Real facts about the fake broker FXDD: reviews of deceived clients
Real facts about the fake broker FXDD: reviews of deceived clients
The broker FXDD attracts trusting traders with trading fiat pairs, cryptocurrencies, metals, oil, as well as using CFD contracts. To create the illusion of a reliable company, they developed a solid website with a user-friendly interface. However, the fxdd.com site is not adapted for Russian-speaking users. But judging by the reviews, this did not prevent clients from CIS countries from falling into the trap of scammers. We have decided to provide you with a detailed review so that you can personally see the dishonesty of the organization and avoid becoming one of the deceived users.
Regulation of activities
On the fxdd.com website, it is stated that the company is registered in Malta. For a moment, this is an offshore country that prestigious companies avoid. The company operates under a license from the Malta Financial Services Authority (MFSA). The document has been assigned the third category and registration number 48817. The broker’s details are indeed present on the official website of the regulatory body. However, FXDD does not mention that its activities are regulated only within Malta. This means that the rights of traders from other countries are not protected by European legislation. Therefore, the organization can increase commissions at its discretion or refuse a withdrawal request. According to clients, this is exactly what happens in reality.
The fxdd.com website also mentions a license from the Financial Services Commission of Mauritius (document number – C117017252). This island is located in the Indian Ocean, near South Africa. It is unlikely that such a license would inspire trust in large investors or professional traders.
First impression of the CFD broker FXDD
Considering the stage between the initial visit to the fxdd.com site and the start of trading, everything looks almost perfect. Before reviewing the feedback, we conducted a brief overview of the intermediary and made interim conclusions:
- simple and user-friendly interface (not translated into Russian, but basic knowledge of English is sufficient),
- availability of a large number of assets on all financial markets, working with the CFD trading instrument,
- support for many deposit and withdrawal methods – bank transfers, VISA/MasterCard cards, payment systems Neteller and UnionPay,
- trading on platforms MetaTrader 4 and 5,
- availability of a demo account to test trading strategies and evaluate the capabilities of the FXDD broker,
- minimum deposit size – $250 (a typical amount for licensed companies but discouraging for beginners),
- educational course for beginners, analytics, and news reviews for professionals.
Additionally, fxdd.com allegedly offers customer support, low spreads, high transaction security, and much more. But these promises are just words. All the listed advantages are just bait. Only upon reviewing the feedback did we find over 100 people who were deceived out of thousands of dollars. And how many other users decided not to write comments out of despair.
Review of reviews about the CFD broker FXDD
User Xodok was lucky, he managed to withdraw money with difficulty. At the same time, a commission was deducted under the guise of an unjustified penalty:
Trader ser1959 described a typical scam scheme with bonuses from the broker FXDD:
Client named Vyacheslav faced two problems at once – high commission and delayed withdrawal:
User Bogdan shared his story of deposit drain:
The review author named Alexey decided not to work with the brokerage organization because it offers non-market trading conditions. Obviously, this is an experienced client who first read several reviews and drew the right conclusions:
In her review, Irina did not find any advantages of the company, and noted only the negatives. She was most dissatisfied with significant withdrawal delays:
Client Alexey also shared all his thoughts about this scam project. Naturally, in a negative light:
Trader Maltakreuz shared a story about how he was urged to deposit more funds and persuaded to continue trading after several unsuccessful attempts. As a result, his account was blocked:
Here is a review of a clear scam scheme with account blocking. What does customer support do in such cases? Of course, nothing. We dare to assume that at that time, the client Odinus had a large sum in his account:
While reviewing forums, we came across several positive reviews. But, as San4a7 rightly noted, these comments cannot be trusted. No wonder, now the FXDD broker does not spare money to buy positive feedback. Nevertheless, there are many more negative reviews from dissatisfied clients on the Internet.
What is the FXDD scam?
The fake broker FXDD has developed several ways to lure money from trusting clients. Let’s review common schemes.
Exorbitant commissions
According to the terms of cooperation, the broker charges a commission of around 5 cents per trade. In reality, the fee amount can reach $10. Additionally, they promise to deduct a small and transparent withdrawal fee. However, in some reviews, clients mentioned that only a tenth of the required amount was credited to their account.
Furthermore, the company charges $30 for inactivity on the account for three months. If the balance is less than $100, they take 25% of the current amount.
Non-withdrawal of funds
The author of the review, who managed to withdraw an amount less than due, can be considered lucky. When reviewing forums, almost every feedback contained complaints about payment issues. The scammers at fxdd.com follow a standard scheme: they urge clients to deposit as much as possible, respond promptly to feedback, and disappear after a withdrawal request is made. In the first 1-2 instances, they may transfer funds, some even without delays. However, this is all a lure to make the client execute a large deal and take away all their assets.
Drain through losing trades
The scheme is automated to deceive trusting beginners who do not compare quotes with official sources and fall for the scam.
Technical issues
Scammers practice the following methods:
- resetting the account,
- blocking account access,
- order execution delays,
- slippage in trade executions,
- account hacking and platform slowdowns.
All problems are attributed to alleged technical glitches, from which the FXDD scammers make substantial profits.
Customer agreement
In the reviews, traders did not dare to admit that they were at fault for their failures. And that’s the truth. If you carefully study the client agreement, CFD broker FXDD turns out to be right. They honestly state that they can change trading conditions at any time and do whatever they want with the user’s account. Therefore, cooperation with fxdd.com can hardly be called a lottery, as there are at least some chances of winning.
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Conclusion of the review
The CFD broker FXDD is just a typical scam project with common schemes to deceive for large sums of money. Beginner traders do not trade here due to the high entry barrier. Typically, experienced clients have encountered fraud. This indicates that the fxdd.com company was organized by recognized scam masters. They developed a website with a good interface and a powerful engine. They filled the website with content (although they forgot to mention information about the company’s creators). They offered a demo account for users to evaluate the service’s capabilities and ease of use.
FXDD even allows you to accumulate a substantial capital. But when it comes to withdrawal, scammers vanish. If they do pay out funds, it is with significant commissions. As former clients say, in most cases, the money never reaches the account. Attempts to seek justice are unsuccessful because customer support only becomes active when motivating to deposit more funds.
Author: Victor Saltykov