FXDD Review |
|
| 📅 Year founded |
2002 |
| 📈 Multiple top-tier regulation |
Yes |
| 📍 Headquarters |
Lima, Peru |
| 🌍 Country of regulation |
Canada / Mauritius / Malta / Labuan / Peru |
| ✅ Regulators |
FINTRAC / FSC / MFSA / LFSA |
| 📈 Execution Type |
Market Execution |
| 💰 Minimum Deposit |
$200 USD |
| 🛡️ Negative Balance Protection |
Yes |
| 📉 Trading Platforms |
MetaTrader4 / MetaTrader5 / FXDD Mobile / FXDD Web Trader |
| ☪ Islamic account |
Yes |
| 📉 Trading Instruments |
Forex / Metals / Indices / Energies / Cryptocurrencies / Stocks |
| 📱 Mobile trading |
iOS / Android / Windows |
| 💳 Payment Types Accepted |
Debit and Credit Cards / Bank Wire Transfer / Skrill / Neteller / UnionPay / Sticpay / Bitcoin / Bitwallet / Tether |
| 🎮 Demo Account |
Yes |
| ⓒ Copy Trading |
Yes |
| 🎁 Bonus Offer |
Introducing Brokers |
| 💰 Account Currencies |
USD / EUR / GBP / JPY |
| 📈 Minimum Trade |
0.01 Lots |
| 📈 Account Types |
PAMM / MAM / ECN |
| 📈 Margin Trading |
Yes |
| 📈 Trading fees |
Low |
| 📈 Inactivity fee |
After 12 consecutive months |
| 💰 Withdrawal fee |
Minimum withdrawal amount / Depending on withdrawal method |
| ☎ Customer Support |
24/5 |
| 💰 Max. Leverage |
500:1 |
| ✔️ Hedging Allowed |
Yes |
| ✔️ Scalping Allowed |
Yes |
| 💰 Commission |
Unknown |
| 💰 Spreads |
From 0.1 pips |
| 💰 Leverage |
Flexible |
| 💰 Currency Pairs (Total Forex pairs) |
50 + |
| 🔢 Number of clients |
450 000 + |
| 🥇 Instruments Offered |
90 + |
| 📙 Education |
FXDD Blog / Help Centre / Autochartist / Daily FX Analysis |
WHAT IS FXDD?
Found in 2002, FXDD is a respectable forex and CFD brokerage firm with its headquarters located in Lime, Peru. This online broker is regulated by the Malta Financial Services Authority (MFSA), Mauritius’ Financial Services Commission (FSC), FINTRAC in Canada and by the Labuan Financial Services Authority (LFSA).
At FXDD, clients can trade a range of trading instruments such as forex, metals, indices, energies, cryptocurrencies and stocks.
The broker also offers a variety of trading platforms to its traders including MetaTrader4 (MT4), MetaTrader5 (MT5), FXDD Mobile and the FXDD Web Trader.
INTRODUCTION
FXDD is one of the foremost forex brokerage companies, coming 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 some of the most advance services in the industry today.
FXDD is known for providing tight spreads and charging low commissions thereon. On their Standard Account, no commissions are applicable as they are built into the spread.
It is not surprising that they have clients from all parts of the world due to their various head offices across the globe. Currently, the broker provides its services to over 450 000 clients globally.
Their clients enjoy access to a range of trading platforms, trading instruments and account types, combined with FXDD’s low spreads and low commission fees.
Before continuing this review, it is always a good idea to have a brief overview of their services in the form of Pros and Cons.
PROS & CONS
PROS
- The broker is highly regulated across a variety of jurisdictions.
- The broker offers commission-free accounts.
- There are various account types available to clients.
- The broker offers a variety of trading platforms to its clients.
- Leverage of up to 500:1 is available.
- Variety of account base currencies available.
CONS
- They do not offer their services to clients in multiple jurisdictions.
- They offer a limited range of trading instruments.
- There are withdrawal fees applicable.
TRADING INSTRUMENTS
This company is highly innovative, and you can see it from the technology and instruments they introduce to the business. Although limited in number, they provide a wide range of instruments that cut across various markets.
Some of the most popular instruments they provide include the following:
- Forex.
- Metals.
- Indices.
- Energies.
- Cryptocurrencies.
- Stocks.
Forex
This is the exchange of foreign currencies against a specific base currency. With over $6 trillion USD worth of trades executed daily, this is the most liquid market in the world.
When it comes to currency trading FXDD has over 50 currency pairs and this includes the majors, minor and exotic pairs.
Spreads are tight on this offering and start from 0.1 pips on the ECN Account and from 1.3 on the Standard Account.
