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Anyone trades with FXDD?

  • #1
  • First Post: May 24, 2007 8:58am May 24, 2007 8:58am
Hi,

I was scoping through the different brokers and came across FXDD. They happen to be running a live trading contest. It seems pretty interesting. They say that whoever has the highest gain-1st place-can win $30,000. But before I invest with them I wanted to know if anyone has an account there and if so how are they? Any other recommendations?

Sally
  • #2
  • May 25, 2007 2:47pm May 25, 2007 2:47pm
Quoting FXDD Customer Agreement - "FXDD acts as a principal and charges no commissions or brokerage fees. FXDD may retain the difference between the purchase and sale price it pays on or receives from your transaction"

IE: They inflate the real market price and blindly charge you MUCH MORE than you would be paying if you had a good broker.

My recommendation, use mbtrading.com ONLY. Spreads on the majors and virtually always 0-1 pip.

good luck
My favorite indicator is discretion.
  • #3
  • May 25, 2007 2:54pm May 25, 2007 2:54pm
I agree, there is some "markup" included with any retail broker, but what MBT doesn't give you is much in the way of swaps OR a user-friendly FREE trading/charting platform.

So, it sorta depends on what you want to do with your trading that will determine what type of broker you need.

For the most, part though...as retail brokers go, FXDD is pretty much inline with most. They have their issues, but I was never unhappy with them when I used them.

Quoting akdrmeb
Quoting FXDD Customer Agreement - "FXDD acts as a principal and charges no commissions or brokerage fees. FXDD may retain the difference between the purchase and sale price it pays on or receives from your transaction"

IE: They inflate the real market price and blindly charge you MUCH MORE than you would be paying if you had a good broker.

My recommendation, use mbtrading.com ONLY. Spreads on the majors and virtually always 0-1 pip.

good luck
  • #4
  • May 26, 2007 2:23pm May 26, 2007 2:23pm
I've never had a problem with FXDD .. Good CS, 3HR wire withdrawals, never had anything shady or suspicious happen.
USD Est Non Mortuus
  • #5
  • May 26, 2007 5:44pm May 26, 2007 5:44pm
A trader must have a platform in which he/she feels confortable trading. Metatrader is great when it comes to designing your strategy from scratch.
I have been using metatrader for over 2 years now and I wouldnt change it for no other platform.
DISCIPLINE IS THE KEY TO SUCCESS!!!:nerd:
  • #6
  • May 26, 2007 5:54pm May 26, 2007 5:54pm
guess it depends what kind of trading you do...

if your an active trader. ( 10-20 trades a day) like me. mb is pretty much the only option. If you are looking for larger moves 100-200 pips maybe a retail broker is tolerable. But irregardless you will still pay more trading on inflated prices. Retail brokers keep 1-3 pips markup in every trade. For example, trading 100 lots of EUR/USD your talking about $100-300 more than you should of paid. Not to mention stop sweeps. AHHH!!!!!!

as far as charts.. well that is not MB's department, but for roughly $50/month visualchart4.0 is a fantastic deal for forex.
My favorite indicator is discretion.
  • #7
  • Last Post: May 26, 2007 7:45pm May 26, 2007 7:45pm
Quoting scorpio7237
Hi,

I was scoping through the different brokers and came across FXDD. They happen to be running a live trading contest. It seems pretty interesting. They say that whoever has the highest gain-1st place-can win $30,000. But before I invest with them I wanted to know if anyone has an account there and if so how are they? Any other recommendations?

Sally
I've traded with them for years. When I started they were OK. But lately I have only one word about them TERRIBLE. I would not receive a data feed during news hours, or I would get disconnected, the platform would freeze, the trades were made @price that didn't exist at the time they were made, and you name it...
I stopped using them after I called complaining about the trade that was executed later than expected and I lost $100 or $200 because of that. I was told: "What? We have millions to take care of, not your lousy hundred dollars!" I decided that my lousy hundred dollars are my hundred dollars and I don't want to lose them or any other amount of my money because of the atitude of a broker.
Good luck if you decide to go with them.
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