LQDFX is an STP and ECN broker offering multiple account types to cater to all types of Forex traders. In its young plight as a brokerage firm, it has earned a couple of international distinctions that helped in positioning itself as one of the emerging ECN brokers worldwide.
Discover more about LQDFX, its features, and its limitations as a young brokerage firm. Read on and weigh your options as you learn about LQDFX.
LQDFX Background and Safety
Relatively young in the sector, LQDFX was established in 2015. In a short span of operation, LQDFX was able to establish several Customer Support offices in different countries across the globe. The broker pursues to be the most loyal and devoted broker by anchoring its business model to STP execution.
LQDFX is also empowered by its unique affiliate programs, multilingual customer support, and lightning-fast trade execution.
In terms of client fund security, LQDFX claims that it runs a model that segregates the clients’ funds from the company’s. But if you are looking for its affiliation to any major financial institution, the broker has yet to secure a regulatory certification. It is not governed by any regulatory body which slightly dents the broker’s reputation as a legal broker.
However, LQDFX is tied up with major tier-one banks worldwide including HSBC, Deutsche Bank, and Barclays to provide secure payment services to its clients. To date, LQDFX partners with 265 banks all over the world.
LQDFX Features and Fees
Financial Instruments
LQDFX offers the following asset classes to its traders:
- Forex (71 currency pairs)
- Precious Metals
- Commodities
- Indices
Account Types
LQDFX offers five account types for its clients. These are the Micro Account, the Gold Account, the ECN Account, the VIP Account, and the Islamic Account.
Each account type has its set of trading conditions. But there remain common conditions and features among all these account types. One of these commonalities is the trading model utilized in all the trading accounts. The STP trading model is at work for all these five account types.
More so, they also share the same access to the four financial instruments offered by the broker, the inclusion of an account manager, no requites, number of currency pairs, indices, and commodities featured, no requites, and educational material.
The Micro Account requires $20 as minimum deposit, has up to 1:500 leverage, has 5 lots as maximum trade lots, and 1.0 pips for typical spreads.
To sign up for the Gold Account, you need an initial deposit amounting to $500 for a maximum trade size of 40 lots, up to 1:300 leverage, zero commissions, and as low as 0.7 pips for typical spreads.
The ECN Account is also set a $500 initial deposit. It charges 3.50USD/EUR commission per 100,000 trade. The maximum leverage is up to 1:300 with 40 lots as the maximum trade size. It also features 0.1 pips for typical spreads.
If you want the VIP Account, you need to secure a hefty $25,000 initial deposit. The account offers up to 1:100 leverage, sky-is-the-limit trade size, and 0.1 pips for typical spreads. The commission fee is at 2.50 USD/EUR for every 100,000 worth of trade.
LQDFX has a separate account type for traders observing the Islamic belief of not paying swaps. The Islamic Account has a minimum deposit fee of $20. The maximum trade size is at 40 lots, with 0.7 pips for typical spreads. The maximum leverage is at 1:300. It also has zero commission fees.
Funding Methods
LQDFX has an array of options for depositing and withdrawing funds for its clients. For bank transfer, and Visa and MasterCard options, there is a set minimum and maximum deposit amounts for each day. The broker can also shoulder the deposit fee if the deposit amount is beyond $500 for bank transfer. There are no fees charged for card deposits.
Other payment options including Skrill, Neteller, Fasapay, and Bitcoin have no deposit fees but have minimum deposit amounts worth $20 and $30, and no maximum amount of deposit.
LQDFX Trading Platforms and Tools
LQDFX offers the industry-standard MT4 platform for its traders. The broker’s MT4 version has an intuitive interface and customizable features. It also allows the Expert Advisors functionality to support automated trading.
LQDFX’s MT4 Key Features: ultra-fast execution, one-click trading, Depth of Market, advanced technical analysis, advanced charting tools, and Negative Balance Protection.
The MT4 versions available in LQDFX include Windows, Android, and iOS.
The broker has no standout research tool or education materials on its offering. It features the basic research tools any other brokers offer to traders.
Bottom Line
LQDFX has a strong appeal as a new ECN broker. However, there is much to improve on and add to its trading arsenal as a young forex service provider.
For one, it needs to add another trading platform offering for its traders to give a more advantageous trading environment. For another, it has to level its instrument offerings and features to lure more traders.
Mostly, securing a regulatory certification will positively impact its legality and honesty as a brokerage firm.