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LQDFX Review

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LQDFX opened their doors in 2015 and is a full-service STP brokerage offering forex trading on over seventy currency pairs, as well as several CFDs options on indices, commodities and metals. LQD Limited owns and manages LQDFX at this time. The company is registered in the Marshall Islands and adheres to the Marshall Islands Business Corporation Act laws regarding business ventures within that location.

Account Types

It is quite common for forex brokers to offer more than one account type and LQDFX is among them. This brokerage currently offers five different account levels. These include Micro, Gold, ECN, VIP, and Islamic. The VIP account most notably offers tighter spreads and lower trading costs. The maximum leverage amount does vary, based upon the account level selected, with the maximum being 1:500. Aside from the VIP account level, all other account types allow for micro lot trading. The provision of Islamic, swap-free accounts allow those who follow Shariah Law and are unable to pay swaps when trading forex to trade without worry.

Platforms

LQDFX provides the well-known and widely popular MetaTrader 4 trading platform. Desktop & mobile versions are made available. App versions for Windows, Android and iOS can all be downloaded directly from the broker website. Today, most who trade forex do so within the MT4 platform, which has become popular due to the extensive number of tools and features that it provides. In addition to its advanced charting packages, MT4 also offers a variety of EAs (Expert Advisors), which allow for automated trading on behalf of the trader.

Leverage

The maximum leverage of 1:500 is considered high by most standards. Even so, this level is commonly offered by forex brokers. The maximum does decrease to 1:300 on Gold, ECN and Islamic account types, and further drops to 1:100 on the VIP account. Keep in mind that leverage will allow you more exposure to a broad range of markets using only a small investment amount, but the larger the leverage level, the greater the risk of loss. Always be cautious when trading on margin with higher levels of leverage.

Trade Sizes

The minimum trade size is 0.01 lot for all account types except for VIP. Clients at that level will need to trade at least 0.1 lot. VIP account holders will have no maximum lot limit on each trade, while Gold, ECN and Islamic account holders will be limited to 40 lots per trade. On the Micro account, there is a maximum of 5 lots per trade. Do keep these minimum and maximum limits in mind when considering the account type that is suitable for you.

Trading Costs

There is no commission charge on Micro, Gold and Islamic accounts. On the ECN account, the trader would pay $3.50 USD per 100,000, while the cost is $2.50 USD per 100,000 on the VIP account. LQDFX is offering rates and costs that are quite competitive. Many forex brokers do offer less attractive spreads and higher trading costs. If these elements are important to you, and they certainly should be, do make a comparison among brokers before making your final selection of which broker or brokers to trade with.

Assets

At the time of this writing, LQDFX provides clients with the following numbers of underlying assets:

Currency Pairs: 71
Indices: 12
Commodities: 5

Metals are included with the currencies category. Overall, the provided assets is suitable for the dedicated forex trader, leaving little else for those who wish to branch out and trade other assets. Notably absent from the list is cryptocurrencies, which are wildly popular among traders at this time. If you only wish to trade with currency pairs, there is absolutely no problem, but if you are wanting to spread your wings and test out other markets, you may want to consider a different brokerage.

Spreads

LQDFX is a STP (Straight Through Processing) brokerage. This means that traders are trading under “true” market conditions rather than artificial conditions that would otherwise be determined by the broker. This brokerage does offer variable spreads, with the best spreads being provided to the higher-tier account holders. The lowest possible spread is 0.1, which would be made available to ECN and VIP account holders on some assets. Do consider a demo account when available to ensure that the platform does provide the same spreads that are being shown in broker advertisements.

Minimum Deposit

LQDFX requests that clients deposit only $20 USD to open a Micro or Islamic trading account. This is among the lowest minimum requirements in the industry today. Many brokerages request minimum deposits of at least $100, regardless of account type. There are higher requirements for the more advanced-level account types, but the trader can choose not to opt for these higher levels or can make the decision to climb to a higher level at a later time. While some do opt to start slowly and move to better account levels over time, other brokers choose to take full advantage of the perks that the top tier account types offer straight away. The decision, of course, is entirely up to you.

