FXDD

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BrokerFXDD
CompanyFXDD Malta Limited
Year since2002
Headquarters
RegulationFSA(Malta)
ModelECN & MM
US Clientsno
Min Deposit($)1
ECN Account Min Deposit($)25000
ECN Commission($)/rtl(Round Turn Lot)4
Offer Fixed Spreadno
Offer Variable Spreadyes
EURUSD Lowest spreads (pips)
Account CurrencyUSD
Max Leverage200
Minimal Lot0.001
Deposit MethodBank Wire, Credit Card, -Skrill, -clickandbuy
Withdrawal methodBank Wire, Credit Card, -Skrill, -clickandbuy
Scalpingyes
Hedgingyes
All EAs Allowedyes
Currency Pairs38
Goldyes
Gold Spread(100oz)
Silveryes
Silver Spread(5000oz)
Oil
CFDsno
Other InstrumentsCommodities, Energies, Options
MAM/PAMM AccountsMAM/LAMM
Managed Accountsyes
Swap-free accountsyes
Segregated Accountsyes
Interest on Marginno
Bonuses & Rewardsyes
Trading contestsyes
Trading platformMT5, MT4, Currenex, MTXtreme
Platform Execution
Platform Time ZoneGMT+2
Trailing stopsyes
OCO ordersyes
One-click executionyes
Trade with mobilephoneyes
Trade in browseryes
APIyes

Company: FXDD Malta Limited

FXDD17

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7 thoughts on “FXDD

  1. Smile says:

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    I use to be with FXDD.. The worst service ever

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    Feedback: 1 positive
  2. NFA FINE $500000 (12/23/2014)(FXDIRECTDEALER LLC) says:

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    Narrative for 0348542 – BOTKIER, JOSEPH
    **TO VIEW THE DOCUMENTS, GO TO CASE DOCUMENTS.**
    COMPLAINT:

    On September 3, 2014, NFA issued a Complaint charging FXDD with failing to implement an adequate anti-money laundering program, failing to offset transactions in the accounts of certain customers in a fair and acceptable method, failing to file certified financial statements in a timely manner and using misleading promotional material to solicit customers. The Complaint also charged FXDD and Botkier with failing to adequately supervise the firm’s operations and its employees.

    DECISION:

    On December 8, 2014, pursuant to a settlement offer submitted by FXDD and Botkier, FXDD was ordered to pay a $500,000 fine. FXDD was also ordered to voluntarily withdraw as a provisionally registered Swap Dealer; and thereafter operate only as an NFA Member IB. As an NFA Member IB, FXDD was ordered to not act as a counterparty or dealer in any swaps transaction and maintain adjusted net capital as required for an IB under NFA Financial Requirements Section 5.

    Narrative for 0397435 – FXDIRECTDEALER LLC
    **TO VIEW THE DOCUMENTS, GO TO CASE DOCUMENTS.**
    COMPLAINT:

    On September 3, 2014, NFA issued a Complaint charging FXDD with failing to implement an adequate anti-money laundering program, failing to offset transactions in the accounts of certain customers in a fair and acceptable method, failing to file certified financial statements in a timely manner and using misleading promotional material to solicit customers. The Complaint also charged FXDD and Botkier with failing to adequately supervise the firm’s operations and its employees.

    DECISION:

    On December 8, 2014, pursuant to a settlement offer submitted by FXDD and Botkier, FXDD was ordered to pay a $500,000 fine. FXDD was also ordered to voluntarily withdraw as a provisionally registered Swap Dealer; and thereafter operate only as an NFA Member IB. As an NFA Member IB, FXDD was ordered to not act as a counterparty or dealer in any swaps transaction and maintain adjusted net capital as required for an IB under NFA Financial Requirements Section 5.

    http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=4002
    http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=4057
    http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=4003
    http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=4058

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    Feedback: 2 positive
  3. CFTC FINE $600000 (09/24/2014) (FXDIRECTDEALER LLC) says:

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    Narrative for 0397435 – FXDIRECTDEALER LLC
    September 24, 2014
    FXDirectDealer, LLC Ordered to Pay $600,000 Civil Monetary Penalty and to Comply with Three-Year Registration Ban as FCM or RFED for Violating Minimum Financial Requirements and a Prior CFTC Order

    Firm’s Supervisory Failures Led to Repeated and Extended Periods of Undercapitalization

    Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against FXDirectDealer, LLC (FXDD), a CFTC-registered Retail Foreign Exchange Dealer (RFED) and Futures Commission Merchant (FCM) headquartered in New York, New York, for failing to meet the minimum financial requirements for RFEDs and FCMs, failing to supervise its employees, and failing to comply with a prior CFTC administrative order dated September 30, 2013 (Prior Order) (see CFTC Press Release 6725-13). FXDD has been registered with the CFTC as an FCM since December 10, 2009 and as an RFED since September 2, 2010.

