LQDFX is a popular online forex broker operating out of the Marshall Islands. It offers a wide range of tradeable assets that are suitable for swing trading, such as currency pairs, commodities and indices. This review will cover everything you need to know about LQDFX before signing up for an account, including its bonus program, withdrawal methods and typical spreads.
What Is LQDFX?
Company Details
LQDFX is a global retail trading broker. The firm’s headquarters are at an address in Majuro, Marshall Islands. No financial institutions or bodies license the firm. However, the company is relatively transparent and provides legal documents on its website, which is better than many unregulated brokers.
The brand accepts traders from almost all countries, including the US. However, the only location in which traders cannot open an account is Belarus.
History
LQDFX is relatively new, established in only 2015. However, in its short life, it has developed a strong customer base, winning several awards. The broker aims to be the most loyal and devoted out there through great customer service and its straight-through processing (STP) execution business model. This ensures that it has no conflict of interest between itself and clients, with no need for requotes, no dealing desk intervention and lightning quick execution.
Markets
LQDFX customers are given access to a great selection of markets and assets that are well suited to swing trading. These include forex, global stock indices and precious metals. The broker does not support cryptocurrencies like Bitcoin.
Clients can speculate on:
- Forex – There are 71 currency pairs on LQDFX. These include a range of major, minor and exotic pairs.
- Commodities – LQDFX customers can trade a selection of metal, energy and agricultural commodities. These include gold (XAU/USD), UK crude oil and coffee.
- Global Equity Indices – The broker offers global stock indices, including the US 30, FTSE 100 and Nikkei 225.
The asset range is comparable with competitors. However, LQDFX does not offer any stock or ETF CFDs.
Trading Platform
LQDFX offers the popular MetaTrader 4 (MT4), which is available to download for free on Windows and Mac. MT4 is the predecessor of MetaTrader 5 (MT5) and was designed with forex and CFDs in mind. It has an intuitive user interface and is easy to navigate, even if the design is slightly outdated. Opening and closing trades is simple with a range of order types and there are many analysis tools and charts available, making it ideal for swing trading, scalping and arbitrage.
MetaTrader 4
Customers can sign up and access the client portal using their login credentials. From there, you can view the MT4 server name, manage your account, track orders and view order history. Maintenance work is regularly carried out on MT4 to ensure the platform runs smoothly. Despite starting to show its age, MetaTrader 4 is still the most used forex trading platform in the world.
Mobile App
LQDFX customers can trade while on the move using the MetaTrader 4 mobile app. The application is available to download for free on both iOS and Android devices. It has slightly fewer features than the desktop version, However, it still supports many charting options, technical indicators and customisation features. Clients can easily open and close trades with one-tap trading and they can set price alerts to avoid missing opportunities.
LQDFX Trading Accounts
At LQDFX there are five different account types, the Micro Account, Gold Account, ECN Account, VIP Account and an Islamic Account, which charges no swap fees. All accounts provide access to MT4, all assets and hedging functions. Variations tend to relate to the minimum deposit, spreads, commissions and leverage rates.
Micro Account
- Minimum trade size 0.01 lots
- Maximum trade size 5 lots
- $20 minimum deposit
- Typical spread 1 pip
- 1:500 max leverage
- No commissions
- Swaps charged
Gold Account
- Minimum trade size 0.01 lots
- Maximum trade size 40 lots
- $500 minimum deposit
- Typical spread 0.7 pips
- 1:300 max leverage
- No commissions
- Swaps charged
ECN Account
- Minimum trade size 0.01 lots
- Maximum trade size 40 lots
- $3.50 commission per lot
- $500 minimum deposit
- Typical spread 0.1 pips
- 1:300 max leverage
- Swaps charged
VIP Account
- Minimum trade size 0.1 lots
- $25,000 minimum deposit
- $2.50 commission per lot
- No maximum trade size
- Typical spread 0.1 pips
- 1:100 max leverage
- Swaps charged
Islamic Account
- Minimum trade size 0.01 lots
- Maximum trade size 40 lots
- Typical spread 0.7 pips
- $20 minimum deposit
- 1:300 max leverage
- No commissions
- No swaps
Demo Account
LQDFX clients can also open a demo account to try out the broker before committing to a live account or while their account is pending. The demo account comes loaded with $100,000 of virtual money and replicates live markets. It is a great place for new customers to get used to the MT4 platform, experience what it is like to trade and try out new strategies.
LQDFX Leverage
LQDFX offers leverage rates of up to 1:500 on its Micro Account, 1:300 on its Gold, ECN and Islamic Accounts and 1:100 on its VIP Account. Margin requirements vary with the account in question. Remember, trading with leverage can increase profits but it also increases losses, so always trade with caution.
Fees
LQDFX charges overnight holding fees (swaps) on all but the Islamic Account. These will come into play when swing trading. There is also an inactivity fee for accounts that are not used in a long time. Typical spreads vary and the Islamic Account features the same spreads as the Gold Account. The ECN and VIP accounts display raw spreads with no markups. Typical rates are provided below.
