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Friedberg Direct Review - Is it scam or safe?

Friedberg Direct Review - is friedbergdirect.com scam or good forex broker?

RATING: 3 / 2 REVIEWS Friedberg Direct
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Trading Accounts

 

Account type   Minimum deposit  Minimum trade size Maximum leverage Spreads (& Commission)
Individual $2 000 0.01 1:50 0.2 pips + $10 per lot

 

Friedberg Direct is an introducing broker of forex giant FXCM in Canada. It offers a single forex trading account with margin rate of 2%, variable spreads, NDD execution and the option to use micro tradable lots for better risk management.

 

Joint and Corporate accounts are also available with this broker. Unfortunately, it does not provide PAMM services.

 

Accounts opened through FXCM Canada are held by Friedberg Direct. FXCM Canada clears trades through a subsidiary of FXCM Inc.

 

The Company. Security of Funds

 

Company

Country

Regulation

Friedberg Mercantile Group Ltd.

Canada

IIROC

 

Friedberg Direct is a Toronto-based brokerage offering online trading in a number of currency pairs and various CFDs, as well as futures and options through Trading Station platform. It utilizes No Dealing Desk (NDD) forex execution.

 

Canada is not very popular forex brokers destination and probably one of the reasons for this is that Canadian residents can trade only with local brokers (like US ones). In order to be able to target Canadian traders, leading global brokerage FXCM launched Canadian offering through Friedberg Direct in 2012.

 

Friedberg Direct is a division of Friedberg Mercantile Group Ltd., a member of the Investment Industry Regulatory Organization of Canada (IIROC), the Canadian Investor Protection Fund (CIPF), and all Canadian exchanges.

 

IIROC is the regulatory body which licenses all investment dealers and oversees the trading activity on debt and equity marketplaces in Canada. This national self-regulatory organization sets high-quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive capital markets.

 

One of the biggest advantages of trading with a Canadian forex broker is the Canadian Investor Protection Fund (CIPF), which insures every trader's account for up to $1 million against suffering losses due to an insolvent broker.

 

Trading Conditions

 

Minimum Initial Deposit

In order to open an account with Friedberg Direct, traders have to invest a minimum of $2 000. Such minimum initial amount is comparatively high for the forex market, yet with a broker regulated in Canada it’s worth it – your funds are safe.

 

Spreads & Commissions

Friedberg Direct`s sole forex trading account provides tight variable spreads, averaged 0.2 pips on EUR/USD, and a commission fee of $10 applies per lot round trip. So, trading costs for this pair fall within the average range of 1.0 – 1.5 pips.

 

For purposes of comparison, Questrade  provides spreads starting from 1.7 pips on EUR/USD on its commission-free accounts. For more information, you may look up real-time spreads of 15 leading brokers here.

 

Leverage

When it comes to forex, the broker offers leverage but unlike other brokerages, where leverage or margin is fixed, Friedberg Direct requires a different margin for the different trading instruments. 

 

The maximum leverage level offered by Friedberg Direct is just 1:50, while a number of brokers, provide leverage equal to or exceeding 1:500. Nonetheless, leverage levels offered by Canadian brokers are generally lower. For instance, Questrade  offers leverage up to 1:33.

 

Trading Platforms

 

As a client of Friedberg Direct you will be offered FXCM’s platforms: their in-house award-winning platform Trading Station, the good old MetaTrader 4 and Ninja trader.

 

Trading Station is easy to use, equipped with automated strategies a powerful charting package (Marketscope), some exclusive tools like Good Till Date (which lets you execute at specific times) and Real Volume indicators. The later opens FXCM’s trading book of 200,000 traders around the world.

 

Methods of Payment

 

Friedberg Direct offers the following deposit and withdrawal methods: bank wire transfer, and credit/debit cards.

 

Conclusion

 

Friedberg Direct is a reputable Canadian introducing broker of FXCM that offers attractive trading conditions. To sum up the above, here are the advantages and drawbacks with regards to this broker:

 

Pros   Cons
Strong regulation High initial deposit
Competitive spreads Low leverage levels
Choice of trading platforms, MT4 available Limited payment methods
NDD environment  


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Traders` reviews for Friedberg Direct

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

Pros

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Nothing about the experience has been good.

Partially my fault, I will admit. Looked up FXCM, read all their info and thought, "Hell yeah, let's do this". Then when I went to start an account I was redirected to Friedberg Direct. From there everything went wrong. Their policies are so different from FXCM yet it was never really made clear that they were very, very different companies. They ride the FXCM name so hard with logos all over the site yet have nothing in common. One email I received told me, "We are not FXCM please go to our website www.FXCM.com/ca/"... For real? It took weeks to get the account to go live and every time I talked to my representative at the company he was quick to dismiss my issue and I felt very much like he just couldn't wait to get rid of me. They also refused to give me the current leverage on the majors. I was sent the MMR every time I asked, and I suppose I could math it out and get the Leverage but they were no help with any of that. As a small account trader just starting out I believe it's next to impossible to win with their commission prices. Making micro lots I made 4 trades with an overall profit of $0.59, and yet had a withdrawal of $-0.70 on the account because the $-0.14 per micro trade and one $-0.28 for a 0.02 lot trade. (-0.08, -0.09, +0.19, +0.57 apparently = -0.70...) FXCM should take their name away from anything related to friedberg direct. I can't agree more that they just don't seem to give two shits about clients. I will be deleting my account ASAP.

Joel 04/26/2019

They dont care about clients

FXCM should think about getting other institution to represent their name. Friedbergdirect doesnt care about clients. the process of openning an account itself is 1-2 or even more weeks. They dont communicate with you properly. some bunch of low life degenerates sitting on their fucking chairs and dont even respond properly in chatroom. i have the impression of the institute getting bankrupted and have nothing more to lose thats maybe why they dont care about me being interested in openning a fucking account with them. Fuck you friendberg

Ehsan 08/10/2018
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