FXDD.com Review

1.775 · 172 REVIEWS

FXDD Malta Ltd

Updated: May 14, 2021 · Visit site  · Is this your company?

FXDD is an online forex broker. FXDD offers the MetaTrader, MTXtreme, MT Mobile, Mirror Trader, and Swordfish top forex trading platforms. FXDD.com offers over 30 currency pairs, gold, silver, and oil for your personal investment and trading options.

FXDD.com
January 28, 2014;  FXDD Malta has been fined €25,000 by the Malta Financial Services Authority.  CLICK HERE to verify.
September 18, 2013:  The NFA and CFTC have fined FXDD approximately $2 million dollars.  The company also must repay $1.8 million to clients for assymetric slippage.  Click here to see the FPA article on this subject.
October 23, 2012:  The NFA has file a complaint against FXDD for AML failing to implement an adequate AML Program.  Click here to read about this NFA action.
June 29, 2012:  The NFA has charged FXDD with diffential slippage as well as with violations of NFA rules regarding trade cancellations.  Those trade cancellations relate directly to FXDD's legal action against an FPA member.  The FPA is following this case very closely.  Click here to read about this NFA action.

March 2012:  There is a very serious issue going on between an FPA member and FXDD.  It appears that FXDD is taking legal action against a trader and claiming that the trader somehow forced FXDD to accept prices that were not real.  Click here to read about it.  The FPA emailed FXDD about this issue on March 16th and is still awaiting a response.

This issue has resulted in a guilty verdict in the FPA Traders Court.  Click here to see the case.

The FPA recommends EXTREME CAUTION dealing with this broker.

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 30:1
Minimum to Open Live: $1
Established: 2002
Address: K2, First Floor, Forni Complex, Valletta Waterfront Floriana, FRN 1913, Malta
Contact: support@fxdd.com.mt, (+356) 2013-3939
Regional offices:
Regulators: MFSA #IS/48817, FSC Mauritius #C117017252
Prohibited countries: Unknown
Trading platforms: MT4, MT5, WebTrader
Web Trading: Yes
Mobile Trading: Yes
ECN: Yes
Currencies: (50+)
Cryptocurrencies: (5+) Bitcoin, Litecoin, Ethereum
CFD: (30+) Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Oil, Other Commodities
EAs/Robots: Yes
ZuluTrade: Yes
Deposit Methods: Bank Wire, VISA, MasterCard, Neteller, UnionPay
Withdrawal Methods: Bank Wire, VISA, MasterCard, Neteller, UnionPay

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1.775 · 172 REVIEWS
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Traders Reviews

Rio,
, USA,
Jun 18, 2012,
Guest

I had an account for four years with FXDD. It was great at first but problems happened. Basically, they stole my money from my account. I did not trade for about six months because I was busy. So I did not check my account for a while. I recently tried to trade and I realized my balance was wrong. I contacted FXDD and they said they adjusted my balance. How this happens? Can they just adjust my balance even without trading? It was bulls***! They stole my money. I complained and they promised to solve this problem. Do you know what they did? They said they adjusted my balance long ago and it was too late to claim it. They said I had to check my balance every day even though I did not trade. Do not use FXDD you cannot trust this company.
 
matt weaver,
phoenix, USA,
May 31, 2012,
Guest

Business 101: never sue your customers.

I want to join fxdd so bad because of their Mt4 mirror trade integration. But I can't join a forex company that takes legal action against their customers for bogus reasons. I will be taking my business to fxcm. Which has a similar setup with currenex. Get a hint fxdd!
 
