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Overall

FXDD has a diverse range of trading platforms for trading forex and CFDs on nearly 100 instruments, including cryptocurrency CFDs. FXDD supports algorithmic and social copy trading, serving clients from its Bermuda and EU-regulated entity.

By Steven Hatzakis / April 3rd, 2018 / Updated: October 3rd, 2018

help 78
Trust Score
Dislikes
  • Platform and product information not centralized
  • Regulated only in the EU via Malta
  • Limited range of trading instruments and forex pairs

Review Sections:

Founded in 2002, FXDD was an early pioneer offering third-party trading platforms, including the MetaTrader platform developed by MetaQuotes Software Corporation. It was one of the first brokers to offer social-trading capabilities via platforms from Tradency.

Today, FXDD continues to offer platforms from Tradency, including the MirrorTrader and RoboX platforms for automated trading and MetaQuotes’ MT4 suite. It also offers Dukascopy’s JForex platform and its own proprietary Swordfish desktop and WebTrader platform developed by the company’s affiliated technology arm, ForexWare.

FXDD supports algorithmic trading on several of its platforms and offers 87 trading instruments, including 54 currency pairs, and CFDs on single-stocks, indices, metals, energy, and cryptocurrencies. The company offers its products and services via its EU-passported Malta entity, regulated by the MFSA. The brand also offers services via its unregulated Bermuda-based entity, FXDD Trading.

Trust Score

Trading with a forex broker traders can trust is crucial to success. Unfortunately, forex fraud and scams are common in the industry.

Here at ForexBrokers.com, we maintain the largest independent regulatory database available on the web. Using 28 different variables, we have created a proprietary 1-100 score (the higher the better) of overall trustworthiness, which we call the Trust Score. Here is our trust summary of FXDD

FXDD
Trust Score78
Year Founded2002
Publicly-Traded Company (Listed) No
Regulated in Major Hub Yes
Regulated in Emerging Hub Yes
Authorised in the European Union Yes
CFTC Registered (USA) No
FCA Regulated (UK) No
IIROC Authorised (Canada) No
FINMA Authorised (Switzerland) No
ASIC Authorised (Australia) No
SFC Authorised (Hong Kong) No
MAS Authorised (Singapore) No
FSA Authorised (Japan) No
FMA Authorised (New Zealand) No
CySEC Authorised (Cyprus) No

Offering of Investments

The following table summarizes the different investment products available to FXDD clients.

FXDD
Minimum Initial Deposit$0.00
Currency Pairs (Total Forex pairs)54
CFDs - Total Offered34
Exchange Traded Securities: US No
Exchange Traded Securities: International No
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

Commissions & Fees

FXDD offers three account types: Standard (commission free), ECN (commission based), Extreme (commission based). On the commission free Standard account option there is only the spread and no further commission added per trade. The execution method is instant where there is potential for slippage (on market orders).

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, 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.

Extreme pricing, an older offering that has been grandfathered in, follows a similar structure to the ECN account in terms of the commission rate; however, spreads are slightly wider in this account, making the ECN account more favorable for traders with cost-sensitive strategies. The pricing of both commission-based accounts use market execution where there is the 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.

FXDD
Average Spread EUR/USD - StandardN/A
All-in Cost EUR/USD - Active1.29
Active Trader or Premium/VIP No

Customer Service

For our 2018 Forex Review, 129 customer service phone tests were conducted over three months. The data collected is institutional grade. On average, three questions were asked for each test. To score each test, the tests were divided into three separate groups and scores were given for the time taken to connect with each support representative and the ability of each representative to professionally (and thoroughly) answer each question. A Net Promoter Score was also given for the overall experience.

Results:

  • Average Connection Time: <1 minute
  • Average Net Promoter Score: 6.5 / 10
  • Average Professionalism Score: 7.1 / 10
  • Overall Score: 7.3 / 10
  • Ranking: 13th (43 brokers)

Research

In terms of research, FXDD offers clients a free trial of the FX Navigator services powered by Tradermade, where traders can access premium research on 42 forex pairs. There are also nearly half a dozen calculators for determining pip value and margin requirements among other related tools on the web.

