A key component of Best Forex Brokers Offering Broker-to-Broker Liquidity, which allows for tighter spreads, deeper market access, and quicker execution through combined relationships with banks, hedge funds, and other brokers.
Prominent platforms such as Pepperstone, FP Markets, Fusion Markets, Black Bull Markets, Eightcap, FXTM, JustMarkets, IC Markets, CMC Markets, and Saxo Bank are the leading options for professional traders worldwide, offering institutional-grade liquidity, robust regulation, cutting-edge platforms, and competitive leverage.
What Is Broker-to-Broker Liquidity in Forex Trading?
Broker-to-broker liquidity in forex trading is the process through which brokers interconnect and share access to liquidity pools from other brokers, banks, and liquidity providers.
Such a system allows traders to profit from the aggregation of several liquidity providers and spread, faster execution and, lesser slippage.
When brokers interconnect, the market is more liquid and more transparent. Orders can be fulfilled more quickly. This is a significant characteristic of ECN/STP brokers that provides a more institutional grade execution and pricing.
Why Broker-to-Broker Liquidity Matters for Professional Traders?
Access to Liquidity
Professional traders can access broker consolidated liquidity, meaning better spreads, execution speed, and slippage across bigger volume trades.
Institutional Quality Execution
liquidity from broker to broker gives institutional level liquidity, meaning professionals can implement more sophisticated strategies while keeping market impact low and orders being filled reliably,
Transparency and Pricing
Liquidity aggregation provides transparent pricing across providers, reducing the risk of price manipulation and keeping traders confident in the market’s price competitiveness.
Scalping and High-Frequency Execution
Deep liquidity and execution speed is essential for algorithmic traders and scalpers to capture minute price changes to profit without slippage.
Capital Risk Management
Liquidity is less from one source and more from others which helps in managing the capital and the counter exposure better when carrying out big, sophisticated trades.
Multi-Asset Coverage
Liquidity from broker to broker is not restricted to just forex, but also offers liquidity to indices, commodities, and crypto thereby catering to diverse trading strategies of institutional and professional traders.
10 Best Forex Brokers Offering Broker-to-Broker Liquidity (2026)
| Broker | Regulation | Liquidity Strength | Key Features |
|---|---|---|---|
| Pepperstone | FCA, ASIC, CySEC, BaFIN, DFSA, CMA, SCB | Tier-1 liquidity providers, institutional-grade | Ultra-low spreads, deep liquidity pools |
| FP Markets | ASIC, CySEC | Direct access to liquidity providers | ECN pricing, broker-to-broker liquidity |
| Fusion Markets | ASIC | Aggregated liquidity from multiple brokers | Lowest commissions, liquidity aggregation |
| BlackBull Markets | FMA (NZ), FSCA (SA) | Institutional liquidity bridge | ECN execution, broker-to-broker liquidity |
| Eightcap | ASIC, SCB | Multi-broker liquidity aggregation | Crypto + FX liquidity |
| FXTM (ForexTime) | FCA, CySEC, FSCA | Broker-to-broker liquidity access | Tight spreads, global liquidity |
| JustMarkets | FSC (Belize), FSA (Seychelles) | Broker liquidity aggregation | High leverage, liquidity pools |
| IC Markets | ASIC, CySEC, FSA | True ECN broker, liquidity from 50+ providers | Deep liquidity, institutional execution |
| CMC Markets | FCA, ASIC | Institutional liquidity access | Large liquidity network, broker-to-broker |
| Saxo Bank | FSA (Denmark), FCA | Prime broker liquidity | Institutional-grade liquidity, multi-asset |
1. Pepperstone
Founded in 2010 in Melbourne, Pepperstone is one of the world’s most reputable ECN brokers. It is globally compliant as it is regulated by FCA (UK), ASIC (Australia), CySEC (Cyprus), BaFIN (Germany), DFSA (Dubai), CMA (Kenya), and SCB (Bahamas). Pepperstone is one of the most flexible brokers, offering MT4, MT5, cTrader, and TradingView.
With leverage of 1:500 for professional accounts, it can be considered one of the most competitive brokers in the industry. Its liquidity is a combination of tier-1 banks, hedge funds and broker-to-broker aggregation.
This makes it one of the Best Forex Brokers Offering Broker-to-Broker Liquidity. It is a perfect broker for people who require institutional grade execution, algorithmic trading and high frequency trading. This is the reason why it is one of the most preferred brokers for serious traders’
Pepperstone Pros & Cons
Pros:
- Strong global regulation (FCA, ASIC, CySEC, BaFIN, DFSA, CMA, SCB).