selcuk,
Istanbul, Turkey,
May 21, 2012,
Guest

I rated them with 5 stars two years ago. Now I am rewarding them with 1 star! I have left them 1 year ago due to their inappropriate trading conditions that changed to my disadvantage gradually.
I used their MTXtreme platform, which was advertised as low spread plus $ 8 commission per lot. In the beginning, the spread for EURUSD was around 1 pip and the Gold spread was around 60 cents. Then the spread for EURUSD got wider and wider in months and became higher than the regular MT4 account spread! Then why in the world I have been paying commissions? MTXtreme platform had to be a platfom intended for high volume traders and have better conditions, but I was being punished with less favorable trade costs. A trader who opened an account with $ 500 could trade with better spread and no commission than a trader who had an account of $ 50,000! How fair is that? At the time, the spread for Gold became 75 Cents, I began also trading Gold, but as I traded more my spreads got higher. I complained of this situation by an e-mail. They returned with a reply saying they were not interfering with the spreads on MTXtreme platform, because it was an interbank platform and they were making money with just the commissions. Then with the same, even lower spreads on standard MT4 platform they should have been making no money, becuse they didn't charge any commissions on that platform. How funny! Even funnier is that, they lowered my Gold spreads to 50 cents the next day. They weren't interfering with the spreads, but they could lower them! But hey, that's not all, when they lowered the Gold spreads, my EURUSD spreads got higher (around 2,2 pips) in one night on this interbank platform, which they were not able to interfere with. Within those months I had those experiences, I also experienced order rejections and lost money, of course.
Then a friend told me about their PowerTrader platform, which had been powered by Currenex. This was an institutional platform with very tight spreads and low commissions. Ok, that was for me! I carried my account to PowerTrader plaform. On the very first day of my trading, The platform suddenly began to open trades one after another, It had opened 11 trades in a few seconds, before I could shut down the platform and stop the "welcome party". I lost $ 600. When I made my complaint to the company, they told that the trades were opened by me and that was not a mistake of theirs. The money was not so big, so I'didn't insist. After a few weeks, one of my trades was stopped out at a price, that had never been seen on the market. That had cost me another 600 bucks. However the spreads were magnificient 0.6 - 0.8 pips for EURUSD and nearly the same for GBPUSD and I was paying half the commissions of the MTXtreme platform, so I did not leave the company for some while more. I was in the "interbank" market. What could be better then that? Then, in a few months My magnificent spreads got worse gradually. In the beginning, I was almost never seeing a spread of 1 pip for the EURUSD, it had been always lower. But months after, my spreads were never going lower than 1.1 pip. When I tried to get a report from the platform, I have seen that I could filter the results by the counterparty, i.e. I could get the report of my trades I made against X Bank or Y Bank. However in this field, there was only one choice, FXDD! From all that experience and experiences of fellow traders, at last I understood that this Currenex platfom was just a mask that disguised their robbery. I was not trading in an interbank environment, this was just a lie. The counterpary was always FXDD, they could play with the spreads as they wished and they could stop your trade at a non-existent price. They could open trades from your computer and do all the dirty tricks to rip you off your money as a scammer broker would. Also one of my friend's account was recently emptied with a trade, which he never opened and they never take the responsibility. He will file this case to the FPA in a few days. They were very good when they were trying to attract clients from Turkey, when they first entered intı Turkish retail market. Then they turned out so bad.
I think there is no good reason to open an account with them. There are some good brokers in the market, find them and don't lose your hard-earned money, just a friendly advise...

2010-05-02 5Star I just laugh when I read all the negative feedbacks here.

I never experience stop hunting. There has been many times when my trades went to profit without being stopped out, even though the price got as close as 1 pip to the SL.

SL and TP are always respected.

Execution is one of the fastest I have seen so far, compared to other MT4 brokers.

Requotes are very rare and happen during volatile hours only.

Account opening, funding and withdrawals are nearly immediate, considering the overseas transactions.

Customer support is always friendly and helpful.

Their MTXtreme platform and account is awesome, very tight spreads and low commission (request a discount for the commissions, you will get it!). The only one with so tight spreads, while it is not an ECN.

The only thing I can complain about is their relatively high spreads on regular MT4 account. EURUSD is 2 pips fixed, that's OK. But the other pairs are somewhat high. This is not a problem for me, since I mostly trade EURUSD.

They have different platforms for different trader profiles, including mobile MT4.

I advise this broker to all traders, whether newbie or experienced.
 
Caterpillar,
, Singapore,
Apr 18, 2012,
Guest

I would like to highlight to everybody that so far I see only negative slippage for stoploss but no positive slippage for take profit on FXDD
This is different from other brokers I use
I suspect that the switch to 5-digit/3-digit is to make use of the fact that it is 10x more easy to get slippage due to the finer granularity and thus more opportunity for them to keep the positive slippage
Is this similar to the FXCM unfair slippage case

My comments in asterisks
FXDD Chat: We don't guarantee Stop losses becuse, in a fast market, prices might gap straight through the stop price. A stop order is designed to limit losses (by guaranteeing execution). Sometimes the order can get triggered at a price worse for the customer because of price volatility. The rationale for this is that we need to get the customer out at the next dealable rate, rather than hold on to the position, which might result in further losses. However, we can only trade at rates we ourselves are getting, so if we cannot trade at their stop price, it must be done wherever it can be. We guarantee Take Profits because Take profits are limit orders. An actual definition of a limit order is an order to buy at not more, or sell at not less, than a specific price. This gives the trader control over the price at which the trade is executed; however, the order may never be executed ("filled"). Limit orders are used when the trader wishes to control price rather than certainty of execution. With limit order or take profit, we guarantee a price, just like the definition of a limit order states, since if it is reached, it is provided for execution.
***You may be keeping the positive slippage of course Take Profits better be GUARANTEED***

...

