FXDD Review 2024
- Jemma Grist, Reviewer
FXDD remains a popular choice for experienced traders looking for reliable VPS hosting and automated trading tools. It will also serve any traders familiar with the MetaQuotes software, with both MT4 and MT5 on offer.
FXDD is an established forex and CFD broker founded in 2002. Regulated in Malta, Mauritius, Peru and Malaysia, the broker provides secure trading platforms, competitive ECN spreads and reliable 24/7 customer support. Competitive pricing and ultra-low latency is also offered via the broker's Direct Market Access execution model and tier 1 aggregated liquidity.
FXDD continues to offer a leading selection of 90+ currency pairs with ECN pricing. Spreads are decent, coming in at 0.4 pips for EUR/USD during testing. That said, these quotes aren’t as narrow as top competitors like Pepperstone.
You can trade a small range of around 20 major NYSE and NASDAQ-listed stocks, including Apple, Google and Amazon. Commissions are also uncompetitive at $16 per round turn - over double the rate at most other brokers.
Traders can access CFDs across forex, indices, commodities and stocks. There are no restrictions on short-term strategies, which is good news for scalpers and algo traders. There’s also an excellent range of free tools on offer, including a custom price ticker.
- Most Transparent Broker in Europe 2022 - ForexRating.com Awards
- Most Trusted Broker - The Forex Expo Dubai 2021 Awards
- Best Forex Broker - The Forex Expo Dubai 2020
- Best Regulated Forex Broker - Saudi Money Expo 2018
- The broker's Trading Central integration offers daily fundamental market analysis, automated chart pattern software and market insights newsletters
- FXDD is highly accessible for beginners with just a $1 minimum deposit to get started, plus cent, mini, micro and demo accounts
- The broker offers VPS accounts for algo traders and experienced traders looking to run complex automated strategies
- MAM and PAMM accounts are available for those who want to manage trader portfolios and earn commissions
- The broker is regulated by various authorities that offer investor compensation and negative balance protection
- The broker offers responsive 24/5 multilingual customer support via telephone, email and live chat
- A $40 inactivity fee applies to accounts that have been dormant for more than 90 days, which is much higher than the $10 charged by many competitors
- Withdrawal fees apply for more than one payment per calendar month, which is particularly punitive for active traders
- There's a $25 withdrawal fee for payments under $100, which is steep and will impact beginners and casual traders
- FXDD offers around 150 instruments - a narrow range compared to the hundreds offered at most top brokers
- The broker's market insights section is outdated and trails leading competitors
In this FXDD review, I offer my findings after testing and rating the broker’s major categories, including fees, accounts and regulations. I also compare the key features to other brands to highlight any considerations for potential clients.
Regulation & Trust3 / 5
FXDD gets a fairly average trust score. Whilst the broker holds a long 20+ year history and good track record, the firm holds licenses with several weak regulators:
- FSC Mauritius (Financial Services Commission)
- LFSA (Labuan Financial Services Authority)
- SBS (Superintendencia de Banca, Seguros)
On the positive side, FXDD’s European entity is authorized and regulated by the Malta Financial Services Authority (MFSA) which does follow more robust EU safety standards, including client fund segregation.
Importantly, the broker operates under the EU’s MiFID II (Markets in Financial Instruments Directive) and is therefore approved to provide services across the European Economic Area.
Users are also covered by the Investor Compensation Scheme, with compensation of 90% of investments up to the value of €20,000, as well as negative balance protection.
Accounts & Banking3.8 / 5
FXDD offers four different account types: Cent, Mini, Micro and Standard. Minimum deposits are $200 and accounts are available in 4 base currencies: USD, EUR, GBP and JPY.
Clients can trade on two pricing models – Standard vs Premium.
I would recommend Standard pricing for beginners. Although spreads will be wider, you get the benefit of paying zero commissions. Other features include:
- No partial fills
- Fill-or-kill execution
- Guaranteed zero slippage on entry orders
On the other hand, active traders will be well-suited to Premium pricing, which offers ultra-low spreads and competitive commissions.
Finally, it’s good to see that scalping strategies and Expert Advisors (EAs) are permitted in both account types.
Deposits & Withdrawals
I was pleased to see that I could deposit funds through the FXDD customer portal with no fees. The broker accepts deposits in several currencies including USD, EUR, and GBP, with a minimum deposit of £1/$1.
Deposit methods vary by region, but typically include:
- Credit cards
- Bank wires
To withdraw funds, clients must complete a redemption form via the customer portal. Redemptions are processed within 24 hours however processing time may vary based on the time the redemption is submitted and the payment method that the client chooses.
