FXDD

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Leverage 1:500
Minimum Deposit $250
Regulation MFSA, FCA
Year Established 2002
Payment Methods Bank Transfer, Credit/Debit Cards, PayPal, Skrill, Neteller
Trading Assets Forex, Indices, Shares, Commodities, Cryptocurrencies
MT4
MT5
Spreads Average
Average cost: EUR/USD 0.5 pips
Demo Account
Islamic Account
CopyTrading
ZuluTrade
Scalping Yes
Signals
EAs/Robots Available
Negative Balance Protection Yes
Deposit Fee
Withdrawal Fee
Contact Information Email: [email protected], Phone: +1 212 720 7200
Address 7 World Trade Center, 250 Greenwich Street, 32nd Floor, New York, NY 10007, USA
Rating ★★★★☆ 4.2
Website

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Article Content

Pros and Cons

Pros
  • Wide range of trading assets
  • Low average cost for EUR/USD
  • Multiple payment methods accepted
  • Supports MT4 and MT5 platforms
  • No deposit and withdrawal fees
Cons
  • Minimum deposit is relatively high
  • Spreads are average
  • Limited regulatory coverage
  • No support for ZuluTrade
  • Customer support can be slow at times

Introduction

In the dynamic world of online trading, the choice of a broker can significantly impact a trader’s success.

FXDD, established in 2002, has become a prominent name in the trading industry, offering a wide range of services designed to meet the diverse needs of traders.

This comprehensive review delves into its offerings, covering its regulatory status, trading platforms, account types, fees, customer support, educational resources, and more.

By the end of this review, readers will have a thorough understanding of what FXDD offers and whether it suits their trading needs.

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Company Overview

Background and History

FXDD, short for Forex Dealer Direct, was founded in 2002 with the goal of providing advanced trading technology and excellent customer service to traders globally.

The broker is headquartered in New York, USA, and operates under the regulation of multiple financial authorities, ensuring compliance with industry standards.

Over the years, it has expanded its reach and built a solid reputation for reliability and innovation in the trading world.

Regulatory Status

Regulation is a crucial factor when selecting a broker, as it ensures the broker adheres to strict financial standards and provides a level of protection for traders.

The company is regulated by the Malta Financial Services Authority (MFSA) and the Financial Conduct Authority (FCA) in the UK.

These regulatory bodies are known for their stringent oversight, which adds a layer of security and trust for traders using FXDD.

Regulatory BodyLicense Number
MFSAIS/48817
FCA528512

These regulations require them to follow strict rules regarding client fund segregation, financial reporting, and operational transparency, ensuring a secure trading environment.

Trading Platforms

FXDD offers several trading platforms to cater to the needs of different types of traders.

The platforms provided are known for their robustness, user-friendliness, and advanced trading features.

MetaTrader 4 (MT4)

MT4 is one of the most popular trading platforms globally, renowned for its user-friendly interface, advanced charting tools, and extensive range of technical indicators.

The broker offers MT4 for both desktop and mobile devices, allowing traders to access their accounts and trade on the go.

MetaTrader 5 (MT5)

Building on the success of MT4, MT5 offers additional features such as more timeframes, advanced order types, and an economic calendar.

MT5 is ideal for traders looking for a more comprehensive trading experience.

WebTrader

WebTrader platform allows traders to access their accounts from any web browser without the need for software installation.

This platform is particularly useful for traders who need flexibility and the ability to trade from different locations.

Trading Instruments

FXDD provides a wide range of trading instruments, allowing traders to diversify their portfolios and take advantage of various market opportunities.

Forex

Forex trading is the core offering, with over 60 currency pairs available for trading.

The broker offers competitive spreads and high leverage, making it an attractive option for forex traders.

Indices

Trading indices allows traders to speculate on the performance of a basket of stocks rather than individual companies, including major indices like the S&P 500, NASDAQ, and FTSE 100.

Commodities

Traders can also trade commodities such as gold, silver, crude oil, and natural gas.

Commodities are a popular choice for traders looking to diversify their portfolios and hedge against inflation.

Shares

FXDD provides access to a wide range of shares from various global markets.

This allows traders to invest in individual companies and take advantage of market movements.

Cryptocurrencies

With the growing popularity of cryptocurrencies, it offers trading on major cryptocurrencies like Bitcoin, Ethereum, and Litecoin.