Bonuses & Promotions

As of this writing, LQDFX is offering a 100% deposit match bonus on any deposit up to $20,000 USD. A deposit of $250 USD or more is required to take part in this promotion. Note that the website lists the following requirements for collecting bonus funds: “100% Bonus Value is calculated as $5 USD per round turn lot traded. (100,000 units round turn) traded on FX & Gold products. Only positions over 0.1 lots (10,000 units round turn) qualify for the bonus. Positions open for less than three minutes are not eligible to qualify towards the volume requirement. The 100% Bonus can be withdrawn/transferred for trading purposes, once the total volume requirement has been reached.”

Deposit Methods & Costs

With many brokers now struggling to offer a variety of deposit methods, LQDFX has done well to offers traders a nice variety of payment options. These include options such as bank wire transfer, credit/debit card, Neteller, Skrill, China UnionPay, FasaPay, Bitcoin, UPayCard and VLoad. On wire transfers, the brokerage waives their fee on any deposit of $500 or more. There is no fee charged on Visa or MasterCard deposits, nor is there any cost for eWallet deposits.

Withdrawal Methods & Costs

There is a minimum withdrawal amount of $100 on wire transfers. On Visa and MasterCard, the minimum withdrawal is $20. Most eWallet withdrawals cost only $5, with two exceptions: Bitcoin is $10 and VLoad is $50. Wire transfers are secure but do take the longest amount of time. For faster fund arrival, consider credit/debit or eWallet withdrawal methods. The only cost for a wire withdrawal will be the fees assessed by your own bank. Credit and debit withdrawals cost $10 each. eWallet withdrawals are completely free.

Withdrawal Processing & Wait Time

LQDFX processes withdrawal requests in two business days or less. As usual, the wait time after that is completely dependent upon the chosen withdrawal method. Wire transfers take the longest, with a wait time of 2 to 10 business days. Card payments take up to two business days to arrive and eWallet payments typically arrive within one business day. The processing and wait times are on par with those of regulated brokers and there are no problems to report here.

Educational & Trading Tools

LQDFX currently offers several educational courses and tutorials which not only teach you how to trade forex, but also how to use the MetaTrader 4 platform. An Economic Calendar is made available, along with chart analysis tools. Pivot, Fibonacci and Deal Size calculators are offered on-site, which is a nice extra. If you’re entirely new to trading, spend a few minutes reading the provided forex e-book or watching the provided videos. Those who already know how to trade may not need all of these resources but could benefit from the strategies offered in the education area.

Customer Service

There are several options made available for reaching out to the customer service department of LQDFX. Dependent upon your personal preference, you can opt to use the live chat function on the website, phone the support team directly by calling +44 2035988261, request a callback using the provided online form, or email your questions to: support@lqdfx.com. It is also possible to post questions to social media, as the brokerage is active on Facebook, Instagram, Twitter, LinkedIn and Google+.

There are additional email addresses available, based on your specific query:

Trading Department – trading@lqdfx.com
Partners Department – partners@lqdfx.com
Deposits & Withdrawals – backoffice@lqdfx.com

Demo Account

Demo accounts are made available to those who wish to test out the platform before creating an account and making a deposit. To create a demo account online, simply fill in the provided form. You’ll be asked for your name, email and telephone number. You’ll also be asked to select a wallet currency, platform and starting balance. After entering your desired password, you’re done. LQDFX allows you to use your demo account for as long as you wish, providing plenty of time for you to fully test the platform.

Countries Accepted

This forex broker is one of the few that does not include a list of countries that they do not accept clients from on their website. This could be due to the fact that they accept all but one. Upon reaching out to the customer support team via email, I was informed that Belarus is the only country that they are currently not accepting clients from. Yes, this means that U.S. traders are welcome to create and account, deposit and trade with this broker.

Conclusion

LQDFX has been in operation long enough to no longer be viewed as a younger brokerage. Their competitive costs, low minimum deposit, variety of banking methods and leverage levels do make them an attractive choice. For some, their lack of regulation will seem concerning, but nothing in their history acts as a red flag. The lack of regulation does mean that they are allowed to accept U.S. clients. Unless there is some change in the future, LQDFX is considered to be one of the more reliable offshore brokerage options for those looking to trade forex.

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