Micro Account Spreads
- EUR/GBP – 1.7
- EUR/USD – 1.2
- GBP/USD – 1.8
- FTSE 100 – 12
- UK oil – 0.17
Gold & Islamic Account Spreads
- FTSE 100 – 11.9
- EUR/GBP – 1.2
- EUR/USD – 1.1
- GBP/USD – 1.4
- UK oil – 0.12
ECN Account Spreads
- FTSE 100 – 11.9
- EUR/GBP – 0.5
- EUR/USD – 0.1
- GBP/USD – 0.1
- UK oil – 0.12
VIP Account Spreads
- FTSE 100 – 11.9
- EUR/GBP – 0.5
- EUR/USD – 0.1
- GBP/USD – 0.1
- UK oil – 0.12
LQDFX Payments
Deposits
LQDFX provides a range of funding methods for users, many of which do not charge fees and process requests almost instantly. The minimum deposit for most methods is $20. However, bank transfers have a lower limit of $250. Deposits can also be made in Bitcoin using e-wallets.
Methods include:
- Bank Transfer
- Credit Card
- Debit Card
- FasaPay
- Neteller
- Bitcoin
- Skrill
Withdrawals
Most withdrawals are free, though debit and credit card requests incur a $10 fee. Minimum and maximum transaction limits vary with the method in question. Withdrawals must be made to the same account or method as used for deposits. Remember, you may be required to pay taxes on any profits you withdraw in some countries.
LQDFX Regulation
LQDFX is an unregulated broker, so we recommend taking caution. This is because the lack of oversight means that untrustworthy, scam brokers can flourish. With that said, this brokerage is transparent with its business model and provides legal documents on its website, which is more than most unregulated providers.
Security
LQDFX holds all client funds separate from its own capital. Therefore, your money is protected in the case of liquidation or insolvency. The broker’s website is also secure and uses SSL encryption on all traffic. However, the firm does not offer negative balance protection and its identity verification procedures are not as rigorous as for other brokers.
Education & Analysis
LQDFX provides additional features that are designed to improve your swing trading experience:
- Education: Clients can access educational resources designed to improve their financial literacy and knowledge. There are beginners’ courses and tutorials on ECN trading and using MT4. The broker also provides an FAQ page answering common questions.
- Analysis: The broker offers regular updates and articles on financial news and market analysis. These come in the form of weekly FX reports.
- VPS: LQDFX and MT4 allow clients to set up a VPS and trade automatically at low latency throughout the day.
LQDFX Promotions
LQDFX runs a deposit bonus scheme whereby users receive a 100% bonus on deposits over $250, up to the value of $20,000. It is available on all account types (excluding PAMM). This review found that the bonus is credited after a trade has been completed and can be withdrawn following this with no hidden fees.
Advantages
These are some benefits of trading with LQDFX:
- Bitcoin deposits & withdrawals
- Competitive leverage rates
- No commission accounts
- Low minimum deposit
- Islamic accounts
- Tight spreads
- MT4 access
- Free VPS
Disadvantages
Our research flagged several potential drawbacks of opening an account with LQDFX:
- No cryptos
- Not regulated
- No stock CFDs
Trading Hours
Most assets on the LQDFX roster are available during the standard forex trading session, which runs from 22:00 GMT on Sunday through to 22:00 GMT on Friday. However, some instruments will depend on the opening hours of their respective markets. Make sure to translate times to your local time zone.
Customer Support
LQDFX provides good levels of customer service. This is important while swing trading and will come into play if you struggle with problems like no connection, a trade disabled or withdrawal issues. The team can be contacted via the following methods:
- Backoffice Email Address: backoffice@lqdfx.com
- Support Email Address: support@lqdfx.com
- Telephone Number: +44 20 806 410 38
- Live Chat: Right-hand side of the website
LQDFX Verdict
LQDFX provides a reliable service as a forex broker. It offers a great range of assets, including currency pairs, commodities and indices. The firm also provides a selection of account types, ensuring that there is something to suit any trader, including Islamic traders. The broker offers good levels of customer support and a solid education centre, making LQDFX great for anyone looking to get into swing trading. With that said, investors should always take caution before trading with any offshore and unregulated broker.
FAQ
Is LQDFX Safe & Legit?
Despite being unregulated, LQDFX has six years of experience and a growing customer base. Moreover, the firm is transparent with its pricing and the legality of its services, so we consider it a legitimate provider. Of course, it is typically safer to use a regulated broker.
Is LQDFX A Good Broker?
LQDFX has received mixed reviews and ratings on Reddit and Trustpilot. However, it does have a dedicated customer base that seems to put a good level of trust into it. In terms of services and conditions, the broker also provides competitive leverage rates, spreads and account options.
Where Is LQDFX Regulated?
LQDFX is not regulated by any institution. Traders should always be careful when trading with an unregulated broker.
Does LQDFX Accept US Clients?
Yes, LQDFX accepts clients from the US and Canada. This is unlike a wide range of forex and CFD brokers, due to local regulations. Other accepted countries include Australia, the UK and Indonesia.
Does LQDFX Trade Crypto?
No, LQDFX does not offer cryptocurrency trading. Customers can only trade CFDs on forex pairs, commodities and global stock indices.