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LQDFX Review – is www.lqdfx.com a safe forex broker or scam?
RECOMMENDED FOREX BROKERS
|Account type||Minimum deposit||Minimum trade size||Maximum leverage||Average Spread (& Commission )|
|Micro||$20||0.01||1:500||1.4 pips on EUR/USD|
|Islamic||$20||0.01||1:300||1.4 pips on EUR/USD|
|Gold||$500||0.01||1:300||0.8 pips on EUR/USD|
|ECN||$500||0.01||1:300||0.2 pips on EUR/USD + $3.50 per standard lot|
|VIP||$25 000||0.1||1:100||0.2. pips on EUR/USD + $2.50 per standard lot|
While most brokers usually offer several account types, Clients of LQDFX are offered a choice of 5 account types: 3 commission-free ones, as well as ECN and VIP one, offering tighter variable spreads and involving commission. Maximum leverage available varies by account types, reaching 1:500, and micro lots are offered on all accounts, except the VIP one.
The Company. Security of Funds
|LQD Limited||Marshall Islands||FinaCom|
Established in late 2020, LQDFX is a pure STP brokerage offering trading in 47 currency pairs and a number of CFDs on indices & commodities.
Behind this brand is LQD Limited, a company registered in the Marshall Islands, providing financial services under the laws of the Marshall Islands Business Corporation Act.
Due to its location, this forex broker is not under any regulation. According to the information on its website, LQDFX keeps clients’ funds completely separate from the company funds, so in the unlikely event that the brokerage enters liquidation, clients’ assets cannot be used to pay back creditors. This may be true, however no authority oversees the activities of brokers registered on the Marshall Islands.
We generally advise traders to avoid brokers registered offshore, and to select among companes authorized and regulated by ASIC or CySEC, for instance, however LQDFX seems ok. Besides, in 2020 LQDFX joined the Financial Commission (FinaCom), a Hong Kong-based external dispute resolution (EDR) organization, the EDR said on Thursday. The broker has an active member status B category, which means its clients are entitled to a compensation of up to $5,000 per person in case it gets in trouble.
Minimum Initial Deposit
In order to open an account with LQDFX, one has to deposit just $20, which is a comparatively low minimum initial deposit requirement. In comparison, FX Choice, which is also registered in the Marshall Islands, demands $100 for all account types as a start (including ECN).
Average spreads & Commissions
As a 100% Straight-Through-Processing (STP) broker, LQDFX offers variable spreads, which vary by account type. Typical spreads on the Micro account, for example, amount to 1.4 pips on EUR/USD, which is average. If you choose to open an ECN account with this broker, spreads are averaged 0.2 pips on EUR /USD and a commission of $7 per standard lot applies (round trip). This in fact means that average trading costs for the EUR/USD pair would amount to 0.9 – 1.0 pips, commission included, which is a fairly good pricing.
In comparison, FX Choice offers variable spreads averaged 1.2 pips on EUR/USD on its commission-free account, while the Pro account provides spreads from 0.5 pips on EUR/USD, and a commission of $3.86 per lot (per side). For further information, you may look up real-time spreads of 15 leading brokers here.
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Note: When we tried out the LQDFX’s xStation platform, ECN spreads were a little bit higher than the ones advertised on the broker’s website – around 0.5 pips on EUR/ESD.
Maximum leverage levels offered by this brokers are high, reaching 1:500. Nonetheless, many forex brokers offer leverage equal to or exceeding 1:500.
Leverage allows traders to gain large exposure to diversified markets with a relatively small amount of invested capital, however the higher the leverage level, the greater the risk. That is why we advise investors to exercise caution when trading on margin with high leverage levels.
LQDFX offers its customers the popular MetaTrader 4 (desktop & mobile versions available), as well as xStation.
The MT4 is the most widely used forex trading platform, as the it features a number of technical indicators, extensive back-testing environment, advanced charting package and a wide range of Expert Advisors (EA), allowing clients to fully automate their trades.
