Alarming Issues with FXDD: “You better never try this broker.”

FXDD, a prominent forex broker known for offering a diverse range of trading instruments, has recently been at the center of controversy. Many users have reported significant difficulties in withdrawing their funds from the platform, raising widespread concern and distrust among its clientele. This issue has come to a head with the recent circulation of an email to users, purportedly from FXDD, announcing a change in leadership.

Case in Detail

Numerous customers have voiced complaints about their inability to withdraw funds from FXDD. A particularly concerning case involves a 40-year-old victim from Egypt, who deposited $1,760 into the broker. Despite making a modest profit and accumulating a total of $1,830, he has been unable to withdraw his funds since June 4th. The victim expressed his frustration to WikiFX, stating, “I can't withdraw my money from 4th June. Customer service reply.”

Such complaints have not been isolated incidents. Many users have taken to online forums and review sites to express their dissatisfaction, often citing a lack of response from FXDD's customer service and an inability to access their funds.

About FXDD

Wide Range of Market Instruments

FXDD Trading offers a variety of market instruments, including forex pairs, metals, energies, indices, cryptocurrencies, and stocks. This diversity provides traders with numerous opportunities to invest in different markets. The platform offers two account types: Standard Account and ECN Account.

Lack of Regulatory Assurance

One significant drawback of FXDD Trading is its lack of regulatory assurance. WikiFX, a site that reviews and rates forex brokers has given FXDD a low score of 2.36/10. This low rating is a major red flag for potential traders, indicating potential risks associated with trading on the platform.

Leadership Change and Further Concerns

The situation has been further complicated by a recent leadership change. Emil Assentato, the founder of FXDD, has transferred ownership of FXDD Trading SAC to a new entity, 888 Markets Group (Co. 13397886). This group, described as a consortium of UK-based companies, claims to uphold and continue FXDD's legacy of success. However, scrutiny reveals that 888 Markets Group holds an even lower rating of 1.49/10 on WikiFX.

Importantly, WikiFX notes that 888 Markets Group operates without regulatory licenses, labeling it as a high-risk platform. This lack of regulatory oversight, combined with the already low ratings, exacerbates the concerns about the security and reliability of FXDD under its new ownership.

Conclusion

The reported difficulties in withdrawals, coupled with the lack of regulatory assurance and the recent leadership change, paint a concerning picture of FXDD. Traders are advised to exercise extreme caution and thoroughly research any broker before investing their hard-earned money. The situation with FXDD highlights the importance of regulatory oversight and transparency in the financial trading industry. Until these issues are resolved, FXDD's reputation remains under severe scrutiny, and potential traders should be wary of engaging with this broker.