europe) Ltd CySEC (Cyprus Securities Exchange Commission), ASIC (Australian Securities and Investments Commission) eToro AUS Capital Limited ASIC license 491139, CySec (Cyprus Securities and Exchange Commission under the license 109/10), FSAS (Financial Services Authority Seychelles) eToro (Seychelles) Ltd license SD076 | FCA (Financial Conduct Authority reference 522157), CySEC (Cyprus Securities and Exchange Commission reference 169/12), FSCA (Financial Sector Conduct Authority), XTB AFRICA (PTY) LTD licensed to operate in South Africa, KPWiG (Polish Securities and Exchange Commission), DFSA (Dubai Financial Services Authority), DIFC (Dubai International Financial Center), CNMV (Comisión Nacional del Mercado de Valores), KNF (Komisja Nadzoru Finansowego), IFSC (Belize International Financial Services Commission license number IFSC/60/413/TS/19) | Financial Services Commission (FSC) (000261/4) XM ZA (Pty) Ltd, Cyprus Securities and Exchange Commission (CySEC) (license 120/10) Trading Point of Financial Instruments Ltd, Australian Securities and Investments Commission (ASIC) (number 443670) Trading Point of Financial Instruments Pty Ltd | Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), Federal Financial Supervisory Authority (BaFin), Dubai Financial Services Authority (DFSA), Capital Markets Authority of Kenya (CMA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of the Bahamas (SCB) number SIA-F217 | Australian Securities and Investments Commission (ASIC) Ava Capital Markets Australia Pty Ltd (406684), South African Financial Sector Conduct Authority (FSCA) Ava Capital Markets Pty Ltd (45984), Financial Services Agency (Japan FSA) Ava Trade Japan K.K. (1662), Financial Futures Association of Japan (FFAJ),, FFAJ, Abu Dhabi Global Markets (ADGM)(190018) Ava Trade Middle East Ltd (190018), Polish Financial Supervision Authority (KNF) AVA Trade EU Ltd, Central Bank of Ireland (C53877) AVA Trade EU Ltd, British Virgin Islands Financial Services Commission (BVI) BVI (SIBA/L/13/1049), Israel Securities Association (ISA) (514666577) ATrade Ltd, Financial Regulatory Services Authority (FRSA) | CySEC (Cyprus Securities and Exchange Commission) (371/18), ASIC AFS (Australian Securities and Investments Commission) (286354), FSP (Financial Sector Conduct Authority in South Africa) (50926), Financial Services Authority Seychelles (FSA) (130) | Cyprus Securities and Exchange Commission (CySEC) (079/07) Easy Forex Trading Ltd, Australian Securities and Investments Commission (ASIC) (Easy Markets Pty Ltd 246566), British Virgin Islands Financial Services Commission (BVI) EF Worldwide Ltd (SIBA/L/20/1135), Financial Sector Conduct Authority South Africa (FSA) EF Worldwide (PTY) Ltd (54018), FSC (Financial Services Commission) (SIBA/L/20/1135), FSCA (Financial Sector Conduct Authority) (54018) | FCA (Financial Conduct Authority) (190941), Gambling Commission (Great Britain) (8835) | FCA (Financial Conduct Authority) (509956), CySEC (Cyprus Securities and Exchange Commission) (078/07), FSCA (Financial Sector Conduct Authority) (45052), SCB (Securities Commission of The Bahamas) (SIA-F184), FSA (Financial Services Authority of Seychelles) (SD120) |
Min Deposit | 200 | 10 | 50 | No minimum deposit | 5 | No minimum deposit | 100 | 100 | 25 | No minimum deposit | 100 |
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Used By | 200,000+ | 730,000+ | 35,000,000+ | 1,000,000+ | 10,000,000+ | 400,000+ | 400,000+ | 200,000+ | 250,000+ | 60,000+ | 7,800,000+ |
