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With well over 15 years in business and 320 million+ processed orders FXDD presents traders with a clear and simple to use broker website, with helpful introductory information on all trading based topics. But, does it have what it takes to retain users? Find out below.
FXDD is based on the quaint island nation of Malta, and as we know the Maltese are not only regular dabblers in the world of Forex, but also renowned for their severity when it comes down to regulations, authorizations and licenses. FXDD Malta Limited retains an Investment Service Category 3 License, while being regulated by the Malta Financial Services Authority (MFSA) enabling traders to be compensated a 90% of their investment of up to €20 000 if the broker becomes insolvent.
Apart from that, FXDD has a subsidiary in Mauritius- FXDD Mauritius Ltd- in which the appropriate regulatory and supervisory body, the Financial Services Commission, monitors the company’s activities. The FSC’s main goal is to provide a stable environment in which the financial system of Mauritius can thrive in, yet there is no compensation fund at work here. However, as an offshore entity this organisation allows for a higher leverage than 1:30.
The standard spread for EUR/USD is a fluctuating 1.6-1.7 pips, and for ECN account holders it’s 0.5 pips. Retail clients are allowed a leverage of no more than 1:30. In the UK and EU this leverage cannot surpass the 1:30 as determined by ESMA. Larger leverages (1:100) are offered to Professional traders (substantially big deposit makers, €500 000 plus), and to those outside the jurisdiction of ESMA.
The markets in which FXDD trades in are: currency pairs, metals, energies, indices, crypto currencies and stocks. Traders will have their share of trading for sure.
The FXDD broker website is available in the following languages: English, Spanish, Italian, Arab, Chinese and Vietnamese.
There is no shortage of trading platforms offered at FXDD. A mixture of the classic MT4 and MT5 with WebTrader and ZuluTrade surely will keep traders busy.
MetaTrader 4 is by far the most popular trading platform out there, making it the number one choice for trading. MT4 encompasses a to-the-point look and feel without sacrificing any accessibility. With MT4 you can set automated bots to trade instead of you so that you can indulge in other activities while profit (or loss) is made. MT4 also comes with over 50 customizable trading indicators, one-click trading, easy order management and many more pros. You can even access multiple MT4 accounts at the same time using MT4 MultiTerminal.
Expect the EUR/USD spread to be 1.6-1.7 pips for the standard account, and 0.5 pips for the ECN account. Leverages go as high as 1:30 for retail clients, and 1:100 for professional clients
ECN account owners are taxed with a commission of $5.98 ($2.99 per side) for 1 standard lot. So, in reality the commission changes the spread of 0.5 pips (ECN account) to 1.1 pips.
Have direct access to all your MT4 trades on all devices including mobile. There is a very responsive browser version that offers quick and easy access to your account. Note that browser based MT4 and MT5 do not allow for trading bots.
The MT5 platform is here to give you a pushing hand towards the right direction. Although not as popular as MT4, MT5 still retains some great features that you will want in your trader’s repertoire. There are improvements in the time frames, better charting tools allowing for greater accessibility, and more pending order types for more versatile trading options. Expert Advisors have not gone anywhere; they’re still at your service with MT5. Unlike MT4, MT5 allows for a centralized market trade and is certified by many stock exchanges.
The average EUR/USD spread is 1.6-1.7 pips, and 0.5 pips for the ECN account. The maximum leverage is 1:30 for retail clients, and 1:100 for professional clients and non-ESMA regulated clients.
As is with MT4 users, here too there is a $5.98 commission attached to ECN accounts, resulting in a higher cost of trading of 1.1 pips, instead of 0.5 pips.
MT5 is reachable through any mobile device, be it iPhone or Android, as well as tablets. If downloading the software is not your thing then get access to the web based platform.
This FXDD proprietary platform allows for some interesting prospects. WebTrader does not shy away from features that keep it close in comparison to MT4 and MT5. The option to set auto trades is here, as well as one click order executions and position based trading. The aesthetics of the WebTrader fit a generalized belief of what a platform for trade should look and feel like.
The EUR/USD spread is 1.6-1.7 pips, and 0.5 pips for the ECN account. However with the commission, the ECN spread switches to 1.1 pips. The leverage for retail clients is 1:30, while professional traders can take advantage of a maximal leverage of 1:100, and those not bound by ESMA.
The commission applied to ECN accounts ($5.98 per 1 lot), shift the spread form 0.5 pips to 1.1 pips.
WebTrader is strictly a browser based platform (which technically makes it a mobile supported platform).
ZuluTrade is advertised as a bringer of professional trading strategies, developed and utilized by expert traders. Users can choose from a set of expertly crafted strategies, at which point the platform will execute the trade(s) even if you’re not interacting with it.
The platform is supported on both Android and Apple devices. A browser based version is available, and if that does not suit you be sure to download the desktop one.
FXDD MINIMUM DEPOSIT
The good news is that there is no minimum deposit required, however we recommend traders to start with at least $250 if they are to take trading seriously.
Fund your account in one of the following ways: Neteller, Skrill, Credit/Debit card, Bank Wire, VISA, UnionPay.
Currently FXDD works with the following base currencies USD, JPY, EUR, GBP, CHF and BTC.
The processing times for deposits varies from one methods to another. All credit cards, Neteller and Skrill usually take 1 business day. Bank Wire takes from 3 to 5 days to process deposits, while UnionPay users can expect 2-5 days max.
All deposits are free of any fees.
FXDD WITHDRAWAL TIME AND FEES
Withdrawing money from your account in done one in one of the following ways: Neteller, Skrill, Credit/Debit card, Bank Wire, VISA, UnionPay.
The waiting time for withdrawals for credit cards and Bank Wire ranges from 5 to 10 business days. For UnionPay withdrawals are made through Bank Wire, so expect a stand by of 5-10 days. On the other hand Neteller and Skrill customers have only 1 business day of processing time, meaning that once the process is dealt with at the broker’s side, traders should get their money in 24 hours.
There is a substantial withdrawal fee. FXDD will cover the fee of the first withdrawal for the calendar month. Additional ones will be charged with $40 per withdrawal until the end of the calendar month.
Wire Transfer minimum withdrawal is $100. If clients do not meet the norm, then an additional $25 will be charged (+$40 if not the first withdrawal for the month).
FXDD will apply an administrative charge to inactive users (90+ days) with a fee of $30. This is a surprising addition to see in an authorized and regulated broker. However, it has become a trend in other brokers as well, such as AETOS CG and Trading 212.
We have to address the elephant in the room. Withdrawal fees are some of the highest we’ve seen, with Wire Transfer fees going up to $65. Then there’s the vague deposit/withdrawal generalizations. We recommend contacting customer support and finding out which method works out best for you.
With that said, FXDD’s subsidiaries and their bodies of regulation and authorization showcases its status as a global broker. Add to that the prospect of multiple trading platforms, including one operated and owned by FXDD, plus a diverse selection of tradable assets and what you get is a broker that can be trusted.
FXDD compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines