FXDD Review 2023
FXDD is a multi-asset brokerage firm based in Malta. The company has been serving the industry for almost two decades. The broker is well known for its selection of premium trading platforms, advanced research tools and flexible account types. However, the broker’s pricing structure seems a little costlier. Further, the company lacks to offer multiple payment options compared to its competitors. This piece reviews the broker’s regulation status, trading fees, safety features, supported platforms, account types, and customer support. We’ll also highlight the pros and cons to help you figure out if the broker suits your trading needs.
Regulation and Security
FXDD holds regulations in two jurisdictions, Malta and Mauritius.
- Malta: Malta Financial Services Authority (MSFA)
- Mauritius: Financial Services Commission (FSC)
Further, the company employs advanced security protocols, such as two-step authentication and Secure Socket Layer (SSL) web encryption. It helps the company to prevent intruders from accessing clients’ confidential data.
Notably, If the company becomes bankrupt, clients can seek compensation against their losses up to a specific limit. The broker offers funds indemnity insurance of up to €20,000 per client. However, it can vary based on your balance and region.
Negative Balance Protection
FXDD also offers negative balance protection. That means the company ensures that client trading losses will never surpass the client’s available funds in their accounts and that their balances will never be negative.
FXDD keeps clients’ investments separate from its capital, preferably with top-tier investment banks. Doing so allows the company to provide its clients with real-time funds accessibility.
Is FXDD available worldwide?
Yes, the company is available in most jurisdictions across the globe. While FXDD Europe is licensed to provide services in all EU member states, FXDD Mauritius Ltd serves clients in other parts of the world, such as Thailand, Singapore, Hong Kong, Canada, South Africa, India, Australia, and the United Kingdom.
Whether you are a skilled professional or have just started your trading journey, FXDD has a variety of trading platforms to meet all your trading needs. The broker’s custom-built proprietary trading Web terminal and the industry’s most renowned trading platforms – MT4/MT5, all are accessible on the Web, desktop, and mobile. Let’s quickly review the features offered via each channel.
Online trading: The company’s web-based trading platform is accessible round the clock. This platform features powerful charting tools and comes with ECN pricing. FXDD proprietary WebTrader provides automated trading solutions comparable to MT4 and MT5. The highly customizable platform allows clients to configure the workspace well suited to their trading needs. While clients can manage their positions with single-click trading, the platform also enables them to use Expert Advisors for automated trading. Other features include advanced charting tools with a scripting facility and multiple technical indicators useful for technical analysis.
Desktop trading: Those who prefer exploring the markets from the comfort of their desktops can either access the company’s custom-built trading interface through the desktop’s web browser or download the industry standard MT4/MT5 desktop terminals on their PC. FXDD’s MT4/MT5 platforms offer an enhanced trading experience and give traders a strategic advantage over their peers. The MT4/MT5 platforms provide access to 20+ exclusive tools, including feature-rich trade execution, innovative market data, messaging facility, price alert notification, and more.
Mobile trading: The company offers its web-based interface to be used on mobile phones to cater to the trading needs of on-the-go clients. On the other hand, clients can download the MT4/MT5 mobile trading apps from the Google Play Store or App Store, respectively. The clean design, user-friendly interface, lightning-fast response times, and seamless integration set the company’s custom-built platform apart from the competition. On the other hand, MT4 and MT5 come equipped with tools like strategy tester, built-in integration of economic events and improved charting. The MT4/MT5 mobile trading apps have almost all features as accessible via Web terminal or desktop. However, the mobile’s small screen resolution could become a limiting factor for in-depth technical analysis.
FXDD offers two types of accounts, including Standard and ECN. However, the services provided under each account type can vary depending upon the selected entity and its respective regulatory requirements. Notably, the FSC subsidiary offers the most adaptable trading conditions.
While the Standard Account allows traders to benefit from low spreads without paying commission costs, traders can gain access to raw spreads that do not include a markup by using the ECN Pricing Account. Since the standard account involves higher trading fees, the ECN account looks more competitive despite the commission factor.
The company also offers a swap-free account to shariah practising traders. However, Islamic accounts are not available as a stand-alone product. Instead, clients must request the company to switch their standard or ECN accounts to Islamic ones.
Notably, virtually funded demo accounts with unlimited expiry are also available for newbies and skilled professionals. Clients can use demo accounts to practise different money management strategies without risking their own capital. If you’re confused regarding your account type, click here to connect with customer service and discuss your specific queries.
Signing up with the broker can be a time-consuming process. First, you need to select an entity based on your location. Then a questionary form appears, requiring you to provide answers related to your previous market exposure. After that, clients get redirected to the signup page, where they must complete the below steps.
1) Enter your personal information, such as contact details, citizenship and employment status.
2) Provide your financial information like expected investment and source of income.
3) Read the terms and conditions and mark your acceptance to proceed further.
Clients must also complete the KYC process and verify their identity before being allowed to fund their accounts and start trading. You can use a copy of your National ID card, Passport or Driving license for identity verification. However, the company will also need your bank statement or utility bill to confirm your address. Notably, the broker takes a day or two to verify your account.
