10 Best No Dealing Desk (NDD) Forex Brokers in Serbia 2026

A forex broker is a financial services company that provides traders access to platforms for buying and selling forex and CFD instruments, including currencies, commodities, indices, metals, and cryptocurrencies. These brokers act as intermediaries between retail traders and the global financial markets. They facilitate electronic transactions and offer tools, platforms, and resources to trade in financial markets.

No Dealing Desk brokers are brokers that connect traders directly to liquidity providers without any intervention from an internal dealing desk. They typically operate through STP (Straight Through Processing) or ECN (Electronic Communication Network) execution models, offering real-time market prices, faster order execution, and greater transparency. This setup eliminates the conflict of interest between the broker and the trader, resulting in tighter spreads, lower latency, and a more authentic trading environment, making them ideal for active traders, scalpers, and day traders.

In this article, we have curated and listed the top No Dealing Desk (NDD) forex brokers in Serbia that offer competitive trading conditions, strong regulatory protection, and reliable trading platforms. We have also reviewed their regulatory licenses, account types, trading fees, execution speeds, and available trading tools. By comparing these brokers, you can make an informed decision on which ones are best suited to your trading strategies and preferences in Serbia.

A list of the top 10 No Dealing Desk Forex Brokers in Serbia

Pepperstone: Number 1 NDD Brokers in Serbia
FP Markets: NDD Broker with Low Spread
Fusion Markets: Lowest Spread NDD Broker
BlackBull Markets: Fastest Execution NDD Broker
IC Markets: Best Raw Spread NDD Broker
Think Markets: Best for Gold Trading
Eightcap: Best for Smart Trading Technologies
FXTM: NDD Broker with Hybrid Model
Just Markets: NDD Broker for Gold and Oil Trading
FBS: Highest Leverage NDD Broker

Best No Dealing Desk Forex Brokers in Serbia (Compared and Reviewed)

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1. Pepperstone: Number 1 NDD Broker in Serbia

Founded in 2010 by Owen Kerr and Joe Davenport, Pepperstone is an Australian-based forex and CFD broker serving clients worldwide, including traders in Serbia. It is headquartered in Melbourne and maintains offices in London, Düsseldorf, Dubai, Limassol, Nassau, and Nairobi. The broker offers access to over 1,200 instruments, including forex, indices, commodities, and shares. It supports MT4, MT5, cTrader, and TradingView platforms. Pepperstone serves over 400,000 clients globally and is regulated by seven authorities: ASIC (Australia), FCA (UK), CySEC (Cyprus), DFSA (UAE), BaFin (Germany), CMA (Kenya), and SCB (Bahamas).

Pepperstone operates under a No Dealing Desk (NDD) model, using Straight Through Processing (STP) and Electronic Communication Network (ECN) execution. This setup means client orders are routed directly to liquidity providers without broker intervention, avoiding requotes and reducing conflicts of interest. The broker offers raw spreads from 0.0 pips and charges $3 to $3.50 per side per lot on Razor accounts. Additionally, 99.99% of trades are executed in under 100ms, supported by Equinix data centers in New York and London. Its average daily trading volume exceeds $12.5 billion, demonstrating deep liquidity and institutional-grade execution quality.

As a result, Pepperstone is a preferred broker for scalpers, day traders, and algorithmic traders who prefer top-tier regulation and low-cost trading. The combination of no dealing desk intervention, competitive pricing, and regulatory oversight across multiple jurisdictions positions Pepperstone as one of the top choices for serious traders in Serbia.

Key Features:

Trading Instruments: 1250+Trading instruments including Forex, Commodities, Cryptocurrencies, Shares/Stocks CFDs, etc
Maximum leverage: 1:30 for retail traders of ASIC, CySEC, FCA, and BaFin jurisdictions, 1:200 for SCB Jurisdiction, 1:400 for CMA Jurisdiction, and 1:500 for professional traders.
Minimum Deposit: No Minimum Deposit. However, Pepperstone recommends $200 or equivalent for the margin requirement.
Account Types: Two ( Standard account, Razor Account)
Trading Fees: Spread starting from 1 pip for Standard Account or Commission 3.00 to 3.50 per lot for Razor Account on a Single Trip.
PAMM/ MAM: Available
Scalping: Allowed
News Trading: Allowed
EA/ Robot Trading: Allowed

Pros:

Pepperstone is regulated in 7 reputable jurisdictions, including the FCA in the UK, CySEC in Cyprus, ASIC in Australia, BaFin in Germany, DFSA in Dubai, CMA, and SCB in the Bahamas.
Fast order execution is ensured with an average of 30 milliseconds.
Competitive spreads starting from 0.0 pips are offered.
Clients’ funds are segregated with tier 1 banks for added security.
There are no inactivity fees associated with the platform.
Attractive trading conditions are provided.
Pepperstone offers over 1200 trading instruments for diverse investment opportunities.
The platform facilitates fast and complete online account opening.
MT4 Smart Trader Tools, Autochartist, Capitalise.ai, and free VPS are among the trading tools available for users.