    Under CFTC Regulations, RFEDs and FCMs that offer or engage in retail foreign exchange (forex) transactions must at all times maintain adjusted net capital (ANC) of $20 million, or more in certain circumstances. In the Prior Order, the CFTC found that FXDD failed to maintain its required ANC during at least 18 separate months between November 2010 and December 2012 and ordered FXDD to, among other things, cease and desist from further violations of its ANC requirements.

    According to the Order, during the period March 20, 2013 to December 11, 2013, FXDD improperly included certain funds held in an account at an unregulated entity in its ANC computations. After excluding those funds as required, the Order finds that FXDD was undercapitalized for 96 days between April 24, 2013 and December 13, 2013. Additionally, the Order finds that FXDD was undercapitalized for 41 days between September 30, 2013 and December 13, 2013 in violation of the Prior Order. The Order also finds that FXDD violated CFTC minimum financial requirements by making three prohibited equity withdrawals between January 13, 2014 and February 14, 2014.

    Each of these violations, the Order finds, was a result of FXDD’s inadequate supervisory system and its failure to diligently supervise employees, officers, and agents with respect to the handling and monitoring of FXDD’s compliance with its minimum financial requirements.

    The Order imposes a $600,000 civil monetary penalty against FXDD for its violations, as well as a cease and desist order and a three-year registration ban as an FCM or RFED. The Order notes that in settling this matter, the CFTC took into account the corrective action that FXDD undertook after its deficiencies were discovered and FXDD’s pending request to withdraw its registrations as an FCM and RFED.

    The CFTC thanks the National Futures Association for its assistance.

    CFTC Division of Enforcement staff members responsible for this case are Rachel Hayes, Charles Marvine, and Richard Wagner. Kevin Piccoli, Gerald Nudge, Robert Loeber, and Nicholas Chiacchere of the CFTC’s Division of Swap Dealer and Intermediary Oversight also assisted in this matter.

    Media Contact

    Dennis Holden

    202-418-5088

    Last Updated: September 24, 2014

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    Feedback: 3 positive
  4. CFTC Fine $275000 (09/30/2013)(FXDIRECTDEALER LLC) says:

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    Narrative for 0397435 – FXDIRECTDEALER LLC
    September 30, 2013
    FXDirectDealer, LLC Ordered to Pay $275,000 Penalty to Settle CFTC Charges of Violating Minimum Financial Requirement Rules

    Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges that, between November 2010 and December 2012, FXDirectDealer, LLC (FXDD), a CFTC-registered Retail Foreign Exchange Dealer (RFED) and Futures Commission Merchant (FCM) headquartered in New York, New York, failed to comply with minimum financial requirements for RFEDs and FCMs. FXDD has been registered with the CFTC as an FCM since December 10, 2009 and as an RFED since September 2, 2010.

    Effective October 18, 2010, the CFTC adopted comprehensive rules to protect members of the public who buy foreign currency (forex) contracts from, or sell forex contracts to, forex firms. Under these rules, RFEDs and FCMs that offer or engage in retail forex transactions must at all times maintain adjusted net capital of $20 million, or more in certain circumstances.

    According to the CFTC Order, FXDD did not maintain its required adjusted net capital during at least 18 separate months between November 2010 and December 2012, with month-end adjusted net capital computations showing that FXDD was undercapitalized by more than $7.5 million at one point. Because FXDD reported its adjusted net capital on a consolidated basis with its subsidiary, FXDD apparently did not realize that, on the required stand-alone basis, it failed to satisfy its adjusted net capital requirements throughout most of this period, the Order finds.

    The Order imposes a $275,000 civil monetary penalty and a cease and desist order against FXDD for its violations. The Order notes that in settling this matter, the CFTC took into account FXDD’s cooperation and the corrective action it undertook after its deficiencies were discovered.

    The CFTC thanks the National Futures Association for its assistance.

    CFTC Division of Enforcement staff members responsible for this case are Rachel Hayes, Thomas Simek, Charles Marvine, Rick Glaser, and Richard Wagner. Kevin Piccoli, Ronald Carletta, Robert Loeber, and Nicholas Chiacchere of the CFTC’s Division of Swap Dealer and Intermediary Oversight also assisted in this matter.