When it comes to top-tier news headlines, FXDD streams news from ForexLive from within its Swordfish Platform and on MT4. FXDD’s social copy-trading offering, including the default Signals Market in MT4, the ZuluTrade platform, and Tradency’s RoboX and MirrorTrader platforms, provides clients with further research opportunities in terms of actionable trading ideas.

FXDD RoboX auto trading signals

FXDD’s research has a good foundation, but its light compared to its peers in terms of in-house and third-party solutions available. For example, adding a research section to the website could help aggregate related resources into a centralized location and or integrated with the Forex Trading Tools section.

FXDD
Daily Market Commentary Yes
Forex News (Top-Tier Sources) Yes
AutoChartist No
Trading Central (Recognia) No
Delkos Research No
Acuity Trading No
Social Trading / Copy-Trading Yes
Social Sentiment - Currency Pairs No
Client Webinars No
Client Webinars (Archived) Yes
Videos - Beginner Trading Videos No
Economic Calendar Yes
Calendar Includes Forecasts No
Economic News Sentiment Yes
Trade Ideas - Backtesting Yes

Platforms & Tools

FXDD Offers several third-party platforms, the best known of which is the MetaTrader4 (MT4) platform from MetaQuotes Software Corporation. This platform is available for desktop, web, and mobile. Traders also have access to social copy trading and automated trading strategies on Tradency’s MirrorTrader and RoboX platforms. FXDD also provides traders with the JForex platform developed by Dukascopy.

FXDD has its own proprietary Swordfish desktop trading platform and WebTrader counterpart and mobile app for iOS, developed by its technology arm, ForexWare, and published by FXDirectDealer LLC – a US-based company to which FXDD Malta has outsourced certain of its back office services.

While MT4 comes mostly standard from the developer, as explained in our MetaTrader guide MetaTrader, for the purpose of this review, we conducted our platform research on FXDD’s proprietary software, including the Swordfish (available for Windows and Mac operating systems) and WebTrader platforms.

Moving to the Swordfish desktop platform for Windows, the layout has a nice design, considering the number of elements packed into the screen layout, and a simple upper toolbar to help navigate.

FXDD Swordfish desktop platform windows

The charting module offers a range of chart types with 23 indicators, more than 20 drawing tools, the ability to import indicator sets, and time frames. However, while Swordfish’s charts are a useful starting point for traders, they do not come near some of the more comprehensive chart offerings of other platforms, where hundreds of indicators can be accessed by default.

FXDD Swordfish desktop platform charting windows

Another minor drawback in the otherwise smooth charting experience is that users can only zoom in and out, and there is no vertical zoom or way to compress prices (a feature normally available by dragging the prices up and down or scrolling vertically on the right side of the chart).

Under the “default symbols” view, watch lists can be saved as Sets; however, it is worth pointing out that these do not sync with the WebTrader.

When it comes to placing orders, trading is seamless, with the order dialogue easily accessible from different parts of the platform. Switching between market orders and pending orders is just as easy.

Another feature worth mentioning in the platform is that Swordfish supports running automated trading strategies, including the ability to edit, compile, and back test algorithmic trading robots. Advanced users can edit and compile their code in the Script Editor, then use the Back-Tester module or forward test their algo in the Algo Console.

FXDD Swordfish desktop platform Algo Editor windows

This makes Swordfish capable of running automated trading systems, although with MT4 and JForex available at FXDD, both alternatives appear to provide more robust options and a broader scope of automated trading strategies from their related communities.

Moving to the WebTrader platform, which is accessible with the same login credentials as the Swordfish desktop platform, the first component I reviewed was the charts, which were an improvement on Swordfish’s desktop platform.

FXDD WebTrader trade ticket window

All in all, charting was a positive experience in WebTrader.

Charting in FXDD’s WebTrader was a fluid experience. Zooming in an out of the chart and compressing and expanding prices were seamless, with nearly 60 indicators available by default and nearly 100 drawing tools. All in all, charting was a positive experience in WebTrader.

FXDD WebTrader web platform

Positives aside, one small quirk that should be fixed is when the quote panel is expanded to show bid/ask spreads, the prices on the right side of the chart become invisible, as the window is pushed under the adjacent chart (when more than one chart is open).

FXDD WebTrader charts

With the desktop version reliant on Java to run, the WebTrader platform is an easier choice and comes packed with robust charting, making it a frontrunner among FXDD’s proprietary platforms. Between the two, my preference is for WebTrader. For desktop trading, MetaTrader offers a more robust experience.

FXDD
Virtual Trading (Demo) Yes
Desktop Platform (Windows) Yes
Desktop Platform (Mac) Yes
Web Platform Yes
Social Trading / Copy-Trading Yes
Proprietary Yes
MetaTrader4 (MT4) Yes
MetaTrader5 (MT5) No
cTrader No
Currenex No
ZuluTrade No
MirrorTrader Yes
Charting - Drawing Tools (Total)31
Charting - Indicators / Studies (Total)51
Watchlists - Total Fields7
Order Type - Trailing Stop Yes

Mobile Trading

While we did not review the Swordfish mobile app, as it was not available for Android and has only a Windows Mobile and iOS version, FXDD does offer the JForex mobile app (developed by Dukascopy), and MetaQuotes’ MT4 mobile app, both available for Android and iOS devices.

Metatrader4 mobile charts

FXDD
Android App Yes
Apple iOS App Yes
Charting - Draw Trend Lines Yes
Charting - Can Turn Horizontally Yes
Charting - Technical Studies/Indicators30
Watch List Syncing No
Trading - Forex Yes
Trading - CFDs Yes
Alerts - Basic Fields Yes

Other Notes

Additional platforms are shown on the FXDD Trading website, the firm’s Bermuda-domiciled entity, including the ZuluTrade platform and other platforms that may have been grandfathered in (i.e., they may only be open to existing clients and not new applicants).

In terms of social copy trading, besides platforms from Tradency, the ZuluTrade platform is also available (still offered), and FXDD uses a Swordfish account to sync users’ FXDD account credentials for use with ZuluTrade’s web-based platform.

FXDD ZuluTrade social copy trading research

While FXDD still had information about the Viking platform and PowerTrader from Currenex on its website, we confirmed that these platforms are no longer offered to clients.

FXDD launched cryptocurrency CFDs on Bitcoin through its MT4 platform offering, providing clients the ability to gain exposure without owning the underlying on both the BTC/USD and BTC/EUR pairs. While the max trade size and daily volume limit is capped at 10 contracts (equal to 10 Bitcoin), FXDD offers 5:1 leverage (20% margin), helping it cater to day traders.

Final Thoughts

FXDD has been around for nearly 20 years and was an early pioneer in offering MetaTrader and social copy-trading platforms from Tradency. A value-added benefit FXDD brought to traders with various execution needs was its ability to execute as a market maker across its available account offerings.

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. Adding additional regulatory licenses outside of Europe would help broaden the firm’s trust across a wider geographic range, beyond its unregulated entity in Bermuda.

Overall, while FXDD provides clients a variety of platforms to use and average rates, the broker struggles to shine compared to industry leaders.

Methodology

For our 2018 Forex Broker Review we assessed, rated, and ranked 43 international forex brokers. Each FX broker was graded on 140 variables. Learn more.

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.


Steven Hatzakis

Reviewed by 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 19 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

FXDD Competitors

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Ratings Overall

Summary

Commissions & Fees
Offering of Investments
Platforms & Tools
Research
Customer Service
Mobile Trading
Education

Best in Class

2018
22 of 43

Overall

Commissions & Fees

Commission Notes

FXDD offers three types of pricing options, depending on the account type selected: Standard, ECN, or Extreme.

    • Standard – No added commission per trade – cost is just the bid/ask spreads. (The RoboX and MirrorTrader, and ZuluTrade platforms can only be used with this account pricing.)
    • ECN – $2.99 per side per standard lot ($5.98 per 100K RT) added to lower bid/ask spreads.
    • Extreme – $2.99 per side per standard lot ($5.98 per 100K RT) added to lower bid/ask spreads.

    In terms of the two commission-based pricing modules, while the Extreme account pricing has been the firm’s flagship offering for many years, the new ECN pricing offers tighter spreads, making it a more viable option.


Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 4/03/2018 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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