STP Broker
Brokers & RegulationA broker that routes orders to external liquidity providers rather than taking the other side internally, marking up the raw spread instead.
An STP (Straight-Through Processing) broker routes client orders directly to external liquidity providers rather than taking the other side of the trade internally, typically earning revenue from a small markup on the raw spread. It sits between a market maker (which internalizes orders) and a full ECN (which offers direct depth-of-market access), usually with simpler all-in pricing than a raw-spread-plus-commission ECN account.
Because the broker isn't taking the opposite side of the trade, STP execution removes the structural conflict of interest that comes with a dealing-desk model.
Related terms
More in Brokers & Regulation
ECN vs Market MakerRegulation (FCA, CySEC, ASIC)Dealing Desk / No Dealing Desk (NDD)Segregated Client FundsIntroducing Broker (IB)White Label BrokerKYC (Know Your Customer)AML (Anti-Money Laundering)Prime of Prime (PoP)Liquidity ProviderFinancial Conduct Authority (FCA)Cyprus Securities and Exchange Commission (CySEC)
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