Read our full FXDD review below.
WHAT IS FXDD?
Found in 2002, FXDD is a respectable forex and CFD brokerage firm with its headquarters located in New York, United States. This online broker is regulated by the Malta Financial Services Authority (MFSA), and the Mauritius Financial Services Commission (MFSC).
At FXDD, clients can trade a range of trading instruments, such as Stocks, Commodities, Indices, Cryptocurrencies Bitcoin, Ethereum, Litecoin, and Ripple.
The broker also offers a variety of trading platforms to its traders, including MetaTrader 4, MetaTrader 5, and the FXDD WebTrader.
FXDD is the foremost forex brokerage company that came into existence in the year 2002. The company is involved in different forms of financial market services that include retail, institutional, and corporate trading accounts.
Currently, they offer a vast investment portfolio and conduct their transactions through ECN technology. This is one of the leading providers and offers the most acceptable services in the industry today.
This company provides the most affordable trades. The spreads are very low, and they do not charge commissions in some of their trades.
It is not surprising that they have clients from all parts of the world. As of the last count, this broker can boast of more than 350,000 clients from all over the globe.
Currently, the worth of the transaction volumes which the company is currently involved in is more than 7.3 trillion dollars. FXDD carries out its businesses at the most competitive prices and the trading conditions are considered the best in the industry.
Furthermore, they have in place different trading platforms which take care of the various instruments they make available to their clients.
They use different kinds of devices, as well as web browsers to execute their trades. It is a matter of choosing which device you prefer most. This is not surprising because this broker has been in this business for almost two decades and knows many things about the business.
They know the importance of technology and superior service and that is why they do anything it takes them to provide it.
PROS & CONS
- The broker is regulated
- The funds are secured and regulated
- They belong to the investor compensation scheme
- Commission-free accounts
- Trading central
- Free VPS
- They do not allow US-based clients
- Leverage is restricted to just EU clients
TIO Markets Review
This company is highly innovative, and you can see it from the technology and instruments they introduce to the business. Currently, they provide a wide range of instruments that cut across various markets.
Some of the most popular instruments they provide include the following:
When it comes to currency trading FXDD has about 67 currency pairs and this includes the major currency, minor, as well as exotic crosses.
The forex account varies and the kind of currencies that you will have access to will depend on the type of account that you open.
It could be the standard pricing account, or it could the ECN pricing account. In the same way, the spread you get under this instrument is controlled by the kind of account you hold with the company. This means that the account pricing of these accounts is not the same. Standard pricing is quite different from ECN pricing.
The company also makes it possible for its client to conduct transactions on precious metals like gold, and silver in USD as well as the EUR including copper trading, palladium, and platinum trading.
The price which these precious metals are offered by the brokers is not the same. You can check the website to find out the prices they offer for these kinds of metals.
The company offers gold 100 Ounces standard lot with one dollar point and the price for silver of 1000 ounces per standard lot with a 10$. This shows the differences in the prices of these metals.
The price for palladium and platinum may not be the same as there are some point variations in terms of the price. Besides that, the trade of metals has a different spread, and this is determined by the currency which that is paired to. It is equally determined by the type of account the customer has.
The company also offers a CFD account, and this includes the ability to trade on energy products like Brent oil, WTI oil, as well as natural gas. The spread is also determined by several factors.
The type of account the person is holding can either be a standard account or an ECN account. The spreads and prices vary between the two accounts.
There are instances where they are the same while in other instances the prices of ECN are cheaper than what is offered to the Standard account holders.
FXDD provides traders with the ability to transact on the index’s instruments. There are several instruments and the prices they are offered are not the same.
The spread here is determined by the same factor which includes the type of account one holds as well as the indices that the person wants to transact on.
Stocks are one of the instruments customers can transact on in this platform. The stocks that are popular here include global giants like Facebook, Apple, Tesla, Amazon, and many others.
The kind of stock that wants to trade as well as the kind of account the client holds determine the spread to enjoy under this market with this broker.
The company also do carry out transactions on digital currencies. However, if you check the website there is no information about the spreads or how that transaction is done.
There are different trading platforms available with the broker. The company makes it easy for you to choose between the two most popular which include the MT4 and the MT5.
These trading platforms are the most popular not only with this broker but with other brokers. The two platforms are available both on the web and mobile forms.
Apart from that, they make it possible for its clients to trade on the WebTrader if that is their preferred option.