Clients need to use the login credentials received on their registered email ID to access the dashboard. Considering the needs of individual clients, the company has kept its trading dashboard pretty simple. The upper navigation panel has five buttons. The services button allows clients to access the funds’ withdrawal page, change leverage, open a new account or link the existing one. You can also use this tab to reach customer support. While the educational resources are accessible via the tools tab, clients can edit profiles or change account credentials using the ‘My Profile’ tab. Overall, the dashboard seems intuitive, and even newbies can navigate around conveniently.
Deposit and Withdrawals
FXDD offers limited payment options for deposits and withdrawals compared to the industry’s top brokerage firms. However, you are likely to find the most common ones at least. For instance, the company accepts payments via Debit cards, Credit cards, Union Pay, Neteller, and Wire transfers.
The broker doesn’t stipulate a minimum deposit amount. Clients can get started with any amount that fits their budget. However, it should cover the margin requirement at the least.
All deposits and withdrawal requests are processed instantaneously except for wire transfers. On average, funds processed via wire transfers take between 3 to 7 working days. Notably, the broker doesn’t accept paper checks for deposits.
Not to mention, the company processes withdrawals via the same methods clients use for deposits. The minimum amount is $100 for withdrawal requests via wire transfers.
FXDD struggles to provide its clients with a rich product portfolio. However, it strives hard to bring the most popular tradeable assets across five financial markets to the table. For instance, clients can trade 60+ FX pairs, 20+ stocks, 10+ indices, 4+ metals, and 3+ energies.
Commissions and Fees
The FXDD’s pricing structure is way above the average industry standards. Moreover, the non-trading cost makes it even more expensive to trade CFDs. The company doesn’t charge any commission in the standard accounts. However, clients with ECN accounts must pay a commission of up to $0.299 and $0.499 per 10,000 traded volumes of currency pairs and other tradable assets, respectively.
Concerning the non-trading cost, the company charges $40 for more than one withdrawal in a calendar month. Further, clients may incur a $25 fee for requesting wire transfers for less than $100. The company also charges a $30 inactivity fee from clients who stay dormant for 90 consecutive days. Click here to check commission and fees for specific account types.
The company employs a variable spread charging policy. The average spread on EUR/USD is 1.2 (pips) for standard account holders, while it stays around 0.7 (pips) for ECN accounts. Since the spreads keep fluctuating, clients should consult the company’s official website to know the real-time pricing.
Leverage involves borrowing funds from your broker to control significant positions with minimal investments. FXDD offers maximum leverage of up to 1:30 to retail clients. However, professional clients can unlock leverage up to 1:100.
Leveraged trading carries increased risk exposure. Besides maximizing your profit-making potential, it magnifies the risk of loss. Therefore you should be careful while trading leveraged products.
Analysis and Education
FXDD offers reasonable research and educational tools. While FXDD’s in-house analysts provide statistics and insights on the current market conditions, clients can benefit from technical and fundamental analysis and WebTV daily coverage sourced by third-party provider ‘Trading Central.’
A handful of trading guides covering various topics is also accessible at FXDD. Other research tools include a trading calculator and an economic calendar. With the FXDD trading calculator tool, clients can calculate margin values and profits or losses to plan their trades accordingly.
On the other hand, the economic calendar enables investors to track major upcoming economic events. The broker also features a glossary section to help clients become familiar with frequently used trading terminologies. The best thing is that the company offers research and educational resources in four languages in collaboration with Trading Central, making them understandable for clients from various jurisdictions.
FXDD offers customer support five days a week. While clients can reach the company via telephone and email, the company also facilitates queries and concerns through a live chat window. However, the company’s response time to address clients’ complaints isn’t much impressive. Usually, the broker takes 2-3 minutes to respond over the chat and telephone, while email communication could take a couple of days. The company also has representation on social media channels, such as Facebook, Twitter and Youtube.
Reputation amongst Traders
FXDD doesn’t seem popular among the masses since only four reviews are available on the independent reviewer’s website ‘Trustpilot’. While two clients appraised the company for its legitimacy, the other two expressed dissatisfaction with the broker’s pricy trading setup. On the other hand, the broker could only secure a 1.73 rating out of 5 after 173 reviews on another renowned third-party reviewer’s website, ‘Forexpeacearmy’.
Unfortunately, the broker hasn’t won any awards in recent years. Although when asked the customer support, they confirmed that they won but were unable to share the link. No relevant information is available on the broker’s official website either.
Can beginners trade with FXDD?
Since the broker hasn’t stipulated a minimum deposit requirement, it became feasible for beginners to come on board even with limited investment. Besides providing easy-to-use intuitive trading platforms, the broker offers medium-level research and educational resources, making it a competitive choice for beginners. Moreover, demo accounts are also available to help newbies learn and practice different trading strategies without risking their real funds. However, the expensive pricing structure might not appeal to starters looking to trade live markets with limited funds available to invest.
FXDD offers a seamless trading experience across various financial instruments, including forex, stocks, commodities, and indices. Thanks to the broker’s multiple trading platforms, clients can select the one that fits their trading needs. However, the company’s pricing mechanisms should align with the average industry standard. Further, the broker should make its registration process as robust as possible. Lastly, the customer support team must be more efficient and skilful.