Cons:

US Traders are not allowed
Only CFDs are Offered
No cent/Micro Account
The minimum recommended deposit is $ 200
Support works only 24/5
Limited account protection for non-U.K./E.U. clients
No guaranteed Stop-loss
30-day expiry for demo accounts

2. FP Markets: NDD Broker with Lowest Spread in Serbia

Established in 2005, FP Markets is an Australian-based forex and CFD broker that serves clients globally, including traders in Serbia. The company is headquartered in Sydney. FP Markets operates under multiple regulators such as ASIC (Australia), CySEC (Cyprus), FSCA (South Africa), FSA (Seychelles), and SVG (St. Vincent & the Grenadines). FP Markets offers access to over 10,000 instruments across forex, shares, indices, commodities, and cryptocurrencies. It supports MT4, MT5, cTrader, and its proprietary IREAA platform. Traders also use tools like Autochartist, Trading Central, VPS hosting, and social trading.

FP Markets uses a No Dealing Desk (NDD) model on its Raw Account, relying on STP and ECN execution. It routes orders directly to liquidity providers without intervention or requotes. The broker offers raw spreads from 0.0 pips and charges $3 per side per lot. It executes trades through Equinix servers in New York and London, ensuring low latency and reduced slippage. FP Markets processes over $1 billion in daily trading volume, providing stable pricing and deep liquidity.

With direct market access, fast execution, and low trading costs, FP Markets suits scalpers, intraday traders, and EA users. Its NDD infrastructure, platform variety, and regulatory oversight make it a strong choice for traders looking for institutional-grade conditions without dealing desk interference in Serbia.

Key Features:

Trading Instruments: 10000+ trading instruments including Forex, Crypto CFDs, Indices CFDs, Commodities CFDs, Stocks CFDs,
Maximum leverage: up to 1:500
Minimum Deposit: 100 AUS or equivalent.
Account Types: Offers 2 account types: Standard, Raw
Fees: starting from 1.0 pips for a standard account, $3.5 commission on Raw account per side
PAMM/ MAM: Yes,
Zulutrade: Yes
Scalping: Allowed
News Trading: Allowed
EA/ Robot Trading: Allowed

Pros :

Regulated by ASIC, CySEC, FSCA, SVGFSA, AFS, FSP
The Maximum leverage is 1:500
Offers popular trading platforms like MT4, MT5, cTrader, WebTrader, IRESS
Hedging, Scalping, EA/Robot, and Copy trading are allowed
Easy, Fast, and Digital account opening
Offers passive investment programs like MAM, PAMM Accounts
Faster order execution (40ms)
FP Markets offers consistently tighter spreads from 0.0 pips

Cons:

No FCA regulation.
The Minimum deposit is $100, which might be high for a beginner
High Stock CFD fees
US traders are not accepted
Only two types of accounts ( Standard, Raw)

3. Fusion Markets: Lowest Cost NDD Broker in Serbia

Established in 2017, Fusion Markets is an Australian-based forex and CFD broker that offers trading services to clients worldwide, including traders in Serbia. Headquartered in Melbourne, the broker operates under the regulation of ASIC (Australia), VFSC (Vanuatu), and FSA (Seychelles). Fusion Markets offers over 250 instruments across forex, indices, commodities, and cryptocurrencies. It supports MT4, MT5, and cTrader, and integrates social trading via Fusion+, DupliTrade, and Myfxbook AutoTrade. Traders also gain access to tools like free VPS, Market Buzz, an economic calendar, and daily market analysis.

Fusion Markets operates under a No Dealing Desk (NDD) model using Straight Through Processing (STP). It routes client orders directly to Tier-1 liquidity providers without intervention. On its Zero Account, spreads start from 0.0 pips, with commissions as low as $2.25 per side per lot, among the lowest globally. The broker executes orders with low latency, providing consistent pricing and minimizing slippage. Fusion also waives deposit fees for Visa, MasterCard, and PayPal, and charges no broker commission on US share CFDs.