This platform remains the most popular as stated above. It must be offered by this leading broker. Several factors make this platform very popular.
It includes the charting and trading tools which the makers make available to traders. There is no doubt that it is introduced to make it easier for traders to predict the outcome of the market.
The interface is easy and simple to use. It comes with the most interesting features.
The benefits of using this interface are many.
- You gain instant access to price quotes
- The platform is easy to customize
- 3 chart types are available
- 9 chart timeframes are also available
- It makes one-click trading available
- It comes with an automated trading feature
- Comes with an alerts and notifications feature
- Features more than fifty technical indicators
The mobile device can be used on different operating systems such as iOS, and Android devices. You can use this device to trade from any part of the world.
You can also use the web design of this platform and it comes with the same feature as the platform itself. When you use this, there is absolutely no need to install or download anything.
It is regarded as an upgrade for the MT4, and it comes with standard features. This comes with more features and there are benefits you can derive from using this platform to trade.
- It features more technical indicators
- Comes with more time frames
- Features more graphical charting tools
- There is also the ability to apply many currency trading strategies
It also comes with mobile components which you can use to trade on the go. The features are the same as what you get from the desktop counterpart.
This is meant for the users of this company. It is an in-house trading something which means that it is unique for the company.
You may not get it elsewhere. Even where you get it elsewhere it comes with some variations. Once you have a standard or ECN account you can use this platform. It has some interesting features that make it great among traders.
- It is simple and easy to use even for a beginner
- The web-based interface is intuitive
- You have easy access to different kinds of markets
- It is easy to trade from anywhere
- There are different charting tools, and these cater to the needs of the traders
- Comes with customizable features
- Easy to use because of the one-click order execution
FXDD offers its clients two account options from where they can choose. These include the Standard account and the ECN account.
These two kinds of accounts have features that distinguish one from the other. For instance, the Standard account makes available low spreads and there are no commission fees.
The other features of this account include the following:
- Guarantee entry orders with zero slippage
- There is no commission
- It offers limit orders with price improvements
ECN Pricing Account
The major characteristic of this type of account is the access to raw spreads it makes available for its customers. There are also more benefits which include low commission costs which are charged on trades. It also comes with high-speed execution
HOW TO OPEN AN ACCOUNT
It is not that difficult to open an account with this broker. The process is not lengthy as you would see from other providers.
The best way to create an account with this provider is to first register for its customer portal. When you do that the application process would be done in no time.
The account opening process would just demand basic information, documentation, verification and identification, and proof of residence.
When the information provided is verified then the account would be opened, and you would be ready to start the trading without delay.
A demo account is also known as the demonstration account. This where new traders learn about the market and practice it.
When you become perfect with the demo trading account then you can talk about opening a live trading account. You familiarize yourself with the system and practice with some of the technical indicators that are included in the platform.
It is the best way to learn how to trade before you put in your money. Most brokers do provide this kind of account and there is no doubt that FXDD may provide it.
There is nowhere they indicated information about this but is believed that they would provide their clients with the opportunity to practice and train before they fund their live trading account.
Usually, brokers do provide simulated amounts which the traders can use and learn how to trade.
SOCIAL TRADING AND COPY TRADING
Social trading and copy trading are some of the innovations introduced to the financial trading world. This practice is widely available to all brokers and it is not surprising if you do not get it with this broke.
It simply involves following other traders and learning from the trade and copy his trade. When the person you are learning from makes a profit, you would profit as well and where there is no profit, you will not gain from the trade.
COMMISSIONS & FEES
Perhaps the greatest benefit you can derive from the broker is the minimum account opening. The company requires a minimum deposit of just 10$ to open any of the two account types which include the standard and the ECN trading account.
It is also marketed with variable spread and lack of commission fees, especially with a Standard trading account.
When it comes to withdrawal of funds from the account, there are fees involved and this involves the first withdrawal you make for the month that would not attract any charge but any other withdrawal apart from that would be charged. The withdrawal is subject to 40$
When it comes to the ECN Pricing account which is the second type of account offers lower direct raw variable and the spreads they offer varies. It also attracts a commission fee of 3$.
When there is a trade that is held overnight, traders should know that this comes with a fee called rollover fee. If you have an account, you should make it active.
When it is inactive it can attract a fee called inactive fee and this is done every quarter and the fee it attracts is 30$.
The company also makes available set leverages. These leverages are determined by two things. The first is the kind of account the person is holding and the second is the kind of financial instruments that are traded.
