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 nearly 90 trading instruments, including 57 currency pairs, 10 single-stock CFDs, nearly a dozen CFD indices, and several CFDs on metals and energy. 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.
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.
|View All Fees||FXDD||FxPro||FXOpen||OANDA|
|All-in Cost EUR/USD - Active||1.290||1.200||N/A||1.000|
|All-in Cost GBP/USD - Active||2.308||1.600||N/A||1.500|
|Average Spread EUR/USD - Standard||N/A||1.200||N/A||1.200|
|Average Spread GBP/USD - Standard||N/A||1.800||N/A||1.700|
|Currency Pairs (Total Forex pairs)||57||70||63||71|
|CFDs - Total Offered||34||215||18||52|
|Commissions & Fees|
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.
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’s research offering is light, with just a few in-house and third-party solutions available. There is certainly room for improving the quality and quantity of research available. For example, adding a research section to the website could help aggregate related resources into a centralized location where additional resources could be integrated with the Forex Trading Tools section.
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 guide to 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.
The Swordfish desktop platform on Windows has a nice design, considering the number of elements packed into the screen layout, and a simple upper toolbar to help navigate.
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.
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.
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.
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.
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).
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.
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.
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.
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 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.View all FXDD Fees & Features
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. Over the past 18 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.