With its transparent pricing, low-cost execution, and STP infrastructure, Fusion Markets suits scalpers, algorithmic traders, and cost-focused retail clients. Its NDD model, platform variety, and regulatory oversight make it a competitive choice for traders seeking direct execution without dealing desk interference in Serbia.

Key Features

Trading Instruments: 250+Trading instruments Forex, Metals, Indices, Energy & Soft Commodities, Cryptocurrency, US Share CFDs
Maximum leverage: The maximum leverage of fusion markets is as high as 500:1. Leverage may vary based on jurisdiction and tradable assets.
Minimum Deposit: No Minimum Deposit required. You may deposit as low as possible.
Account Types: Two ( Zero Account, Classic Account)
Trading Fees: Spread starting from 0.9 pips for Classic Account or Commission $2.25 per lot per side for Zero Account.
PAMM/ MAM: Available
Scalping: Allowed
News Trading: Allowed
EA/ Robot Trading: Allowed

Pros

Regulated by ASIC, VFSC, FSA
The maximum leverage is as high as 1:500
The minimum deposit is as low as $1
Allows scalping, News trading, and EA/Robot trading
Offers a passive investment programme ( MAM, Copy Trading)
No Deposit withdrawal fees, and inactivity fees
Fast and Easy Account Opening
Negative balance protection for users under ASIC regulations
Paypal and crypto deposits are available

Cons

Not regulated by FCA, CySEC
No investor protection for non-EU clients
Limited availability of localized customer support
Only CFDs are offered. No possibility of trading real stocks, or assets
Limited product selections

4. BlackBull Markets: Fastest Execution NDD Broker in Serbia

Established in 2014, BlackBull Markets is a New Zealand-based forex and CFD broker that serves clients globally, including traders in Serbia. The broker is headquartered in Auckland and operates under the regulation of the FMA (New Zealand) and the FSA (Seychelles). BlackBull offers access to over 26,000 instruments, including forex, indices, commodities, shares, and cryptocurrencies. It supports MT4, MT5, and TradingView, and provides tools such as VPS hosting, FIX API, Autochartist, and copy trading via ZuluTrade and Myfxbook.

BlackBull Markets uses a No Dealing Desk (NDD) execution model through its ECN Prime and Institutional accounts. It executes client orders directly with liquidity providers using STP and ECN routing, with no dealing desk intervention or requotes. ECN accounts offer raw spreads from 0.0 pips with $3 per lot/side for ECN Prime Account, and $2 per lot per side for ECN Institutional Account. Orders are routed through the Equinix NY4 data center, enabling execution speeds under 72ms. The broker maintains liquidity relationships with Tier-1 banks, ensuring deep market depth and tight pricing.

With direct execution, institutional-grade infrastructure, and support for multiple platforms, BlackBull Markets is well-suited for scalpers, high-frequency traders, and algorithmic traders. Its NDD model, competitive pricing, and cross-regional regulation make it a strong option for traders seeking true market access without dealing desk interference in Serbia.

Key Features

Trading Instruments: 26000+Trading instruments including
Forex, Commodities (Energies, Metals), Equities, Indices, Metals, Futures (Agriculture, Energies, Indices, others), and Cryptocurrencies
Maximum leverage: up to 1:500
Minimum Deposit: Minimum deposit is as low as $0
Account Types: Three ( ECN Standard, ECN Prime, ECN Institutional)
Trading fees (spreads and commissions): Depends on account types. The minimum spread is 0.0 pips for the ECN Institutional account, US$6.00 per lot for the ECN Prime account, and $0 per lot for the ECN Standard account.
PAMM/ MAM: Available
Scalping: Allowed
News Trading: Allowed
EA/ Robot Trading: Allowed

Pros:

Regulated by FMA, FSPR, FSP, FSA-S
Founded in New Zealand and operating globally
Professional and Retail Trading options
No Minimum Deposit Requirement ($0)
The Maximum Leverage is as high as 1:500
Allow Scalping, News Trading, EA/Robot Trading
Offers Multiple Trading platforms including MT4, MT5, WebTrader, TradingView
Supports multiple third-party copy trading platforms, such as ZuluTrade, DupliTrade, and Myfxbook.

