Is FXDD Reliable?

Yes they do, but for real local brokers (not a subsidiary of overseas broker) the min deposit required for non-residents are much higher (like USD 15,000 and above) than for residents (like USD 2,000). However, for brokers that are headquartered overseas (like Saxo Capital Markets and CMC Markets Singapore), I don't think the min deposit for foreigners are higher.
I'll need to check the regulation details first now, I only know so far that forex brokers here are holders of Capital Market Services License under Leveraged Foreign Exchange Trading Regulation, issued by Monetary Authority of Singapore (MAS). I'll update again after I do some checks.

Attached is a part of the regulation by Monetary Authority of Singapore which we all care about (fund/money safety). All forex brokers here must obey these rules.
I'm very bad in interpreting laws (I hate to study law subject back in uni lol), but does it mean there that customers' (our) funds must be kept in really separated bank acc than the broker's acc? Thanks in advance for giving views/opinions.

Many Thanks to you...
I'm thinking of joining the Singaporean brokers too....

Hi Traex,

Thanks for the good info. Do you know if there is any broker in Singapore
which offer the MetaTrader platform for auto-trading?

Thanks,

Hi pipcruiser,

Sorry, I haven't found any broker using MT3/4 in S'pore so far. I'm still looking for one also lol. Hope there will be one overseas broker that uses MT open its branch here.

Any of you guys ever had problems with stop/limit orders?

Thanks

Sometimes during heavy news time, like slippages/requotes thingie.

Btw, I saw FXDD dropped GBP/JPY spread from 10 to 8. Anyone else having this too?

Yes, also IBFX has 8 now most of the time. I think it's because more traders are interested in this pair nowadays. Maybe we will see even lower spreads...

If you go here - http://www.forexdemos.com/fxddinfomain.html the following is stated:

"Clients funds at FXDirectDealer can be protected by FDIC insurance. FDIC insurance covers up to $100,000 of deposited funds. FXDirectDealer uses Citibank and segregates the clients margin in separate escrow account.

In addition to the specific account protection, FXDD is also a self registered Futures Commission Merchant (FCM - NFA Number #0271289

FCM status gives investors the following:

- A Framework For Dispute Resolution - The U.S. regulatory framework is widely regarded as the best in the world for investor protection. If a dispute with a Futures Commission Merchant arises, investor can turn to National Futures Associtation (NFA) or the Commodity Futures Trading Commission (CFTC)."

So even though FXDD is a subsidary of Tradition Securities and Futures Inc. it looks to me that if a dispute arrises investors do have the option of taking that dispute to the NFA. Please correct me if I'm wrong.

Please look at my post here:

http://www.forexfactory.com/showpost...stcount=368487

Interesting that this thread re-surfaced after 4 years and here is my finding.

Spread, Execution, are acceptable.

One thing I dont like about them which made me decide to leave is their lousy BackOffice which is the most important thing of all.

At one time, I funded my account when they were having this so called 10% deposit promo. They added the bonus promo to my account, then after a few days, removed it and then added it back... In the end, I only had one BONUS.

After months of trading and deciding to quit, I asked withdrawal. Quess what happened? They wired the wrong amount. They deducted 2x the bonus out from my account claiming I received bonus twice showing me matching transaction IDs. So I showed them the earlier deduction! After sometime, they corrected it and wired the remainder... BUT before they did so, I told them I AM NOT SHOULDERING the wire fees and bank fees for their mistake... So they promised to "add" all these on top of the next wire.. AND they goofed again! WTF..... They OWE ME $50 dangling in my FXDD account.....

Wierdly, they left the bonus money in the account with my $50.. So after watching, thinking of what to do with this remaining money, I decided to just gamble it off and went LONG USDJPY @85 something.... Sure enough, It got stopped out and the account took my $50 and ate more than half of bonus money as well!!!

I was told by several of my other friends who traded at FXDD that they too have similar problems. One claimed he was told half of their money was already withdrawn many months ago... WTF... this Broker is becoming a thief..