Richard Montana | August 12, 2022
Founded in 2002, FXDD are an established broker with flexible trading platforms and accounts for you to choose from. Whatever your trading style or investing goals, they have a diverse range of products and services to cater for your needs. I found them to have a great selection of financial instruments including all of the popular forex, cryptos and stocks that you would expect. You also get access to some very useful trading tools and daily market analysis to help inspire trade ideas. I like that there are educational materials for beginners and you can open a free demo account which is a good way to practice trading online. On the other hand, if you are ready to start trading in a regulated environment with favourable conditions, the minimum deposit is just $10. It should only take a few minutes to complete the application process and around the clock support is available to guide you along the way.
Pros & Cons
- Good selection of financial instruments
- Commission free trading accounts
- Low spreads and reliable execution speeds
- Excellent Trading Central software for automated analysis
- Lots of market insights and educational content
- Free VPS for eligible clients
- Islamic accounts available for Muslim traders
- Free demo trading accounts
- Minimum $10 deposit to start trading
- Good customer service
- Cannot accept clients from some countries due to regulations
- No fixed spread accounts
- Limited deposit and withdrawal options
- No managed accounts
FXDD was founded in 2002 and provides traders across the world with access to trade the global markets including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies & CFDs. They offer you competitive spreads and low commissions with good execution speeds and no limitations on trading strategies. The broker has an impressive 400,000 accounts opened, 350+ million orders processed and 8+ trillion on transaction volume. Their history has enabled them to establish an abundance of knowledge to give you a personalised trading service that utilises powerful technologies.
FXDD primarily acts as a counterparty to client’s trades, executing them at the best prices offered by their liquidity providers (LPs). The system implemented will automatically select the best available price to display on client’s platforms. Despite this conflict of interest, most client orders are executed top of the book with no discrimination in prices between clients and no compromise on execution. They also operate as an agent in which instance client’s transactions are received and transmitted to other liquidity providers.
The broker has a robust back-end price feed infrastructure with data coming from liquidity providers (LPs) such as regulated markets, multilateral trading facilities (MTFs), executing brokers and others. They are not over reliant on one provider and manage risks in compliance with a risk management framework. LPs must pass a due diligence process conducted by the by risk and compliance departments and are continually reviewed.
I am impressed how they are always monitoring their prices compared to the market via internal monitoring measures and third-party solutions. Prices are monitored around execution time within specific thresholds against market price and the underlying instrument. They have also developed an in-house application that can keep track of any discrepancies of price levels and latency of all price feeds. This makes sure that they can continue to provide top-class trading conditions at all times. I would compare them to XM Group in terms of pricing and execution.
The broker is regulated in multiple jurisdictions. Whilst some traders may feel that these are not top-tier regulators, the reputation and protection they have makes me feel confident that they are a broker who can be trusted. If you are looking for other regulators, you might want to consider AvaTrade as an alternative option.
FXDD Malta Ltd is regulated by the Malta Financial Services Authority (MFSA) with license number 48817. They operate under the rules laid out by a Category 3 License from the MFSA. They are authorised to operate and provide cross border investment services in all the countries within the European Economic Area (EEA). Due to the European Securities and Markets Authority (ESMA), the broker does have some trading restrictions such as limited leverage. The global brand FXDD Mauritius Ltd is authorised and regulated by the Financial Services Commission (FSC) with license number C117017252.
Eligible client funds are held in segregated bank accounts that are separate from the company funds so should not be used for any purpose such as company running costs. All retail clients have negative balance protection which means that they cannot lose more than the funds in their trading account. This helps to give extra protection as FXDD will absorb negative balance in extreme market conditions.
FXDD Malta’s customers who are eligible could claim compensation through the Investor Compensation Scheme in the event that the company becomes insolvent. Professional clients or eligible counter parties are not eligible for compensation as they fall out of the scope of the Investor Compensation Scheme which was set up as a protection for retail customers.
The broker accepts clients from most countries excluding the USA and some other jurisdictions where there are strict regulations in place. If your country is not accepted, you can take a look at our broker ratings for another option.
