Hi,
Which versions of FxSound and Windows are you using?
Also, there’s a troubleshooting list bannered to the top of the forum with a list of tips and suggestions, which nobody ever seems to notice:
The first probable cause I can think of, is the fact that FxSound needs to be set as the Default Device in Windows Sound at all times, and that, if the Serato device has the same requirement, there will be a conflict between the two.
Could you please check these settings?
A second possible cause would be, that you have Exclusive Mode set to On.
By the way, I have no idea if your Serato DJ Controller is a MIDI device or not unless you provide more device specifics.
A third possible explanation would be the fact that many users have reported an inability to get professional music production tools to work properly, or at all, in conjunction with FxSound.