Top 5 Liquidity Providers in 2026

Key Takeaways

• Multi-Asset Depth Wins: Providers that combine deep multi-venue pricing with broad instrument coverage are often preferred by brokers looking to diversify client flow from a single liquidity relationship.
• Non-Bank Dominance: Non-bank market makers like XTX Markets and Citadel Securities are major sources of electronic pricing, often delivering tighter spreads than many traditional banks.
• Infrastructure Matters: Trading venues like LMAX Exchange support transparent, exchange-style execution, which is vital for firms prioritising neutrality and price discovery.
• The Banking Anchor: Barclays remains a cornerstone for institutions needing complex cross-border liquidity and FX risk management across the European landscape.

Liquidity Outlook for 2026

The 2026 global liquidity update by Crossborder Capital’s Michael Howell suggests that apart from the potentially persistent inflation, a likely downswing in global liquidity could lead to “turbulence for risk assets,” like cryptocurrencies.

Other analysts have also expressed concerns regarding a global liquidity crunch during the year. Japan’s weak yen and continued high government spending, combined with US repo market stress, could put a double squeeze on liquidity.

Against this backdrop, brokers must choose their liquidity provider (LP) carefully to ensure stable, multi-asset liquidity in all market conditions. So, here’s a look at the most promising choices of LPs for 2026.

1. X Open Hub (XOH)

Best for: Multi-Asset Liquidity for Brokers & Banks (B2B)

X Open Hub has strengthened its position in 2026 as a leading choice for brokers and institutional counterparties seeking broad, institutional-grade liquidity. Unlike providers that specialise in a single niche, this LP focuses on multi-asset coverage at scale – offering access to 5,000+ instruments across forex, indices, commodities, shares, ETFs and cryptocurrencies.

What sets XOH apart is its broker-first, B2B-only approach and an execution-led, institutional setup. For firms that value transparency and governance alongside pricing, XOH’s positioning is further reinforced by being part of the XTB Group – an advantage often associated with stronger operational discipline and credibility in partner due diligence.

Plusses:

• Deep Multi-Asset Coverage: 5,000+ instruments across key asset classes, supporting diversification through a single liquidity relationship.
• Execution & Transparency Focus: An institutional framework designed to support consistent pricing and fair execution dynamics, with an emphasis on transparency.
• B2B-Only, Broker-Facing Model: Built specifically for brokers, banks and professional partners — no retail conflict and clearer alignment with institutional needs.
• Group Backing: Part of the XTB Group, which strengthens trust and confidence in counterparty assessment.

Partner profile:

• B2B-only scope: Designed exclusively for brokers, banks and institutional partners (not for retail traders).

2. XTX Markets

Best for: Tech-Driven Price Discovery and FX Liquidity

XTX Markets is a powerhouse in the non-bank market-making space. They continue to lead the industry in 2026, using advanced algorithms and massive data sets to provide liquidity. XTX does not rely on human traders in the traditional sense. Instead, they use mathematical models to price the market.

XTX is dominant in the forex and equities markets. They act as a source of liquidity, meaning they are the ones creating the buy and sell prices that other firms use.

Plusses:

• Tight Spreads: Algorithmic efficiency allows XTX to offer some of the most competitive prices in the industry.
• Zero Last Look: XTX is a pioneer in “no last look” execution, meaning they don’t backtrack on a price once a trade is requested.
• Reliability: They maintain a high presence in the market during news events and high volatility.

Partner profile:

• Typically suited to professional and institutional counterparties seeking high-capacity electronic liquidity and systematic execution workflows.

3. Citadel Securities

Best for: Global Scale and High-Volume Execution

Citadel Securities is a very recognisable name in market making. They provide liquidity across a massive range of products, including fixed income, equities, and options. Citadel remains a primary engine of the global financial markets in 2026, handling a significant percentage of all trades executed in the US and Europe.

Citadel has the balance sheet to handle massive orders without breaking a sweat. Its technology is world-class, ensuring that the LP can provide liquidity in milliseconds across multiple continents.

Plusses:

• Massive Volume: Able to absorb very large trades with minimal market impact.
• Global Reach: Active in all major financial hubs, providing 24/7 liquidity.
• Superior Analytics: Their data capabilities help institutional clients understand market trends.

Partner profile:

• Typically aligned with professional and institutional counterparties seeking large-scale liquidity and high-throughput execution in major markets.

4. LMAX Group

Best for: Market Infrastructure and Fair Execution

While LMAX Group is often grouped with LPs, they are primarily an execution venue and market infrastructure provider. LMAX operates a central limit order book (CLOB), meaning they bring buyers and sellers together in a transparent, exchange-style environment.

LMAX is the gold standard for “fair” trading. They don’t take the other side of your trade. Instead, they provide the “pipes” through which liquidity flows. This makes them an essential partner for firms that prioritise transparency and want to avoid any potential conflict of interest with their provider.

Plusses:

• Bespoke Liquidity: They allow clients to create custom liquidity pools tailored to specific needs.
• Neutrality: As an exchange-style venue, they offer a level playing field for all participants.
• Speed: Their ultra-low latency technology is among the fastest in the world.

Partner profile:

• Venue model: LMAX is an execution venue, so clients typically interact with other participants on the exchange-style order book rather than trading “against” LMAX itself.
• Best suited to: Firms prioritising transparency, neutrality, and exchange-style execution, including those that prefer a venue-based market structure.

The Bottom Line

The “best” liquidity provider depends on your business model, client mix, and the market structure you prefer. Brokers and institutional counterparties that prioritise broad multi-asset coverage, a B2B-only setup, and an institutional approach to liquidity often shortlist X Open Hub – backed by the credibility of being part of the XTB Group. Others may lean towards non-bank market makers for systematic pricing at scale, venues for exchange-style transparency, or global banks for relationship-led coverage and broader FX risk-management capabilities.