Blackridge is using a pool of TOP Liquidity Providers regulated by the Financial Conduct Authority (FCA) in UK and offering a Ultra-fast Execution with the industry leading solution powered by PrimeXm.

Fully aggregated market depth across liquidity providers ensuring the best VWAP (Volume Weighted Average Price)

PrimeXM’s XCore is the industry leading solution for those seeking an ultra-low latency order management, risk and reporting solution. XCore aggregates liquidity across an excess of 120 industry leading market makers, with support or multiple industry standard interfaces – such as MetaTrader4.

Execution Venues
8. This Best Execution Policy sets out the venues on which we may transact your order. We will act as the sole execution venue for all client orders which are executed on an ‘Over The Counter’ (OTC) basis. As principal to the trade (albeit as matched principal) we are the execution venue and other ‘venues’ have been identified to provide price feeds which drive the bid/offer and provide the cover for the matched principal trade offset, taking into account the factors detailed below.
9. We are able to transact trades on your behalf via the following execution venues:
• Our liquidity providers;
• Regulated markets;
• Where appropriate our customer base in the over the counter (OTC) markets;
• Multilateral trading facilities operated by a third party;
• Systematic internalisers; and
• Non-EEA entities performing a similar function to any of the above.

"Execution” means the execution of Client order(s) by the Company acting as the Client's counterparty as per the terms of the present agreement.

The concept of using trading strategies aimed at exploiting errors in prices and/or concluding trades at off-market prices and/or by taking advantage of internet delays (commonly known as “arbitrage”, “sniping” or “scalping” hereinafter, collectively, referred to as “Arbitrage”), cannot exist in an OTC market where the client is buying or selling directly from the principal; accordingly, we reserve the right, at our sole discretion, NOT to permit the abusive exploitation of Arbitrage on our Trading Platform and/or in connection with our Services;

Conclusion:

While Blackridge Capital Management claims they use "Tier-1 Liquidity Providers" (like Barclays or Goldman Sachs) and an "A-Book" model to pass trades through to the market, several factors point to a Market Maker (B-Book) operation:

1. An offshore broker: while being registered in St. Vincent and the Grenadines (SVG), there is no strict requirement for brokers to necessarily pass trades to an external market.

2. High Leverage (1:500) that requires large internal liquidity. True STP/ECN Forex brokers, who pass every trade to liquidity providers (banks, prime brokers etc) cannot offer high leverage due to the fact that the liquidity providers themselves won't give it to the broker.

3. By controlling the "Spread Target" (1.8 pips on Standard accounts), the broker acts as the price setter, which is the definition of a Market Maker.

4. Scalping not allowed: restrictions on trading behaviors is oftentimes seen with Market Makers.

5. There cannot be Zero commission (Professional account), if the spreads are also Raw (from 0.1 pips). This suggests Market making as well.
Therefore, we conclude that Blackridge Capital Management acts as a Hybrid model: Market Maker (A-book + B-book).