FXdirekt Bank Review
Update: As of December 2012, FXdirekt was closed down by BaFin, the German Federal Financial Supervisory Authority for repeatedly scamming clients. It is alleged that among other things, FXdirekt employees created a system through which they showed traders how to trade successfully in their demo account but not in their live account, causing them to lose their money.
Trading foreign exchange at the FXdirekt Bank can feel truly foreign to the English-speaking visitor with only vague memories of high school German to fall back on. German and Swiss banks do have a reputation for exactitude and rectitude so trying to navigate here to something more meaningful in one’s own language could prove to be worth it.
A bit of poking around on the web lets one determine that FXdirekt Bank one of a handful of German banks offering a comprehensive range of FX, and CFDs and so called FFDs (Futures for Differences) contracts on a range of instruments to retail clients.
Wolfgang Stobbe founded the firm in 2004. FXdirekt Bank has experienced rapid growth, by catering to German-speaking customers. The company headquarters can be found in Oberhausen, Germany. It employs close to 100 fulltime employees. FXdirekt Bank is the first German online bank to specialize in trading in foreign exchange and it is the German-speaking world’s leader in this market segment.
Websites other than fxdirekt.de mention services for English-speaking clients. The Google-based search “FXdirekt Bank English-speaking” does not bear significant fruit.
Google will translate most of the content found at the company’s website from German into English. We cannot vouch for the accuracy of that information as translated, but provide the following summary as a courtesy to the curious:
The company offers a wide range of different types of live account packages to traders in foreign exchange (Forex), contracts for difference (CFDs) and futures for difference (FFDs). The company makes platforms available at three levels for trading in these instruments. In English these are labeled Easy, Smart and Premium. Demo accounts are also available that allow for trading without real-world risk of losses clouding the picture.
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