FXDD Discussion

Hi folks,

I am in the hunt for a new broker and FXDD is one of the brokers I am seriously considering. I am aware they are a Market Maker.

For those that have had a live account with FXDD, please share your experiences here!

Thanks in advance.

Good morning Crucial Craig,
Ive traded live with them for some time and seem ok until you start making a lot of money,
Then they will use all sorts of excuss why there taking money out of your account!
So keep a good record of your trades and watch your statement very carefully

King Pippin

Thanks for the response. That's not very reassuring

i LIVE with them long.

service seems easy and reliable (from human to server)

but i have not made money yet, so not sure about what if i'm starting to make money.

i have a friend from FXDD. unfortunately, this friend told me same thing that when a customer makes a lot of money, FXDD closed its account. of coz, FXDD still return the money, but no more trading.

i do know more FXDD's dirty tricks. not sure if they still do that now, but hey, why would any broker stop doing them?

i also hope more FXDD users commenting this.

Traded with them live since 2008. Used to be the best of the bucketshops, but since 1st of this year, they have become one of the worst. They are now using all the old bucketshop tricks, all the things they used to not do. No question in my mind they are using the MT4 virtual dealer plug-in big time; it's now like they don't even care how obvious it is. Spreads are marginally worse, but execution is a complete joke at this point. I'm in the process of closing my account.

And for all the usual know-it-alls here that are going to say I'm complaining because I lost money-sorry Charlie. Fact is I've taken a LOT of money from these guys over the years, and have been playing with pure profits for a long time there, so can't complain really..., but the party's over now. I have no doubt FXDD will be glad to see me go.

Have you read about class action lawsuit against FXDD?
http://www.forexfactory.com/showthread.php?t=281338

Here is what I noticed:

1. Many ppl complain about most brokers

2. On every forex forum/reviews ppl give negative feedback when it comes to all brokers

3. Most if not all noobie traders always blaim their broker for their trading account wipe

4. I know cpl of ppl from this forum who are trading for over 5 years, they are profitable and they do use FXDD and they said they are happy with them.

So can you actually back up your accusations with a single proof or you just one of those 90%+ losers?

As for that lawsuit the company who sued FXDD, FXCM also sued aproximately 8+ other brokers, its called ''shooting in the dark and hoping for jackpot''

I dont want to judge anyone here but Im trying to understand why so many ppl complain about 95% of brokers?

Which broker do you think (cos you cant know for sure anyway) is the good one than?

BTW
Here is an email I recieved from FXDD when I asked them how do they handle their customer's accounts:

''The function of a "dealing desk" is the subject of much speculation in the Forex business these days. Some firms promote the fact of "no dealing desk." In all cases of retail trading, the pricing the customer sees is the pricing the customer receives. Dealers, such as FXDD, receive institutional level liquidity [pricing] from their global banks and then, with the spread widened, stream them out to their customers. Does this mean that customers are guaranteed no slippage on all orders? No. In times of extreme volatility, clients will not always get the price they clicked on. The market is a dynamic event and prices change quickly and latency may affect pricing. The critical factors here are the volatility of the market and the latency of the connection. Our dealing desk's role is to manage the liquidity streams between us and our market makers and to ensure that the customers always enjoy competitive pricing





The language, “trading against,” is always used in a derogatory manner, most often by a disaffected customer who lost money. FXDD does not trade against its clients, we make the market which allows customers to buy or sell in a certain currency pair, we are the counterparty to all trades. The direction of a customer’s trade is inconsequential to us. Logistically, if one takes the time to think about it, we could not move the rate even one pip against a client’s position without being inundated by scalpers and arbitragers on the other side. Morally, we would not even conceive to do so; it is not the way this company operates. We process hundreds of thousands of trades daily by computer not hand, which means there is no human dealer intervention.



One important difference between a dealing desk and an ECN is that execution at a dealing desk is more accurate and orders are more likely to filled at the rate you have selected. The reason being that the dealing desk (FXDD) is always the counter party to your trade, whereas with an ECN the broker may be less inclined to accept an order if the market has moved slightly or if the market is volatile out of fear that they may not be able to pass your order onto the banks. Another important issue that needs to be raised is that ECN brokers have more bridges or levels your trade must travel through before it can be executed, whereas with FXDD your order comes directly to us and is executed almost instantly. We do not rely on any third parties for execution and are one of the only brokers who have developed a proprietary in house bridge, which not only means that you are executed quickly but any disputes concerning execution can be handled internally while a dispute with a ECN may involve third and fourth parties who are far removed from the process.



