In the world of forex trading, choosing a reliable broker is pivotal to a trader’s success. One of the names that frequently pop up is FXDD.
Traders Union published the FXDD review to give potential users a comprehensive understanding of this popular platform. This review helps traders understand whether FXDD is the right fit for their trading needs. TU has also mentioned FXDD’s pros and cons and analyzed its main features.
What is FXDD?
According to TU experts, FXDD pronounced “Efex-didi,” is an STP broker that has rendered services since 2002. They offer to trade in six asset classes, which include currency pairs, cryptocurrencies, and contracts for difference (CFDs). With offices situated in Malta and New York, this broker serves over 400,000 clients globally. Its operation is regulated by the Malta Financial Services Authority (MFSA) and the Mauritius Financial Services Commission (FSC).
Pros and cons of FXDD
Traders Union experts have meticulously examined FXDD, highlighting several key strengths and weaknesses.
Pros of FXDD:
- Minimal Initial Deposit: The broker requires only a minimum deposit of $1, opening the door to traders with varying financial capabilities.
- Robust Trading Platforms: FXDD provides users with both MetaTrader 4 and MetaTrader 5 on desktop and mobile, in addition to a web terminal. These platforms are known for their advanced features and user-friendly interface.
- PAMM and MAM Accounts: FXDD offers PAMM (Percentage Allocation Management Module) and MAM (Multi-Account Manager) accounts for traders interested in passive investment. These accounts allow traders to have their funds managed by experienced traders, potentially earning profits without active trading.
Cons of FXDD:
- High Spreads on Standard Accounts: FXDD’s standard accounts start with high spreads from 1.9 pips on the EUR/USD pair. This can lead to higher trading costs, especially for frequent traders.
- Absence of Cent (Micro) Accounts: FXDD does not offer Cent (micro) accounts. These accounts allow traders to trade with minimal amounts (in cents) and are often favored by beginners who want to practice trading with minimal risk.
- Complex Account Opening Procedure: The process of opening a trading account with FXDD is relatively complex and lengthy. This could discourage traders from looking for a quick and straightforward account setup.
- Limited Choice of Payment Systems: FXDD provides a limited selection of payment systems for depositing and withdrawing funds. This may inconvenience traders who prefer to use specific payment options.
- Lack of Russian-Language Support: There is no Russian-language website and support offered by FXDD, which could be a barrier for Russian-speaking users.
Analysis of the main features of the Forex Broker
TU experts give FXDD an overall score of 2.84/10. The broker scored 2.63 in order execution, 3.05 in investment instruments, and 2.69 in withdrawal speed. The customer support performance was rated at 2.99, while various instruments received a slightly higher score of 3.21. The trading platform was evaluated with a score of 2.47 out of 10.
Trading conditions for FXDD users
FXDD provides its users with several trading platforms, including MT4 and MT5 (for Desktop, Mobile, and Web) and WebTrader. Accounts available include Demo, Standard, and ECN, with currencies such as USD, EUR, GBP, and JPY. Payment options include credit cards, bank transfers, Neteller, and UnionPay. The minimum deposit starts from $1, with leverage of up to 1:30 for retail and up to 1:100 for professional traders. FXDD offers a variety of trading instruments, including 67 currency pairs, 20 CFDs on stocks, 13 indices, 7 metals, and 4 energy resources.
In addition, Traders Union has published a detailed review of Earn2Trade. It’s a great broker with exciting features and support for users. To read the complete review, visit the official website of Traders Union.
In conclusion, FXDD offers a range of trading options, making it a potential fit for various traders. However, the high spreads on standard accounts and limited payment systems might be a deterrent for some. Regardless of your trading preferences, this detailed FXDD review from Traders Union can be a handy guide. For more insights, do visit the Traders Union’s official website.