- Regulatory compliance.
- Multiple platforms available (MT4, MT5, cTrader, and TradingView).
- Tier-1 deep broker-to-broker liquidity.
- Tight spreads and rapid execution.
Cons:
- Due to regulation, lower caps of leverage are available in the EU and the UK.
- Third-party reliance for platforms is limited and proprietary.
- There is no direct trading of stocks (only CFDs are available).
Pepperstone – Key Features
| Attribute | Details |
|---|---|
| Founded | 2010 |
| Regulation | FCA (UK), ASIC (Australia), CySEC (Cyprus), BaFIN (Germany), DFSA (Dubai), CMA (Kenya), SCB (Bahamas) |
| Platforms | MT4, MT5, cTrader, TradingView |
| Leverage | Up to 1:500 (pro accounts) |
| Liquidity Strength | Tier-1 banks, hedge funds, broker-to-broker aggregation |
| Unique Features | Ultra-tight spreads, institutional-grade execution, strong algo trading support |
2. FP Markets
Founded in 2005, Australian broker FP Markets is regulated by ASIC and CySEC offering strong investor protection. It offers MT4, MT5, and IRESS for retail and I can add institutional traders.
Depending on jurisdiction, FP Markets offers leverage up to 1:500 and is well known for its ECN pricing model. FP Markets sources liquidity from various multiple tier 1 providers, assuring deep market access.
Among the Best Forex Brokers Offering Broker-to-Broker Liquidity, FP Markets is recognized for its transparency, speedy execution, and tight spreads.
Their broker-to-broker liquidity bridges are especially appealing to scalpers and algo traders requiring institutional-grade forex, indices, commodities, and crypto market depth and reliability.
FP Markets Pros & Cons
Pros:
- More than 15 years of experience as a broker (established in 2005) alongside ASIC and CySEC regulation.
- Transparent execution with the ECN pricing model.
- broker-to-broker liquidity providing deep access to the market.
- MT4 and MT5 advanced trading support, as well as IRESS.
Cons:
- Offshore clients may experience insufficient protection in the event of bad faith practices.
- Retail traders incur higher costs on IRESS.
- There are fewer educational resources than available competitors.
FP Markets – Key Features
| Attribute | Details |
|---|---|
| Founded | 2005 |
| Regulation | ASIC (Australia), CySEC (Cyprus) |
| Platforms | MT4, MT5, IRESS |
| Leverage | Up to 1:500 |
| Liquidity Strength | Direct broker-to-broker liquidity, ECN pricing |
| Unique Features | Transparent execution, strong for scalpers & algo traders |
3. Fusion Markets
With its founding in 2019, Fusion Markets is the new, but very competitive broker, regulated by ASIC (Australia). It has MT4 and MT5 with leverage of 1:500 which can match with beginners and professionals.
Fusion Markets has built a reputation of being the lowest in the industry when it comes to commissions and is successful in being well aggregated in its liquidity across different brokers. This ensures reliable execution and tight spreads.
Fusion Markets is also among the Best Forex Brokers Offering Broker-to-Broker Liquidity, adaptive to pools of liquidity that are institutional grade.
Their broker to broker connections marginally edge on depth, which decreases slippage, making trade reliability better. This, along with the affordability of the broker, is the reason many traders want them.
Fusion Markets Pros & Cons
Pros:
- Strong ASIC regulation.
- The commissions are the lowest in the industry.
- Tight spreads with broker-to-broker liquidity aggregation.
- High leverage of up to 1:500, alongside MT4 and MT5 support.
Cons:
- More recent broker exposure (established in 2019 with a more limited track record).
- Lower range of products than more prominent brokers.
- These brokers do not have a custom platform or high-level institutional features.
Fusion Markets – Key Features
| Attribute | Details |
|---|---|
| Founded | 2019 |
| Regulation | ASIC (Australia) |
| Platforms | MT4, MT5 |
| Leverage | Up to 1:500 |
| Liquidity Strength | Aggregated liquidity from multiple brokers |
| Unique Features | Lowest commissions, cost-effective ECN access |
4. BlackBull Markets
BlackBull Markets has been operating since 2014 and is located in New Zealand. He is regulated by the FMA (NZ) and FSCA (South Africa). They provides MT4 and MT5 with a leverage of up to 1:500 to both retail and institutional clients.
