How did I first hear about LQDFX?
I am members of many forex Facebook groups, and that is in fact how I Heard about LQD Fx. They seemed relatively popular on many social media (Facebook and several forex forums). I also conducted my own research on them, by visiting review sites to see what clients (past and existing) say about them.
What was my first impression of them as a broker?
I heard positive and negative reviews on Facebook, and I also researched their reviews on other review websites, and saw the same (positive and negative alike). The majority of negative reviews were regarding people complaining they did not receive their withdrawals at all, despite the 1 business day timescale stated on the website. However, LQDFX have responded to these negative reviews on a particular review site, stating these cases were still ongoing investigation and were assured they would have their funds returned in due course. I have not actually seen results of this on these particular cases. Furthermore, I did notice that this broker seems to push heavily with their IB affiliate links on social media networks, primarily Facebook. This formality makes me rather sceptical usually as I feel this does not feel genuine; clearly there is a vetted interest in earning commission via new clients by clicking on the link and signing up without an impartial view on the broker.
How easy is it to navigate the broker website?
Overall, the website itself is very clearly laid out, and marked, so it is very easy to navigate. One thing that I find astonishing, given my experience in the industry with forex brokers, is that they do NOT have an FAQ page. This, I find totally absurd. However, they do have a contact page, however this is lengthy if you want a simple and quick answer.
Do they offer a good variety of tradeable assets?
For all account types, you are able to trade the same number of instruments: 71 Forex pairs, 12 Indices and 5 Commodities. They do NOT offer cryptos to trade, which I was disappointed in, since most brokers do, nowadays. I actually went on their live chat to ask how many tradable assets they offer for each, and the agent was not sure, and told me to send in a ticket. This was very unnecessary since the answer is actually on their website, but it just took me a while to locate the correct page.
How competitive are their spreads?
LQDFX do display all spreads on all tradable assets for all account types on their website. However, they do not display LIVE spreads, just a ‘typical’ spread for each pair. Overall, I do not find their spreads to be very competitive to what is out there, however they are not shockingly wide, either. On the website it does state ‘starting from 0 spreads.’ I inquired about this on their live chat as I did not fully understand how you can offer 0 spreads, with 0 commission on some accounts. I.e.: how is this broker making their money? The answer I got, is that SOME spreads are 0, whilst others are not (which did not actually answer the question). This led me to believe that they are potentially in housing their trades (by this, I mean, they are profiting from client losses)
What is their commission charge?
As stated on their website, for a ‘micro’ or ‘gold’ account, there is no trade commission charge. However, if you have an ‘ECN’ account, the charge is $3.50 per lot. ‘VIP’ accounts have a charge of $2.50 per lot and ‘Islamic’ accounts do not incur a fee. The charges for the ‘ECN’ and ‘VIP accounts seem very average and in line with expectation, for an unregulated broker. However, the fact they offer 0/low spreads on most pairs, with 0 trade commission charges on 2 out of 4 accounts (not including Islamic accounts), is a very strong indication that the way in which they are making their money, is highly questionable. What I mean here, is that how can they be a full STP broker as they claim to be, if it is very clear they are not using a Liquidity provider; this means they are obviously trading against their clients, which puts me in a very uncomfortable position as a client, when there is clear evidence that this broker has a vetted interest in me losing my money. I also hit up their live chat in regards to the 0 spreads and my STP concern. I must say I was not impressed with the overall incompetence that I received on their live chat, with the following response:
What is the maximum leverage they offer?
The most attractive leverage (1:500) can only be obtained if you have ‘Micro’ account, which only requires a small minimum deposit of $20. If you have a ‘Gold’, ‘ECN’ or Islamic account, you have a maximum of 1:300 leverage, and if you have their most prestigious account (VIP Account) you are only entitled to a maximum leverage of 1:100 (minimum deposit required for VIP account is $25,00) This comes across to me as though the broker is doing their best to protect themselves from losses, which again confirms their interest in their clients losing out. However, they are more than happy for a large depositing client (VIP client) to trade an UNLIMITED LOT SIZE, whereas with the other accounts, you are restricted.
