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The scam broker FXDD claims that it provides its brokerage services in Malta and Mauritius. Both of these places have a different set of regulators, one out of them was under a very close investigation by the European banking authority. Ironically the previous CEO of this company had close links with a third-degree murder felony. Also, This is only what we could find about the so-called regulatory authorities. Let us discuss the scam broker more clearly below:
FXDD History:
The scam broker goes forward to claim that it has been a broker since 2002, at the same time it restricts the class of tradable assets to just six. A broker that is so old should ideally cover the market more than FXDD does.
The broker also fails to mention the sale and purchase of crypto or even the use of it. The scam broker looks like it is more inclined towards energies and forex trading. The broker clearly fails to give an introduction to the history it has had.
FXDD Account types:
Without mentioning that it is an STP or NDD broker, FXDD goes on to give STP and ECN accounts. That might be a very good example of hypocrisy. Commission based trades and spreads exist in the same loop and the broker does not give a single thought to the people who are new to the website and the detailing of the website is kept at a bare minimum. The UI gives a very confusing look to a novice trader. Also, the broker hides the information about the minimum balance for both the accounts.
Education and resources:
Under the resources tab, the broker gives very irrelevant information, in the form of pdf documents. Even the shown content is outsourced from somewhere else.
All of this can be ignored for one but everything that the broker has up on its website is almost one year old. This is no considered a scam practice at all because it is one. Not providing information and serving the visitors with an idea that it’s safe to be there are all a hoax and a big lie.
Not even a shred of the provided information is peer-reviewed, instead, it is written by a so-called employee of the firm. This information is supposed to be completely new and has to be created under expert supervision since this is what makes the difference between profit and a loss.
None of the information is peer-reviewed and is written by some employee of the company. The trading related information has to be reviewed a lot since the market moves every single day and probably more than that.
The education material is kept restricted to users who are already registered with the so-called trading firm. They are called users and not traders because that is what the broker thinks of them.
Regulations:
The so-called broker claims that it has regulations in Malta and New york. One out of these two authorities has been under a keen observation by the EDA. Also, the last CEO of the trading firm had close links with third-degree murder. Maybe that is the reason behind the sudden flip in the CEO position.
The above-provided information is 100% true and should probably be more than enough proof for a trader to realise the fact that the broker is not in a state where it could handle any sort of economic involvement. Let alone the broker being just risky. The regulatory authority itself is in the wrong here, how can there be chances of any right being that can happen under the broker?
FXDD: Tradable assets
The scam broker claims that it has been in the market for a very long time. Even if the claim was to be true, the broker has not updated itself with the market at all. It does not allow cryptocurrency trading and does not tell anything about the current market moving stocks.
It looks like the broker wants the trader to trade only in forex and energies. Both of these two are volatile markets and are also occupied by almost all the big players in the market.
The novice does not stand a lot of chance in front of the people who have the ability to move the market as they like.
The liquidity game:
Brokers that are equipped with one or more liquidity providers or even one, just for the sake of an argument, will at some point of time start acting as the broker to these providers and not the trader.
The process that involves the movement of money is very different and it is falsely magnified by the presence of a liquidity provider.
The big banks generally play the role of a liquidity provider and when the money that is used for trading, belongs to an entity, then that entity is bound to direct where the market goes.
FXDD: Commission and spreads
Apart from when the market moves, the broker charges additional spreads on trades that are already commission-based. Day traders, in particular, will not get along with this whole idea of money making by the broker. This happens because swing traders and scalpers make their stake of money by making a lot of trades. These are low-profit trades. But the prior adds up when all of them are correct.
When the broker eats up the money in between the profits, it is not a very good feeling.
Deposit and funds:
The scam broker asks for an additional fee so that the whole process of depositing and more importantly, taking the money out can move seamlessly.
The broker ensures that the incoming money comes in very fast and the outgoing money takes a lot more time so that the trader is kept in a constant loop.
Platforms:
The scam broker shoves MetaTrader4 onto its users, disregarding the fact that MT5 is in the market, doing wonders.
Any application or a platform for that fact is updated by the parent company because its previous versions have had has some incapabilities. The same is the case of MT5 and MT4. the older platform has had some restrictions in the past that MT5 could take on. The broker just does not care about this and goes on with MT4.
Minimum balance:
The scam broker gives no information at all, whatsoever, about the minimum balance requirement and also the minimum balance constraint for opening an account. Since a lot of relevant information is missing, the broker is open to making margin calls at will. Such unnecessary calls restrict the trader from a lot of market exposure.
Support :
A trader in need of tech support is always redirected to a different number-line which can be later contacted at, as claimed by the scam broker. Till then, the trade which had to be looked upon is already gone, what s left is a loss and no profit can be made anyhow.
Final call:
The broker FXDD is a complete scam broker and we strictly advise our traders to not put their money in the firm.
A broker that old should be either evolved or should be blacked up enough to provide the concrete for its claims.
There are a lot of other brokers that can be looked upon. Giants like HFTrading, GlobalTrade ATF, T1Markets have been in the game for a very long time and are long trusted by their traders, who are considered a family.
Frequently asked questions:
Is FXDD a scam broker?
Nothing can be said about the safely of the broker, but what we can say is, that the broker keeps a lot of information hidden and those are all the characteristics of a scam broker.
Can I lose money while trading with FXDD?
The question is, do you even know how much you’ll need while getting involved.
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