BlackBull is a genuine ECN broker with broker-to-broker liquidity bridges and connections with institutional liquidity providers. BlackBull is one of the Best Forex Brokers Offering Broker-to-Broker Liquidity, which is recognized for quick execution, low slippage, and solid regulatory backing. BlackBull is a good choice for professional traders, scalpers, and automated trading systems users.
BlackBull Markets Pros & Cons
Pros:
- Genuine ECN with institutional liquidity connectors.
- Under NZ FMA and SA FSCA regulation.
- Up to 1:500 high leverage.
- Automated trading and scalping are powerful.
Cons:
- Outside NZ/SA limited global regulations.
- Smaller compared to some big brokers like IC Markets.
- Research and educational resources are limited.
BlackBull Markets – Key Features
| Attribute | Details |
|---|---|
| Founded | 2014 |
| Regulation | FMA (New Zealand), FSCA (South Africa) |
| Platforms | MT4, MT5 |
| Leverage | Up to 1:500 |
| Liquidity Strength | Institutional liquidity bridge, broker-to-broker |
| Unique Features | True ECN execution, strong for automated trading |
5. Eightcap
Eightcap is an Australian broker with ASIC and SCB (Bahamas) regulations. Eightcap has existed since 2009 and has a strong liquidity background due to multi-broker aggregation, which provides dependable execution with low trading spreads.
Eightcap is one of the Best Forex Brokers Offering Broker-to-Broker Liquidity best brokers, with access to 250 cryptocurrencies and stays ahead of other brokers due to an extensive list of crypto pairs.
Eightcap’s liquidity for brokers is institutional grade, making it a champion for brokers needing adequate liquidity across an extensive range of varying classes.
Eightcap Pros & Cons
Pros:
- Regulation from ASIC and SCB.
- Liquidity aggregation from broker to broker.
- 250+ crypto pairs are a solid offering.
- Supports MT4, MT5, and TradingView.
Cons:
- Some traders may find SCB offshore regulation unappealing.
- Compared to Saxo Bank, institutional-grade tools are limited.
- Smaller than larger brokers so support is limited.
Eightcap – Key Features
| Attribute | Details |
|---|---|
| Founded | 2009 |
| Regulation | ASIC (Australia), SCB (Bahamas) |
| Platforms | MT4, MT5, TradingView |
| Leverage | Up to 1:500 |
| Liquidity Strength | Multi-broker liquidity aggregation |
| Unique Features | Strong crypto liquidity (250+ pairs), diversified assets |
6. FXTM (ForexTime)
With regulations from FCA (UK), CySEC (Cyprus), and FSCA (South Africa), FXTM is operational since 2011. FXTM provides MT4 and MT5, with leverage up to 1:2000 for some jurisdictions. This makes FXTM one of the most flexible brokers worldwide.
FXTM guarantees competitive spread and dependable order execution by acquiring liquidity from at least two tier-1 and several other liquidity providers.
As one of the Best Forex Brokers Offering Broker-to-Broker Liquidity, FXTM has established broad global coverage servicing retail and institutional traders.
The broker-to-broker liquidity bridges FXTM offers improve execution speed and quality. This characteristic makes them ideal for scalpers and day traders and those who employ algorithmic trading strategies.
The strong regulation and global footprint of FXTM makes the broker one of the preferred options for traders who prioritize liquidity.
FXTM (ForexTime) Pros & Cons
Pros:
- Global trust is built by the regulation from FCA, CySEC, and FSCA.
- Access to liquidity from broker to broker with low spread.
- Depending on the region, leverage can be as high as 1:2000.
- Focus on retail with a strong global presence.
Cons:
- The EU/UK do not have available high leverage.
- Features geared toward institutions are not as plentiful.
- Some competitors have better fees on withdrawals.
FXTM (ForexTime) – Key Features
| Attribute | Details |
|---|---|
| Founded | 2011 |
| Regulation | FCA (UK), CySEC (Cyprus), FSCA (South Africa) |
| Platforms | MT4, MT5 |
| Leverage | Up to 1:2000 (varies by jurisdiction) |
| Liquidity Strength | Broker-to-broker liquidity access |
| Unique Features | Global coverage, flexible leverage, strong for retail & institutional traders |
7. JustMarkets
Established in 2012, JustMarkets has primary regulation by the FSC (Belize) and FSA (Seychelles). The broker provides MT4 and MT5 and has one of the most generous industry offerings with leverage as high as 1:3000. JustMarkets ensures competitive spreads and dependable execution by aggregating the liquidity of several brokers.