What do I need to open a verified account?
As standard goes, traders must be over the age of 18, and thus you are required to submit 1 document as proof of address (dated within last 3 months), and one document as proof of Identification (must be valid for 6 months from date you submit the document to the broker.
How long does it take to open a live account?
As promised by the live chat agent, my documents were verified and approved within 1 business day. Although the timescale was not exceeded in my case, I actually signed up on a Saturday, therefore I had to wait until the end of Monday to begin trading on their live account.
Are desktop/mobile/web trader versions all available?
I could not locate the answer to this on their website itself, so I had to ask via their live chat, and I found out that they do not offer Webtrader version, so for Mac users, this is not ideal as you would have to separately install software in order to trade with this broker.
Do they have a minimum/maximum deposit requirement?
Yes, the minimum requirement is dependent upon the account you choose to open.
Micro and Islamic account have a minimum deposit requirement of $20, the Gold and ECN accounts have a minimum deposit requirement of $500 and lastly, their VIP account has a minimum deposit requirement of $25,000.
What are the benefits of the different accounts offered?
The website displays a table with the different account types that come with different conditions. However, after much scrutiny, the only differences between a ‘Micro’ account and a ‘VIP’ account (least to most prestigious account), other than the minimum deposit requirement being $20 as opposed to $25,000, there are not many fundamental differences. ALL accounts are entitled to an ‘account manager’, and all have access to the same number of instruments to trade. If you have a more ‘prestigious’ account (VIP) of course, you must deposit a larger sum, endure lower leverage (1:100 as opposed to 1:500 maximum). The only fundamental difference is that with a VIP account, you do get a ‘typical’ spread of ‘0.1’ as opposed to ‘1.0’. I do not feel this benefit warrants depositing $25,000 just to get slightly lower spreads, and a dollar less charged for trade commissions ($2.50 rather than $3.50).
What deposit and withdrawal methods are available?
LQD Fx do have quite a variety of deposit and withdrawal methods which are displayed on their website. I also spoke with their live chat to confirm which methods are available according to residency of the client. I must say that the live chat support in general is very robotic and seemingly use automated responses more than their own words, meaning I found myself repeating the same questions over and over to get the answer. I was advised the fastest method of deposit is Skrill and Neteller, however I actually used my Bitcoin wallet and found that to be faster (within the same hour) rather than the other two options taking a day to process.
What countries’ residents are restricted from trading with this broker?
For this question, I could not find the answer on their webpage itself. As mentioned previously, they do not have an FAQ page to refer to for these types of questions, so I had to speak with their live chat once more to ask. I did get a quick response however I would have preferred to not waste their time on live chat for a small question such as this one, if only they had a quick reference guide FAQ page. The only country residents restricted from trading with LQDFX is Belarus.
Do they sell additional products/services/managed accounts?
From what I saw on social media avenues, they do not seem to be selling signals or EAs, however I did see many affiliate links, which is in fact how I came across this broker. There seem to be many affiliates, which did make me wary as once again, this is a strong sign that they, as a broker, have a very heavy interest in claiming clients and their funds off the bat.
On the website, it does say that ALL accounts are entitled to an ‘’account manager’’ which I enquired about via live chat. To my disappointment, their Account Managers appear to be the same people that operate live chat, and can only be contacted 24/5, not 24/7. It seems to me like a weak additional ‘benefit’ since all account types can have one. They do not, however offer trading advice, which is good, as trade decisions should not be influenced by anyone other than the trader him/her self. I spoke to one agent (first screenshot) who was very robotic and reluctant to answer my question directly, so I closed the chat, and opened a new chat and spoke with a different agent, to actually gain the answer I was looking for. This was unnecessary and time consuming once again.
If assistance is required, how can you get in touch?
The website does state which methods of contact are available (email, all departments, telephone and live chat). However, it did not state on the webpage the hours that clients can contact the broker. So again, I had to ask via live chat. Again, there seemed to be a minor communication issue, whereby I had to repeat my question to the agent in order to get a comprehensive response. They are also only available 24/5 between 10pm Sunday – 10pm Friday, operating on GMT+1.
