- March 19, 2016
- By: Forex Reviewer
- 13 Comments
User Rating:Updated on: March 19, 2016
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20+ Currency Pairs
FXDD Broker Review
FXDD are primarily a US company, but it has an affiliate company based in Malta to enable clients to take advantage of the regulation and protection of countries in Europe as Malta is a full member of the European Union. FXDD operate as forex brokers to the retail forex market, but are also heavily involved with institutional trading, they also offer white label solutions to companies who re-sell their services. Winner of the ‘Most Trusted Forex Broker Europe 2012’ award, FXDD are gaining more respect and accolades every year. The only year they failed to win an award since 2008 was in 2009, but they managed to pick up four awards in 2010 at the ‘FX Traders Choice Awards’ for their contributions to forex trading systems.
Trading Markets and Products
As one of the most comprehensive forex traders in terms of customer service and trading options, it is a little unclear about the access to products. Of course, it is a fair assumption that FXDD offer more products than any sane forex broker could possibly track, but it is not clear to the average person if they allow complete access to all products or if some are reserved for larger investors although it is hard to see why they would do this.
FXDD offers no less than seven different platforms to enable their users’ access to many more markets than its competitors and they cater for all levels of knowledge and competence. The platforms are:
Each platform has recommended levels of trading although the full featured Swordfish platform is the standard-bearer and that has the same recommended minimum as MetaTrader at just $250. There is a plethora of information available about each platform on the FXDD website, but suffice to say, no other trader comes close to offering more forex trading platforms with better options than FXDD and if there are features you like in any platform you have used in the past, FXDD have them available and most likely many more.
FXDD Advantages and Disadvantages
Obviously the options for forex trading platforms sets them above the competition, but the truth is that when you are used to using one platform, the rest become redundant. Not to worry, because there are many more benefits to using FXDD. Such as, the ability to use a strategy to automatically place trades or stick with the manual option and if you are not sure which platform is best for you, there is a simple questionnaire to help you decide.
What I like about FXDD
A professional setup puts your mind at ease, especially when you trade large volumes. There are always people who moan about the size of pips, the re-quotes on some systems, but in fairness, FXDD has covered every angle so there is nothing left to chance. FXDD guides you down the correct path depending on your level of intended investment and this can save people from being thrown in the deep end when they first open a trading account or finding they have made a poor decision based on a lack of knowledge about the forex brokers and how they operate. Many forex brokers operate at differing levels and not all are as welcoming as others, while some will be better cater for people who want to spend less time at their screens. FXDD manages to cater for all people, which is probably the most difficult thing to do.
Things I didn’t Like
There is little clear information about the products FXDD trades or offers to customers, which is a little unnerving at first. There are so many forex brokers selling their services on the basis of providing access to more currency pairs than the next guy, but to a degree FXDD takes it for granted you are already aware of their ability to out-perform other brokers if the competition is based on the amount of products available. This would be better if it was made clear at the start although it is doubtful that someone would not choose FXDD because of this issue.
Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
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