They offer margin requirements and leverage can change at any time and traders must understand this before they get into the market. leverage is very important in this kind of investment.
While it holds potential for gains, it can also be detrimental where do not use it very well. It can even make you lose more than your initial deposit. You must therefore be very careful in the way you use leverage to preserve your account.
WITHDRAWALS AND DEPOSITS
When it comes to funding deposits the company makes available different methods of deposits and withdrawals. The following methods of deposits are available, and they include the use of Neteller.
Debit and credit card, wire bank transfer as well as UnionPay. They also accept the following currencies for deposit, and they include USD, BTC, CHF, GBP, EUR.
The other thing you need to note about deposit and withdrawal from the system is that they do not allow third parties to do deposit and withdrawal. All these must be done in person.
Ensure that you deposit to the account using the same name that you use to open the account. If it uses another name, it would be deemed a third-party deposit and it would not be accepted.
You must study the rules very well before you start to deposit and withdraw money from the system for the safety of your account.
When it comes to withdrawal, you must note that you must pay fees for that. The only time you would not pay the fee is the first withdrawal you are making for the month. This is because the cost of such first withdrawals is covered by the company. Other withdrawals you do for the month will attract a flat fee of 40$.
The minimum amount that you can withdraw from the system is 100$. To make a withdrawal you must visit the client portal and initiate the withdrawal process.
The success of its clients is very important to FXDD and that is why they make available and effective customer service. The customer service is open 24 hours of the day from Mondays to Fridays.
There are two ways of contacting them and they include the email address and through telephone contact. Moreover, you can simply fill the contact us form on the appropriate page and you can type your request and send it to the support staff.
Besides that, you can also use the live chat function to contact the support team. This is available on all the pages of the website.
Most importantly, there are the frequently asked questions sections where you can get most of the pressing information you require from the system. Perhaps you get answers to all the queries you have been looking for.
Even if there is a complaint you want to make the correct procedure to do everything is there provided for you.
SAFETY AND SECURITY
This is perhaps the most secured platform you can do business with. There are some factors that help secure your transactions with the company. This is a company that is guided by the law.
The laws governing the transaction of the financial market in Europe and the UK are also guiding the company. This means that you expect and standard compliance to the law when you are using this kind of system. It holds a category 3 license from the MFSA as well as the group license which it holds from FSC based in Mauritius.
Furthermore, the company operates within the EEA zone which is the regulator of the kind of operation in the continent of Europe.
There is nothing to fear in doing business with them because your account is one hundred percent protected. Your fund is segregated from the broker’s fund.
there is no information about cashback and other incentives which the company like that can offer to clients to attract them to their business. If such is available, it is not currently listed on their websites.
You cannot do well in this kind of investment without extensive research. The company facilitates the process for you by making available a lot of research resources that make it easy for traders to learn the business and profit from it.
Perhaps the greatest of the research tools which the brokers make available to the clients is the Trading Central. This offers traders the best quality technical analysis as well as fundamental analysis. You get access to this through the trading portal. It is also available at the MT4.
The other research tool that makes available to the clients is the Trading Calculator. This involves the use of a range of calculators that be used to work out position sizes, margin values as well as Fibonacci levels, and several other things.
Moreover, you require to read useful materials that will introduce you to the trade and other aspects of the markets. The educational materials you can get here include the tutorials, trading guides as well as the updated market analysis.
These are useful tools required by beginners to have a better and deeper understanding of the market. Even experienced traders require it because it serves as a point of reference.
The company is doing well judging by the wide range of instruments they make available as well as the useful materials, resources, and better trading environment.
They are good to receive awards. So far there is no award recorded on the website.
Brokers do organize promotions from time to time to lure prospective investors to become part of their business. They can also provide other forms of incentives. Currently, this broker does not provide any and it is not available on the website.
In the same way, there is no record of any contests organized by the broker. There is no record of it on the website.
SAFE OR SCAM?
FXDD is one hundred percent legit and legal. It is not a scam, and the creators of the website are known. Their offices are also known. You can contact them in real-time. Nothing is confusing or doubtful about the business they provide.
They are not involved in any scandalous activity. The broker is regulated by different authorities. Therefore, you are safe doing business with them.
FXDD is the most trusted broker in the financial market today. They are highly reputable and safe to do business with. Their spreads and prices are highly competitive. The trading platform is simple and easy to use.