Cons:

BlackBull lacks additional Tier-1 regulatory licenses outside of New Zealand.
$2,000 minimum deposit for Prime Account
The Ctrader platform is not offered
Withdrawal fees
Limited Research Tools
Not a very diverse range of tradable assets

5. IC Markets: No Dealing Desk with Deep Liquidity in Serbia

Founded by Andrew Budzinski in 2007, IC Markets is an Australian-based forex and CFD broker that serves both retail and institutional traders globally, including clients in Serbia. The company is headquartered in Sydney and operates under the regulation of ASIC (Australia), CySEC (Cyprus), and the FSA (Seychelles). The broker offers over 2,150 instruments, including 61 forex pairs, 25 indices, 20 commodities, 2,100+ stocks, 9 bonds, 21 cryptocurrencies, and 4 futures CFDs. It supports MT4, MT5, and cTrader across desktop, web, and mobile.

IC Markets uses a no-dealing desk (NDD) execution model with ECN and STP routing. It sends client orders directly to liquidity providers without intervention. On its Raw Spread account, spreads start from 0.0 pips, with a commission of $3.50 per side per lot. The broker hosts its servers in Equinix NY4 and LD5 data centers, delivering average execution speeds under 40ms. These low-latency connections reduce slippage and requotes, offering optimal conditions for scalpers, algo traders, and high-frequency systems. IC Markets processes over $29 billion in daily trading volume, ensuring institutional-level liquidity.

With unrestricted trading conditions, free VPS hosting, and multi-platform availability, IC Markets offers a reliable and low-cost trading environment. Its NDD model, fast execution, and global regulatory framework make it a top-tier choice for traders in Serbia seeking real market access without dealing desk interference.

Key Features:

Regulations: ASIC, CySEC, and FSA
Trading Instruments: 2150+, including Forex, commodities, indices, bonds, stocks, futures, cryptocurrencies
Minimum Deposit: $200 or Equivalent
Maximum leverage: up to 1000:1 in FSA jurisdiction, in some countries, it offers 500:1 leverage, for ASIC and CySEC entities, the broker offers up to 1:30 leverage.
Account types: Standard Account and Raw Account (Metater, Ctrader)
Fees: Spread starting from 0.8 pips for Standard Account or 3.00 to 3.50 per lot for Raw Account on a single Trip.
PAMM/ MAM: Not Available
Scalping: Allowed
News Trading: Allowed
EA/ Robot Trading: Allowed

Pros

Fully Regulated broker, ( One tire-1 , jurisdiction, one tire-2 jurisdiction)
Super fast trade execution speed
Straightforward registration process
Low spread, starting from 0 pips.
Easy and Fast Account Opening
Free deposit and withdrawal
Offers standard and raw spread accounts
Trading EA is Allowed
Ability to trade from a mobile device
A demo Account is available

Cons

Higher minimum deposit
No investor protection for non-EU Clients
Limited Product Selection
No weekend Trading
US Traders are not accepted

6. ThinkMarkets: Multi-Asset No Dealing Desk Broker in Serbia

Founded in 2010 by Nauman and Faizan Anees, ThinkMarkets is an Australian-based forex and CFD broker that serves clients globally, including traders in Serbia. The company is headquartered in Melbourne and operates offices in London, Tokyo, Chicago, Limassol, Dubai, Sofia, and Johannesburg. ThinkMarkets is regulated by ASIC (Australia), FCA (UK), FSCA (South Africa), CySEC (Cyprus), and FSA (Seychelles). The broker offers access to over 4,000 instruments, including forex, indices, commodities, shares, and cryptocurrencies. It supports MT4, MT5, and the proprietary ThinkTrader platform, which enables real stock trading on mobile. Traders also benefit from VPS hosting, Traders’ Gym, Signal Centre, an economic calendar, and dynamic leverage.

ThinkMarkets follows a No Dealing Desk (NDD) model using Straight Through Processing (STP) and liquidity aggregation from Tier-1 providers. It routes orders directly to the market without internal intervention, ensuring transparent execution and reduced conflict of interest. On the ThinkZero account, spreads start from 0.0 pips with a $3.50 commission per side per lot. Orders are executed through Equinix data centers, offering low latency and minimal slippage. The infrastructure supports high-frequency and algorithmic strategies under fast market conditions.

With direct execution, competitive pricing, and strong regulatory coverage, ThinkMarkets offers a reliable trading environment for scalpers, algo traders, and retail investors in Serbia. Its combination of NDD execution, real stock access, and multi-platform functionality positions it as a solid choice for traders who look for efficient, interference-free trading in Serbia.

