Forex Currency Trading Broker
If you're looking for a good Forex currency trading broker, FXDD might be one that you want to consider. They are one of the most popular brokers in the United States and they have traders from all over the world. If you are thinking about using them as your broker, learn what you can expect in this FXDD review.
Overall Rating: 9/10
Safety of Funds: 10/10
Customer Service: 10/10
Minimum Account Size: $100
Forex Broker Review
FXDD is located in the US and as such, they are a member of the National Futures Association. If you can get past that flaw, they are actually a pretty good broker. If you open an account with FXDD, you will have to trade with a maximum of 50:1 leverage.
They are an ECN broker which means that your orders are processed electronically into the market. They do not take the opposite side of your trade, which is the case with many Forex brokers today. This means that you do not have to worry about a conflict of interest here.
Opening an Account
This is one of the Forex brokerage firms that will allow you to get started even if you have only a few bucks to trade. You can open an account with as little as $100. As we've said in other places on the site, if you expect to make any money only investing $100, you probably shouldn't hold your breath until you do.
When it comes to depositing money in your account, they also have a variety of payment options to choose from. You can put money into your account using a debit or credit card, with Paypal, Click and Buy, a bank wire, or by sending a check through the mail.
One of the cool features that we found with FXDD is that you can actually open an individual retirement account or IRA. This feature is only for US clients. With an IRA, you can put money into the account without paying taxes on it. Then you invest in the Forex market and the money you make is not taxed. When you reach the age of 59 1/2, you can start taking money out of the account and you will pay taxes on the money at your regular marginal tax rate at that time. Not a bad deal by any means. If you are a talented Forex trader or you have a system that works, you can make a substantial amount of money by doing this. Not every Forex currency trading broker offers thids feature.
FXDD is one of the best brokers when it comes to education and tools as well. They have some great Forex tutorials that will teach you the basics of the Forex market.
They also have a variety of trading platforms for you to use. Of course, they offer Old Faithful a.k.a. MetaTrader for those who are familiar with the software. If you don't like MetaTrader platform, they have a more custom platform that you can use.
Basically, if you're looking for a solid broker and you don't have an account yet, this is a Forex currency trading broker that you should move towards the top of your list. They really are a quality outfit and they have good customer service. You can always open a demo account with them and try out their platform. If you like it, open an account and get started trading. After all, a pip today is always better than a pip next week.
Get Paid to Trade
If you want to open an account with FXDD, you may as well make some money while doing it. If you open an account through Cashback Forex, you can trade through FXDD and get a percentage back from every trade you make. Click on the banner below to find out more information about the program or to open an account.
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