You searched for an A-book or B-book broker and found no answer on the official sites. Many traders then turn to a brokers list.
In short, none of the 8 brokers listed on this site uses the words A-book or B-book in its official documents. What they do state is whether they act as counterparty and whether a dealing desk is involved.
This page tabulates the execution policies, agreements and help pages checked on 4 November 2026. It does not classify brokers; it only lines up what is published.
Short answer: no listed broker calls itself A-book or B-book
- A-book: an industry term for passing client orders on to outside liquidity
- B-book: an industry term for the broker holding the other side of client trades
- Hybrid: using both, by order or by client
- None of the 8 listed brokers uses these three words in official documents (checked 4 Nov 2026)
- Compare brokers by what they state: counterparty, hedging, dealing desk
| Broker | Type of statement |
|---|---|
| XS | Principal and sole execution venue |
| HFM | Execution venue for CFD orders |
| Axi | Principal; client exposure hedged elsewhere |
| AXIORY | No dealing desk intervention |
| DecodeFX | States an NDD method |
| Monaxa | Principal; does not hedge every trade |
| Exness | The entity is the sole counterparty |
| Vantage | Orders sent to several liquidity providers (another entity's document) |
This table is not a classification. It is a short paraphrase of the official wording. None of the brokers checked here publishes a hedge ratio as a number.
A-book, B-book and hybrid: how the models differ
A-book means passing the client order to an outside liquidity provider such as a bank. B-book means the broker keeps the other side of the trade in-house.
| Term | Where the order goes | What happens at the broker |
|---|---|---|
| A-book | Passed to outside liquidity | Less affected by client P&L |
| B-book | Broker holds the other side | Client P&L reaches the broker |
| Hybrid | Split by order or client | No document with the rule found |
The routing rule of a hybrid model is not stated in any of the 8 brokers' documents checked here. A list claiming to know it has no official backing.
The AxiTrader LLC Client Agreement (effective 7 July 2026) says Axi acts as principal counterparty. It also says Axi enters hedge transactions with other counterparties for client exposure. Being the contract counterparty is a separate matter from routing orders outside.
What changes for traders: spreads, fills and conflicts of interest
A model name alone does not tell you whether spreads are tight or fills are fast. Read the stated conditions and the actual fills separately.
- Routed model: a provider may cancel a trade (AXIORY terms 14.6)
- In-house model: the broker controls price, execution and speed (Exness help)
- Both: XS, HFM and Vantage publish conflicts policy documents
- Published rule example: Exness lists slippage-free ranges for pending orders
The Exness help page publishes a slippage-free range for pending orders. If the gap between the order price and the market price at execution is smaller than the range, the order fills at your price; if it equals or exceeds the range, it fills at the market price.
The ranges are 0-8 pips for EURUSD and USDJPY and 0-15 pips for GBPJPY (updated 17 September 2026, checked 4 November). The page says they vary with market conditions and trading activity.
Cancellations by providers and requotes can occur even when orders are routed out. Judge by whether execution rules and conflict management are published, not by the label.
A book brokers list: what 8 brokers' official documents say
Third-party A-book lists mix in guesses. Here, only wording found in each broker's own documents is listed.
| Broker and document | Gist of the official statement |
|---|---|
| XS: XS Ltd Order Execution Policy | Always acts as principal (counterparty) and is the sole execution venue. Says it assesses hedging liquidity and price providers. Most trades run on internal automated systems; some are manual |
| HFM: HF Markets (SV) Ltd Order Execution Policy (Jan 2026) | The company is the execution venue for CFD orders. Quoted prices come from its liquidity provider. Trades are over the counter |
| Axi: AxiTrader LLC Client Agreement (effective 7 Jul 2026) | Acts as principal counterparty to all trades and hedges client exposure with other counterparties. Its website says it connects directly to 20+ liquidity providers |
| AXIORY: official order execution policy | Executes all orders automatically via liquidity providers and says no dealing desk creates conflicts. Terms allow changing or cancelling a trade if a provider cancels |
| DecodeFX: official account types page | NDD method for all accounts. The table shows NDD for all three; order method STP, STP, ECN. No order execution policy document found |
| Monaxa: Best Execution Policy (Apr 2023) and Price and Execution page | Sole execution venue and principal, a market maker. It does not hedge all client trades, so it may hold unhedged positions. The page says your order and its hedge are separate |
| Exness: help page Execution (updated 4 Sep 2026) | The entity is the sole counterparty. Liquidity and execution are provided in-house as market maker. Details in the next section |
| Vantage: Vantage Prime Trading Ltd Best Execution Policy (Dec 2023) and help page on account types | Acting as agent broker, it sends orders by STP to several liquidity providers. One provider shares shareholders with it, and the policy says the conflict is managed. Accounts: Premium is called STP; Standard has direct dark pool access |
The documents above belong to the entity found on each public page. Another entity's version may differ, and the Vantage policy belongs to Vantage Prime Trading Ltd (Saint Lucia). Confirm your contracting entity when you open an account.
Exness B book: what the official Execution help page says
Searching exness b book returns third-party classifications. Exness itself explains the following in its help center (Japanese edition, updated 4 September 2026, checked 4 November).
- Counterparty: the applicable entity is the sole counterparty (you do not trade with the underlying market directly)
- Liquidity and execution: provided in-house, with an Exness entity acting as market maker
- Revenue: spreads, commissions and swaps where applicable, not individual trade outcomes
- Order flow: natural netting can occur between buy and sell orders
- Labels: it avoids market titles and explains how its model works instead
The official words are market maker and sole counterparty. The terms A-book and B-book are not used.
