FXDD (FXDirectDealer LLC) is a retail ECN broker that was established in 2003 in New York. Since FXDD is an ECN broker, they do not take the other side of clients’ trades, but are able to quickly pass through trades and match them on the interbank network of 60+ banks. They claim to typically have fixed spreads but occasionally, like high volatility during news events, the spreads can become variable due to the nature of being an ECN broker. They currently offer 20 different currency pairs to trade, on five different trading platforms. With the flexibility of these five different platforms to choose from, good customer service and some unique learning tools, FXDD is recommended to retail and institutional traders alike.
The FXDD website is relatively easy to navigate, but not nearly as polished as the site of FxPro, another top ECN broker. Unique is the option of choosing from five different trading platforms, which are very well explained and compared on the site. The MetaTrader platform allows for minimum of $250 deposit, while the Powertrader platform for institutional traders requires a minimum of $25,000USD. The application process will take 1 day to complete but is easy. Deposits may be accepted for live trading accounts via personal check, paypal, or bank wire transfer. Free demo accounts are available and easy to download for each of the 5 trading platforms. Gold and silver can be traded on the FXDDtrader platform. FXDDauto trader platform is available to let clients choose from signals providers who will then trade the client’s trade account automatically. This option coincides with FXDD’s recent approval as a broker for ZuluTrade.
The trade platforms themselves do require some extra time to learn in order to start trading quickly. For example, the FXDD trader is automatically set to give a 30 pip stop loss on all trades, it takes some looking on the platform to figure out how to modify or turn this feature off. The platform’s “help” section is mediocre. But all the typical trade orders are available along with trailing stops. Most of the platforms are fully customizeable. Mobile trading is also available on “smart phone” cell phone via these platforms. Take the time to demo the platforms before putting real money on the line. FXDD did win a “Best Arabic Platform 2008” in October.
FXDD offers decent customer service and also good trading tutorials and training. Email questions were responded to on a Sunday evening very quickly. The Live Chat button on the website is also very responsive and is divided by different languages available at that time. FXDD also gives live forex trading seminars around the US during the year, for a small fee. The schedule can be found on the website.
In all, this retail ECN broker receives 4 stars. Much like other large brokers such as eToro which are regulated in multiple regions, FXDD is regulated by by the NFA and MFSA. If you are looking for a non-dealing desk broker with good spreads, good customer service and several trading platform options, this broker may be a good choice.
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i love fxdd... fxdd give me oppurtunity to start this trading. almost 1 month i tried this real game... now my money 100% was returned back. started with usd1000 and now my capital balance equal to usd3253.78, amazing performance. actually i'm from malaysia and my age now 23 years old... my target wants to be millionaire when i'm 30 years old..... so fxdd will be my middle rock...os asrar iffa July 2009