FXDD is a well-rounded and versatile broker with seven different platforms to cover all skill levels and styles. Low initial deposit requirements and easy-to-use educational resources make FXDD a good broker with whom to grow your skills.
FXDD has transitioned its registered headquarters to the EU. FXDD is no longer accepting customers who reside in or are residents within the US or its territories. See FXDD Global for more information.
The Good
-Seven platforms offer something for everyone
If you’re looking to try several different platforms or grow your trading skills with a broker that can meet your needs every step of the way, FXDD can work for you. Active traders will love the MTX commission-based platform to lower cost, and the Power Trader platform, which gives volume discounts on trades. Passive traders can use Mirror Trader to copy expert strategies. Professionals can use Viking to manage big-ticket trades, and intermediate traders may excel on the highly customizable Swordfish platform. FXDD also provides the industry-leading MetaTrader 4 platform.
-Platform Guru helps you choose your best platform
To choose the right platform for your trading style, 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 some of the forex lingo.
Low deposit requirements:
Deposit requirements vary by platform, but those of FXDD are generally low compared to other brokers. Beginners can open a micro account with no initial deposit and the Meta Trader account is free to open, although FXDD recommends a $250 initial deposit to get started. Other forex brokers, like TradeKing, require a $500 deposit and ATC Brokers starts at $5,000.
-Two trading plans to choose from based on activity
High-balance and high-volume traders can take advantage of reduced fees by signing up for FXDD Extreme Spreads. This option works by tightening the spreads on forex trades as low as 0.8 pip, and charging a $3 commission per side. Micro lot traders and small balance traders will want to stick to Standard Spreads because of the fixed extra commission on Extreme Spreads.
-Choose how you want to learn with robust educational resources
A large YouTube library enables visual learners to pick up tips on FXDD platforms or learn the most advanced charting setups. Readers can choose to work at their own pace by tapping the comprehensive reading materials on basic forex concepts and more advanced trading techniques. All materials are created by an in-house team of forex analysts and experts.
The Bad
-Dealing Desk
FXDD is registered with the National Futures Association as a Direct Dealer. This means that FXDD maintains their own book of business and has the potential to take the other side of clients’ trades. Traders requiring the highest level of transparency from their broker will want to look at other options. Check out Forex.com, FXCM, or ATC Brokers.
-Other investments for U.S. customers limited to metals and oil
As with many forex brokers, other investment options are limited. Integrated stocks, futures and options trading may be preferred by well-rounded traders. While traders in the U.S. don’t have access to options trading, it is available through FXDD Global, the overseas affiliate of FXDD. The company does plan to provide access to binary options in the future, which is currently available for demo trading. FXDD does provide access to metals and oil, which at least adds some other options, but that may not suffice for some.
The Details
Costs and Fees
-Forex Trade: $20
-Forex Trade Cost Type: Pips
-Futures Trade: N/A
-Minimum Deposit: $0
-Options Trade: N/A
-Stock Trade: N/A
Trading Details
-Clearing Method: ECN
-Maximum Leverage (International): 200:01:00
-Maximum Leverage (U.S.): 50:01:00
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