    Media Contacts

    Dennis Holden

    202-418-5088

    Last Updated: September 30, 2013

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    Feedback: 3 positive
  5. NFA FINE $1095119 (10/03/2013) FXDIRECTDEALER LLC) says:

    Rating

    Narrative for 0397435 – FXDIRECTDEALER LLC
    COMPLAINT:

    On June 29, 2012, NFA issued a Complaint charging FXDD with using asymmetrical price slippage settings that favored FXDD over customers; failing to supervise the trade integrity of the firm’s electronic trading systems; failing to maintain complete and accurate records; failing to review the use of promotional material; making improper price adjustments in customers’ accounts; knowingly converting customer funds; failing to implement an adequate AML program; and failing to develop and implement adequate procedures to ensure that all entities and persons that the firm does business with are registered with the CFTC and NFA Members. The Complaint also charged FXDD and Green with willfully submitting misleading information to NFA and others; failing to treat all customers equally when giving price adjustments; and failing to supervise.

    ANSWER:

    On October 1, 2012, FXDD filed an Answer to the Complaint in which the firm denied the material allegations contained therein.

    DECISION:

    On September 18, 2013, pursuant to a settlement offer submitted by FXDD and in conjunction with NFA Case No. 12-BCC-030, FXDD was ordered to pay a $1,095,119 fine, of which $914,131 is attributable to FXDD’s unfavorable price slippage practices. (FXDD will also pay a penalty of $914,131 to the CFTC in conjunction with its related action against FXDD.) FXDD was also ordered to pay $1,828,261 in restitution to FXDD customers who experienced unfavorable price slippage on “limit-fill-or-kill” trades placed in their accounts from December 10, 2009 until June 29, 2011. In addition, FXDD was ordered not to impose any fees, penalties, or other charges for restituion credits made to customers’ accounts, nor impose any fees or restrictions if and when affected customers withdraw the restitution funds credited to their accounts. Finally, FXDD was ordered to provide all necessary information to NFA so it can verify that FXDD has credited the affected customers the amount of restitution due them for unfavorable price slippage they experienced on “limit-fill-or-kill” trades placed in their accounts from December 10, 2009 until June 29, 2011; and that those credits were, in fact, received by such customers.

    Narrative for 0209125 – GREEN, JAMES EMERSON
    **TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS.**
    COMPLAINT:

    On June 29, 2012, NFA issued a Complaint charging FXDD with using asymmetrical price slippage settings that favored FXDD over customers; failing to supervise the trade integrity of the firm’s electronic trading systems; failing to maintain complete and accurate records; failing to review the use of promotional material; making improper price adjustments in customers’ accounts; knowingly converting customer funds; failing to implement an adequate AML program; and failing to develop and implement adequate procedures to ensure that all entities and persons that the firm does business with are registered with the CFTC and NFA Members. The Complaint also charged FXDD and Green with willfully submitting misleading information to NFA and others; failing to treat all customers equally when giving price adjustments; and failing to supervise.

    ANSWER:

    On October 1, 2012, Green filed an Answer to the Complaint in which he denied the material allegations contained therein.

    DECISION:

    On July 24, 2013, pursuant to a settlement offer submitted by Green and in conjunction with NFA Case No. 12-BCC-030, Green was ordered to pay a $75,000 fine. Green was also ordered, for one year, not to be employed as or act: (a) as an AML Compliance Officer for any NFA Member; or (b) in a compliance capacity by any NFA Member, unless he reports to or is supervised by another person within the Member’s Compliance Department.
    http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0397435&case=12BCC00021&contrib=NFA

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  6. CFTC Fine $914131 (09/18/2013) (FXDIRECTDEALER LLC) says:

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    FXDIRECTDEALER LLC NFA ID: 0397435
    CFTC ADMINISTRATIVE ACTION

    Narrative for 0397435 – FXDIRECTDEALER LLC
    September 18, 2013
    CFTC Orders FXDirectDealer, LLC to Pay $2.74 Million for Supervision Failures Relating to Trading Platform

    Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges that, from at least December 10, 2009, until June 2011, FXDirectDealer, LLC (FXDD), a CFTC-registered Retail Foreign Exchange Dealer and Futures Commission Merchant headquartered in New York, New York, violated its supervision obligations by employing a trading system that gave FXDD pricing advantages over and harmed thousands of its retail customers. The CFTC Order requires FXDD to make full restitution of $1,828,261 to FXDD’s current and former customers that were harmed by its violation and imposes a $914,131 civil monetary penalty against FXDD.

    According to the CFTC Order, FXDD solicits customers to open trading accounts and to buy or sell foreign currency (forex) with FXDD taking the other side of the transaction. FXDD streams forex price quotes for particular currency pairs to its customers through its electronic trading platforms. The price quotes offered by FXDD — measured in “pips” — often change, or “slip,” between the time the customer clicks on a price showing on the computer and the time FXDD fills the customer’s order. If the price slips, FXDD’s system employs slippage parameters that determine whether FXDD fills or rejects a customer order at the original price clicked by the customer, the Order finds.