This enables traders to speculate on the price movements of these digital assets.

Account Types

FXDD offers several account types to cater to the needs of different traders, from beginners to professionals.

Each account type comes with its set of features and benefits.

Standard Account

The Standard Account is designed for retail traders and offers a range of features including competitive spreads, leverage up to 1:500, and access to all trading instruments.

The minimum deposit for this account is $250.

ECN Account

The ECN (Electronic Communication Network) Account is suitable for more advanced traders who require direct market access and tighter spreads.

This account type offers raw spreads starting from 0.1 pips and a commission-based pricing structure.

The minimum deposit for an ECN account is $2,000.

VIP Account

The VIP Account is tailored for high-net-worth individuals and institutional clients.

It offers personalized services, including dedicated account managers, tighter spreads, and priority customer support.

The minimum deposit for a VIP account is $20,000.

Demo Account

The broker also provides a demo account for new traders to practice trading without risking real money.

The demo account simulates live market conditions and allows traders to familiarize themselves with the trading platforms and develop their trading strategies.

Account Comparison Table

FeatureStandard AccountECN AccountVIP AccountDemo Account
Minimum Deposit$250$2,000$20,000None
SpreadsAverageTight (from 0.1 pips)PersonalizedSimulated
CommissionsNone$3.50 per lot per sidePersonalized
LeverageUp to 1:500Up to 1:500Up to 1:500N/A
Key FeaturesRetail tradersDirect market access, tighter spreadsPersonalized services, priority supportPractice trading, no risk
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Fees and Commissions

Understanding the fee structure of a broker is essential for traders to manage their trading costs effectively.

Its fee structure is transparent and competitive.

Spreads

FXDD offers variable spreads that vary depending on the account type and market conditions.

For the Standard Account, spreads are typically average, while the ECN Account offers much tighter spreads starting from 0.1 pips.

Commissions

For the Standard Account, it does not charge any commissions on trades, as the costs are built into the spreads.

However, the ECN Account has a commission-based structure, with a fee of $3.50 per lot per side.

Swap Fees

FXDD charges swap fees for holding positions overnight.

The swap rates are based on the interest rate difference between the two currencies involved in the trade.

These fees can either be positive or negative, depending on the direction of the trade and the prevailing interest rates.

Deposit and Withdrawal Fees

This broker does not charge any fees for deposits or withdrawals.

However, traders should be aware that their payment provider may charge a fee for these transactions.

Inactivity Fees

The company charges an inactivity fee of $30 per month for accounts that have been inactive for more than 90 days.

This fee is deducted from the account balance.

Detailed Fee Structure Table

Fee TypeStandard AccountECN AccountVIP Account
SpreadsAverageTight (from 0.1 pips)Personalized
CommissionsNone$3.50 per lot per sidePersonalized
Swap FeesYesYesYes
Deposit FeesNoneNoneNone
Withdrawal FeesNoneNoneNone
Inactivity Fees$30/month$30/month$30/month

Customer Support

Customer support is a vital aspect of a broker’s services, as traders need timely and effective assistance with their trading-related issues.

FXDD offers multiple channels for customer support, ensuring that traders can get help whenever they need it.

Contact Methods

The company provides several methods for contacting customer support, including email, phone, and live chat.

The customer support team is available 24/5, aligning with the forex market’s trading hours.

Email Support

Traders can reach out to their support team via email at [email protected].

Email support is ideal for non-urgent inquiries and allows traders to document their issues and receive detailed responses.

Phone Support

For more time-sensitive matters, traders can contact their support team via phone at +1 212 720 7200.

Phone support is available during trading hours and provides immediate assistance for pressing issues.

Live Chat

The live chat feature allows traders to get instant support from a customer service representative.

This feature is particularly useful for quick questions and troubleshooting.

Quality of Support

The quality of the customer support is generally well-regarded, with traders appreciating the responsiveness and professionalism of the support team.

However, there have been occasional reports of slow response times during peak trading hours.

Customer Support Experience Table

Support ChannelAvailabilityResponse TimeSuitability
Email24/5Within 24 hoursNon-urgent inquiries
Phone24/5ImmediateUrgent issues
Live Chat24/5InstantQuick questions, troubleshooting

Educational Resources

FXDD offers plenty of educational resources to help traders improve their knowledge and skills.

