LQDFX is an online forex broker started in 2015. They offer the trading of forex, CFDs, commodities and indices through STP trading. Before you register, read our LQDFX broker review to find out what you are in for.
Regulation is an important factor to consider when choosing a broker to register with due to the sensitivity of trading among other things. There are a number of well-known regulators such as FCA, CySEC, FSA and more.
The reason why regulation is important is because a regulated broker is far less likely to scam you of your money than a regulated broker. But that does not mean that a regulated broker is incapable of scamming however if a regulated broker was to do that then there’d be a system in place to compensate you.
That being said there are certain brokers currently in business that seem to offer attractive features however they are unregulated. This means they run a high risk of scamming you or defrauding you in some shape or form. One of those brokers is LQDFX. It is currently located in the Marshall Islands which is an unregulated area that’s often frequented by scam brokers.
While their offers may indeed seem attractive, we advise you to avoid brokers like LQDFX. In fact, during our preliminary research, we came across LQDFX reviews and all of them shared a common theme: how brokers like LQDFX, which is unregulated, lure traders, especially beginner traders, in and then scam them out of their hard earned money.
LQDFX Customer Support
You can contact the LQDFX broker via:
- Request a callback
We found that while they offer a variety of ways to get in touch with them, each method had a host of problems, namely poor response time or inefficient customer support agents.
Take, for example, the callback option, we placed a callback request two weeks ago before the writing of this review and we have yet to receive one. We also did not have any luck with email either because we have yet to receive a response to our inquiry. Telephone calls were also a bust because each time when we placed a call to their offices, we were left on hold for after the initial answer.
So far the only experience delivered by LQDFX’s customer support is a disappointing and infuriating one. And this is made even worse by the fact that support from your broker is absolutely vital to your success as a trader. Even more so if you’re a beginner trader. The service displayed by the LQDFX broker scam is what is displayed by numerous other neglectent brokers or scam brokers.
There are two platform options offered by LQDFX:
- MetaTrader 4
These are two highly popular platforms which offer full customization, making each version sorta unique to each broker. Think of it as a bare system that one broker can either keep bare or fully outfit to make it absolutely incredible. And on top of that, it’s free which is why it is so popular. While those undoubtedly strengths of these platforms they are also weaknesses.
The reason being is that any broker, even an unregulated one can acquire these platforms, customize them however they see fit and use that against you. The reality is that no matter how good a trader you are, you cannot succeed without a great platform and the support of your broker. Scams like the LQDFX scam use the reputation of these platforms to lure unsuspecting traders and defraud them of their money. That is why it is important to not only look at a broker’s platform but also check traders’ reviews to see what they have experienced so you can save yourself the trouble.
There are five different account types being offered by LQDFX:
- Micro ($20 Minimum Deposit)
- Gold ($500 Minimum Deposit)
- ECN ($500 Minimum Deposit)
- VIP ($25000 Minimum Deposit)
- Islamic ($20 Minimum Deposit)
All of these accounts have a number of suposed features in common. All of them use an STP trading model and have an account manager along with a minimum trading size of 0.01. 15 commonodities, 47 pairs of forex, 15 indices and metals are avaialble for all five account types and LQDFX claims there are no requotes for any account whatsoever.
Each account type has access to the MT4 and xStation platforms, educational materials and come with swaps except for the Islamic account.
Now for the differences.
The Micro Account has a maximum leverage of 1:500, a typical spread of 1 and offers a maximum trade size of 5 lots with no commissions. The Gold Account on the other hand has a maximum leverage of 1:300 with a minimum trade size of 40 lots. The typical spread is 0.7 and there are no commissions.
The ECN Account carries a maximum leverage of 1:300, 40 lots as the maximum trade size and 0.1 for the typical spread. The commissions on forex for this account is 3.50USD/EUR per 100,000. While the VIP Account has a maximum leverage of 1:100, no maximum trade size and a typical spread of 0.1. The commissions on FX for the VIP Account is 2.50USD/EUR per 100,000.
The Islamic Account has a maximum leverage of 1:300, a maximum trade size of 40 lots, a typical spread of 0.7 and no commissions.
LQDFX Review Conclusion
The LQDFX broker, like numerous other brokers, claims to offer loads of great benefits for traders. But their lack of regulation and poor customer support is reason enough for you to realize that these are merely claims. The reality is the LQDFX STP broker is nothing more than the LQDFX STP scam.