What is the quality of customer service?
Customer satisfaction in my experience with their customer support, felt very inconsistent in terms of quality. I feel this is an area that LQD Fx can vastly improve on; the live chat agents lack any warmth with their clients, since their answers avoided the questions I asked, whereby they were constantly trying to palm me off to links that did not contain the answer to my questions. This leads me to believe that perhaps their training was poor, as they were either unable to give solid answer, and furthermore, at times I felt they were incredibly uncooperative. Each time I used their live chat, I felt I needed to really make myself clear or repeat myself in order to get a comprehensive or logical response. You can see examples of what I am referring to throughout this review in the screenshots I have included.
Do they offer an IB affiliate programme?
Yes, you can become an affiliate, as stated on their website. What struck me as odd is that the affiliates earn FROM $7 per lot, but the trade commission for clients ranges between $0.00 and $3.50. As per my chat with an agent, you will be able to see that it seems very clear that an affiliate has the potential to earn more than $7 per lot. The fact that the broker covers the cost for the affiliate ($7), rather than the client who came via an affiliate being charged this, shows the broker has an obvious vetted interest in making money through client trade losses- this is evident because they are not making much money on trade commissions as some accounts do not even charge a trade commission, whilst the ones that do, only go as high as $3.50. Furthermore, they are not making any money through the affiliates, and $7 is very generous, which is very attractive to people wanting to become affiliates- the affiliates get all the $7, the broker gets 0 from this. This therefore confirms that the broker is obviously earning their profit elsewhere, i.e.: the client trade losses.
Awards and Accreditations
They appeared to have 17 awards issued to them as shown in the top banner on their website. This was obviously a very comforting thing to notice which when I clicked on took me to a page stating how they were issued by a website called theforexawards.com. I initially mentioned this to a member of staff on live chat who very quickly informed me that this was not 17 awards but issued in 2017, something which I felt was a little misleading. However, putting this aside I looked at what they were awarded and it was “Best ECN Broker” and also “Most Reliable Broker”. Obviously now, the “Best ECN Broker” is clearly VERY questionable given the evidence within this review I have uncovered but I decided to dig deeper with regard to the website issuing this award in the first place. It seemed that it was not very genuine or reputable even to the point that the voting system on their 2019 awards did not work. I then noticed that there was an award ceremony in London later this year at a very prestigious hotel. I contacted the events department at this hotel to which I was told that no company under the name of ‘theforexawards.com’ or anything forex related was booked on the date stated on their website. Unfortunately, this can only lead me to believe that this is a very underhand form of marketing whereby the broker has created this website themselves to trick clients into thinking that they are reputable and have been awarded genuine awards.
What is my overall opinion of LQ?
Overall, I find that the negatives outweigh the positives. First of all, I was not blown away by the quality of customer service, as I found it difficult to get a simple response, in a timely manner; I had to repeat myself several times on many occasions. I feel this broker make their money via in housing all/the vast majority of their trades. I say this because, they charge 0 trade commissions on one account, and then a very low charge on other accounts (maximum $3.50), as well as not making money from the affiliate side either. This shows they are interested in bringing in a large quantity of clients, and are able to cover a high cost in doing so ($7 per lot to affiliates). This made me ask: ‘’how exactly do they make their money if on top of that, they offer 0 spreads also?’’. This is another example of their clear vetted interest in making money from client losses only. In addition, the fact that the VIP account requires a minimum of $25,000 and offers a lower leverage than the Micro account, with NO other real added benefits, shows they are covering the risk of the high value client trades from being able to maximise profits from large amounts they must deposit.
I do not feel confident in recommending this broker to a new trader as they seem to be operating a ‘smoke and mirrors’ business, given the fact they went to desperate lengths to instil confidence in their clients by presenting an award in a highly deceptive manner, as well as inviting clients to join them at an event that did not even appear to exist on record.
If it is this difficult to gain simple answers to simple questions (as seen in my live chat screenshots), I find it extremely concerning to think of the issues I would face should I have any complicated trade or payment queries needing answers.