The broker covers the cost of the first withdrawal each calendar month. However, $40 is charged for additional withdrawals which is quite steep compared to other brands. Additionally, the minimum redemption for wire withdrawal is $100, any redemptions below this will incur a $25 fee.
FXDD offers a free demo account on all trading platforms. Demo accounts are live for only 90 days, however, I did note that additional time can be requested via customer support.
The demo accounts provide the opportunity to become familiar with the FXDD trading platform software and practice trading instruments such as forex. It is noted, however, that the pricing on the demo accounts, while indicative of live pricing, does differ slightly.
Bonuses & Promotions
FXDD offers active bonus campaigns to clients. What differentiates FXDD from some other platforms is that it gives cash bonuses while others offer bonuses in the form of credits. It is important to note, though, that bonuses are only offered in some jurisdictions.
In addition, I don’t recommend choosing any broker based on their promotional deals.
Assets & Markets3 / 5
FXDD’s investment offering gets a fairly weak score of 3 out of 5.
|Number of Assets
That said, I was impressed with the decent range of currency pairs available, which will serve more serious forex traders.
- Forex – 65+ currency pairs including EURUSD, USDJPY, and GBPAUD
- Company stocks – 20 major stocks including Facebook, Apple, and Amazon
- Commodities – including gold, silver, and energies
- Indices – 13 major global indices, including the UK100 and GER30
- Crypto – including Bitcoin, Ethereum, Bitcoin Cash, Neo, Litecoin
The maximum leverage at FXDD is 1:500, though this depends on the jurisdiction and asset type traded. For example, stocks are available with leverage up to 1:25, whilst cryptos can be traded at 1:4.
At the European entity, the maximum leverage is 1:30, in line with MiFID regulations.
Fees & Costs3 / 5
The broker charges no commission on trades using the Standard account, however, commissions are charged on Premium (ECN) accounts.
Spreads are decent, coming in at 0.4 pips for EUR/USD in the ECN account. That said, this isn’t the lowest we’ve seen among the best ECN brokers. Pepperstone, for example, offers spreads on the same pair at 0.1 pips.
Similarly, the average spread of 1.9 pips for EUR/USD in the Standard account is wider than the 1.0 pips offered by competing brands. You can see how average spreads compare to alternatives below.
|EUR/USD Spread – ECN Account
|EUR/USD Spread – Standard Account
The company also charges swap rates for positions held overnight, though these are industry standard.
Platforms & Tools4.1 / 5
FXDD offers several trading platforms suitable for different experience levels. All platforms come with a mobile trading app.
FXDD offers a free MetaTrader 4 download, industry-recognised, but optimised with bespoke technology to provide users with an enhanced trading experience. You can download MT4 to desktop devices or trade through major web browsers.
Some of my highlights of MT4 include:
- Online marketplace
- Video tutorials and guides
- VPS hosting option (for a small fee)
- Expert advisors for automated trading
- Multiterminal to provide access to numerous accounts on a single interface
- Highly customisable interface supported by an unrivalled charting package
The broker also offers the MT5 platform, available as a free download to desktop devices and through major web browsers.
I’d recommend this terminal for more experienced traders, thanks to the larger suite of technical tools. That said, beginners will find the user-friendly interface virtually identical to MT4.
Highlights of MetaTrader 5 include:
- Enhanced strategy tester
- A range of pending order types
- Advanced graphical trading tools
- Built-in economic events calendar
- MT5 1-minute historical data option to add directly onto charts
- Built-in marketplace to purchase or rent technical indicators or signal providers
This trading platform is the broker’s proprietary solution, developed over the years with the needs of advanced users in mind.
The terminal offers good customization options, plus the ability to display up to 4 charts at a time.
Highlights of WebTrader include:
- Scripting available
- Position based trading
- One-click order execution
- Detailed market financials
How To Place A Trade
Placing a trade is relatively easy, but not as user-friendly as MT4 or MT5 in my opinion.
- Click on the Bid or Ask price to open the order window
- Choose the asset you want to trade and adjust the lot size
- Set your take profit/stop loss parameters
- Click ‘Confirm’ to place the trade
The MT4 and MT5 platforms are both available for mobile trading, and compatible with iOS and Android devices. The mobile offering supports full charting packages and the trading functionality found on the desktop terminals.
The broker also provides an additional mobile trading application; FXDD Mobile. This app provides users access to analyst views and global news sources in an easy-to-navigate interface while on the move. The application allows traders to utilise data refresh feeds with high-speed server times to manage trades at the click of a button.
Research4 / 5
The FXDD website offers a decent range of research tools such as rollover rates, margin calculators, an economic calendar and position size calculators.