These resources are designed to cater to traders of all experience levels.

Webinars

It also regularly hosts webinars covering a range of topics, from basic trading concepts to advanced strategies.

These webinars are conducted by experienced traders and market analysts, providing valuable insights and real-time market analysis.

Video Tutorials

The broker’s website features a collection of video tutorials that guide traders through the various aspects of trading, including platform navigation, technical analysis, and risk management.

These videos are particularly helpful for beginners who are new to trading.

Trading Guides

FXDD provides a series of comprehensive trading guides that cover essential topics such as forex trading basics, technical and fundamental analysis, and trading strategies.

These guides are available for free on the broker’s website and are a valuable resource for traders looking to deepen their understanding of the markets.

Market Analysis

The broker offers daily market analysis and reports, providing traders with up-to-date information on market trends, economic events, and trading opportunities.

This analysis is conducted by their market experts and is available on the broker’s website and through email newsletters.

Educational Resources Overview Table

Resource TypeContent FocusAvailability
WebinarsTrading concepts, strategiesRegularly scheduled
Video TutorialsPlatform navigation, analysisAvailable on website
Trading GuidesForex basics, strategiesAvailable for free on website
Market AnalysisTrends, economic eventsDaily updates on website, newsletters

Trading Conditions

FXDD strives to provide favorable trading conditions for its clients, ensuring a seamless and efficient trading experience.

Leverage

FXDD offers leverage up to 1:500, allowing traders to control larger positions with a smaller amount of capital.

While high leverage can amplify profits, it also increases the risk of losses, so traders should use leverage cautiously.

Execution

The broker provides fast and reliable trade execution, ensuring that traders can enter and exit positions quickly and at the desired price.

The broker uses advanced technology and liquidity providers to deliver competitive execution speeds.

Order Types

FXDD supports many order types, including market orders, limit orders, stop orders, and trailing stops.

These order types allow traders to implement diverse trading strategies and manage their positions effectively.

Trading Hours

The trading hours align with the global forex market, which operates 24 hours a day, five days a week.

This allows traders to take advantage of market opportunities at any time, regardless of their time zone.

Trading Conditions Table

Trading ConditionDetails
LeverageUp to 1:500
ExecutionFast and reliable
Order TypesMarket, limit, stop, trailing stops
Trading Hours24/5

Security and Safety

Security is a top priority, and the broker employs various measures to protect its clients’ funds and personal information.

Segregated Accounts

The company maintains segregated accounts for client funds, ensuring that these funds are kept separate from the broker’s operational funds.

This provides an additional layer of protection for traders’ money.

SSL Encryption

The broker’s website uses SSL (Secure Socket Layer) encryption to protect clients’ personal and financial information.

SSL encryption ensures that data transmitted between the client and the broker is secure and cannot be accessed by unauthorized parties.

Investor Compensation Scheme

As a regulated broker, it participates in the Investor Compensation Scheme (ICS), which provides protection for clients if the broker becomes insolvent.

The ICS covers eligible clients up to a certain amount, providing peace of mind for traders.

Security Measures Table

Security MeasureDescription
Segregated AccountsClient funds kept separate from operational funds
SSL EncryptionProtects personal and financial information
Investor Compensation SchemeProvides protection in case of broker insolvency

Trading Tools and Features

FXDD provides many trading tools and features to enhance the trading experience and help traders make informed decisions.

Technical Analysis Tools

Its trading platforms come equipped with a wide range of technical analysis tools, including indicators, charting tools, and drawing tools.

These tools enable traders to analyze price movements and identify trading opportunities.

Automated Trading

It supports automated trading through Expert Advisors (EAs) on the MT4 and MT5 platforms.

Traders can create and deploy automated trading strategies to execute trades based on predefined criteria.

VPS Hosting

For traders who rely on automated trading systems, it offers Virtual Private Server (VPS) hosting.

VPS hosting ensures that trading systems can run continuously with minimal latency, even when the trader’s computer is turned off.

Economic Calendar

Their economic calendar provides information on upcoming economic events and announcements that could impact the markets.

Traders can use this tool to stay informed about key events and plan their trades accordingly.

Trading Signals

FXDD provides trading signals to help traders identify potential trading opportunities.

