In general financial terms, a market maker is an entity that continuously quotes buy and sell prices for an asset, providing liquidity. In the broker context, “Market Maker” usually refers to a broker that operates a dealing desk (B-Book) and fills client trades internally. The broker effectively “makes the market” for you by offering fixed spreads and ensuring orders are filled (even if external liquidity is low, the broker takes on the risk). The benefit is you often get a predictable trading cost and your order is always executed (since the broker is the counterparty). The downside is the broker’s profit can be inversely related to yours (conflict of interest). That said, many market maker brokers manage risk by hedging clients’ aggregate positions in the real market (hybrid model). For a trader or EA, a market maker can provide smooth trading in normal conditions, but during big news or volatile spikes, they might widen spreads or requote if their risk exposure gets too high. When using a market-maker broker, ensure your robot can handle occasional requotes or spread widening events.

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