Being one of the Best Forex Brokers Offering Broker-to-Broker Liquidity, JustMarkets has deep liquidity offerings and is therefore attractive to traders who need high leverage and the flexibility to adjust their trading.
The broker-to-broker connectivity JustMarkets offers enhances execution speed and reduces slippage which is advantageous to scalpers and high-frequency traders. Although JustMarkets is offshore regulated, it is preferred by traders around the globe due to its trading conditions and the liquidity it provides.
JustMarkets Pros & Cons
Pros:
- Extremely high leverage (1:3000).
- Liquidity aggregation from broker to broker.
- Support for MT4 and MT5.
- High-frequency trading and scalping is appealing.
Cons:
- Weaker offshore regulation (belize, Seychelles) than tier-1.
- Less transparency than FCA/ASIC brokers.
- Not suitable for institutional clients.
JustMarkets – Key Features
| Attribute | Details |
|---|---|
| Founded | 2012 |
| Regulation | FSC (Belize), FSA (Seychelles) |
| Platforms | MT4, MT5 |
| Leverage | Up to 1:3000 |
| Liquidity Strength | Broker liquidity aggregation |
| Unique Features | High leverage, strong for scalpers & HFT traders |
8. IC Markets
Established with the rest of the big brokers in 2007 in Sydney, IC Markets is regulated by ASIC (Australia), CySEC (Cyprus), and FSA (Seychelles). IC Markets offers MT4, MT5, and cTrader and has maximum offered leverage of 1:500.
IC Markets is considered an ECN broker, and liquidity is sourced from over 50 providers, which includes banks, hedge funds, and other brokers.
Being one of the Top Forex Brokers Providing Broker-to-Broker Liquidity, IC Markets is popular for its liquidity depth, ultra-low spreads, and execution at the institutional level.
Brokers, liquidity scalpers, and depth-reliable institutional algorithmic traders are even Broker-to-Broker Liquidity Brokers. For the depth of liquidity and faster execution, IC Markets is one of the most significant global forex brokers.
IC Markets Pros & Cons
Pros:
- Regulated by ASIC, CySEC, and FSA.
- Real ECN broker with over 50+ liquidity providers.
- Deep broker-to-broker pools and ultra-tight spread.
- CTrader, MT5, and MT4 supported.
Cons:
- Some clients have FSA Offshore regulation.
- In the EU/UK, high leverage is restricted.
- No proprietary platform.
IC Markets – Key Features
| Attribute | Details |
|---|---|
| Founded | 2007 |
| Regulation | ASIC (Australia), CySEC (Cyprus), FSA (Seychelles) |
| Platforms | MT4, MT5, cTrader |
| Leverage | Up to 1:500 |
| Liquidity Strength | 50+ liquidity providers, deep broker-to-broker pools |
| Unique Features | True ECN, ultra-tight spreads, institutional-grade execution |
9. CMC Markets
Established in 1989 in London, CMC Markets is monitored by the FCA (UK) and ASIC (Australia). Along with MT4, it provides its proprietary NextGen platform, which features advanced execution and charting tools.
CMC Markets provides novice and professional traders competitive trading conditions with leverage of up to 1:500. Its liquidity strength is from institutional-grade broker-to-broker connectivity which ensures deep market access.
As one of the Top Forex Brokers Providing Broker-to-Broker Liquidity, CMC Markets also offers excessive liquidity and high regulation. Therefore, it is perfect for professional traders and institutions due to its unfaltering execution, transparency, and multi-asset liquidity.
CMC Markets Pros & Cons
Pros:
- Since 1989, established broker with regulations of FCA and ASIC.
- Large liquidity network with broker-to-broker connectivity.
- Strong institutional-grade.
- Execution Proprietary NextGen platform and MT4.
Cons:
- Some products come with higher costs.
- In the EU/UK, limited leverage.
- More suited for experts rather than newcomers.
CMC Markets – Key Features
| Attribute | Details |
|---|---|
| Founded | 1989 |
| Regulation | FCA (UK), ASIC (Australia) |
| Platforms | NextGen, MT4 |
| Leverage | Up to 1:500 (pro accounts) |
| Liquidity Strength | Institutional broker-to-broker connectivity |
| Unique Features | Large liquidity network, strong proprietary platform |
10. Saxo Bank
Established in 1992 in Denmark, Saxo Bank is monitored by the FSA (Denmark) and FCA (UK). It provides SaxoTraderGO and SaxoTraderPRO, to institutional, and professional traders.
Saxo Bank provides institution-level trading with a maximum leverage of 1:100 and considers high leverage as unprofessional. Its liquidity provision strength is also in prime broker access with direct connections to banks, hedge funds, and other brokers.
