I used FXDD for live trading for almost two years. I knew they were not regulated by any authority, I knew their customer support was polite, but absolutely incompetent, I knew their spreads would widen up to 60-90 pips before major news releases, there would be re-quotes, slippages and frozen server during high volatility periods. I perceived all this more or less normal for a broker and learned to live with this.
However, today my patience has come to an end. At 04:30 EST, during the UK Trade Balance release, the spread on GBPUSD went up to 31 pips for 3 seconds. These are secondary news recently, so I didn't think of protecting myself before the release. A buy stop order was triggered, and its 26 p SL was also triggered instantaneously... I checked with a couple of other MT4 brokers - no one seemed to have such a widening.
I wrote to the customer support. I was answered that FXDD "do not actually make the market", but rather "we receive our prices directly from the Interbank market", so I was advised not to leave positions during news hours. FXDD not market maker? Judge yourself the validity of this assertion...
The continuation came with the 07:00 UK Interest Rate announcement. The movements just before the release and during its first moments were amazing. I couldn't believe this was possible. I've checked with four MT4 brokers, all show the same quotes for GBPJPY for 06:00 hour bar (about 214.93 low to 215.46 high) and for the 07:00 bar (about 214.77-216.03). The quotes at Oanda are very similar to these. The quotes at FXDD for the same hours were 213.96-215.46 and 213.99-216.04! Almost 100 pips difference on the prices received "directly from the Interbank market"!
I wrote FXDD about this, but got no response. The response came in a different way. When I checked the platform several hours later, I saw that history was re-written: the 06:00 bar is now 215.09-215.46 and the 07:00 bar is 215.20-216.02... George Orwell sends his best regards...
I'm done with FXDD...
However, today my patience has come to an end. At 04:30 EST, during the UK Trade Balance release, the spread on GBPUSD went up to 31 pips for 3 seconds. These are secondary news recently, so I didn't think of protecting myself before the release. A buy stop order was triggered, and its 26 p SL was also triggered instantaneously... I checked with a couple of other MT4 brokers - no one seemed to have such a widening.
I wrote to the customer support. I was answered that FXDD "do not actually make the market", but rather "we receive our prices directly from the Interbank market", so I was advised not to leave positions during news hours. FXDD not market maker? Judge yourself the validity of this assertion...
The continuation came with the 07:00 UK Interest Rate announcement. The movements just before the release and during its first moments were amazing. I couldn't believe this was possible. I've checked with four MT4 brokers, all show the same quotes for GBPJPY for 06:00 hour bar (about 214.93 low to 215.46 high) and for the 07:00 bar (about 214.77-216.03). The quotes at Oanda are very similar to these. The quotes at FXDD for the same hours were 213.96-215.46 and 213.99-216.04! Almost 100 pips difference on the prices received "directly from the Interbank market"!
I wrote FXDD about this, but got no response. The response came in a different way. When I checked the platform several hours later, I saw that history was re-written: the 06:00 bar is now 215.09-215.46 and the 07:00 bar is 215.20-216.02... George Orwell sends his best regards...
I'm done with FXDD...
sans peur et sans reproche
