LQDFX Review (2023)

Is LQDFX a scam or a legit broker?

LQD Limited has been suspected as a scam broker. According to the website, LQD Limited is providing financial services under the laws of the Marshall Islands Business Corporation Act. However, it doesn’t mean the company is regulated or licensed. 

In fact, Marshall Islands is an offshore zone attracting various firms that for the reason or another escape from the serious regulation or compliance to international service providing. However, in the case of financial investment or trading firms, the company should be a very respected entity, as the statistics show that the majority of non-authorized firms never recovered the sums of investors’ investments. Therefore, we always advise avoiding offshore or companies with no license as there are too many frauds around.

What is LQDFX?

LQDFX is an STP type of broker, which was established in late 2015. The broker claims to be one of the leaders in the FX industry, naming its numerous awards. LQDFX offers its clients forex pairs (including 7 majors, 21 minors and 43 exotics). Traders also get an opportunity to trade precious metals, including gold, silver, palladium and platinum, as well as multiple global stock indices, energy and agricultural commodities. The broker offers flexible leverage up to 1:500 with the Micro account.

Is LQDFX a scam?

The website doesn’t provide the address of the company, there is only a British contact number, which means the company has been offering its services to the UK residents without being authorized to do that. Most probably this forex broker is not under any regulation.

Also, the company provides false information about the rewards it holds, including, Best ECN Broker (Find ECN Forex Brokers here), Most Reliable Broker etc. In addition, there are a lot of negative reviews that can be found on the forums about LQDFX. People share the horrible customer experience they had with the company and also state that they are not able to withdraw their funds from the broker.

LQDFX in India

LQDFX allows Indian traders to open accounts and trade. However, LQDFX has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

LQDFX in the USA

As to the LQDFX activities in the US, the broker is not intended for use that would be contrary to local law or regulation. This means clients from the US cannot open an account with LQDFX (See Forex Brokers Accepting US Clients).

Deposit & Withdrawal

In order to fund an account or to send money to it traders may choose among the following methods: bank wire transfers, cryptocurrencies, Visa and Mastercard payment cards, plus Skrill, Neteller, FasaPay and Load e-wallets.

LQDFX has a minimum deposit of just $20 on their Micro account. This type of account is usually used for beginners (Forex Trading Platforms for Beginners), for those who just started getting to know the world of online trading. 

The minimum amount that can be withdrawn is $100 for wire transfers, $20 for payment cards, $10 for Bitcoin, $30 for other cryptos, and $0-10 for e-wallets.

Apps

LQDFX offers mobile trading using a version of MetaTrader 4 designed for iOS and Android devices. The app supports several charting options and technical indicators, though fewer than the desktop version. The application retains much of the other functionality, however, including one-tap trading, interactive charts, market depth and internal transfers.

Demo Account

LQDFX offers traders the opportunity to practice strategies and become familiar with the platform with their demo account option. Traders can use this demo account with the balance of $100 000 virtual money in order to be able to evaluate the benefits of the trading platform.

Conclusion

Overall, it is advised to avoid trading with LQDFX due to its unregulated services and the high-risk operation which targets numerous clients to their rows without a necessary level of protection or performance. Dealing with an offshore broker most often carries a significant chance to fall under the scam operation. 

Therefore, it is better to choose among the brokers that are compiled with the industry leading authorities and governmental entities that are backed with customer protection and the provision of the legitimate financial services. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and FBS.

You can also share your trading experience with LQDFX by commenting on this review.