For Institutional forex trading, Saxo Bank is among the Best Forex Brokers Offering Broker-to-Broker Liquidity as it offers exceptional liquidity and bottomless pricing.
It is perfect for institutions, hedge funds, and professional traders who need broker-to-broker liquidity, sophisticated trading tools, and multi-asset trading in forex, equities, commodities, and derivatives.
Saxo Bank Pros & Cons
Pros:
- Extremely credible FSA (Denmark) & FCA (UK) regulated.
- Proprietary SaxoTraderGO & SaxoTraderPRO platforms.
- Coverage for multiple assets (forex, equities, commodities, derivatives) prime broker liquidity access.
Cons:
- Deposits of more than $10,000 required.
- Less retail-friendly, more institutional focus.
- Less leverage (up to 1:100) is available.
Saxo Bank – Key Features
| Attribute | Details |
|---|---|
| Founded | 1992 |
| Regulation | FSA (Denmark), FCA (UK) |
| Platforms | SaxoTraderGO, SaxoTraderPRO |
| Leverage | Up to 1:100 |
| Liquidity Strength | Prime broker liquidity, institutional-grade |
| Unique Features | Multi-asset coverage, advanced execution tools, institutional focus |
Key Features to Look for in Forex Brokers Offering Broker-to-Broker Liquidity
Strong Regulation
Brokers are regulated by countries which have tier 1 authorities such as the FCA, ASIC, or CySEC. Ensures transparency and investor protection.
Deep Liquidity Pools
Brokers who aggregate liquidity from banks, hedge funds and other brokers, providing tighter spreads, quicker execution and less slippage on big orders.
ECN/STP Execution
The broker has to provide either an ECN or STP execution model, which adds routing to the liquidity providers and nothing to the spread.
Multiple Trading Platforms
Brokers who offer MT4, MT5, cTrader or other proprietary platforms are preferred as they provide flexibility and more charting and trading options.
Competitive Leverage
Professional traders like flexible leverage, which adds risk management and the potential to take more positions on the various liquidity pools.
Multi-Asset Coverage
The best brokers are the ones with liquidity in forex, commodities, indices and crypto, allowing traders to diversify and have multi-level strategies.
Low Costs
Liquid brokers offer tight spread with low commission to ensure their clients a cost effective way to access the broker to broker liquidity.
Scalping & Algo Support
Brokers that provide sufficient liquidity should allow scalping and algorithmic trading. They should provide rapid execution and dependable depth for strategies that require high frequency.
Conclusion
Broker-to-broker liquidity facilitates Forex trading on an institutional level. It provides access to tight pricing, deep market liquidity, quick trade execution, and clear price transparency. The brokers from your previous research, such as Pepperstone, CMC Markets, Saxo Bank, etc., most likely have a strong institutional liquidity provider they rely on.
These brokers have global coverage, tier 1 regulation, low to zero commission pricing, and multi-asset liquidity. For example, with Pepperstone, CMC Markets, or Saxo Bank you will get low commission and multi-asset liquidity, however, the trade execution might not be as efficient as with a liquidity provider such as FP Markets or BlackBull Markets.
For example, if you need high leverage and low commissions to trade, squeezing the most out of your trading cost with a broker such as IC Markets or JustMarkets, while ensuring your broker-to-broker liquidity provider is strong, you will be able to trade confidently and sustainably in the Forex market.
FAQ
Broker-to-broker liquidity refers to the connection between brokers that share access to deep liquidity pools sourced from banks, hedge funds, and other brokers. This ensures tighter spreads, faster execution, and reduced slippage.
It provides deeper market access, transparency, and institutional-grade execution. Professional traders benefit from reliable order fulfillment, fair pricing, and reduced risks when trading large volumes.
Top brokers include Pepperstone, FP Markets, Fusion Markets, BlackBull Markets, Eightcap, FXTM, JustMarkets, IC Markets, CMC Markets, and Saxo Bank, all offering strong liquidity aggregation.
ECN (Electronic Communication Network) and STP (Straight Through Processing) brokers route trades directly to liquidity providers, ensuring transparent pricing and broker-to-broker connectivity without dealing desk intervention.
Most leading brokers offer MT4, MT5, cTrader, TradingView, or proprietary platforms that integrate liquidity aggregation for seamless execution.
Leverage enhances trading opportunities, but liquidity depth is more critical. Brokers offering both strong liquidity and flexible leverage provide the best balance for professional traders.