Market Maker Forex Brokers: All 49 in the WIKILIX Database

WIKILIX records a market-making execution model against 49 brokers, and every one of them is on this page. That is the complete set in our database, not a shortlist. The pages competing for this search run to five or ten hand-picked names, so what is actually useful here is the count and the licence record sitting behind each entry.

The headline figures, measured across all 49:

• 47 of the 49 hold at least one licence from an authority WIKILIX classifies as tier-1.
• The median WIKILIX score is 52.7. The set runs from 16.9 up to 72.5.
• 29 of the 48 firms with a recorded opening date began operating before 2010.
• 41 are licensed by two or more separate authorities. Eight hold a single licence.
• 37 hold an ASIC licence, 18 hold an FCA licence, 11 hold an FSCA licence.
• 24 record a maximum leverage of 1:500 or higher. The highest figure is 1:3000, at FBS.

Interactive Brokers tops the grid on score at 72.5, with licences recorded from eleven authorities including the FCA, ASIC, SFC and CIRO. IG opened in 1974 and holds eight. The oldest firm by recorded opening date is not a retail broker at all: Bank of Queensland dates to 1874 and Commonwealth Bank of Australia to 1911, and both appear because WIKILIX records the same execution model against them. Spreadex sits near the top of the grid on 63.7 with one licence, from the FCA, and a maximum leverage of 1:30.

How we built this list

One filter does the work: the broker type recorded against each firm, set to Market Making (MM). Nothing else is applied. No minimum score, no licence requirement, no age cutoff. The question this page answers is which brokers we have recorded as market makers, not which of them we rate highest, and adding a quality threshold would have quietly turned it into a different page. The grid orders by WIKILIX score, descending.

That score is built from a broker's licence records, the standing of the authorities that issued them, its recorded trading conditions and the complaints logged against it. It measures none of the things a market maker is usually judged on. Two brokers here carry a status label other than the standard one: BUX Markets is recorded as a suspicious clone, and FXTRADING.com is recorded as offshore. Both stay, because dropping them would make the count wrong and the count is the point.

What a market-making execution model means

A market maker quotes both a bid and an ask and takes the other side of a client order inside its own book, rather than routing that order to an outside venue. It is a business model. Reading it as a verdict on the firm gets you the wrong answer, as this list shows: the same label covers Interactive Brokers on 72.5 and Commonwealth Bank of Australia alongside firms scoring in the low forties.

What matters more than the label is the entity you actually contract with. A group holding eleven licences does not extend all eleven to every client. OANDA records a maximum leverage of 1:50 and IG 1:400, and those figures reflect different regulated entities under one brand.

What absence from this page does not mean

WIKILIX records only two broker types: Market Making (MM), against these 49, and a Retail Forex License, against 6. Most brokers in the database carry neither. A firm missing from this page has not been recorded as routing orders to the market, it has simply not had an execution model recorded at all.

What to check before you open an account

• Look up the licence number on the issuing regulator's own register, not on a comparison site. The FCA Financial Services Register and ASIC Connect cover the two authorities most common on this list.
• Confirm the legal entity named on your client agreement is the one holding the licence. Several firms here operate under names that differ from the trading brand, such as Stratos Markets Limited for FXCM and GAIN Global Markets for FOREX.com.
• Ask the firm for its order execution policy, which is where the market-making arrangement is described in terms you can hold it to.
• Read the leverage cap that applies to your account rather than the headline figure, since the two differ by entity.

This page reflects what the WIKILIX database held when the query last ran. It does not carry spreads, commissions, execution statistics, minimum deposits or platform names, and it cannot tell you whether any of these firms accepts clients from where you live.