Forexdecent, better known as FXDT, is a forex and CFD broker. Is FXDT really worthy of the trust of traders？ WikiFX will try to find out whether it is worthwhile for investors to choose this broker. First of all, it‘s of critical importance to know whether a foreign exchange trading platform is secure enough – is it regulated？ Let’s search FXDT on WikiFX APP to take a look at the details page.
As you can see, based on information given on WikiFX, FXDT currently has no regulatory license.
Besides, according to what is shown on the broker‘s official website, the regulatory situation also doesn’t seem to be clear. 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.
What‘s more, the account types displayed on the broker’s website 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.
(*different sections of the website state different versions.)
One advantage about FXDT is the MT4 trading platform. 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 FXDTs MT4)
Another good thing is that there are 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). WikiFX isnt 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.
To conclude, 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 WikiFX gets 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.