You can trade on a choice of flexible trading platforms including the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) which are free to use on desktop, web and mobile. They also have their proprietary WebTrader platform. I am a huge fan of the MetaTrader platforms as I find them very easy to use. I like that they have plenty of trading tools available for in-depth market analysis whilst you can find many free or paid add-ons to further enhance the platforms capabilities. They are excellent for automated trading systems and a no-nonsense approach to online trading of forex and other CFD instruments.
MetaTrader 4 (MT4)
MT4 is the dominant platform in the industry, primarily due to its powerful charting and trading tools. It is known for its user-friendly intuitive interface and offers a pleasurable trading environment with all the functionality required for most novice and experienced traders.
MT4 features a highly customisable interface with real time price quotes for trading instruments displayed in the market watch window. It supports multiple order types, 9 chart timeframes, 3 chart types (candlesticks, line & bars), one click trading, alerts and automated trading. There are 50+ built in technical indicators for analysing the charts to find potential trade opportunities.
MT4 has a built in MetaEditor where users can programme their own custom indicators or automated trading systems (expert advisors) in the MQL4 language. There is a built-in strategy test for historical testing of expert advisors. The online market place contains customised tools that can also be added to the platform.
MetaTrader 4 (MT4) Mobile
MT4 is available for traders who wish to trade whilst on the go from their mobile or tablet devices. Both Android and iOS apps are supported, featuring full charting packages and access to all trading functionality. You can easily execute trades and check positions from anywhere at any time, provided you have an internet connection. I am often checking the MetaTrader app to see how my traders or performing. I like having the option of taking the markets with me in many pocket. You can set price alerts and follow the market news to keep you informed at all times.
MetaTrader 4 (MT4) Web
The MT4 web platform includes all of the same features and functionalities of the other platforms but can run directly within most popular web browsers. I find this beneficial as it eliminates the need to download and install any additional software whilst you always get the latest version of the platform. All you require is a web browser to have instant access to full trading and charting functionality. However, automated trading is not available on the web platform so you will need to use the desktop platform if that is something which you are looking for.
MetaTrader 5 (MT5)
MT5 is the follow up trading platform to MT4 that maintains a similar look and feel but contains some more advanced features such as additional graphical charting tools, more technical indicators, more timeframes, a multi-currency strategy tester, a range of extra order types and more. MT5 can display economic events directly on charts which is useful as part of a fundamental analysis. You can get additional tools and signals from the built-in marketplace.
I personally prefer MT4 just because it was the first platform that I became accustomed with as MT5 wasn’t as readily available back then. However, you will still find MT4 to be the more prominent platform that you can find through most brokers. If you are just looking for convenient market access with basic trading strategies, MT4 should be more than sufficient. However, of you are looking to trade stocks and want to use complex trading systems, you might edge more towards MT5. Either way, I think both platforms are excellent for all types of trader.
MetaTrader 5 (MT5) Mobile
You can trade the financial markets whilst on the go by using the MT5 mobile trading application that contains the same features and functionality of the desktop platform from the palm of your hands. The MT5 app is freely available from the relevant app stores for Android, iPhone and iPad.
MetaTrader 5 (MT5) Web
The MT5 web platform enables you to access the markets from most web browsers without needing to download or install any additional software. The web platform contains the same features and can be accessed from any Windows, Mac OS X or Linux-based computer with a browser and internet connection. As with the MT4 web platform, it cannot run expert advisors (automated systems) but it is convenient if you plan on using your account from different devices. If for example your phone battery tied whilst using the app, you could borrow a friend or relatives’ computer to login to your account via a web browser.
FXDD have their very own proprietary trading platform that has an intuitive web-based interface providing easy market access at anytime from anywhere. It is available with ECN and standard pricing whilst being simple enough for novice traders to use and containing enough robust charting tools for the more experienced traders. I found it easy to use and had all of the functions that I needed to analyse the charts, place and manage trades. In saying that, it doesn’t compare to MetaTrader when it comes to add-ons and automated trading.
The broker developed the WebTrader platform after listening to the needs of their clients over the years they have been operating. It contains highly customisable charting and advanced charting tools with scripting and indicators readily available. One click order execution is supported as are expert advisors. Users have access to competitive pricing over the full range of FXDD trading instruments. WebTrader supports Windows, Mac, Web, iOS and Android. Just keep in mind that if you learn how to use a broker’s platform, you will need to start learning a new platform from scratch if you change brokers at a later date.
