By: Hillel Fuld

FXDD (FXDirectDealer LLC) is a retail ECN broker that was established in 2003 in New York.  Since FXDD is an ECN broker, they do not take the other side of clients’ trades, but are able to quickly pass through trades and match them on the interbank network of 60+ banks.  They claim to typically have fixed spreads but occasionally, like high volatility during news events, the spreads can become variable due to the nature of being an ECN broker.  They currently offer 20 different currency pairs to trade, on five different trading platforms.  With the flexibility of these five different platforms to choose from, good customer service and some unique learning tools, FXDD is recommended to retail and institutional traders alike.

The FXDD website has recently been updated and is very easy to navigate.  Unique is the option of choosing from five different trading platforms, which are very well explained and compared on the site.  The Metatrader platform allows for minimum of $250 deposit, while the Powertrader platform for institutional traders requires a minimum of $25,000USD.  The application process will take 1 day to complete but is easy.  Deposits may be accepted for live trading accounts via personal check, paypal, or bank wire transfer.  Free demo accounts are available and easy to download for each of the 5 trading platforms.  Gold and silver can be traded on the FXDDtrader platform.  FXDDauto trader platform is available to let clients choose from signals providers who will then trade the client’s trade account automatically.  This option coincides with FXDD’s recent approval as a broker for ZuluTrade.

The trade platforms themselves do require some extra time to learn in order to start trading quickly.  For example, the FXDD trader is automatically set to give a 30 pip stop loss on all trades, it takes some looking on the platform to figure out how to modify or turn this feature off.  The platform’s “help” section is mediocre.  But all the typical trade orders are available along with trailing stops.  Most of the platforms are fully customizeable.  Mobile trading is also available on “smart phone” cell phone via these platforms. Take the time to demo the platforms before putting real money on the line.  FXDD did win a “Best Arabic Platform 2008” in October.

FXDD does offer exceptional customer service and also good trading tutorials and training.  Email questions were responded to on a Sunday evening very quickly.  The Live Chat button on the website is also very responsive and is divided by different languages available at that time.  FXDD also gives live forex trading seminars around the US during the year, for a small fee.  The schedule can be found on the website. 

In all, this retail ECN broker receives 4 stars.  One concern is that their NFA application has been “pending” since summer 2008.  If you are looking for a non-dealing desk broker with good spreads, good customer service and several trading platform options, this broker is a good choice.  Once they are approved with NFA, they will be even better.