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FXDT Review - is it scam or safe?

FXDT Review - Is forexdecent.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz FXDT
FXDT is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type Minimum deposit Maximum leverage Spread
Micro Unspecified 1:1000 From 1.3 pips*
Classic Unspecified 1:1000 From 1.3 pips*
ECN Unspecified 1:500 From 0 pips*
ECN Pro Unspecified 1:1000 No commission* 
ECN VIP Unspecified 1:1000 From 0.1 pips*

 *different sections of the website state different versions. 

 

Forexdecent, better known as FXDT is a forex and CFD broker, which has some work to do on its presentation. Either the brand is very new or has changed owners recently, as their website is a bit of a mess. This includes one of the most important aspect of a broker’s credibility – its regulation. We will update this review once the dust settles, but for a recap of the current situation read on.

 

FXDT Advantages

 

Competitive spreads

Although the trading conditions provided by FXDT are very much unclear, what we saw wen testing the platform was impressive. The EUR/USD spread fluctuated around 1 pip, going slightly over and under. This seems nice, when compared to the offers by most other brokers, although at the end of the day there are more important factors than saving a few bucks here and there. 

 

MT4 Trading platform 

One of the factors is arguably as important as the costs of trading, the actual software you will be using, is covered well by FXDT. MetaTrader4 is an industry staple, serving both brokers and traders well for years. The main selling points of the platform are the amazing charting package, speed of execution and the programming environment. The latter allows you to trade with custom indicators and automated trading systems (or Expert Advisors). A mobile app, as well as a browser-based version of the platform are also provided.

 

The desktop version of FXDT’s MT4

 

>>Top MT4 Brokers<<

 

Up to 1:1000 in leverage

The maximum leverage offered by this broker exceeds the expectations of reasonable traders. One could easily take an enormous position with such conditions, even though we would advise against it. Educate yourself about the basics of risk management before you start trading.

 

 

Many ways to deposit (including local)

B Credit Cards, Neteller, Skrill, Perfect Money, Web Money, OK Pay, Fasa Pay, Globe pay, Moneygram, Western Union and even Bitcoin. Additionally there are “local transfers” for several different countries – India, Pakistan, Malaysia, Bangladesh, Dubai (UAE). We aren’t certain if these are transfers within the banking systems of these countries or FXDT has set up brick and mortar cashiers, where you can instantly deposit cash. The latter is a popular option for companies focusing on a single country, but having such a network across Asia seems rather unlikely.

 

>>Other brokers accepting Skrill<<

 

FXDT Disadvantages

 

Regulatory situation is unclear

The most disappointing thing about FXDT is their legal status. The website (currently) claims several legal entities are behind the project. Here is a screenshot:

 

 

When it comes to the one based in Cyprus, such a company does exist and is regulated, but it doesn’t claim ownership of this particular broker. Here are the two websites, which they operate according to CySEC’s register. Here is a preview:

 

 

The IFSC of Belize also doesn’t confirm such a firm being overseen by them, while the UAE number is simply that of a company number, not associated with the Central Bank. This leaves two possible options – either the websites of the regulators aren’t updated to include FXDT, or this is a company claiming to be something which it isn’t. Both are definite possibilities and we will update this review once we get more clarity.

 

Presentation is unpolished

Clarity, in general, is not among FXDT’s strong sides. The account types make close to no sense, with the lack of information on the minimum deposit requirements for each. Additionally the trading conditions, other than the leverage, aren’t displayed in a clear way.

 

Conclusion

 

FXDT or Forex Decent is a forex broker which leaves a lot of questions unanswered. The MT4 demo may have provided a competitive trading environment, but the troubling legal status is much more important. The overall feeling we get for the company is that it may be a legitimate business, which has recently changed ownership (and needs to improve the website), or a complete fraud. While we can’t definitely claim either of these to be true, we wouldn’t say they are “decent” until the situation clarifies.

 

The reason this or any other broker would like to claim being registered in Cyprus is quite simple – this is a respected watchdog, which brings credibility. All companies registered with the Cyprus Securities and Exchange Commission must obey a lot of strict laws, including segregation of client funds. This means your deposit will have to be held in a special bank account and not mixed with the rest of the company’s funds. Additionally the local investor compensation scheme provides protection, if your broker happens to go bankrupt (limited to € 20,000).

 

>>A list of truly CySEC regulated brokers<<

 

The current state of FXDT:

 

Pros Cons
Competitive spreads Regulatory situation is unclear
MT4 Trading platform Presentation is unpolished
Up to 1:1000 in leverage  
Many ways to deposit (including local)  

 

Latest news about FXDT
No news about FXDT. Check back later.
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Traders` reviews for FXDT

Spread

Pros

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Slippage

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Cons

 

 

Requotes

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Price feed

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Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

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