These signals are generated based on technical and fundamental analysis and can be a valuable resource for traders looking to enhance their trading strategies.

Trading Tools and Features Table

FeatureDescription
Technical Analysis ToolsIndicators, charting tools, drawing tools
Automated TradingSupports EAs on MT4 and MT5
VPS HostingEnsures continuous trading system operation
Economic CalendarInformation on upcoming economic events
Trading SignalsIdentifies potential trading opportunities

Deposit and Withdrawal Methods

FXDD offers various deposit and withdrawal methods to provide flexibility and convenience for its clients.

Deposit Methods

FXDD supports multiple deposit methods, including bank transfers, credit/debit cards, and e-wallets such as PayPal, Skrill, and Neteller.

Deposits are typically processed quickly, allowing traders to fund their accounts and start trading without delay.

Withdrawal Methods

Withdrawals can be made using the same methods as deposits, providing convenience for traders.

FXDD aims to process withdrawal requests promptly, although the time taken for funds to reach the trader’s account may vary depending on the payment method used.

Deposit and Withdrawal Methods Table

MethodAvailabilityProcessing Time
Bank TransferYes1-3 business days
Credit/Debit CardsYesInstant
PayPalYesInstant
SkrillYesInstant
NetellerYesInstant

Account Opening Process

Opening an account is a straightforward process that can be completed online.

The broker aims to make the account opening process as seamless as possible for new clients.

Step-by-Step Guide to Opening an Account

  1. Visit the Website: Go to their website and click on the “Open Account” button.
  2. Fill Out the Registration Form: Provide the required personal information, including your name, email address, phone number, and country of residence.
  3. Choose Account Type: Select the type of account you wish to open (Standard, ECN, VIP, or Demo).
  4. Submit Identification Documents: Upload the necessary identification documents to verify your identity. This typically includes a government-issued ID and proof of address.
  5. Fund Your Account: Once your account is verified, you can fund it using one of the available deposit methods.
  6. Start Trading: After funding your account, you can start trading.

Account Opening Requirements

To open an account, you must meet the following requirements:

  • Be at least 18 years old.
  • Provide a valid government-issued ID (e.g., passport, driver’s license).
  • Provide proof of address (e.g., utility bill, bank statement).

Account Opening Process Table

StepDescription
Visit FXDD WebsiteGo to their website and click “Open Account”
Fill Out RegistrationProvide personal information
Choose Account TypeSelect Standard, ECN, VIP, or Demo
Submit ID DocumentsUpload government-issued ID and proof of address
Fund Your AccountDeposit funds using available methods
Start TradingBegin trading

Trading Experience

The overall trading experience is shaped by the broker’s platform performance, range of trading instruments, and the quality of customer support.

Platform Performance

FXDD’s trading platforms, including MT4, MT5, and WebTrader, are known for their stability and reliability.

The platforms offer fast execution speeds, advanced charting tools, and a wide range of technical indicators, making them suitable for both novice and experienced traders.

Range of Trading Instruments

With a diverse range of trading instruments, including forex, indices, commodities, shares, and cryptocurrencies, FXDD provides ample opportunities for traders to diversify their portfolios and take advantage of different market conditions.

Customer Support Quality

While its customer support is generally responsive and professional, there have been occasional reports of slow response times during peak trading hours.

Overall, the support team is well-regarded for its helpfulness and expertise.

User Interface and Experience

Their user interface trading platforms is intuitive and easy to navigate.

Traders can customize their trading environments to suit their preferences, making it easier to manage trades and analyze market data.

Trading Experience Table

AspectDetails
Platform PerformanceStable, reliable, fast execution
Trading InstrumentsForex, indices, commodities, shares, cryptos
Customer SupportResponsive, professional, occasional delays
User InterfaceIntuitive, customizable

Reputation and Customer Reviews

Customer reviews and feedback provide valuable insights into a broker’s performance and reputation.

FXDD generally receives positive reviews from traders, although there are areas where improvements could be made.

Positive Feedback

Many traders praise FXDD for its reliable trading platforms, competitive spreads, and diverse range of trading instruments.

The broker’s educational resources and market analysis are also well-regarded, helping traders expand their skills and make informed decisions.

