FXDD Forex Broker Review
FXDD is an online broker with a registered address in Floriana, Malta. As such it is licensed and regulated by MFSA (Malta Financial Services Authority). It offers trading services for individual and institutional clients, as well as hedge funds, money managers, white labels and introducing brokers. It was established in 2002, and has so far won some prestigious awards, such as the Most Trusted Forex Broker Europe 2012, and the Best New Platform Europe 2012.
It has also made a name for itself by sponsoring technology-driven events. In 2010, it partnered with the Formula 1 Red Bull Racing Team, and also the FXDD Mazda-RX8 which was driven by Emil Assentato and Jeffrey Segal, and won the 2010 GRAND-AM Rolex Sports Car Series Championship. It is also known for the FXDD Foundation which works with charitable organisations, providing access to nurturing technologies and empowering the dreams and ideals of young children.
We should also mention that FXDD has received a spot of bad press as well. In 2013, it was ordered to pay $2.74 million for Supervision Failures Relating to Trading Platform by the US Commodity Futures Trading Commission.
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FXDD uses an array of trading platforms
FXDD makes use of an unusually large array of trading platforms, aside from the ever popular MetaTrader 4. They include:
- WebTrader – Provided by Forexware FX software, solutions, and support
- Mirror Trader – The perfect platform for those who prefer to autotrade and copy other traders strategies and trades
- Mobile – Trade Forex from anywhere using FXDDs mobile trading applications for iPhones, Android, and Tablet
- FXDD Cloud – This innovative FXDD Cloud System stores all traders information within its own computing infrastructure
- Currenex – Connects professional traders to a large number of global banks
- FXDD Options Trader – This is FXDDs very own platform designed for Forex options trading, and gives traders the opportunity to trade spot FX and FX options on one platform
- FXDD Spot BinaryTrader – A great way to trade binary options using a web based trading platform
- MT4 Web Trader – Requires no download ad is PC and Mac compatible
- RoboX – This software uses a unique algorithm that compares personal trading profiles and a large database to create personalised trading packages
There aren’t many other brokers who can offer such an extensive range of trading platforms. There really should be something to suit everyone.
Three different account depending on the type of trader
FXDD offer three different accounts, and the choice will depend on the number of people trading. There is an individual account, which obviously is only for one person. There is also a joint account for two or more traders who want to trade together. Joint accounts must be supported by a customer agreement form signed by the individuals who are party to the account. And there is a corporate account that is opened under a company name.
We should also mention the demo account, which gives new traders the chance to try the popular MT4 trading platform, as well as trying out new strategies in a risk free environment.
FXDD promises competitive spreads
Before you choose to trade with FXDD, it’s important to understand their pricing structure. There are two pricing models, Standard and ECN pricing.
Standard pricing – Spreads can be as low as 1.5 for EUR/USD, 2.5 for GBP?USD, and 2 for USD/JPY or AUD/USD. 0 slippage is guaranteed, and there are no commissions. Spreads do vary across other currency pairs, but they are all clearly laid out in FXDDs website.
ECN pricing – Spreads can be as low as 0.1 for EUR/USD, 0.5 for GBP/USD, 0.2 for USD?JPY, or 0.7 for AUD/USD. There are no markups and commissions are small at $2.99 per standard lot, per side.
Heaps of free Forex tools and utilities to get traders started
- Live currency quotes
- Rollover rates
- Economic calendar
- FX navigator
- Report viewer
- FXDD Xloud
- MetaTrader 1-minute data
- MT4 floating charts
FXDD want to make you a better trader
FXDD say on their site they want to help traders make better trading decisions, and after taking a look at the educational material, we weren’t disappointed. There is plenty of reading material targeting all different levels. Also available are a number of instructional videos covering everything from the basics to in-depth technical analysis. And there is a library of trading guides covering the basics of Forex and options trading.
Get in touch with customer support and you could find yourself speaking to a representative in New York
Customer support is available 24 hours a day from Sunday 5PM to Friday 4PM. And there are a couple of numbers to ring. They are kind enough to mention that some calls could be routed through their New York offices, so it doesn’t come as a surprise when you speak with someone who has an American accent. There are two email addresses, one for sales and one for support. And they have also been kind enough to give a postal address should you feel the need to put pen to paper.
All in all, we were very impressed with FXDD, and found their website very informative and easy to navigate. There were no nasty surprises when it came to trading, and we couldn’t find any reason not to sign up for a real money account.