FXDD

Added on September 19, 2011 10:38 AM
(4 / 5)
Spread: 2.0 Min. lot: 0.01 Execution: ECN,STP,Market Maker
Leverage: 1:50 Country: United States Regulated by: NFA,MFSA
Min. deposit: $250 Platforms: Metatrader, Custom trading platform, Mirror Trader Payment methods: Bank Wire, Credit card, PayPal
Headquarters: 75 Park Place, New York, NY 10007

FXDirectDealer LLC, better known as FXDD is a Forex broker in retail ECN that was founded in 2003 in New York City. As FXDD is basically an ECN Forex broker, the company does not accept the other side of trades from clients, but they can swiftly pass through the trades and even match them on their interbank network of over 60 banks. As a broker, FXDD claims to have fixed several spreads but sometimes, such as high volatility spreads during some news events or spreads that become variable as a result of the nature of ECN broker.

At present, FXDD offers 20 pairs of currency for trading, on 5 different Forex trading platforms. These 5 different types of platforms offer greater flexibility to FXDD, which is one of the most important features of this trading platform. In addition, the pleasant and prompt customer service of the company, a pool of learning tools and its overall treatment were all very impressive.

Trading Platforms

FXDD is one of the global Forex brokers offering an array of choices when it comes to Forex trading platforms. There are 5 different trading platforms for FXDD, which include:

  1. MetaTrader 4,
  2. MTX (which is an improved version of MetaTrader 4),
  3. Viking trader (an excellent ECN platform powered by Currenex),
  4. PowerTrader (another professional ECN platform powered by Currenex),
  5. Jforex (trading platform of Dukascopy Bank).

In addition, there are other platforms like Currensee, Mirror Trader and ZuluTrade for the trading signals. It is likely that you will find yourself completely lost in thoughts – which one to choose and which is suitable – this is, exactly, what traders are wondering! Because of so many choices given by one forex broker, it is definitely a tough choice. However, experts know how to find their way and novices will benefit from the tutorials.

Features

FXDD website is easily navigable and it is one of the most important feature of any Forex broker platform, though it is not as polished and swift as most of the other ECN broker sites like FxPro. It could have definitely been better.

However, the feature of trading platforms – 5 different options to choose from, is not a matter of joke, and everybody is talking about it. Very well thought and conceptualized. As a matter of fact, the explanation and comparison on their website with respect to the several trading platforms they have offered is outstanding. It is not just going to be helpful for experienced traders but it will benefit beginner traders immensely. It can prove to be a great learning experience, too.  

MetaTrader 4 is the most polished platform of all which allows you a minimum deposit of $250, whereas the Powertrader, meant for instructional traders, requires a minimum deposit of $25,000. The process of application takes 24 hours to complete and it seemed to be quite simple, decent and easy to use apparently.

Deposits are usually accepted for real time or live trading accounts through PayPal, back wire transfer, or personal check.

There are free demo accounts also available, easily downloaded for all the 5 different trading platforms. Silver and gold can also be added on this trading platform. There is an FXDDauto trader platform only available to allow clients to choose from the signals providers that will then trade their client’s trade accounts automatically. However, this option tends to coincide with the recent approval of FXDD for ZuluTrade as a broker. Though, it is unlikely that there will be any effect.

The trading platforms do need some additional time for learning to start quick trading. For instance, the platform, FXDD trader has been automatically set to offer a 30 pips stop loss on trades, and it takes some time to look on the platform and figure out ways to modify or turn off this feature. If that’s not an issue, you are all set to make your move.

The “Help” section, we found, was satisfactory. All typical trade orders are commonly available along the lines of trailing stops. All the platforms are customizable, which is really commendable. You can also use mobile trading platform, which is available on all smart phones via various platforms. Demo each platform before trading real money.

Help and Support

The decent help and customer support offered by the team of FXDD is satisfactory for most traders. The customer support team is prompt and responsive, which is something important.  Also, there are good Forex trading training and tutorials included. Email questions and queries were responded to very quickly. There is a Live Chat, which was equally responsive and divided by various languages available.

One interesting support we found is the live Forex trading seminars around America during the year. However, this service is chargeable at a nominal fee. You can check out the schedule online.

Summary

Overall, it was found that FXDD Forex trading platform is proficient in various aspects of trading and the best for all types of traders. As a retail ECN broker, FXDD fairs decently for most users, at least it did for us. Much like some of the larger Forex brokers like eToro that is regulated in many regions, FXDD is also regulated by the MFSA and NFA. The features of Live Chat and language options makes the Forex broker friendlier than most of the brokers seen till date. The website design is also technically sound and navigable, which lets you spend less time in searching; you can hit the spot directly. Moreover, information related to Forex trading seminars and other details can keep you intrigued to the website as you learn more about what is happening around the Forex trading market. Traders looking for a hassle-free, non-dealing desk Forex broker that offers good spreads, multiple trading platforms, and satisfactory customer service, FXDD may be the appropriate choice.

FXDD is the winner of the “Best Arabic Platform 2008”, and there’s every reason for such remarkable performance. Putting together so many platforms and managing an excellent website is highly praiseworthy performance.


Clicky