I was really impressed by the large selection of useful trading tools the broker has that can greatly assist you with market analysis, planning your trades, money management and trading signals. They aren’t quite on the level of RoboForex but should have more than enough to meet your expectations.
FXDD have partnered with Trading Central to provide you with superb quality technical and fundamental analysis. You can easily gain access to Trading Central’s powerful analysis from the client portal and via the MT4 indicator plugin. You can also subscribe to receive daily market analysis newsletters from Trading Central, delivered directly into your inbox. Trading Central is renowned for award winning technical analysis and research which is used by traders to help identify potential trade opportunities. It contains automated pattern recognition software with alerts and daily expert market analysis.
I think it is a brilliant tool for simultaneously automatically scanning numerous assets for signals according to customised criteria. This tool could be worth thousands on its own so it is great that they make it available to you at no extra charge. Other brokers who have Trading Central are limited but include easyMarkets. If you want help finding trading signals, then this is something certainly worth implementing in your day trading activities. After all, nobody really wants to stare at charts all day long waiting for their signals to occur.
I found there to be a good range of trading calculators which can quickly calculate margin values, position sizes, pivot points, Fibonacci levels and more. These calculators can help with planning and managing your trades.
A virtual private server (VPS) allows you to run your trading platforms 24/7. This is useful if you cannot always have your computer switched on or if you wish to run an automated system around the clock. You can access your platform from any computer without downloading it and efficiently run multiple strategies with improved latency. To qualify for a free VPS, clients must maintain a minimum account balance of at least $2,500 and trade a minimum of 5 lots per month. The volume of trades will determine the package a client qualifies for whilst clients will be charged if they do not meet the minimum requirements but request the VPS. You can also get a free VPS from Switch Markets if this is something you are specifically looking for in a broker.
I actually use a third-party VPS and find it to be an invaluable tool. As mentioned earlier, I like to use the MT4 platform to run automated trading systems. However, the MT4 desktop platform needs to be running for them to work. I don’t always want my computer running which is why a VPS is so advantageous. I can run multiple instances of the MT4 platform on the VPS in order to test various automated systems and brokers in a remote and secure environment.
The economic calendar is powered by MetaQuotes and displays the latest economic news releases including the date/time of the release, country affected and impact level from low, medium to high. The calendar also displays the previous, forecasted and actual results of the releases. This can help as part of a fundamental analysis and to keep up to date with the latest market happenings. I always follow the market news in order to help with my trade decisions and think it is a vital tool for everyone to use.
All clients gain access to the FXDD customer portal from where you can manage all of your accounts from an intuitive interface. I like being able to get everything all in one place and having the option to access the portal from various devices.
I was pleased to see that the broker has some helpful educational materials on their website including trading guides, tutorials and frequently updated market analysis. If you are new to trading or investing online, you will probably find these useful. Considering how expensive financial education can be, it is great the broker has some free courses for beginners.
There is a selection of free trading guides which can help to improve the market knowledge for traders of all levels. The guides can be viewed online or downloaded as PDF’s. They are vey detailed and easy to follow with illustrations included.
Live Trading & Education
You can access a wide range of frequently updated market analysis to help inspire trading ideas and stay informed with the latest market movements from industry expert’s analysis. FXDD run regularly scheduled live trading and educational programs by award-winning market researchers Chris Svorcik and Nenad Kerkez. These programs can help with learning how to trade through a weekly series of live video sessions.
The website contains a number of sections for market analysis including award winning price action analysis by Nenad Kerkez, wave counts analysis by Chris Svorcik, quick pick video analysis of different trading instruments and daily analysis from the institutional-level research TraderMade team. I was actually really impressed with these market insights and would put them up there with the likes of ActivTrades when it comes to market analysis.
Glossary & FAQs
There is a basic trading glossary containing a collection of frequently used trading terms along with their meanings. The frequently asked questions (FAQ) section covers many topics and provides instant access to some commonly asked questions related to trading and the brokers services in general.
FXDD have a generous selection of tradeable instruments across multiple asset classes including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies & CFDs. I feel like there will be something for everyone to trade. If you are looking for a forex broker, they have lots of currency pairs to choose from. You will also find popular cryptos, major company stocks and commodities such as gold and silver. There is a great variety which can create a diversified portfolio for all.
