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FXDD Review

Steven Hatzakis

Steven Hatzakis | September 2nd, 2019

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This content is intended for information and educational purposes only and should not be considered investment advice or investment recommendation.

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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.

Review Summary

Rank: 21st (of 28)

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.

Benefits

  • Several social copy-trading and algorithmic trading platforms.
  • Competitive commissions and spreads on ECN account.
  • Offers cryptocurrency CFDs trading.

Considerations

  • Regulated only in the EU via Malta.
  • Limited range of trading instruments and forex pairs.

Is FXDD Safe?

help 69
Trust Score

FXDD is considered high-risk, with an overall Trust Score of 69 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 one tier-3 regulator (low trust). Learn more about Trust Score.

Regulations Comparison

FeatureFXDD
Year Founded2002
Publicly Traded (Listed) Yes
Bank No
Tier-1 Licenses0
Tier-2 Licenses0
Tier-3 Licenses1
Trust Score69

Commissions & Fees

Rank: 17th (of 28)

FXDD offers two primary account types: Standard (commission free) and ECN (commission based). Between the two, the ECN account type provides more favorable pricing.

Benefits

  • 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.

Considerations

  • 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.

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Further Reading

Fees Comparison

FeatureFXDD
Minimum Initial Deposit$0.00
Average Spread EUR/USD - StandardN/A
All-in Cost EUR/USD - Active1.29 (as of Sep 18)
Active Trader or VIP Discounts No

Platforms & Tools

Rank: 18th (of 28)

Despite promoting multiple platforms, FXDD is primarily a MetaTrader4 (MT4) broker. The overall trading tools offering is just, “ok”.

Benefits

  • 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.

Considerations

  • 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.

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Further Reading

Tools Comparison

FeatureFXDD
Virtual Trading (Demo) Yes
Proprietary Platform Yes
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy-Trading Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) No
cTrader No
Charting - Indicators / Studies (Total)51
Charting - Drawing Tools (Total)31
Charting - Trade From Chart Yes
Watchlists - Total Fields7
Order Type - Trailing Stop Yes

Research

Rank: 20th (of 28)

All in all, FXDD provides a basic research experience that lacks depth in multiple areas important to forex traders.

Benefits

  • In 2018, FXDD added Trading Central to its research tools lineup.

Considerations

  • While FX research resources at FXDD are growing, there is still room for significant improvement if the broker wants to compete with industry leaders.

Gallery

Further Reading

Research Comparison

FeatureFXDD
Daily Market Commentary Yes
Forex News (Top-Tier Sources) Yes
Weekly Webinars No
AutoChartist No
Trading Central (Recognia) Yes
Delkos Research No
Social Sentiment - Currency Pairs No
Economic Calendar Yes

Mobile Trading

Rank: 23rd (of 28)

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.

Benefits

  • None.

Considerations

  • FXDD provides no proprietary mobile apps for both iOS and Android.

Gallery

Further Reading

Mobile Apps Comparison

FeatureFXDD
Android App Yes
Apple iOS App Yes
Trading - Forex Yes
Trading - CFDs Yes
Alerts - Basic Fields Yes
Watch List Yes
Watch List Syncing No
Charting - Indicators / Studies30
Charting - Draw Trend Lines Yes
Charting - Trend Lines Moveable Yes
Charting - Multiple Time Frames Yes
Charting - Drawings Autosave No
Forex Calendar No

Offering of Investments

Rank: 26th (of 28)

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

Offering Comparison

FeatureFXDD
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs)54
CFDs - Total Offered34
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

Other Notes

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.

Final Thoughts

Rank: 21st (of 28)

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.

2019 Review Methodology

For our 2019 Forex Broker Review we assessed, rated, and ranked 28 international forex brokers over a six month time period. Each broker was graded on 81 different variables and, in total, over 60,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors quality data they can trust. Learn more about how we test.

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

About the author: 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.

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 02/18/2019 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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