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FXDD
 

Updated: February 2009

Min. Deposit: 300

Founded: 2002

Platforms: Metatrader 4

Regulation: pending registration with the NFA

Customer Support: Multi-Language + Live Chat available.

The Good: Large and reliable broker

The Bad: Very slow support. Spreads are way too high

 
 

FX Direct Dealer is a legal US company, Address is 75 Park Place , 4th Floor New York , NY 10007, USA . They even have a racing (!) team lol. As they claim they are pending registration with the NFA

I used FXDD for a long time and find it pretty good however their support is very slow and far from perfect and the spreads recently are way too high. For example - how do you like this spread history chart?

I decided to make a investigation of the spread issue and ask the questions to FXDD support directly:

FXDD Investigation Chat

English Support: Welcome to FXDD Live Chat. How may I help you?
Mark: Hello. When was FXDD founded? Are you regulated?
English Support: we have been in business since 2002
English Support: we are pending registration with the NFA
English Support: and should be fully registered within a few months
Mark: Are you a dealing desk broker?
English Support: we get our rates directly from our Interbanks
English Support: there is no dealer intervention
English Support: and we pass them directly along to our clients
Mark: I see.. However your spreads on standard account are way too high comparing to other brokers. For example 5-8 on EURGBP comparing to 3-5 in other brokers. Could you explain please
English Support: we are offering the best spreads we can offer given market conditions sir
English Support: I cannot comment on what other brokers are offering
Mark: Do you consider to make the spreads lower in future?
English Support: that is out of my reach
English Support: I can tell you that we are doing everything we can to offer you the tightest possible spreads
Mark: I tried to compare FXDD standard and Xtreme. You claim lower spreads on Xtreme however I could not find any significant difference. They are same high but fractional. Please explain.
English Support: MTXtreme offers spreads of 0-2 pips on all the majors
English Support: during normal market hours
Mark: However during asian market at night GMT spreads are around 7-10 (!) which is way too high
English Support: I understand your position sir, but the spreads are what they are, I cannot change them
Mark: Okay. that is sad.. thanks for your support anyway..
English Support: no problem

Update April So far I am not happy with this broker. The Fixed Spreads on a standard FXDD account are way too high and the eXtreme account with variable spreads has frequent offquote errors and high commissions.