If you are looking to trade forex, they have a great selection of 60+ FX currency pairs including major, minor and exotic crosses.
The broker offers trading on metals including Gold (USD and EUR terms), Silver (USD and EUR terms), Copper, Platinum and Palladium.
You can trade commodities with energies including WTI Oil, Brent Oil and Natural Gas.
You can trade indices as the broker has a good selection of major global indices available to trade including AUS200, FRA40, GER30, UK100, ESP35, USA30, NAS100, SPX500, HKG33 and JPN225.
I was happy to see that we can trade cryptos as they have some of the most popular cryptocurrencies such as Bitcoin and Ethereum.
You can get access to trade stocks with a range of stocks as contract for differences (CFDs) including major companies such as Amazon, Apple, Facebook, Tesla and more. CFD trading is quite popular as you can speculate long (buy) or short (sell) on the price of an asset without needing to physically own the underlying asset.
FXDD offer a standard and ECN account, with a minimum deposit requirement of just $10. This is lower than the industry standard which I often see around the $200 mark. The standard pricing account has marked up variable spreads but charges no commission fees whereas the ECN pricing account has lower direct raw variable spreads and a competitive commission fee around $3. If you wish to use the FXDD web trader platform that does require an ECN account. The account type that you opt for will depend on if you want lower spreads or no commission. I like to scalp the markets on a daily basis so I prefer the ECN account. In general, I found the broker to have very competitive spreads and commissions.
Demo accounts are available to test the different trading platforms and conditions before opening a real account. I would always test a broker on a demo account to begin with just ot make sure they are suitable for my trading strategy. It can also be a great way to build your confidence if you don’t have any prior experience.
Islamic swap-free accounts that comply with Sharia law are also available upon request. You can apply for an individual, corporate or professional trading account. These accounts are for Muslim traders who cannot pay swap fees due to their religious beliefs. I appreciate how they support traders from all backgrounds but this is something I would expect from all broker nowadays.
Opening an account with FXDD is a quick and easy process. You just need to register for the customer portal and can then apply to open a trading account. The broker will require some form of identification such as a passport or driver’s license and proof of address such as a recent utility bill. This is a normal part of the KYC procedure and once your documents have been verified by the accounts team you will be able to fund your account and commence trading. It shouldn’t take more than a few minutes to complete the process as everything is done online.
The friendly and experienced customer service team is on hand to answer all general and technical questions in a prompt and efficient manner. They can be reached via online chat, email and phone. I have always enjoyed speaking with them and wouldn’t have any problem reaching out to them again in the future if need be.
FXDD have a few convenient deposit and withdrawal methods. You can find bank and card payment as expected, but the digital wallet options are limited compared to other brokers such as FXChoice who have plenty. I personally like to use eWallets as I find they can be the quickest way to get access to my trading funds.
Some fees may be charged when using certain payment methods. Withdrawal requests are processed within the same day or next if outside working hours. The withdrawal time can vary depending on the payment provider and method. Bank transfers may take a few business days to clear whilst some methods can be instant.
Some payment systems may have transaction limits, restrictions, and requirements which are indicated on their respective websites. You may need to verify your account to remove limits on particular methods in some countries. FXDD so not accept third-party payments. All funds deposited into your trading account must be under the same name as your trading account.
Accounts can be opened in a variety of currencies including USD, EUR, GBP, JPY, CHF, BTC. The different account currency options are beneficial as currency conversion fees do not apply when using an account in your own currency. They are one of a few brokers I have come across who allow crypto accounts.
Overall, I really like many aspects of FXDD and the trading services that they offer. They provide you with access to a reasonable selection of multi-asset trading instruments in a regulated environment so you can trade in comfort. They have simple yet powerful trading platforms including the ever popular MetaTrader platform and their very own proprietary web platform. There are trading accounts with and without commission, the ECN account having the lower spread overall. You can get free access to a great selection of daily market analysis and trading tools along with some useful educational materials. The Trading Central software is brilliant for finding customised trading signals. I think they could perhaps add some more funding options and managed accounts. If you are an institutional client and want FIX API trading solutions, then Global Prime might be worth checking out. That being said, I feel they have more than enough to satisfy the demands of the modern trader.