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Platforms | MT5, MT4, MetaTrader WebTrader, Mobile Apps, iOS (App Store), Android (Google Play), MetaTrader iPhone/iPad, MetaTrader Android Google Play, MetaTrader Mac, cTrader, cTrader Web, cTrader iPhone/iPad, cTrader iMac, cTrader Android Google Play, cTrader Automate, cTrader Copy Trading, TradingView, Virtual Private Server, Trading Servers, MT4 Advanced Trading Tools, IC Insights, Trading Central | MT4, MT5, R Mobile Trader, R StocksTrader, WebTrader, Mobile Apps, iOS (App Store), Android (Google Play), Windows | eToro Trading App, Mobile Apps, iOS (App Store), Android (Google Play), CopyTrading, Web | MT4, Mirror Trader, Web Trader, Tablet, Mobile Apps, iOS (App Store), Android (Google Play) | MT5, MT5 WebTrader, XM Apple App for iPhone, XM App for Android Google Play, Tablet: MT5 for iPad, MT5 for Android Google Play, XM App for iPad, XM App for iOS (App Store), Android (Google Play), Mobile Apps | MT4, MT5, cTrader,WebTrader, TradingView, Windows, Mobile Apps, iOS (App Store), Android (Google Play) | MT4, MT5, Web Trading, AvaTrade App, AvaOptions, Mac Trading, AvaSocial, Mobile Apps, iOS (App Store), Android (Google Play) | MT4, MT5, TradingView, cTrader, WebTrader, Mobile Trader, Mobile Apps, iOS (App Store), Android (Google Play) | easyMarkets App, Mobile Apps, iOS (App Store), Android (Google Play), Web Platform, TradingView, MT4, MT5 | Web, Mobile Apps, iOS (App Store), Android (Google Play), iPad App, iPhone App, TradingView | MT4, MT5, cTrader, FxPro WebTrader, FxPro Mobile Apps, iOS (App Store), Android (Google Play) |
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Risk Warning | Losses can exceed deposits | Losses can exceed deposits | 61% of retail investor accounts lose money when trading CFDs with this provider. | 69% - 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.12% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. | 75-95 % of retail investor accounts lose money when trading CFDs | 71% of retail investor accounts lose money when trading CFDs with this provider | Losses can exceed deposits | Your capital is at risk | 65% of retail CFD accounts lose money | 75.78% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider |
Demo |
IC Markets Demo |
Roboforex Demo |
eToro Demo |
XTB Demo |
XM Demo |
Pepperstone Demo |
AvaTrade Demo |
FP Markets Demo |
easyMarkets Demo |
SpreadEx Demo |
FxPro Demo |
Excluded Countries | US, IR, CA, NZ, JP | AU, BE, BQ, BR, CA, CW, CZ, DE, ES, EE, EU, FM, FR, FI, GW, ID, IR, JP, LR, MP, NL, PF, PL, RU, SE, SJ, SS, SL, SI, TL, TR, DO, US, IT, AT, PT, BG, HR, CY, DK, FL, GR, IE, LV, LT, MT, RO, SK, CH | ZA, ID, IR, KP, BE, CA, JP, SY, TR, IL, BY, AL, MD, MK, RS, GN, CD, SD, SA, ZW, ET, GH, TZ, LY, UG, ZM, BW, RW, TN, SO, NA, TG, SL, LR, GM, DJ, CI, PK, BN, TW, WS, NP, SG, VI, TM, TJ, UZ, LK, TT, HT, MM, BT, MH, MV, MG, MK, KZ, GD, FJ, PT, BB, BM, BS, AG, AI, AW, AX, LB, SV, PY, HN, GT, PR, NI, VG, AN, CN, BZ, DZ, MY, KH, PH, VN, EG, MN, MO, UA, JO, KR, AO, BR, HR, GL, IS, IM, JM, FM, MC, NG, SI, | US, IN, PK, BD, NG , ID, BE, AU | US, CA, IL, IR | AF, AS, AQ, AM, AZ, BY, BE, BZ, BT, BA, BI, CM, CA, CF, TD, CG, CI, ER, GF, PF, GP, GU, GN, GW, GY, HT, VA, IR, IQ, JP, KZ, LB, LR, LY, ML, MQ, YT, MZ, MM, NZ, NI, KP, PS, PR, RE, KN, LC, VC, WS, SO, GS, KR, SS, SD, SR, SY, TJ, TN, TM, TC, US, VU, VG, EH, ES, YE, ZW, ET | BE, BR, KP, NZ, TR, US, CA, SG | US, JP, NZ | US, IL, BC, MB, QC, ON, AF, BY, BI, KH, KY, TD, KM, CG, CU, CD, GQ, ER, FJ, GN, GW, HT, IR, IQ, LA, LY, MZ, MM, NI, KP, PW, PA, RU, SO, SS, SD, SY, TT, TM, VU, VE, YE | US, TR | US, CA, IR |
You can compare A Book Versus B Book Brokers Trading Platforms ratings, min deposits what the the broker offers, funding methods, platforms, spread types, customer support options, regulation and account types side by side.
We also have an indepth Top A Book Versus B Book Brokers Trading Platforms for 2025 article further below. You can see it now by clicking here
We have listed top A Book Versus B Book Brokers Trading Platforms below.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 61% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
This communication is intended for information and educational purposes only and should not be considered investment advice or investment recommendation. Past performance is not an indication of future results.
Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.
Copy trading is a portfolio management service, provided by eToro (Europe) Ltd., which is authorised and regulated by the Cyprus Securities and Exchange Commission.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.