FXDD Chat: No, because they are two different types of orders. Take profits are limit orders, by definition, limit order can only be executed at the exact price you placed.
***WRONG! A limit order can be executed at a specific price OR BETTER!***

...

Thank you for using FXDD Live Talk. You may now close this window.
Your session has ended. You may now close this window.

Found this somewhere on their website:
"LIMIT ORDERS ARE FILLED AT THE LIMIT PRICE WITHOUT IMPROVEMENT. LIMIT ORDERS ARE NOT TREATED AS “OR BETTER” ORDERS."
Ahha! So where does the positive slippage go when theres a better price?

They can even twist the definition of a limit order These guys are definitely fishy
Im too lazy to check on their rollovers whether they copper customers money in this area also
For all these I must be fair to say most market executions are fast and at the exact price Strange!
 
Michael,
Pennsylvania, USA,
Mar 17, 2012,
Guest

Do not deal with these people.

I did, and when I got ahead, they noticed, and it was only a matter of hours until they cleaned out my $16,000 with margin calls and fake numbers with adjusted spreads to hit margin calls. The prices that I was called on, never happened after I checked. Forget the 5% bonus they offered me when I put in $10,000....they got it back. They had race cars, and when I was down to nothing, I was still getting reports about how good their race cars were doing.

And in learning over the years, there is a rule that I stand by....if you open a demo account anywhere, and somebody calls you with pressure....run for your life.

The high pressure salesman that they had now works for a different company....and he is hitting me again, and does not even remember past dealings. Chris is his first name...

I should hit the SCAM button here, but I wont.....I will give one star so that people read it.

Avoid this company even though they might have licenses now. They operated in the past with only applications.
 
Raimundas,
Vilnius, Lithuania,
Mar 14, 2012,
Guest

Issue escalated to Traders Court Raimundas vs. FXDD.com and FastBrokers.com | GUILTY
As I understand the NFA rules, dealer have less than an hour after a trade closes to cancel if it's a pricing issues. Hereby, the FXDD has brutally broken the NFA rules and I decided to fill the complaints on the NFA's Contact Us and CFTC's Information Reporting Form Websites. As outcome, the NFA started the investigation. The NFA's investigation is not finished yet, but we have won the first our battle: at 17th Feb, 2012 the FXDD dealer has been obligated to refund our profits and the trading account balance has been successfully restored. But it's not the happy-end of this story...

Suddenly, yesterday I've gotten the summons in a civil action against FXDD and the whole bundle of judicial documents... This time, the case has involved couple (total number of defendants is 10) unfamiliar defendants. The mentioned documents are full of flaws, lie and slander. I have sent all these documents together with my thoughts and my findings to the FPA's investigator Mr. Gerard. I've also started new thread in the "Scam alerts folder" (see the link: www.forexpeacearmy.com/forex-forum/scam-alerts-folder/19265-fastbrokers-fxdd-case.html ) and filed an FPA Traders Court case.

Since I'm not lawyer, I'm not sure, if I would be capable to defend myself and my father... Additionally, my English is very poor. Thus, I'm requesting for your help. I think, it's time to stop these FXDD thieves.

2011-12-05 1 Star This review is a continuation of FastBrokers's story (see my review dated 1st November, 2011 here: www.forexpeacearmy.com/public/review/www.fastbrokers.com.
After the FastBrokers denied to pay rebates, I contacted the FXDD's support asking about the reasons to disable the trading account. Initially, FXDD's response was as follows:
"Please be advised that your account has been archived. If you wish to reactivate your account, please send a request to support@fxdd.com stating that you want to reactivate the account."

Then I requested to reactivate our (it's a joint account) account. After this, I got different response - see below:
"Please be advised that the trading account has been disabled by our compliance department. Please call and speak to James Green from our compliance department at your earliest convenience."

Then I requested for the James's Green's explanation. After few weeks of silence, at 30th November the sum of $3642.68 vanished additionally without any explanation from the balance of trading account. Finally, on the next day I have got the James's Green's reply:
"After analyzing all records related to your account, FXDD has determined that you have violated the terms and conditions of your customer agreement. Specifically, you have violated the provision set forth below. As a result of your off market trading activity, FXDD will return your deposited funds to you and disable your account. Any profits attributed to off market trading will be withdrawn from your account. You will be prohibited from trading at the firm in the future."