Metals
The company also makes it possible for its clients to conduct transactions on precious metals like gold and silver in USD as well as in EUR. They further offer metals such as copper, palladium and platinum.
The broker offers these metals at competitive spreads and good commissions. This is done via CFDs, meaning that traders never actually own the underlying asset, only a part of the contract thereof.
Energies
FXDD also offers its traders the option to trade on various energy resources like crude oil. These energies tend to be quite volatile and represent good options for traders who are looking for big price movements, and those who follow trends.
Indices
Indices offer traders the opportunity to trade on different financial markets without the need for researching individual shares. They are traded as weighted averages of the underlying shares, as a basket of goods. This reduces risk and is a good option for those traders who are more risk averse.
FXDD offers this instrument with competitive pricing and has over 11 indices available to be traded.
Cryptocurrencies
Cryptocurrencies are also offered by this broker, in the form of CFDs. They offer a variety of cryptocurrencies including Bitcoin, Litecoin and Ethereum amongst others.
Unfortunately, cryptocurrency trading with this broker is only available 24/5 rather than the standard 24/7.
Stocks
Stocks are one of the instruments that clients can access on this platform, at a leverage of up to 25:1. Spreads are competitive and so are commissions charged by this broker.
Famous stocks such as Apple, Amazon and Tesla are available and widely traded with this brokerage.
TRADING PLATFORMS
There are different trading platforms available with this broker. The company makes it easy for you to choose between the two most popular platforms in the world which include MT4 and MT5.
Additionally, they also offer their own proprietary trading platform, FXDD Web Trader as well as their own mobile app, FXDD Mobile.
MT4
This platform remains the most popular as stated above. There are several factors that make this the most preferred trading platform around the world.
It includes great charting and trading tools, which are made available to traders. There is no doubt that it is introduced to make it easier for traders to predict market outcomes.
The interface is easy and simple to use and provides the following features:
- Instant access to price quotes.
- The platform is easy to customise.
- Multiple chart types are available.
- Various 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.
There is also a mobile app from MT4, offered on the Apple App Store and the Android Play Store. In addition to the desktop platform, MT4 also offers a web trader, meaning you don’t have to download the software to your phone.
MT5
It is regarded as an upgrade for the MT4 platform, and it comes with even more great features. This comes with more features and there are benefits you can derive from using this platform to trade including:
- 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.
FXDD Web Trader
This is FXDD’s proprietary trading platform and is only available to the broker’s clients. This trading platform is currently only available for the ECN Account and is built to facilitate fast execution speeds and minimal slippage, regardless of your trade size. The fact that it is a web trader means that no software needs to be installed and is thus quick and easy to set up. Further features include the following:
- It is simple and easy to use.
- 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 traders.
- Comes with customisable features.
- Easy to use because of the one-click order execution.
FXDD Mobile
The broker also has a mobile app which can be linked to your trading account, making it easy to trade from anywhere.
ACCOUNT TYPES
FXDD offers its clients two account options from which they can choose. These include the Standard Account and the ECN Account.
The two accounts differ in the following ways:
Standard Account
On the Standard Account, the broker offers tight spreads and no commission charges on trades. Leverage of up to 500:1 is available on forex pairs and base currencies include USD, EUR, GBP and JPY. Spreads start from as low as 0.2 pips on the EUR / USD pair.
This account can be used on the MT4 and MT5 platforms.
ECN Account (Premium)
This account type is actually known as the Premium Account and offers ECN pricing models via a STP system. This provides for faster execution speeds than what is found on the Standard Account.
Spreads here are tight across all pairs and there is a commission charge applicable on this account, although this amount cannot be found on the website.
Individual and Corporate
The above account types are available for individual traders and for corporate traders, further options which have their own additional features. More information on these can be found on the broker’s website.
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 as well as proof of residence.
When the information provided is verified, then the account would be opened and once you deposit funds, you can start trading in no time.
DEMO ACCOUNT
Demo accounts are very useful for new traders as they are able to practice on this account without risking any of their own money.
Demo accounts are loaded with virtual funds and allow traders to experience FXDD’s trading conditions before depositing money with the broker, as the broker aims to simulate real life market conditions.
At FXDD, demo accounts can be accessed and traders can choose to trade with either the Premium or the Standard Account type settings applied to the demo account.
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.
While FXDD does not offer its own copy trading system, it does not prohibit this and traders can access this feature via the MT4 and MT5 platforms in the form of EAs.
COMMISSIONS & FEES
On the Standard Account, there are no commission fees payable as the commission is built into the spread offered by the broker. This means that it is easier for traders to calculate their profit and loss accurately.
On the ECN (Premium) Account, the spreads are tighter and thus commission fees are applicable. The exact fees charged by FXDD is unknown at this stage as it is not readily available on the broker’s website without opening an account first.
