Hotspot does it too. Although you can request to disable all LPs with LL-privileges for your login (this will result in wider spreads obviously). Same with currenex.
Strictly no LL is CME, lmax (and ebs and reuters, but these have very high minimums obv).
I would rather get a What-You-See-Is-What-You-Get (WYSIWYG) w/o LL. Then there are no games. CME is not spot currency, but futures with horrendous spreads and/or poor liquidity. LMAX and the whole slew of European FOREX not available to US retail customers, AFAIK.
If you come to
any of these as an institution through a Prime Broker, they
all have the ability to turn off LL and give you a very effective feed, so you get tight spreads
and no LL. There are probably 400+ of those world-wide, but as you say, it is not for retail trades with $100,000 accounts. Last I saw, you needed $10M+.
All of this is a result of Dodd-Frank. They got this one wrong.
P.S. To me, there is a great opportunity to make much tighter spreads at the CME, hedged with spot in NY. But for this you need to make it worthwhile in flow, in addition to having
extreme low latency networks. NY dominates currency trading. If Chicago had tight futures currency spreads, it would rule the currency world since futures don't have idiotic DF rules.
