FXDD Is Why Im Broke

50 Words on – Why you can go broke with FXDD?

From where I come, there is a saying: “Never fight with an idiot. He will bring you to his level and will defeat you! He’s got more experience”. And I’ll be damn if FXDD has no experience to rumple the clients. If someone would organize a competition called “the worst broker of the year”, FXDD would never miss it. Every year, they collect nominations and sometimes even “victory cups” from international regulators.

  • June 2012:  The NFA has charged FXDD with differential slippage as well as with violations of NFA rules regarding trade cancellations.
  • October 2012:  The NFA has file a complaint against FXDD for AML failing to implement an adequate AML Program.
  • September 2013:  The NFA and CFTC have fined FXDD approximately $2 million dollars.  The company also must repay $1.8 million to clients for asymmetric slippage.
  • January 2014: FXDD Malta has been fined €25,000 by the Malta Financial Services Authority.

If you want to see how they qualified for these nominations, you can see it here [1].

 

 

How can you avoid going broke with FXDD:

  • Don’t say bad things about them. You risk getting an invitation to the law court. Raimundas knows it better [2].
  • Although this is more like a general rule, especially in this case you should deposit only money that you can afford to lose.
  • On their website, in the “about us” section is written: FXDD – “defining the future of online forex trading.” Forget about the “future”. You need to focus on the present: with no money in your trading account, there is no future for you in online Forex trading.
  • Don’t trade with FXDD on normal trading sessions. There is high risk of market volatility and could trigger some spreads widening or huge slippage. Is better to trade when everything is calm: in the weekend
  • Their minimum deposit is 250$. That’s more than enough to test them and if you are a profitable trader I would ask for weekly withdrawals of the sums above the deposit.
  • On the live account section, it says that it takes you around 10 minutes to apply. It takes you even less to leave their website.

 

 

Editor’s Note – Would I Trade with FXDD?

The broker has been around for many years, and it has caught the eye of people from all over the world since it has put its name out there with numerous sponsorships of motorsports teams. This forex broker is looked upon as one of the more popular ones on this planet. I really like the way the website looks and it has a bunch of key information making a trader’s life that much easier. Also, the trading tools, education and services provided are going to be very beneficial for traders. If I will ever run in any motorsports competition, I will give them a call. If I will ever need inspiration to build a forex related website, I might have them as a muse but for hell that I will give them my money. Since there are other brokers available, I don’t think is a good idea to invest my money with FXDD. And if I wasn’t clear until now, I don’t think is a good idea even for you to invest your money with this company.

 

References

  1. FPA on FXDD
  2. Scam Alert on FDXX

 

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