Key Features

Trading Instruments: 4000+ trading instruments including forex, cryptocurrencies, shares, CFDs, indices, metals, and commodities.
Maximum leverage: The maximum leverage of ThinkMarkets is as high as 2000:1. Leverage may vary based on jurisdiction and tradable assets.
Minimum Deposit: The minimum deposit is as low as $0. However, the minimum deposit varies based on account type. ( Standard account: $0, Mini Account: $10, ThinkZero Account: $500)
Account Types: Three ( Standard account, ThinkZero Account, Mini Account)
Trading Fees: Spread starting from 1 pip for Standard Account or Commission 3.00 to 3.50 per lot for Razor Account on a Single Trip.
Trading Fees: Spreads start from 0.4 pips for the standard account (No commission), and 2.52 pips for the Mini Account (no commission). The ThinkZero account has a spread of 0.0 pips with a commission of $3.5 per lot per side.
PAMM/ MAM: Available
Scalping: Allowed
News Trading: Allowed
EA/ Robot Trading: Allowed

Pros:

Regulated by ASIC, FCA, CySEC, JFSA, FSA-S, DFSA
The minimum deposit is as low as $1
The Maximum Leverage is as high as 2000:1
Allows scalping, EA trading, and Copy trading
Offers social trading options, PAMM, MAM Accounts
Negative balance protections for EU, UK, and Australian clients
Tight Spreads Starting From 0 pips
MT4, MT5, and Thinktrader trading platforms are offered

Cons:

Only Forex and CFDs are offered (not real assets).
There is no investment protection scheme for Global traders.
Ctrader and TradingView are not offered.
No bonuses or promotional offerings are available.
Conditions may vary according to regulation and entity.
Offshore Entity for international traders

7. Eightcap: No Dealing Desk Brokers with Smart Technologies

Founded in 2009, Eightcap is an Australia-based forex and CFD broker that offers trading services to clients globally, including traders in Serbia. The broker is regulated by ASIC (Australia), CySEC (Cyprus), FCA (UK), and SCB (Bahamas). Eightcap provides access to a wide range of instruments, including forex pairs, indices, commodities, cryptocurrencies, and share CFDs. It supports MT4, MT5, TradingView, and WebTrader platforms. The broker allows scalping, EA trading, and copy trading. It also offers PAMM and MAM solutions for managed accounts.

Eightcap uses a No Dealing Desk (NDD) execution model with STP and ECN technology. It routes orders directly to tier-1 liquidity providers without broker intervention. On its Raw ECN account, spreads start from 0.0 pips with a commission of $3.50 per side per lot. The broker executes trades through Equinix NY4 and LD5 data centers, with average execution speeds under 30 milliseconds. With a daily trading volume exceeding $12 billion, Eightcap ensures deep liquidity, minimal slippage, and no requotes.

Eightcap’s NDD model, fast infrastructure, and multi-platform access make it a strong choice for the traders in Serbia who want to use scalping, automated systems, and high-frequency strategies. Its transparent pricing and broad regulatory coverage offer a reliable trading environment without dealing desk interference.

Key Features:

Trading Instruments: 1000+ including Forex, Crypto CFDs, Indices CFDs, Commodities CFDs, Stocks CFDs,
Maximum leverage: up to 500:1 for SCB regulation, and 30:1 for ASIC, CySEC, and FCA Jurisdiction.
Minimum Deposit: $100 or Equivalent
Account Types: Three Types of Accounts, including Raw Account, Standard Account, Trading View Account
Fees: about $3.5 per lot on each side for the raw account, 1 pip spread for the standard account, and 1 pip spread for the Tradingview account
PAMM/ MAM: Available
Scalping: Allowed
News Trading: Allowed
EA/ Robot Trading: Allowed

Pros:

Regulated by ASIC, FCA, VFSA
The Maximum Leverage is as high as 1:500
Offers a passive investment programme(MAM, PAMM accounts)
No Deposit/Withdrawal Fees
Easy To Open An Account
Scalping and EA Trading are allowed
100+ Crypto CFDs available

Cons:

Minimum deposit is $100
No Investor Protection for non-EU Clients
The Broker is not regulated by the FCA UK
Conditions and trading costs vary according to the entity
Hedging is not allowed with the ASIC entity
No joint accounts, copy trading, referral program, or other options for passive income

8. FXTM: NDD Broker with Hybrid Model

Founded in 2011, FXTM (ForexTime) is a global forex and CFD broker that serves clients in over 150 countries, including traders in Serbia. The company operates under the regulation of CySEC (Cyprus), FCA (UK), FSCA (South Africa), FSC (Mauritius), and CMA (Kenya). FXTM provides access to over 10,000 instruments, including major and minor forex pairs, indices, stocks, commodities like gold and oil, and cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. The broker supports MetaTrader 4 and MetaTrader 5 across desktop, web, and mobile platforms.