My father and me doesn't agree with James's Green's explanation, because the trading activity on our joint account was in full accordance with FXDD Customer Agreement and Trading Rules. We will try to prove and seek this case to be updated it as SCAM.
 
CTGUY,
Alabama/Tennessee, USA,
Feb 22, 2012,
Guest

A once highly regarded broker is now seeing a lot of complaints. This is a lawsuit recently filed against the company:

Morgan Business Trial Group have announced that they sued FXDD as well. Details of the case are pretty much similar to FXCM’s. In basis of the complaint is the allegedly aggressive and misleading marketing by FXDD as well as that it is in fact a market maker which goes after its clients and doesn’t STP all orders as it claims. The Plaintiff Hugo Cruz has allegedly lost almost $300,000 due to these practices.

The lawsuit, filed on February 11 in the United States District Court for the Southern District of New York (Manhattan Division), is the second class action lawsuit filed by the firm against Forex dealers in the past week, alleging fraud, deceptive trade practices, and racketeering. On February 8, The Business Trial Group filed a similar case against Forex Capital Markets, LLC (FXCM). As in the FXCM case, the suit alleges that FXDD has defrauded thousands of customers using deceptive and unfair trade practices, including falsely portraying its Forex trading platform as “transparent,” when instead it is a “rigged game,” designed to systematically separate customers from their money.

The Plaintiff, Hugo Cruz, brought the action on behalf of himself and all other similarly situated FXDD customers, accusing FXDD of fraud by misrepresenting its trading platform as one that is free from dealer intervention or manipulation. Instead, Cruz alleges, FXDD uses a number of devices and tricks, including software applications, designed specifically to manipulate and interfere with customers’ trades.

Like the FXCM case, the suit alleges that FXDD uses specially designed software to manipulate trading and “loot” its customer accounts, and also that FXDD lures its customers by promoting a “demo account,” which was touted as providing customers with a true market trading experience. Instead, the suit alleges, the demo account does not reflect what FXDD does when the customer begins “live” trading.

Lead Trial Counsel Tucker H. Byrd, of the Morgan & Morgan Business Trial Group of Orlando, Florida, stated, “We are continuing to bring legal action for redress of wrongs that we believe have occurred to thousands of Forex customers for years by dealers who have been entrusted with their customers’ money. Unfortunately, many Forex dealers engage in questionable practices, and we intend to pursue any and all of them until we have put an end to these abuses.”
____________________________________________________

My concern is with the company lying and deceiving me. It took two days to fund my account using a credit card. After requesting a refund, the company claims they don't know where the funds are. Now I can see why the company is receiving negative reviews. I strongly do not recommend this company and foresee a very short future for them if they keep on with these deceptive practices. Customer support, sales support and accounting are very unprofessional in my opinion. If you ask to speak to anyone in the corporate offices, they will say that they can't give out that information. Is this the kind of people that you want in charge of your trading account...NOT!
 
Jerome Reynolds,
Twin Cities, MN, USA,
Nov 16, 2011,
Guest

MT4 is BAD. Account trades and balance don't match official records. And today I they did not honor a stoploss. Only an 8 pip difference but when I asked their customer support, the answer I got was stoplosses are not guaranteed and that the transaction was closed at the best available price. An 8 pip difference for 0.25 lots in the middle of the NY and LONDON session when there is no news.... Clearly they are not a good broker.

Moreover, they charge $10 commission/lot plus a 3 pip spread on MT4 accounts. There are much better deals out there.
 
Ali Ahmad,
Lahore, Pakistan,
Nov 10, 2011,
Guest

This is one of the Best FX Broker I have ever seen.

Benefits:

Quick Deposit and Withdraw the amount.
Best Customer Service.
Best Online Chat Service.
Best MT4 with Various Tools.
Quick Email Response.

Negative:
Some Times Off Quotes while trading and Re Quote.

I have been trading with this broker from past 8 Months This is the Best FX Broker. Those who says this broker is not good they have to prove that. Otherwise you can try this broker with full confidence.

FXDD Best Broker
 
John,
NSW, Australia,
Sep 13, 2011,
Guest

FXDD has become one of the worse brokers. They widen spreads massively up to 40-50 pips wide, create big slippages and they hunt stops. On one AUD news they hit my stop 50 pips away without any justification. Stay away from them.