The other platform used by this broker, xStation, is based on open-API XOH Trader (developed by X Open Hub). It is available as a desktop, web and mobile versions with LQDFX.
xStation is an intuitive multi-functional platform that also features one-click dealing and the ability to deal straight from the chart. The platform is equipped with a number of technical analysis tools and advanced charting package.
LQDFX’s xStation platform. Click to enlarge.
The broker offers 100% on-deposit bonus (up to $20 000) to all live account holders (except PAMM) who have deposited at least $250. The 100% bonus value is calculated as $5 per round turn lot traded. Only positions over 0.1 lots (10,000 units round turn) and open for at least three minutes qualify for the bonus.
Methods of Payment
LQDFX offers its clients wide range of payment options, including: bank wire, credit card, e-wallets Neteller, Skrill, China UnionPay, FasaPay, Sofort, iDEAL, as well as vouchers (virtual, prepaid payment methods) jeton, paykasaepaycode, cashixir, gscash.
There is a $50 fee charged by international banks for wire transfers, which is covered by brokerage if the deposit amount is above $250.
LQDFX is a relatively young offshore broker, whose offering seems really attractive: competitive cost of trading, low initial deposits required and high leverage levels available on two trading platforms. What is more, it accepts US clients. Nonetheless, we have one major concerns with this LQDFX: its light touch regulation. Here are, in a nutshell, the advantages and disadvantages of LQDFX:
Tight spreads, reasonable commission fees (if any)
Light touch regulation
High leverage levels, low minimum initial deposit
Variety of trading platforms & accounts
Accepts US clients
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
OctaFX – Free 50% bonus
FBS.com – Start with 100$ No Deposit Bonus.
XM – Start with $30 No Deposit Bonus
Forex Brokers Checklist
It’s common sense that your account should be safer with the regulated brokers, it’s also clear that The Financial Conduct Authority, FCA (UK) or National Futures Association, NFA (US) are preferred regulators to, say, Vanuatu Financial Services Commission, FSC or self-regulatory bodies like FMRPC.
Unfortunately, the strictest regulation does not guarantee a positive trading experience, otherwise we wouldn’t send our members periodic notifications on the outrageous regulators findings like this one.
Advice. To stay informed please Join Forex Peace Army and stay subscribed to our Core Members List, also get our 10 World’s Worst Forex Brokers Report
This is the reason why we created Forex Peace Army in 2006. In the past retail forex industry was a barely regulated “wild west” with traders reviews and community discussion as the only source of truthful information about the companies.
We witnessed the very positive changes with regulators in the recent years, but this did not diminish the role of consumer reviews. Our members indicate problems with companies months and even years before regulators step in and dealt with their dirty operations.
What about professional broker reviews some other sites have? Please ask yourself, why would professionals spend time to write these long, well-illustrated, and comprehensive reviews? Additionally, ask yourself, why professional reviews tend to nearly always be overall positive, only occasionally mentioning minor flaws. The obvious answer is that these “professionals” are looking to get compensated for their time.
Traders’ reviews may not look as appealing as professional reviews, but they are unbiased, current (describe what is going on with the company now), and based on actual experiences with the broker. Forex Peace Army is committed to keep its broker reviews as honest as humanly possible; our editors are extremely experienced and have an advanced suite of custom coded tools to enable them to screen out fake, paid, self-promoting reviews as well as fake negative reviews from competitors.
Advice. If you know the name of the forex broker start typing it the “Search by name” box above or browse the list of all brokers. Read the reviews and especially pay attention to the following points:
Additionally, please search our Scam Alerts Folder for recent traders complaints, and pay attention to alerts posted on review pages.