FXTM uses a hybrid execution model, offering both No Dealing Desk (NDD) and Dealing Desk execution based on account type. On the Advantage account, traders access NDD execution with raw spreads from 0.0 pips and commissions starting at $3.5 per side per lot, depending on volume. FXTM aggregates pricing from top-tier liquidity providers, enabling low-latency execution, minimal slippage, and competitive trading conditions. The broker’s infrastructure supports scalping, algorithmic trading, and professional strategies.

With multi-regulatory oversight, flexible account options, and localized client support, FXTM offers traders in Serbia a reliable environment for low-cost, direct market access. Its NDD execution on professional accounts, combined with strong platform support and global reach, makes FXTM a practical choice for traders seeking execution without dealing desk interference.

Key Features

Trading Instruments: FX, Spot Metals, Index CFDs, Commodity CFDs, Cryptocurrency CFDs, Stock CFDs (only MT5)
Maximum leverage: Up to 30:1 (CySEC, ASIC), up to 1000:1 (FSA), and up to 500:1 for a professional account.
Minimum Deposit. 100 Euros, US dollars or British pounds
Account Types: Two (Advantage and Advantage Plus
Trading Fees: Trading fees (spreads and commissions) depend on account types. The minimum spread is 0.0 pips ($35 per million per side) for the Advantage account and 1.5 pips (No commission) for the Advantage plus account.
PAMM/ MAM: Allowed
Scalping: Allowed
News Trading: Allowed
EA/ Robot Trading: Allowed

Pros

FXTM is regulated and licensed by top-tier regulators (FCA (UK), CySEC, FSC, FSCA)
Minimum deposit is $10
The Maximum leverage is as high as 1:2000
Ultra-low spreads starting from as low as 0 pips
Offers Copy Trading & MAM Accounts
A wide range of trading instruments
Negative balance protection for EU Clients
Over 30 Payment Methods

Cons

Inactivity and withdrawal fees
Does not support Myfxbook or ZuluTrader options for social trading
No futures or options trading
No negative balance protection for Non-EU Clients
Most withdrawal options have a fee
Large spread on the standard Account

9. Just Markets: NDD Broker for Gold, Oil Trading in Serbia

Founded in 2012, Just Markets is a global forex and CFD broker serving both retail and professional traders, including clients in Serbia. The broker is regulated by CySEC (Cyprus), the FSC (Mauritius), and the FSA (Seychelles). It offers access to forex, indices, commodities, shares, and cryptocurrencies. Just Markets supports MT4, MT5, and its proprietary mobile platform, and allows scalping, EA trading, news trading, and copy trading. Traders can use leverage of up to 1:3000, with floating spreads starting from 0.0 pips.

Just Markets operates under a No Dealing Desk (NDD) model using Straight Through Processing (STP), routing client orders directly to liquidity providers without internal dealing desk intervention. The Raw Spread account offers tight spreads with a commission-based pricing structure, making it ideal for scalpers and high-frequency traders. Execution is supported by multiple liquidity providers to ensure fast order processing, minimal slippage, and no requotes.

With direct market access, high leverage, and multi-platform flexibility, Just Markets provides a cost-effective and transparent trading environment. Its NDD model and commodity-focused offering make it a solid option for traders in Serbia who prefer trading gold, oil, and other high-volatility instruments.

Key Features:

