LQDFX Broker Review
- Commissions & Fees
- Investment Offerings
- Trading Platforms
- Customer Service
- Education and Research
Interested in giving forex broker, LQDFX, a try? LQDFX is an unregulated offshore forex broker whose features, including a wide range of available forex currency markets, has many in the trading industry talking. Is LQDFX legit or a scam? Before you buy, read our research in our thorough review of LQDFX.
LQDFX is an offshore forex broker which was founded in 2015. They are based in the Marshall Islands. LQDFX, like several other forex brokers we have reviewed, is unregulated. This is common given where they have chosen to operate from and can sometimes mean more freedom and flexibility for traders when it comes to things like leverage.
Our LQDFX forex broker review will hopefully help you to gain a better idea of not only the broker features, but also take a more in-depth look at issues such as transparency and trading platforms. This should facilitate you in making the best decision possible when selecting your next forex broker.
Opening a LQDFX demo account is a very fast and convenient process for most traders. To get started, all you need to do is complete some basic personal information. This simply includes your name, email address, and telephone number. Just make sure you can verify this information when you want to upgrade to a live account.
Opening an LQDFX live account is a similarly convenient task. You simply need to complete this same registration of your basic information and then proceed to verify your documents such as your ID and address proof information. Both can be quickly completed from your account dashboard. You will also need to complete your account profile information. In all, this process can be completed within 10-12 minutes.
The LQDFX minimum deposit in order to trade is $20. This applies to both the micro and Islamic account variants. The minimum deposit to trade on the other regularly available accounts (ECN & Gold Accounts) is $500.
Availability and Ease of Opening
Due to the offshore and unregulated nature of LQDFX, this allows them to be open in receiving traders from most countries of the world. This includes traders from the USA and Canada who would ordinarily face a tough time with some top rated forex brokers due to regulation.
Once you have established that trading is available in your country, you will note a choice between 4 distinct account types as shown in the comparison image. These include a variety to fit to the needs of many types of trader, and include a micro account.
Also available is an LQDFX Islamic account, an ECN account which will function as a primary option for most traders, a Gold account, and a VIP account with a high $25,000 minimum deposit.
Trading at LQDFX does focus primarily on forex currency pairs with a huge number available. There are other assets to trade though, and the complete instrument listing is as follows:
- 71 Forex Currency Pairs (Major, Minor & Exotic)
- 12 Global Indices (traded as CFDs)
- 5 Commodities (traded as CFDs)
This range of markets is available for trading through the popular and trustworthy MT4 trading platform and is sure to satisfy those who are seeking to trade all manner of global FX pairs in particular.
LQDFX Commissions and Fees
LQDFX does its best to stick to a commission-free trading model for most users. This is the case with both Micro and Gold account types as well as the Islamic account type by definition which also includes no swaps.
The only account types at LQDFX which do implement a commission are the ECN and VIP account types at $3.50 per lot of 100,000 currency units on the ECN account type, and $2.50 per lot of 100,000 units on the VIP account type. These commissions are somewhat offset by the fact the spread on these accounts are proportionately lower, starting from 0.1 pips.
By way of non-trading fees, none are charged for bank transfers unless implemented by your bank. E-wallets such as Neteller and Skrill also do not feature any charges for withdrawal.
Visa and MasterCard withdrawals on the other hand do apply a fee of $10 per withdrawal where the minimum withdrawal amount is $20.
LQDFX do not charge any type of inactivity fee as you may see from other brokers you have traded with.
LQDFX Platforms and Tools
LQDFX is a Metatrader only broker. They offer trading through MT4 on desktop, and your mobile devices through the MT4 app.
Metatrader is tried and tested within the industry by traders, and is undoubtedly the popular choice over more than the last decade since entering the market with one of the most comprehensive professional, yet user-friendly trading platforms ever launched.
The desktop platform of choice at LQDFX is Metatrader 4. This is a platform which you can learn in extensive detail about through our MT4 review, but its performance as the sole trading platform for LQDFX traders leaves its status as the most renowned trading platform in the forex industry in no doubt.
Again the platform produces the most comprehensive collection of professional charting options and tools, along with a simple, easy to understand layout which, as it always has been is super-fast and reliable.
These levels of accessibility and reliability are what MT4 has become known for together with facilitating many of the automated trading robots through EA, and many of the other forex platforms and tools we have reviewed. As a first-time or regular trader, this is the first trading platform you look for in most cases.
Mobile Trading Platform
As mentioned, the stellar performance of the LQDFX MT4 trading platform extends to the mobile version too. There are not many mobile platforms which can boast such a powerful array of support tool and technical indicators as MT4 can. Meanwhile, this is all conveniently packed into one single app.
This single trading platform app functions no matter which of the best MT4 forex brokers you are with and you can switch between accounts and brokers within seconds. Available for all of your smart devices on each platform, MT4 mobile again produces a user-friendly, completely professional, and accurate performance on mobile which makes sure your never miss a beat even when you are moving around.
Education and Research
LQDFX provide a variety of education options for those who are new to the forex trading industry or who wish to brush up on certain skills. These educational options include a wide selection of videos on a variety of topics from the basics of forex trading and how to utilize the trading tools available to you, right through to more detailed points about trading strategies and the ECN trade execution style.
Having reviewed many forex education services, we can say from our professional experience, the offering in terms of education and how it can benefit you when trading with LQDFX is impressive.
When discussing the differentiators of LQDFX, the very first and obvious point is that they are an unregulated, offshore broker. This can be a negative in some respects, but it does also allow them to be more flexible in areas such as leverage which can be much larger than the restrictive 1:30 applied by CySEC for example. Promotions are also open and running through LQDFX.
In terms of their stature in the industry, they also offer a very comprehensive educational program range and a depth of Forex currency pairs which is not often seen with even the top fore brokers in 2019.
LQDFX Customer Service
LQDFX do provide a suitable supportive network of customer service options for you to choose from. These include a web-based live chat which responded quickly and informatively to questions.
Similarly, you can contact the broker by email or telephone and these queries were both promptly returned. The final option available is for you to request a callback at your convenience through the website contact form.
All customer service options were viable and seemed to be well attended when tested by our LQDFX review team. The only downside here is that no scheduled hours are listed but we presume them to be available on a 24/5 basis as with most major brokers.
This is an area which could understandably cause concern for some potential LQDFX traders. This is based on the fact that the broker is both unregulated and based offshore. In most cases, traders will give preference to well-regulated top brokers.
With that said, after almost 5 years of operation, LQDFX has emerged with a positive reputation for transparency and their time dealing with our expert review team through the account opening process was professional and still with stringent checks and procedures in the correct places when it came to verification.
Conclusions For LQDFX
Overall LQDFX left a very positive impression for a broker of its standing in the industry. Offering a huge number of markets, various account types, and caring to invest in a thorough educational infrastructure to benefit traders all resounded very well during our review of LQDFX.
The unregulated nature of the broker may bring it down slightly in the eyes of many industry elite, however, with the right settings in place, LQDFX seems like an ideal place for new traders to grow, and for experienced traders to have more flexibility in their trading preferences.
- A huge range of forex currency markets are available.
- Flexible leverage of up to 1:300 on many markets. This is often inaccessible within larger, regulated brokers.
- A range of account choices with a low minimum deposit starting from just $20.
- Relatively new in industry terms. Operating since 2015 though they have grown quickly.
- The lack of regulation will always cause slight discomfort in the minds of many traders.
- No contact hours listed for customer support services.