FXDD, Are they any good as a broker?

[walkertn]

I have been learning with demo accounts for a couple months. I really like the Meta Trader 4 software. Does anyone else use FXDD as a broker? After reading the reviews on forexbastards.com I am unsure of them and I am hoping someone has experience dealing with them. I need a better idea before giving them a bunch of money.

Thanks

[bangun]

Hi Walker,

My suggestion is do not trust a lot on forexbastards, because some of the guys that post complains there, complained too much. It could be that they are scalper, or somewhat that cheat the broker. I think fxdd is a good broker, with solid financial background - tradition group-. For me, I would not expect too much with a broker, as long as I get the right profit, good service, and good withdrawal transfer service, I would stick to that broker. I don't really care about the spread since I am a swing trader. I don't mind if they counter trade me if by doing that they can minimize their loss-risk to zero. I love profit myself, but I love my broker to be profitable as well, since a loss with my broker, would start loss for me -e.g they cheat on me, they ran away with my money-. Well, it depends though. If you are scalper, I think FXDD is not a good place for you, unless you have a really big account size -regular account-, since they'll counter trade you, even though their spread is pretty competitive. If you're a swing trader looking for a good and pretty safe place to put your money. Go with FXDD.

Cheers,

Bangun

[trinat]

Like was already said, it really depends on what type of trader are you and what are the things that matter to you most in your future broker. I can recomment you finotec with whom I've been trading. I had no negative experience with them and I've tried both scalping and swing trading with them. So if you are a scalper - they have rather tight spreads, low costs and margin requirments.

[walkertn]

Thank you for your replies. I didn't really plan on doing any scalping or news trading. I just wanted to hear from someone else who has used fxdd before I put my money with them.

Why would a broker trade against you? That doesn't really make any sense. How would they become profitable by trading against me? If they are making money off the spread then it really should not matter whether my trade wins or loses, they make money as soon as I submit the order. Its me that wins or loses according to how the trade went.

[bangun]

Hmm,

As people told me, when a broker execute order from their clients, they must buy/sell regular lot size. There is no mini lot size in interbank execution. Once upon a time, there is only 7 mini lot order buy. It means there is still three mini lot buy order left unsold, and to protect the broker from loss, as I know, from people, they counter your trade by 3 mini lot, since it will give them security against price change with that three mini lot that they trade. Broker don't take risk, they don't trade for profiting from price change. A trade againts that buy position, which is sell, will give an effect to the price, which is 1 pip down, and the spread which originally 2, became 3. -that's what a scalper complainsl-. Mostly broker has direct dealing power to execute order with 0 pip spread, even positive as I heard. Well, it's just what I heard from people though. I don't know what the heck is really going on down there. Just my 2 cent.

Cheers,

Bangun

[walkertn]

I think I've decided to use forex.com instead. Although I do not like there software quite as much, it is still functional. I like that they have the backing of a larger company, and the research that the company does and has accessible from within their software makes it more attractive.

Thanks for the replies anyway ;-)