What can be said is that liquidity and execution are provided in-house. Whether every order is held or some are passed out is not stated officially.
On Pro accounts you can choose instant execution, and a requote notice appears if the price changes. Other accounts use market execution, where the fill price can differ (updated 19 September 2026, checked 4 November).
Exness safety and reputation checked against official information
Is NDD, STP or ECN the same as A-book?
DecodeFX states NDD (No Dealing Desk) on its page and uses STP and ECN as order methods in its table. That wording alone does not reveal how fills work in detail.
| Term | How it appears officially | Caution |
|---|---|---|
| NDD | Stated by DecodeFX as the execution method | Definitions vary; check the documents |
| STP | Used by DecodeFX and Vantage as a model name | An account name does not show execution |
| ECN | Order method at DecodeFX, account name at Vantage | Also a label for fee structure |
| Dealing desk | AXIORY says none intervenes | Not mentioned by the others |
Even when an account name includes STP or ECN, confirm the mechanism in the execution policy and terms. This site has not tested any broker's order handling.
How to check a broker's order execution policy yourself
- 01Open the legal documents page
Use Legal Documents in the site footer. XS, HFM and Vantage have document list pages.
- 02Open the Order Execution Policy
Start with the Execution Venue section. XS, HFM and Monaxa say there that they are the venue.
- 03Search for the key words
Look for principal, counterparty, hedge and liquidity provider. The table below shows how to read them.
- 04Read the conflicts policy
The Conflicts of Interest Policy explains how conflicts are managed. XS, HFM and Vantage publish one separately.
- 05Record what is missing
Note missing items as not disclosed. Ask support and keep the answer in writing.
| Word | How to read it | Found at |
|---|---|---|
| principal, counterparty | The broker is the contract counterparty | XS, Axi, Monaxa, Exness |
| hedge | Offsetting client risk with outside parties | XS, Axi, Monaxa |
| liquidity provider | Source of prices or cover | XS, HFM, Axi, AXIORY, Monaxa, Vantage |
| Execution Venue | Where orders are executed | XS, HFM, Monaxa |
Prohibited trading and account freezes: how exploit-type trades are handled
Editorial conclusion: how to read 'best A book brokers' lists
- To avoid fill complaints: check whether the execution policy and slippage or requote rules are published
- If conflicts concern you: look for a conflicts policy and the principal statement
- If cost comes first: compare official spreads and commissions, not model names
- If unsure: start small and keep your own fill records
A 'best A-book brokers' ranking relies on guesses not found in official documents. This site does not rank brokers by model; it separates what is stated from what is not. Decide by how openly documents are published and by your own fill records.
FX, CFD and leveraged trading can cause losses beyond your deposit. A difference in execution model does not remove the risk of loss.
Frequently asked questions
Q. What is the difference between A-book and B-book?
A. A-book passes client orders to outside liquidity, while B-book means the broker holds the other side. Using both is called hybrid. None of the 8 brokers listed here uses these words in official documents (checked 4 November 2026).
Q. Is A-book safer than B-book?
A. The model alone does not decide safety. Provider cancellations and requotes can occur when orders are routed out. Check whether the execution policy, conflicts policy and execution rules are published.
Q. Is there an A book brokers list for overseas FX?
A. This site does not make a list by model. It tabulates what official documents say for the 8 listed brokers, and records 'not disclosed' where nothing was found.
Q. Is Exness a B book broker?
A. Its help page says the entity is the sole counterparty and that liquidity and execution are provided in-house as market maker. It does not use the term B-book and says it avoids such labels (updated 4 September 2026).
Q. Does NDD mean A-book?
A. NDD means no dealing desk and some brokers use it officially, but definitions vary. DecodeFX states an NDD method without using the word A-book.
Q. Can I not win with a B-book broker?
A. The model alone does not decide results. In an in-house model client losses can affect the broker, so check the conflicts policy. Exness says its revenue does not depend on individual trade outcomes.
Q. How can I check a broker's execution model officially?
A. Open the Order Execution Policy and Conflicts of Interest Policy from the legal documents page. Ask support about missing points and keep the reply in writing.
Sources and conditions
- XS Ltd: Order Execution Policy (checked 4 Nov 2026) →
- XS Ltd: Conflicts of Interest Policy (checked 4 Nov 2026) →
- HFM: Legal Documentation (checked 4 Nov 2026) →
- HF Markets (SV) Ltd: Order Execution Policy, Jan 2026 (checked 4 Nov 2026) →
- AxiTrader LLC: Client Agreement effective 7 Jul 2026 (checked 4 Nov 2026) →
- Axi: pricing and execution page (checked 4 Nov 2026) →
- AXIORY: order execution policy (checked 4 Nov 2026) →
- Axiory Global Ltd: Terms on Investment Services (checked 4 Nov 2026) →
- DecodeFX: account types (checked 4 Nov 2026) →
- Monaxa Ltd: Best Execution Policy for Trading CFDs (checked 4 Nov 2026) →
- Monaxa: Price and Execution (checked 4 Nov 2026) →
- Exness help: Execution, Japanese edition (checked 4 Nov 2026) →
- Exness help: Slippage rule (checked 4 Nov 2026) →
- Exness help: Available order and execution types (checked 4 Nov 2026) →
- Vantage Trading: legal documentation (checked 4 Nov 2026) →
- Vantage Prime Trading Ltd: Best Execution Policy, Dec 2023 (checked 4 Nov 2026) →
- Vantage Trading help: account types, Japanese (checked 4 Nov 2026) →
- Advertising, affiliate disclosure and risk →
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