The days of brokers taking advantage of there clients has greatly diminished as regulatory bodies have increased regulations and monitoring of forex broker dealers. We are regularly audited by the Malta Financial Services Authority (MFSA) as well as independently by Ernst and Young. Clearing firms such as FXDD have grown to the point where the reputational risk of bad executions is far greater than any monitary gains that could be realized by purposely trading against a client or trying to manipulate a market in our favor. With increased regulatory requirements brokers have to be extremely careful and take extra precautionary steps to comply with all industry regulations. We continue to do everything we can on our part to ensure that we operate with the ethical integrity that our clients expect and deserve.



In our opinion the most important thing for a retail client is to ensure that your positions are executed quickly and reliably. Regardless of whether you choose a traditional dealing desk or ECN there is still always going to be someone else on the other side of your trade, either your broker or in case of an ECN some other further removed party. It is also important to note that FXDD has a winning client percentage that is a full 10 points or more higher then other competing “non dealing desk firms” or ECN brokers.

Im not judging, promoting anyone, any broker here but this line makes me wonder:

''We are regularly audited by the Malta Financial Services Authority (MFSA) as well as independently by Ernst and Young. Clearing firms such as FXDD have grown to the point where the reputational risk of bad executions is far greater than any monitary gains that could be realized by purposely trading against a client or trying to manipulate a market in our favor.''

FXDD people how do you feel?Do you feel the pain ?http://forexmagnates.com/nfa-hits-fx...-it-over-3-5m/

No pain for me, not my broker. I was just reading about them; more people need to be aware of this, here is the guts of it -

Main Complaint:

“To make an IE (Instant Execution – MG) trade, a customer clicks on the bid or offer price seen on the customer’s computer screen, and FXDD simultaneously tags the screen price as the price at which the customer placed his/her trade (i.e., “tagged price”).

For example, in an IE trade, if a customer wants to buy 100,000 EUR/USO where the bid price on the customer’s computer screen is 1.43 and the ask price is 1.45, the customer would click on the ask price of 1.45 to buy the contract and that would be the tagged price captured on the front-end of FXDD’s system. However, before executing the trade and confirming it to the customer, FXDD would also run the customer’s order through two primary “checks” – a “margin check” and a “price check” – on the back-end of FXDD’s system. The “margin check” ensures that the customer has adequate funds to make the trade, while the “price check” ensures that when the back-office system receives the customer order that the tagged price remains within certain price parameters based on current market prices. After these “checks” are completed, FXDD either fills the customer’s trade at the tagged price of 1.45 or rejects the trade.

During a visit to FXDD in June 2011, NFA discovered that FXDD had been using asymmetrical price slippage settings since becoming an NFA Member in December 2009. These asymmetrical slippage settings were activated during the “price check” process when FXDD’s system compared the customer’s tagged price to current market prices. If, after the customer entered his/her order, the market moved in the customer’s favor (“positive slippage”) by no more than two pips, then FXDD would fill the customer at the tagged price.

On the other hand, after the customer entered his/her trade, the market moved in the customer’s favor by more than two pips, then FXDD would reject the order. However, FXDD did not follow this same practice if the market moved in FXDD’s favor. In this situation, FXDD would allow the market to move an unlimited number of pips in the direction favorable to FXDD, without re-quoting or rejecting the customer’s order.

As a result, FXDD always filled the customer’s order at the tagged price, even if the tagged price was far outside the prevailing market price at the time the order was executed. Under such circumstances, the customer’s position would be unprofitable the very instant it was executed.

It is funny how FXDD is in the list of recommended brokers by forex factory despite being proven to be nothing but criminals

http://forexmagnates.com/nfa-hits-fx...-it-over-3-5m/

Looks like FF is not very trustworthy.

On the broker in question, no opinions either way but the negative reviews would make me think if I was in the market for a broker..
On FF being not very trustworthy - well, not sure what to make of that statement..

FXDD handles price slippage in a transparent and fair manner. We are currently reviewing the NFA’s filing and will work with them to bring this matter to a constructive resolution. Beyond this, it is company policy not to comment on legal matters still pending.

I assume brokers need to pay to advertise to be in that section? Not sure it is a FF responsibility to determine if they have problems that the NFA is only now finding...

''FXDD handles price slippage in a transparent and fair manner'' really? you firm and your bosses stealing from the retail traders and that is why NFA charged FXDD for''stealing''.Thieves..

Yeah? Then they should take out FXDD from the list of brokers...


Alright at least they are smart enough to put this in.

This could be the beginning of the end, will be closing my account out by the end of this week. My 2 cents, it's a shame I worked my butt off deveolping a profitable trading system when i should of jus started up a forex brokerage dealing desk and imploy all the shady tricks fxdd was doing to make money!! I opened an account back in 2006 to try and make some money in a fair and honest way, obviously FXDD doesn't have those standards.