Applicable For: Applicable for all jurisdictions including CySEC, FSC, FSA-S, FSCA
Account Opening: Fully Online Account opening. It may take only 5 to 7 Minutes. The demo account has a 30-day validity.
KYC Verification: Required
Trading Instruments: Forex, CFDs, Gold, Oil.
Trading Platforms: MT4, MT5, MetaTrader Webtrader
Minimum Deposit: $1
Maximum Leverage: Up to 30:1 (CySEC, ASIC), up to 1000:1 (FSA), and up to 500:1 for a professional account.
Trading Fees: Trading fees (spreads and commissions) depend on account types. The minimum spread is 0.0 pips for the Raw Spread account, $3 per lot for the Raw Spread account, and no commission for the Standard and Pro accounts.
Minimum Trade Size: 0.01 lot.
Maximum Trade Size (Lot restriction per Ticket): 200 Lots
Funding Currencies: USD, EUR, GBP, JPY, MYR, IDR, THB, VND, KWD, CNY, ZAR, AED, NGN
Maximum Number of Positions ( At a time): 200 for MT4, MT5 Live account, 100 for MT4, MT5, demo accounts, 2000 for Ctrader trading account.
Maximum Volume per trade: The maximum volume per trade ranges from 50 to 250 lots, depending on the platform type and tradable assets. For Shares CFDs, the maximum volume is 1000 shares in total
Trading Style Allowed: All, including Scalping, hedging, and EA Trading.
Stop Out Level (retail): 20%
Margin Call Level: 50%
Negative balance Protection: Yes
Investor Protection: Available under ASIC and CySEC regulations. However, the Investor Protection Scheme does not apply to the FSA jurisdiction.

Pros:

Regulated by CySEC, FSC, FSA-S
The minimum deposit is as low as $1
Maximum Leverage is 1:3000 (up to 1:30 for retail clients and up to 1:3000 for professional clients on justmarkets.eu )
All strategies are allowed (Scalping, News trading, EA Trading)
Negative balance protection;
Multilingual support 24/7.
MetaTrader 4/5 Offered
Spreads from 0 pips
170+ trading instruments

Cons:

Not regulated by tire regulators like FCA, ASIC
No passive investment program ( MAM, PAMM Accounts)
US, UK, or Japan Traders are not accepted
A small selection of trading instruments;
Sometimes it takes time to receive a response from technical support.
3% withdrawal fees if you do not have any trading activities

10. FBS: NDD Broker with High Leverage

Founded in 2009 in Belize, FBS is a global forex and CFD broker that serves clients in over 150 countries, including traders in Serbia. The broker is regulated by ASIC (Australia), CySEC (Cyprus), and FSC (Belize), offering a balance between regulatory compliance and flexible trading conditions. FBS provides access to over 200 instruments, including forex, metals, indices, energies, and shares. It supports MT4, MT5, and its proprietary FBS Trader app across desktop and mobile. Traders can use any strategies such as scalping, hedging, EA trading, and news trading.

FBS operates under a No Dealing Desk (NDD) model through STP and ECN technology on specific accounts. It routes orders directly to liquidity providers, avoiding broker intervention. Zero Spread and ECN accounts offer raw spreads from 0.0 pips, with competitive commissions. Execution speeds reach as fast as 0.01 seconds, supported by globally distributed servers. FBS handles millions of trades monthly, providing stable performance for high-frequency and algorithmic strategies.

With leverage up to 1:3000, fast execution, and multi-platform support, FBS offers a flexible and efficient trading environment in Serbia. Its NDD execution, low spreads, and advanced infrastructure make it a suitable option for traders who look for high-leverage conditions without dealing desk interference.

Key Features:

Trading Instruments: Forex, Stock, Indices, Crypto, Metals, Energies, Forex Exotic.
Maximum leverage: 1:3000
Minimum Deposit: $5
Account Types: Three ( Standard, Cent, Pro)
Trading Fees: Spread starting from 1 pip for Standard Account and Cent Account
PAMM/ MAM: Not available
Scalping: Allowed
News Trading: Allowed
EA/ Robot Trading: Allowed

Pros

Regulated by the Cysec, ASIC, FSC-Belize.
The Maximum Leverage is as high as 1:3000
The Minimum deposit is $5
Trading is on the MT4, MT5, and FBS trader platforms.
There is an account type to suit newbies, experienced, and pro traders.
Low spreads, high leverage, and fast order executions
Easy and fast account opening
Forex Guidebook, Forex Intensive, trading ideas, webinars, and other training resources are provided.

Cons

Tradable assets are not much, especially when compared to other top brokers.
Daily Market news and analysis on FBS.eu are not regularly updated.
No premium trading tools to assist traders.
No investor protection for non-EU Clients
Managed Accounts & Social Trading is unavailable
Few Account-Based Currencies

Can I Trust These NDD Brokers in Serbia?

Yes, you can trust these NDD brokers in Serbia. Brokersway always recommends brokers based on facts and thorough research. We evaluate brokers using 170 data points, grouped into 6 key categories: regulations and security, fees, trading experience, trading tools, customer support, and trading education. These brokers are regulated by multiple authorities, ensuring they are legitimate and trustworthy. Below are the regulations of these brokers.