I found the daily and weekly market insights via the TraderMade blog particularly comprehensive and should offer some value for experienced traders. For beginners, trader guides are available across several topics, as well as a substantial glossary and an FAQ section.
Additionally, FXDD offers the AutoChartist tool, a market-leading third-party analysis tool which automatically scans the markets for you to uncover potential opportunities. The tool integrates directly into the MetaTrader platforms, so there’s no need to have any separate applications open.
Education1.3 / 5
Unfortunately, FXDD doesn’t score as well when it comes to educational resources. Aside from the help center, the broker doesn’t offer any learning materials for beginners looking to learn as they go, or for more experienced traders looking to fine-tune their knowledge.
To compete with top brokers like XM, FXDD should offer more comprehensive resources in a range of formats, including trading guides, webinars, podcasts and tutorials.
Customer Support3.6 / 5
FXDD offers multilingual customer support including Chinese, Vietnamese, Hindi, Thai, Malay, Arabic and Spanish, 24/5:
- Email – email@example.com
- Telephone – +356-2013-3933
- Office Address – Triton Capital Markets Ltd, Trident Park, Notabile Gardens, Nos. 6 & 7 – Level 4, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta
The customer contact portal page on the broker’s website also offers a call-back option and live chat engine via the respective logo on the right-hand side of the webpage.
Should You Trade With FXDD?
FXDD offers easy online trading on a range of instruments including forex, commodities, and stocks. Access to the industry-renowned MetaTrader 4 and MetaTrader 5, as well as the broker’s WebTrader platform, means users of all abilities are catered for. Our review was pleased to see legitimate regulation and investment compensation protection.
Is FXDD Legit Or A Scam?
FXDD is a legitimate company licensed to operate in the EU and beyond. The broker receives positive customer reviews and is subject to regulatory oversight from two reputable agencies.
Is FXDD Regulated?
Yes, the broker is regulated and licensed by the Malta Financial Services Authority (MFSA), the Mauritius Financial Services Commission (MFSC), Labuan Financial Services Authority (LFSA), and the Superintendencia de Banca, Seguros (SBS).
Is FXDD Good For Day Trading?
FXDD could be a good choice for day traders thanks to the range of sophisticated charting tools on offer. The MT4 and MT5 platforms deliver a vast suite of advanced indicators and bots which are ideal for short-term strategies. With that said, the broker’s fees are not the lowest and the range of assets is light compared to alternatives.
Does FXDD Offer Low Fees?
Fees at FXDD are fairly competitive based on tests, though not the lowest we have seen. For example, EUR/USD spreads come in at around 0.4 pips in the Premium account, whilst competing brands like Pepperstone offer the same pair at 0.1 pips in the equivalent account. Additionally, the $200 minimum deposit to get started is not the cheapest.
What Documents Are Needed To Open A Live Account With FXDD?
The KYC documentation required varies by entity however photo ID and POR are always requested. Clients can verify their identity through the FXDD customer portal.
What Deposit Currencies Are Available At FXDD?
FXDD accepts deposits and withdrawals in USD, EUR, GBP, JPY, CHF and USDT/BTC* depending on the entity.
Top 3 Alternatives to FXDD
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ForexChief – ForexChief is a foreign exchange and CFD broker, established in 2014. The company is based offshore and registered with the VFSC and FMA. Users can choose between a wide selection of accounts and base currencies, making ForexChief accessible to global traders. The brand also stands out for its no deposit bonus and fee rebates for high-volume traders.
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FXDD Comparison Table
|Forex, CFDs, Indices, Stocks, Commodities
|CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
|Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
|CFDs, Forex, Metals, Commodities, Stocks, Indices
|MFSA, FSC, LFSA, SBS
|FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA
|FCA, SEC, FINRA, CBI, CIRO, SFC, MAS, MNB
|Available in Mauritius, Labuan, Peru
|$100 No Deposit Bonus
|WebTrader, FXDD Mobile App, MT4, MT5
|Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
|Trader Workstation (TWS), Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
|1:500* Leverage varies depending on the region
|1:30 (Retail), 1:250 (Pro)
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Customer Reviews3 / 5
This average customer rating is based on 2 FXDD customer reviews submitted by our visitors.
If you have traded with FXDD we would really like to know about your experience - please submit your own review. Thank you.
|FXDD is an established forex and CFD broker founded in 2002. Regulated in Malta, Mauritius, Peru and Malaysia, the broker provides secure trading platforms, competitive ECN spreads and reliable 24/7 customer support. Competitive pricing and ultra-low latency is also offered via the broker's Direct Market Access execution model and tier 1 aggregated liquidity.