FXDD Review

Review

FXDD is a Forex and CFD broker headquartered in Malta offering trading solutions to individual and institutional traders, hedge funds, money managers, white labels, and introducing brokers. FXDD Europe was founded in 2002 and is licensed by Malta Financial Services Authority (MFSA) as well as with EU Markets in Financial Instruments Directive (MiFID).

FXDD is the recipient of several awards including Most Trusted Forex Broker Europe 2012 and Best New Platform Europe 2012 by Global Banking & Finance Review.

Accounts

There is a mini account and a standard account at FXDD and these can be set up as an individual, joint or corporate account.

The Mini's smaller contract size allows for familiarization with the FXDD trading platform. It leverages the same tight spreads as a Standard account. There is no initial required minimum deposit and a trader typically trades lots of 10,000 units of the base currency. It is possible, however, to trade bigger lots based on available margin. The maximum leverage is 200:1.

The Standard trading account is appropriate for people who can contribute more capital to a speculative risk/reward investment. The lot size can be up to 100K units and the maximum leverage is 200:1.

I was pleased to see when doing this review that a demo account was offered. The demo account is good for 90 days, beginning the first day of sign-up. On the 90th day, the account becomes inactive. However, if a trader requires additional time before opening a live account, he or she may register for more than one demo account on any of the platforms. The amount of virtual money offered for use in the demo account can be $50,000 or another amounts selected. The demo account has all the features of live accounts.

Micro (1K), mini (10K) and standard (100K) lots can be traded with a demo account and demo trading is only available during regular trading hours (Sunday 5 p.m. thru Friday 4 p.m. EST).

If any account equity is less than $5,000.00 USD, a micro account on MetaTrader 4.0 can be used. Trading in 1,000 base currency units (or dollar) increments on the MetaTrader 4.0 platform is the micro.

If there hasn't been any trades executed in an account within any given quarter (i.e., every 90 days), the account will be subject to a dormant account administrative fee. The Fee is equal to the lesser of the remaining balance in the account or $15. If the account is assessed the fee and the account balance is reduced to zero (0), the account will not incur any further inactivity fees.

With FXDD traders can trade Forex, commodities, indices, CFDs, metals including gold and silver and oil. There are over 30 currency pairs to choose from and all instruments can be traded directly from the MetaTrader4 platform. In addition, a helpful chart is offered that keeps traders well informed of all details of commodity trading.

FXDD does not charge commissions on trades made by self-directed clients on the FXDD trader, MirrorTrader or MetaTrader platforms. FXDD is a commission free broker and earns its income as a market maker.

Features

FXDD uses Expert Advisor (EAs) as a scripting tool in the MetaTrader platform. The tool allows users to program and implement their own trading algorithms. Expert Advisor is offered to all accounts including Mini accounts.

Signals at FXDD are provided by strategy providers available in the Mirror Trader. All trade signals are executed on remote servers so traders do not need to be online for trades to be executed on their account.

MirrorTrader Platform

The 'Exposure Meter' is an interesting feature at FXDD. It represents the leverage of a portfolio should all the strategies open up all their max positions simultaneously. The 'Exposure Meter' is shown on a scale of 0-100 with anything over 80 (red zone) is considered excessive.

FXDD AutoChartist scans the charts to find chart patterns and possible trade setups. This can be done with the stand alone application or the custom indicator. Metatrader 4 will not do this without the Autochartist software.

AutoChartist

Chart indicators can also be used.

Education

Included in the Forex trading tools offered at FXDD, traders can find live currency quotes, rollover rates, trading calculators and more.

Forex Calculators

The Learning Center offers news analysis, an economic calendar and instructional material. There are several trader guides and tutorials and FXDD Webinars include discussons on their platforms, charting packages, Mirror Trader's capabilities as well as general market education.

Forex Guides

There is a full financial glossary and a substantial FAQ section.

Deposits/Withdrawals

FXDD offers a variety of methods for depositing and withdrawing funds quickly and easily. There are no fees for making a deposit and you are free to withdraw your funds at any time. Funding can be done via credit cards, bank wires, Skrill, Neteller and other online payment programs.

Withdrawals are made by filling out the FXDD Funds Redemption form and submitting by FAX to FXDD’s office in Malta.

Customer Support

Contact with an FXDD representative can be made by phone 24-hours a day (Sunday 5 PM to Friday 4 PM EST). Email communication is also available as is Chat.

Conclusion

FXDD is a well-rounded and versatile broker with several different platforms that cover all skill levels and styles. Low initial deposit requirements and easy-to-use educational resources add to its appeal to all types of traders.

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Features

There are few brokers that offer seven different trading platforms. To choose the right platform for a particular trading style, traders need only follow the Platform Guru's wizard and answer the questions for tailored suggestions on the proper platform. This tool is helpful for beginners who may not be accustomed to Forex trading and are unfamiliar with all the terminology. There is also a choice of trading plans based on activity where high-balance and high-volume traders can opt for tighter spreads at the expense of a commission.

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Platforms

FXDD has seven trading platforms each with different minimum deposits and different features. A convenient comparison chart makes the choice easy.

MetaTrader 4

MetaTrader 4 has been a leader in Forex trading software for years. It offers instant orders with Fill or Kill execution, an intuitive user interface, fast and secure execution with competitive spreads and is fully supportive of Expert Advisors.

MetaTrader 4 Platform

MT4 is available on iOS and Windows Mobile.

Mobile

FXDD's mobile software enables traders to access their account from iPhone, Android, and Tablet. With seamless integration across desktop accounts, they can place orders and manage positions with speed and security.

MTX

This platform is basically the same as the MetaTrader4 platform.

Others

FXDD also offers separate platforms for institutional or high volume traders which include PowerTrade, Viking, JForex and Swordfish. 

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User Reviews

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