    According to the CFTC Order, FXDD used asymmetrical slippage parameters on its principal trading platform, meaning that the system favored FXDD over its customers in slippage situations. Based on these parameters, FXDD rejected a customer’s order when the price slipped more than 2 pips in the customer’s favor (and instead re-quoted the customer the new, less favorable price), but filled a customer’s order at the original price if the price slipped in FXDD’s favor by more than 2 pips. As a result, FXDD benefited from slippage of more than 2 pips in its favor between order placement and order execution, but did not allow its customers to benefit from similar price changes in their favor. The CFTC Order further finds that had FXDD employed an adequate supervisory system and diligently supervised its personnel, FXDD would have discovered these problems with the integrity of trades on the platform and would have had the opportunity to correct them before more than 24,900 customer accounts were deprived of $1,828,261.

    David Meister, the CFTC’s Director Enforcement, stated, “Dealers who offer forex trades to the retail public must do so fairly. Trading platforms that are secretly designed to favor the house more than the customer are not only unfair, they also violate a firm’s supervisory obligations.”

    Separately, FXDD is also paying a penalty of $914,131 to the National Futures Association (NFA) to settle the NFA’s charges arising from the same misconduct. In addition, the CFTC order requires FXDD to cooperate with the NFA in connection with the NFA’s review of FXDD’s compliance with its restitution obligation. The CFTC thanks the NFA for its assistance.

    The CFTC Division of Enforcement also appreciates the assistance of the CFTC Division of Swap Dealer and Intermediary Oversight in this matter.

    The following CFTC Division of Enforcement staff members are responsible for this case: Thomas Simek, Peter Riggs, Charles Marvine, Rick Glaser, and Richard Wagner.

    Media Contacts

    Dennis Holden

    202-418-5088

    Last Updated: September 18, 2013

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    Feedback: 3 positive
  7. NFA: MEMBER RESPONSIBILITY ACTION (12/07/2012) (FXDIRECTDEALER LLC) says:

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    Narrative for 0397435 – FXDIRECTDEALER LLC

    On December 7, 2012, NFA’s Executive Committee issued a Member Responsibility Action (MRA) against FX Direct Dealer, LLC (FXDD), whereby:

    1. Prior to the resolution, and during the pendency, of In the Matter of FX Direct Dealer, LLC, NFA Case No. 12-BCC-021 (“BCC case”), FXDD must demonstrate to NFA that it is financially able to make restitution to customers in the amount of approximately $3.3 million for damages allegedly sustained by customers as a result of FXDD’s asymmetrical price slippage practices, as alleged in the Complaint in the above-cited case. In order to demonstrate its ability to make restitution to customers, FXDD is required to deposit – and keep on deposit during the pendency of the BCC case – $3.3 million in a bank escrow account or in an attorney trust account, acceptable to NFA, or post a bond in such amount with NFA. Moreover, FXDD may not consider any funds on deposit in a bank escrow account or attorney trust account as a current asset for purposes of calculating the firm’s capital, as such funds are restricted. FXDD’s obligation, hereunder, shall terminate when all of the following conditions have been met: the BCC case is resolved; there is a final determination of the amount of restitution, if any, that FXDD owes to customers as a result of its asymmetrical price slippage practice; and FXDD fully pays customers such restitution amount, if any, as finally determined.

    2. In the event FXDD fails to comply with the requirements of paragraph 1, above, by Noon (CDT) on Friday, December 14, 2012, the following measures will become effective immediately:

    a. FXDD shall be prohibited from accepting or placing trades for any customer accounts except for the rollover of currently existing customer positions and/or liquidation of existing customer positions. In taking any action to rollover or liquidate customer positions, FXDD must act in the best interest of its customers.

    b. FXDD shall be required to liquidate all positions held in any account for any FXDD principal, employee, or affiliate and is prohibited from initiating any additional positions in such accounts; and

    c. FXDD shall be prohibited from distributing, disbursing or transferring any funds, except to existing customers, without the prior approval of NFA. Further, FXDD shall be required to provide notice to NFA of any distribution, disbursal or transfer of any funds to any customer on the same business day that any such distribution, disbursal or transfer occurs. Such notice shall include, at least, the date of the distribution, the name, address and account number of the recipient, identification of the FXDD account from which funds are distributed and to which funds are distributed, and the amount of the distribution.

    This action is effective immediately and is deemed necessary to protect FXDD’s customers and former customers who were harmed by FXDD’s asymmetrical price slippage practices and ensure that they receive full restitution from FXDD for the damages they sustained as a result of such practices, which are alleged to total approximately $3.3 million.

    The MRA shall remain in effect until the resolution of the BCC case and upon a final determination of the amount of restitution, if any, that FXDD owes to customers as a result of its asymmetrical price slippage practices.
    http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=3473

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