Pepperstone: Regulated by 7 Regulatory Authorities, including FCA, ASIC, CySEC, BaFin, DFSA, CMA, and SCB
FP Markets: Regulated by 4 Regulatory Authorities, including ASIC, CySEC, FSCA, FSA
Fusion Markets: Regulated by 3 Regulatory Authorities, including ASIC, VFSC, and FSA
BlackBull Markets: Regulated by 2 Regulatory Authorities, including FMA, FSA-S
IC Markets: Regulated by 3 Regulatory Authorities, including ASIC, CySEC, FSA-S
ThinkMarkets: Regulated by 10 Regulatory Authorities, including ASIC, CySEC, FCA, FSA, FSC, NZFMA, DFSA, JFSA, FSCA, CIMA
Eightcap: Regulated by 5 Regulatory Authorities, including ASIC, FCA, CySEC, SCB, and FSA
FXTM: Regulated by 5 Regulatory Authorities, including CySEC, CMA, FCA, FSCA, FSC-Mauritius
Just Markets: Regulated by 4 Regulatory Authorities, including CySEC, FSC- Mauritius, FSA-S, FSCA.
FBS: Regulated by 3 Regulatory Authorities, including Cysec, ASIC, FSC-Belize

How Did We Select the No Dealing Desk Forex Brokers in Serbia?

Research:

To identify the best no-dealing-desk brokers in Serbia, we conducted extensive research, focusing on the leverage, features, services, and regulations associated with each broker. We analyzed market trends, broker offerings, and user feedback to understand what traders value most. This comprehensive approach allowed us to build a solid foundation for our evaluations.

Data Collection:

We gathered data from various reliable sources, including official regulatory bodies, broker websites, TrustPilot, FPA, WikiFX, and reputable financial news platforms. This data encompassed key metrics such as trading fees, available assets, leverage options, and client support services. Additionally, we considered user reviews and testimonials to gauge trader satisfaction and experiences.

Verification:

After collecting data, we verified the information to ensure accuracy and reliability. This step involved cross-referencing details from multiple sources, including regulatory websites and independent reviews. By ensuring that our data is accurate, we aim to present an honest assessment of each broker’s strengths and weaknesses.

Live Testing:

We conducted live testing of the shortlisted brokers to provide a real-world perspective. This involved opening demo accounts and executing trades to evaluate the trading platforms, order execution speed, and customer service responsiveness. Our live testing process allowed us to assess each broker’s performance under actual market conditions, providing valuable insights into their functionality.

Scoring:

Finally, we scored each broker based on a set of criteria, including regulatory compliance, trading costs, platform usability, available trading instruments, customer support, overall user experience, and leverage. Each category was assigned a specific weight, reflecting its importance in trading. The scores helped us rank the brokers, ensuring that our recommendations align with the needs and preferences of traders looking for NDD brokers in Serbia.

How to Choose the Best No Dealing Desk (NDD) Broker in Serbia.

To choose the best NDD brokers in Serbia, you can follow the following steps

Step 1: Write down your requirements and list your priorities and expectations from your ideal No Dealing Desk (NDD) broker.
Step 2: If you have no broker in mind, start with an internet search of NDD brokers in Serbia and read user reviews.
Step 3: Make a list of a few brokers from your research. Then, start checking their websites one after the other.
Step 4: Find out the regulatory authorities and protections offered. Check if your broker is regulated by AMF, CySEC, FCA, ASIC, BaFin, CMA, FMA, etc.
Step 5: Check the account types available, trading platforms offered, execution speed, payment methods, minimum deposit, and maximum leverage in Serbia.
Step 6: Note the trading fees, such as spreads, commissions, and any non-trading fees like withdrawal fees or inactivity charges.
Step 7: Test the trading platform’s speed, reliability, and order execution features.
Step 8: Take a look at the customer support services.
Step 9: Check what trading tools, news feeds, and real-time data services are provided by the broker.
Step 10: Compare and make your choice.

What is the Number 1 NDD Forex Broker in Serbia?

Based on our evaluation and broker ratings, Pepperstone is the number one NDD (No Dealing Desk) forex broker in Serbia.

Pepperstone is regulated by top-tier authorities including the FCA, ASIC, CySEC, BaFin, DFSA, CMA, and SCB. The broker operates with a true No Dealing Desk model, offering ultra-low spreads starting from 0.0 pips, deep liquidity, and fast execution speeds, making it ideal for traders who prefer direct market access without dealing desk intervention.

Pepperstone provides a wide range of professional trading p