There are of course, swap fees charged on positions held open overnight and over weekends, unless the Islamic Account option is selected.
Additionally, inactivity fees are charged on accounts that have been inactive for 12 consecutive months.
LEVERAGE
Leverage is provided by this broker and is fixed in your account settings. You can change the leverage at any time and may utilise up to a maximum of 500:1 on forex pairs.
Leverage has the capacity to amplify your profits when used correctly, but can also lead to larger losses than what you would have without leverage. Fortunately, FXDD does offer a minimum balance protection, meaning that traders will never lose more money than what is in their account.
The leverage available is determined by the trading instrument selected and the jurisdiction in which a client resides.
WITHDRAWALS AND DEPOSITS
FXDD makes a variety of withdrawal and deposit methods available, making it easily accessible for clients to start trading with this broker. Some methods include debit and credit cards, bank wire transfers (which may attract fees), Skrill, Neteller, UnionPay, Sticpay and a variety of cryptocurrencies and methods.
There are no deposit fees applicable, however there may be withdrawal fees applicable as discussed further below. For bank wire transfers, these withdrawals attract fees of up to $50 USD, depending on the amount withdrawn.
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.
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 USD per withdrawal.
The minimum amount that you can withdraw from the broker is $100 USD. To make a withdrawal you must visit the client portal and initiate the withdrawal process.
CUSTOMER SERVICE
The customer service offered by FXDD is fantastic, as is evidenced by their award received at the Forex Traders Summit for Best Customer Service Broker in 2023.
Client support is available in a variety of different languages and can be accesses 24/5, from Sunday to Friday.
There are various methods available to clients to contact the broker, including email, phone, a query form and a live chat feature.
SAFETY AND SECURITY
At Brokersuggest.com, out team always considers it a good sign regarding the safety of the broker, when the broker is regulated across multiple jurisdictions. FXDD is regulated across a variety of jurisdictions, indicating that they have high standard to meet with regards to compliance, ensuring the safety of their clients’ money.
The broker also keeps client funds segregated, meaning that your funds are not used in the day to day operations of the broker and in the event of liquidation, client funds are protected.
PROMOTIONS
During the course of our research, we were unable to find any promotional offerings from FXDD in terms of deposit bonuses, however we did find that the broker offers an Introducing Brokers program.
This initiative allows traders to refer other traders and receive rebates on their trading volumes in the form of reduced commissions. This is available to both individual and institutional traders.
RESEARCH
Research is one of the most important aspects of any successful trader’s arsenal. FXDD does offer a multitude of trading tools to its traders including the FXDD Blog, Help Centre, MT4 1-Minute Data, Forex Calculator, Economic Calendar and Custom Tickers.
These tools, as well as the tools available on the MT4 and MT5 platforms, will equip both new and experienced traders with the information they need to be successful.
EDUCATION
Education, especially for new traders, is a vital aspect of successful trading. Of course, experienced traders should also never stop learning and with FXDD, the educational tools will ensure that doesn’t happen.
The FXDD Blog mentioned above has a variety of different tools that traders can utilise for their education while their Daily FX Analysis and Autochartist tools are superb for those wishing to expand their trading knowledge.
GLOBAL AWARDS
FXDD have won a number of international awards over its existence, highlighting their reputation as a world class broker. Some of these awards include the following:
- Best Customer Service Broker (2023) – Forex Traders Summit.
- Best FX Provider (2023) – Dubai Forex Expo.
- Most Transparent Broker (2023) – Forex Ratings.
- Most Reputable Forex Broker (2021) – Dubai Forex Expo.
SAFE OR SCAM?
FXDD has been in the industry for a long time, over two decades, and has been established as a broker with a solid reputation for transparency and client trust. The broker has survived financial crashes and this shows they are set up to be resistant with a focus on the long term.
As discussed above, the broker is regulated across various jurisdictions, indicating a high standard of regulatory compliance. The segregated client funds are also a good bonus that keep client funds safe.
FXDD has a great reputation and based off our research, we can say that your funds will be secured with this broker.
CONCLUSION
FXDD is one of the most trusted and reputable brokers in the trading industry today. They have been around for a long time, and this track record of safety and high quality service offerings is extensive.
The broker offers world class trading platforms to its traders, as well as their own proprietary trading platform which is highly recommended by its clients. They offer tight spreads and competitive commissions which clients would appreciate. The broker also offers lightning fast execution speeds due to its ECN / STP system.
FXDD offers great customer support which they have won awards for over its 20 + year existence.
The team at Brokersuggest.com can confidently say that this broker represents one of the best offerings in the industry today and highly recommends traders to consider FXDD as their trading partner.
