LQD FX is an unregulated trading company that tends to make for that fact by providing their clients unusually high leverages and competitive spreads. But, is it enough to put your trust into them?
The company accepts clients from the United States, which is great considering how competitive and strict this market is. Also, it only offers a single account type, which is quite limiting, but there is a demo account which you can apply for until you get a hang of things. This is quite an advantage that not a lot of companies offer on the market. The company is based in the Marshall Islands, which is a widely popular off-shore area for unregulated companies.
Quality of Service
The LQD FX trading platform is web-based, which does not make it particularly reliable. Also, it does not have a particularly admirable asset selection – just over 100 CFDs, indices and commodities in total. The leverage is outstandingly high at 1:500, which is 10 times more than the industry standard.
The platform loads quite fast and without any delays, which is great. It also has quite a lot of trading instruments and signals at your disposal. There are handy charts available for you to assess the market performance of each asset before you make a final decision, as well as a one-click trading option. The charts can help you follow and assess how the asset of your choice was performing on the market in the previous weeks and months. This way, you can try and detect a trend, which is helpful for your trading strategy later down the road.
Speed of Response
The customer service at LQD FX is multilingual and quite friendly. They are available 24 hours 5 days a week. You can contact them via live chat, email or telephone. The live chat option is the most popular since you can connect with an agent quite briefly to find your answer. The email option can take a while – up to several business days. If you have that kind of time, you can try this option as well.
While all your deposit requests and transactions are processed instantly, the withdrawals can take some time. That, of course, depends on the payment options that you choose. For example, the bank wire transfer typically takes the longest, from 2 to 10 business days. That is quite a while to wait, don’t you think?
Then, the credit cards take a bit faster with 2 business days waiting period. Lastly, the e-wallets are processed within a single day, which is standard.
Similar to the transaction speed, there are also different commissions and fees attached to each one of the payment options. For example, the bank wire transfer fees depend solely on the bank that you are choosing for this transaction. Then, the fees for credit and debit cards are somewhat high at $10, while the e-wallets do not require any additional fees.
LQD FX trading company is not regulated, which means that they do not operate with any type of licence. This is a huge downside for the clients, considering that there is no regulatory body that is making sure that the company is following the rules of the trading environment. Still, the company does include some policies and guidelines that contribute to your safety while trading. They include STP (straight-through processing) and NDD (no dealing desk).
Variety of Payment Options
Lastly, in this LQD FX review, we should also mention the selection of payment options that you can use while trading with LQD FX. First, there is the bank wire transfer, which takes a while to be processed. Then, there are credit and debit cards as well, which is quite a popular option. Lastly, the widest selection is available with e-wallets. They include options such as Skrill, Neteller, FasaPay and Bitcoin.
We should also note that the website advises you to use the same banking option for both your deposits and withdrawals. This just makes it easier for their team to process the transaction, as well as ensure safety and efficiency.