FXDD Review – NFA and CFTC Issues Are Ringing A Bell
FXDD brokerage is primarily owned by Triton Capital Markets Ltd. This company was registered in Malta in 2010. Yet, other offshore entities are also part of this group.
Consequently, you have to be careful and know at any point what entity is responsible for your account. Primarily because not every regulation brings the same protection. To find out if this firm is reliable, read our honest FXDD review carefully.
|Regulated By:||MFSA, LFSA, FSC|
|Is This Company Safe?||No|
|Known Websites:||Fxdd.com; fxddtrading.com; fxdirectdealer.com|
|Have Warnings From:||N/A|
|Trading Platforms:||Proprietary trader; MT4, MT5|
|Deposit Bonus:||Not available|
|Trading Assets:||Forex, stocks, commodities, indices|
|Free Demo Account:||Available|
|How To Withdraw From This Company?||Since the company is licensed you shouldn’t have issues withdrawing funds through this brokerage. But if any obstacle pops up, feel free to contact our chargeback team for advice.|
Legal Info: Is FXDD Legit Or A Scam?
As the company claims, they are authorized by FINTRAC to provide foreign exchange services in Canada. However, the company’s main regulation comes from MFSA (Malta). With this entity, traders can also get compensation of up to 20.000 EUR. Which is a huge advantage.
However, this brand also has two more low-tier regulations. One comes from Mauritius FSC, and the other one from FSA Labuan.
Even though it all might be confusing, there’s one thing sure. The company doesn’t have any Tier 1 licenses, such as FCA, BaFin or ASIC. Instead, there were some issues in 2012 and 2013 with NFA and CFTC. The company settled with these authorities for their platform failures.
Who Are FXDD’s Clients?
Honestly, with so many regulations, surprisingly, the company has so many regional restrictions. They don’t provide services in the US, UK, Japan, North Korea, and a couple more. Yet, some traders in reviews seem to come from these countries. But where their traders mostly come from is:
- United States
- Saudi Arabia
If your country is not on this list, leave a comment below and share your opinion about this broker. But also, let us know if you need any refund advice.
Another shocking fact is that this firm has been active since 2002. Yet, there are only 12 reviews on the Trustpilot platform. But to be honest, not quite positive ones. In fact, 25% of traders were already expressing their dissatisfaction.
Generally, it’s not something that anyone would expect. Therefore, if you experience any potential issues with this firm, our experts are available for consultation.
Leverage, Commissions, Spreads, Fees, and Taxes
On the positive side, this broker provides quite transparent spreads on its website. Yet, these reveal quite costly ones. In fact, major pairs like EUR/USD start from 1.8 pips for standard accounts. However, the industry average is around 1.5 pips. But if you choose an ECN account, you can enjoy far more favorable spreads below 1 pip.
As for the commissions, standard accounts don’t include any. But if you choose ECN, you can expect a minimum commission fee. At least, that’s what the broker says. The thing you should be careful about is the leverage. Keep in mind that EU regulators allow a maximum of 1:30 for retail clients. Yet, this broker offers up to 1:100.
FXDD Trading Features
One of the major advantages of this firm is FXDD MT4 and MT5 availability. Traders can enjoy a wide range of EA tools and use scalping strategies as well. But also there are individual and corporate accounts.
Trading Software Available
Besides trusted MT4 and MT5, there’s a proprietary trader as well. It’s available as a web trader for desktop devices, while for mobile, the company developed dedicated apps. Therefore, all iOS and Android users have a wide range of options.
Yet, we would always advise you to stick to the proven tools. More reasons to follow this advice can be found in our RMD Traders review.
Available Trading Assets
Important to realize is that FXDD broker is not offering crypto assets. Instead, you can choose other top four categories like:
- Forex – USD/EUR, AUD/HKD, EUR/JPY
- Commodities – gold, natural gas, silver
- Shares – Amazon, Visa, Boeing
- Indices – ASX 200, CAC 40, S&P 500
FXDD trading company offers two account choices. Since the minimum deposit requirement is the same, you won’t have to worry about insanely high deposits to get better conditions. The options are:
But you can also choose what regulation you want to comply with. You can choose an MFSA or FSC-regulated account. Keep in mind there’s a huge difference.
Mobile Trading App
Indeed, dedicated mobile apps are available with this company. Most importantly, you can use MT4 and MT5 freely. Generally, traders don’t prefer proprietary apps due to low reliability.
After all, FXDD mobile trader is downloaded only a bit over 5k times on PlayStore. To find out what the downsides of bad software choices are, check our Euprofits review.
Another positive thing about this firm is the FXDD demo account availability. But after malfunctions in the past and settlement with the CFTC, traders might be worried. However, none of the Tier 1 licensed companies can have such issues.
As can be seen, the company does not offer any specific educational packages. Thus, there are a lot of trading tools you can use:
- FXDD Forex Blog
- MT4 1-minute data
- Daily FX analysis
- Forex calculator
- Trading central
- Custom tickers
- Economic calendar
Surprisingly, the broker doesn’t have a long withdrawal policy. In fact, there’s none. Withdrawal processing time and methods are not revealed. However, they claim not to accept third-party payments.
Hopefully, it works the same for withdrawals. Redemptions under $7.000 will be charged with a $50 fee. Every additional redemption in the same calendar month will be charged with additional $40.
Support is generally available through various channels. But only from Sunday 5 PM to Friday 5 PM EST. You can get in touch via phone, e-mail, live chat, and web forms.
However, for such a brokerage, it’s surprising they don’t have more reviews about its service. So, it’s up to you to be the first in line to share a thought about the company.
Key Information To Consider About FXDD?
Even though the company is licensed, they don’t seem to be as reliable as some Tier 1 licensed firms. Anyway, they have been in the business since 2002, and you might give them a chance.
After all, the FXDD minimum deposit is quite low. But if you experience any issues along the way, contact our team for detailed advice.
What Does FXDD Stand For?
FXDD stands for FXDirectDealer which is running domains fxdd.com, fxddtrading.com, and fxdirectdealer.com.
Where is FXDD Located?
The company is headquartered in Malta, but they have also offshore subsidiaries.
Is FXDD Legit?
Generally, yes but some potential issues can occur. If you recognize any, feel free to contact our specialists for detailed advice.