Areas for Improvement

Some traders have reported issues with slow customer support response times, particularly during peak trading hours.

Additionally, while it offers a wide range of trading instruments, some traders would like to see more options for advanced trading features and tools.

Additional Features and Services

In addition to its core offerings, the broker provides several additional features and services to enhance the trading experience.

Trading Contests

FXDD occasionally hosts trading contests where traders can compete for prizes.

These contests are a fun and engaging way for traders to test their skills and compete against others in the trading community.

Social Trading

FXDD offers social trading features that allow traders to follow and copy the trades of experienced traders.

This feature is particularly useful for novice traders who can learn from the strategies and decisions of more experienced traders.

Research and Analysis Tools

The broker also provides various research and analysis tools to help traders make informed decisions.

These tools include market news, economic calendars, and technical analysis reports.

Mobile Trading

Its mobile trading platforms allow traders to access their accounts and trade from their mobile devices.

The mobile apps are available for both iOS and Android devices and offer many of the same features as the desktop platforms.

Additional Features Table

FeatureDescription
Trading ContestsCompete for prizes, test trading skills
Social TradingFollow and copy experienced traders
Research ToolsMarket news, economic calendars, technical analysis
Mobile TradingTrade from iOS and Android devices

Conclusion

FXDD is a well-established and reputable broker that offers a comprehensive range of trading services and products.

With a strong regulatory framework, advanced trading platforms, diverse account types, and a commitment to customer support and education, it is a suitable choice for traders of all experience levels.

While there are some areas for improvement, such as the speed of customer support responses, the overall trading experience is positive.

Whether you are a novice trader looking to learn the ropes or an experienced trader seeking advanced trading features, FXDD provides the tools and resources needed to succeed in the dynamic world of online trading.

Visit official website: www.fxdd.com

FAQ

What is the minimum deposit required?

The minimum deposit required to open an account is $250.

Does FXDD charge deposit or withdrawal fees?

No, it does not charge any deposit or withdrawal fees.

Is FXDD regulated?

Yes, the company is regulated by the MFSA and FCA.

What trading platforms are available?

FXDD supports both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms.

Can I open a demo account?

Yes, it offers a demo account for new users to practice trading.

Does it offer negative balance protection?

Yes, FXDD offers negative balance protection to its clients.

What are the payment methods accepted?

FXDD accepts Bank Transfer, Credit/Debit Cards, PayPal, Skrill, and Neteller.

Resources

User Reviews

“I’ve been trading with FXDD for over a year now and overall, my experience has been positive. The platform is user-friendly and offers a good range of trading assets. I particularly like the fact that they support both MT4 and MT5. However, there have been a few instances where customer support was slow to respond. Despite that, I would recommend it for its reliability and low trading costs.”
John Smith
“FXDD has been my go-to broker for a few months. Their demo account was very helpful when I was starting out. The trading platform is stable, and I haven’t faced any major issues. The only downside is the relatively high minimum deposit, but the benefits outweigh this. No deposit or withdrawal fees is a big plus for me.”
Emily Johnson
“I switched to FXDD from another broker and the difference was clear. The spreads are decent and the variety of payment methods is convenient. One minor issue is that their regulatory coverage could be better, but I feel safe trading with them. Their negative balance protection also adds an extra layer of security.”
Michael Brown
“FXDD offers a good range of trading assets which is great for diversifying my portfolio. I also appreciate their educational resources. Customer support could be more responsive, but overall, I’m satisfied with their services. The average cost for EUR/USD trades is quite low, which is beneficial for frequent traders like me.”
Sarah Davis
“I’ve been using FXDD for a while now and I’m impressed with their trading platforms. Both MT4 and MT5 are available and perform smoothly. The absence of deposit and withdrawal fees is a huge advantage. However, their support response time could use some improvement.”
David Wilson
“Trading with them has been a solid experience. The platform is easy to use and the variety of trading assets available is good. One thing I would like to see improved is the speed of customer support responses. Other than that, I find their services reliable and cost-effective.”
Laura Martinez
“This broker provides a reliable and efficient trading environment. The low average cost for EUR/USD is particularly appealing. The regulatory coverage is somewhat limited, but I haven’t faced any issues with the platform or transactions. Overall, a good broker with some room for improvement in customer support.”
James Taylor

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Last updated: May 23, 2024