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Founded in 2002 and part of US-based Nukkleus Inc (OTCPINK:NUKK), FXDD was an early pioneer offering third-party trading platforms, including the MetaTrader platform. The broker offers its products and services primarily via its EU-passported Malta entity, regulated by the MFSA.
While the FXDD brand benefits from being owned in part by a public company, Nukkleus’ market cap was barely $13 million as of March 2019, which is very small and a concern when it comes to solvency long term.
Despite a competitive social copy trading offering, FXDD’s regulatory footprint is weaker than most EU firms and the broker’s overall trading experience, including research, fails to impress.
- Several social copy-trading and algorithmic trading platforms.
- Competitive commissions and spreads on ECN account.
- Offers cryptocurrency CFDs trading.
- Regulated only in the EU via Malta.
- Limited range of trading instruments and forex pairs.
Is FXDD Safe?
FXDD is considered high-risk, with an overall Trust Score of 68 out of 99. FXDD is not publicly traded and does not operate a bank. FXDD is authorised by zero tier-1 regulators (high trust), zero tier-2 regulators (average trust), and zero tier-3 regulators (low trust). Learn more about Trust Score.
|Publicly Traded (Listed)||Yes||No||No||Yes|
Commissions & Fees
FXDD offers two primary account types: Standard (commission free) and ECN (commission based). Between the two, the ECN account type provides more favorable pricing.
- On the commission-based ECN account there is a round-turn commission of $5.98 per 100K traded ($2.99 per side) for major pairs such as the EUR/USD (and $4.99 per side for all other pairs), which is added to low prevailing spreads (lower than the Standard account). With average spreads of 0.68 pips on the EUR/USD listed by FXDD, the all-in cost equates to nearly 1.29 pips after factoring in the RT commission of 0.598 pips.
- On the commission free Standard account option there is only the spread and no further commission added per trade. Standard accounts use market execution, leaving potential for re-quotes.
- FXDD acts as principal (counterparty) to every trade, in terms of the execution method, in which the broker may act as a market maker/dealer, which means it doesn’t have to rely on third-party dealers the way an agency broker does. This enables FXDD to offer price improvements on limit orders, no slippage on entry orders, and fill-or-kill orders with no partial fills on its Standard account offering.
|Minimum Initial Deposit||$0.00||$200||$200.00||£250.00|
|Average Spread EUR/USD - Standard||N/A||3.00||1.16||0.750|
|All-in Cost EUR/USD - Active||1.29||N/A||0.860||0.363|
|Active Trader or VIP Discounts||No||Yes||Yes||Yes|
|Commissions & Fees|
Platforms & Tools
Despite promoting multiple platforms, FXDD is primarily a MetaTrader4 (MT4) broker. The overall trading tools offering is just, “ok”.
- Alongside MT4, traders also have access to the broker’s proprietary, browser-based platform called Web Trader as well as third-party platform ZuluTrade.
- Charts in FXDD’s WebTrader are powered by Trading View and provide a fluid experience. Zooming in an out of the chart is seamless and includes nearly 60 indicators. The one downside is the color scheme, which can cause price levels to become invisible when the highlight color is the same as the price color.
- At FXDD, MT4 comes mostly standard from the developer.
- I was disappointed that research and news are missing altogether from the WebTrader platform. Adding news and research content, along with tools such as screeners, heatmaps, signals, and sentiment would all help elevate that platform. Until then, WebTrader will remain lightweight.
- Best Forex Trading Platforms 2019
- Best FX Brokers for Copy Trading 2019
- Best MetaTrader Brokers 2019
|Virtual Trading (Demo)||Yes||Yes||Yes||Yes|
|Desktop Platform (Windows)||Yes||No||Yes||Yes|
|Social Trading / Copy-Trading||Yes||Yes||Yes||Yes|
|MetaTrader 4 (MT4)||Yes||No||Yes||Yes|
|MetaTrader 5 (MT5)||No||No||Yes||No|
|Charting - Indicators / Studies (Total)||51||67||51||22|
|Charting - Drawing Tools (Total)||31||14||31||17|
|Charting - Trade From Chart||Yes||No||Yes||Yes|
|Watchlists - Total Fields||7||6||7||12|
|Order Type - Trailing Stop||Yes||Yes||Yes||Yes|
|Platform & Tools|
All in all, FXDD provides a basic research experience that lacks depth in multiple areas important to forex traders.
- In 2018, FXDD added Trading Central to its research tools lineup.
- While FX research resources at FXDD are growing, there is still room for significant improvement if the broker wants to compete with industry leaders.
|Daily Market Commentary||Yes||Yes||Yes||Yes|
|Forex News (Top-Tier Sources)||Yes||No||Yes||Yes|
|Trading Central (Recognia)||Yes||No||No||No|
|Social Trading / Copy-Trading||Yes||Yes||Yes||Yes|
|Social Sentiment - Currency Pairs||No||Yes||Yes||Yes|
MT4 is the primary choice for trading on the go with FXDD. The experience is reliable, however compared to industry leaders, it left me wanting more.
- FXDD provides no proprietary mobile apps for both iOS and Android.
Mobile Apps Comparison
|Apple iOS App||Yes||Yes||Yes||Yes|
|Trading - Forex||Yes||Yes||Yes||Yes|
|Trading - CFDs||Yes||Yes||Yes||Yes|
|Alerts - Basic Fields||Yes||No||Yes||Yes|
|Watch List Syncing||No||Yes||Yes||Yes|
|Charting - Indicators / Studies||30||5||30||26|
|Charting - Draw Trend Lines||Yes||No||Yes||Yes|
|Charting - Trend Lines Moveable||Yes||No||Yes||Yes|
|Charting - Multiple Time Frames||Yes||Yes||Yes||Yes|
|Charting - Drawings Autosave||No||No||No||Yes|
Offering of Investments
The following table summarizes the different investment products available to FXDD clients.
|Forex: Spot Trading||Yes||Yes||Yes||Yes|
|Currency Pairs (Total Forex pairs)||54||47||59||91|
|CFDs - Total Offered||34||1449||31||15000|
|Cryptocurrency traded as actual||No||Yes||No||No|
|Cryptocurrency traded as CFD||Yes||Yes||Yes||Yes|
|Offering of Investments|
While the FXDD brand was previously regulated by the NFA, it exited the U.S. as the industry consolidated, and its U.S. clients were acquired by one of its peers (FXCM). As a result, FXDD is currently regulated only in the European Union (EU) from its passported entity regulated by the MFSA in Malta.
FXDD has been around for over 15 years and was an early pioneer in offering MetaTrader.
While FXDD offers clients a variety of platforms to use and average rates, the broker has ample room to grow to shine compared to industry leaders.
Forex Risk Disclaimer
"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.
About the author: Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.