An online Forex and CFD ECN brokerage called LQDFX was released in 2015. No governmental authority regulates this broker yet, and it is in the Marshal Islands. Reasonably, traders get a chance to trade a great deal of instruments wrapped as CFDs even, including a collection of indices, commodities, and metals.
According to the LQDFX review, there are 71 forex currency pairs, 7 non-metallic commodities, and 12 main equity indices. Electronic Communications Network (ECN) / Straight Through Processing (STP) execution models operate all the accounts.
LQDFX has five different types of accounts, and all of them use the STP execution model apart from the ECN account that surely uses an ECN model. Minimal trade size 1 micro lot (0.01 lots) is offered with all the accounts, except the VIP account that has minimum trade size of 1 mini lot (0.1 lots).
A minimal deposit of $20 is needed for the Micro account, and it offers a maximum of 500 to 1 leverage. The benchmark EUR/USD spread is estimated at 1 pip, and the maximum position size is 5 lots.
The minimum deposit for the Gold account is $500, and the maximum leverage is 300 to 1. The estimated benchmark EUR/USD spread is at 0.7 pips, and the maximum position size is 40 lots.
The minimum deposit for the ECN account is $500, and it offers a maximum of 300 to 1 leverage. The estimated benchmark EUR/USD spread is at 0.1 pips, but a commission of 0.0035% of hypothetical trade value is also added.
The minimum deposit amount is $25,000 for the VIP account, and it offers a maximum of 100 to 1 leverage. The estimated benchmark EUR/USD spread is at 0.1 pips with a commission of 0.0025% of notional trade value.
The minimum deposit amount for the Islamic account is $20, and it offers a maximum of 300 to 1 leverage. The estimated benchmark EUR/USD spread is at 0.7 pips, and the maximum position size is 40 lots.
For all the Forex and CFD brokers, a demo account is also available to practice.
According to the LQDFX review, the most incredible feature of this broker is its ECN execution. Apparently, the ECN execution is a really competitive spread and commission model that needs at least a deposit of $500 only. It shows that theoretically, in comparison with most of the brokers, LQDFX never favors the other side of their client’s trades. If they are running an ECN model, they will not get profit when you lose, and not even lose when you get profit.
Ultimately, it means that in contrast with most CFD and Forex brokers, they must not have an innate clash of concern with their clients. Reasonably, LQDFX trades in a huge range of assets; even it has some of the more exotic CFD instruments, including soft commodities. Indeed, it provides an extensive assortment of minor and exotic Forex currency pairs
Bonuses and Promotions
Any client who deposits minimally $250 will have a 100% deposit bonus with LQDFX to any non-PAMM account. You can withdraw your bonus once it has completed the minimum requirements of trade volume. Traders must check the volume requirements carefully.
Funds depositing into an LQDFX account is highly secure and convenient. Using a few simple methods can help you in funding such as bank transfer, fasapay, credit cards, Skrill, Neteller, and Bitcoin, or any other possible source. In general, deposits are made via the same source that deposits have been made through.
For LQDFX broker, the customer support is UK based, which is offered by chat, telephone, or email from Monday to Friday during working hours.
Is LQDFX a Scam or Legit Broker?
LQDFX is not a legit broker to trade with. LQD Limited owns LQDFX, which is an offshore company registered in the Marshall Islands.
The Marshall Islands is notorious for the almost missing necessities and regulations. LQD Limited, according to the website, is offering financial services under the rules of the Marshall Islands Business Corporation Act. Well, it does not mean the company is licensed or regulated. So, ultimately, this broker is not safe to trade with.
- It follows the Marshal Islands Business Corporation Act.
- It has a remarkable choice of account types.
- It works with the Financial Commission.
- No apparent regulation.
- Least kinds of assets available.
For traders, LQDFX has a professional-looking and well-rounded STP/ECN execution-style. It is practically for trading a huge range of assets in the form of Forex currency pairs as well as CFDs.
However, in the Marshall Islands, the unregulated condition and base can cause huge probable clients to feel at ease with LQDFX only after conducting some due attentiveness.