How it works
A dealing desk can involve internal pricing or risk management, while no-dealing-desk marketing usually implies external routing. Real execution arrangements can be more complex than the labels suggest.
What to check
Use the broker's regulatory documents and execution policy rather than relying on homepage terminology. Ask who is the contractual counterparty and how prices are formed.
- Look beyond homepage labels
- Identify contractual counterparty
- Read order-handling policy
Limits and risks
Neither label guarantees low spreads, good execution or strong regulation. The useful comparison is the documented order-handling process and observed results.
Primary sources
BIS 2025 Triennial Central Bank Survey↗FCA: Contracts for difference (CFDs)↗General information only. Investment products can lose value, and terms, fees and regulation can change.