Carefully reading and understanding trading conditions of a particular forex broker is an important part of research that unfortunately often gets overlooked. Let us give you a few examples:
Other important factors to research:
Advice. Always carefully read and understand the forex broker’s trading conditions before opening a trading account. Do not hesitate to ask support if you don’t understand something or have additional questions
Next, practice on a demo account at the broker. Do sufficient testing of your trading strategy, forex expert advisor, forex signal service or whatever else you are planning to use with this particular broker. Remember, profitability on a demo account does not always mean a live account will be profitable. Losses on a demo account may underestimate losses on a live account.
If you are happy with everything so far, open small live forex trading account and test it again (including the withdrawal process). Increase the account size gradually.
Keep an eye on the newer reviews for your broker here on Forex Peace Army. Also, after you’ve tested the forex broker’s live trading system thoroughly, please leave a review to share your experience and help other traders.
4. Trading platforms.
There are a few common trading platforms like Metatrader, cTrader, TradingView Web Platform and also proprietary ones developed and maintained by particular fx brokers like Dukascopy’s Jforex (and others too numerous to name here).
A common trading platform like MT4 or MT5 gives you access to the marketplaces full or free and paid trading signals, expert advisors, and other forms of trading ideas. In-house developed platforms often give you access to broker-specific features (like API access for algorithmic trading or connection with Social Trading applications or Money Managers).
Advice. Common platforms like MT4 are a good start for beginner traders. You can download the software with your PC, Mac, or mobile device. You will be able to try many brokers without additional learning curve of proprietary trading platforms and enjoy extensive array of indicators, and trading strategies available through the marketplace.
Who does not like bonuses, freebies, or promotional offers? We do too, but urge you to read the fine print. Some bonus terms are reasonable while many others are traps designed to keep you from withdrawing your money.
Always read and make a copy of the bonus terms before accepting any bonus from a forex broker.
6. Icing on the cake.
As this niche gets more competitive, to attract traders forex brokers often add free useful (and expensive if purchased separately) tools and services for account holders that may include:
You are certainly encouraged to take advantage of such offers.
Advice. Before paying for expensive trading tools or services check if they are available with a good forex broker for free, at substantial discount, or with some minimum account balance.
Help! Is Triumphfx scam? https://www.tfxi.com/
Help from anyone. I read this thread from FPA and I am very nervous as I have invested a lot of money there.
Please help if it is true as claimed?
You can use any MT4 but you need to search the company name and only able to get Triumphfx-Live server address.
Check this attachment to get the SRV file.
Ok, so this is server address: 184.108.40.206:443.
Unfortunately, this account looks to good to be true and I think it’s Ponzi scheme. Profit factor: 170.64, maximal drawdown: 0,56%, max 63 consecutive profit trades: 21,9 mln USD, max 1 consecutive loss: 80200 USD.
You should set alarm on MT4 that informs you when new trade is opened. Then you should check if opening time is correct. It looks that all trades are added to history after fact and never happened. This is my opinion. One day they will suspend all withdrawals and take all money.
It looks like the trades were placed at current time with current trade ID sequence and then the trades were changed to the earlier time and its price. That is why the trade number is at later time and not the time when the trade was opened.
Please tell me if I was wrong.
As per your given investor password.
There was only deposit and withdrawal, typical mt4 used for mlm and fake fx trading chopshop.
Jjptr used the same, tp eagles too,
Sakura fx trading and global trading pros did the same pamm shit with their Vanuatu license and closed shop few months ago only.. igofx just scam a shit bunch last two weeks
If I am wrong, investors are normally from msia and China mainly.
Wake up your idea folks. Risk money you can lose and don’t refer your friends and relatives into this money game.
Igofx just busted and ikofx is linked to jjptr. And ikofx owned igofx and igofx and triumpfx use the same toilet paper license from Vanuatu where it cost you 2999 only and the entire set up of incorporation is only 5-6k Max.
Gosh wake up folks.
There’s no real trading by these bucketshop.
Real trading? Put results to darwinex and fundseeder not myfxbook. Myfxbook statement are not 100% verified as broker can upload their own statement.
A strategy only works if they are split tested on a few top tier brokers from UK, aus , sg or Switzerland.
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