LQDFX Review – Investigating The Most Notorious Forex Scam To Date

One of the oldest schemes out there is still alive and kicking, it seems. Numerous regulatory warnings, blacklists and investor alerts weren’t enough to dissuade some people from investing, though. Let’s have a look at how this site works in our LQDFX review.

Regulation and Security

LQDFX is a brand owned by LQDFX Ltd. The broker is located in the Marshall Islands and was established in 2015.

When it comes to the security of the funds, this broker claims on its website that it’s working with tier-1 EU banks such as Barclay’s, HSBC, and Deutsche Bank. However, we couldn’t find any proof of that.

This broker is not regulated by any top-tier entity and we advise you to be very careful when opening an account with this broker.

Blacklisted All Over the World

Seldom do we see a scam so dangerous, and with so many victims, that it warrants a list of regulatory warnings this immense. The LQDFX website is known to be a fraud on a truly global level.

In Europe, the warnings were issued by FCA (reposted by FI, CNMV, KNF), COSOB, MNB, FSC BG, and the independant IOSCO.

On the North American continent, the company was placed on the US CFTC red list, but also on the blacklists of Canadian BCSC, CSA, AMF, FCAA, and the state-run watchdog entity in Saskatchewan.

In which countries does this broker work?

LQDFX broker is an offshore broker without a license. This means that it can provide financial services in the countries where it complies with its trading regime.

It is very difficult to determine if an offshore broker complies with any regime since these brokers are usually very not transparent about their services. Therefore, we recommend opening an account with a broker that has top-tier regulations such as FCA, ASIC, or CySEC.

On the website of this broker, there is no information regarding accepting clients, so we can only conclude that they accept clients from anywhere in the world.

Is my money safe with LQDFX?

The main question of every trader is whether his money is safe in the hands of a broker. How can you know that? First thing, you can check if the broker is regulated. The regulator is standing behind the broker and its actions. If you get scammed, the regulator needs to pay you off. That is the safety net you have with regulated brokers. Another thing is to check where the broker is holding your funds. Are they segregated from the company’s funds? In which bank are they?

Obviously, every broker will claim on the website that funds are segregated and held in tier-1 banks. But the only regulatory body can confirm it. This is why it is necessary to find a legit broker.

LQDFX broker is not regulated, therefore you cannot trust that your funds are in a safe place. There is nobody that can check the claims of the broker for you. 

When it comes to withdrawals, there are different methods available. Waiting time is 1 – 10 business days.

This is why we advise all the clients to open an account with a broker regulated by FCA, CySEC, ASIC, etc.

A Look Into The Trading Features

Confidence tricksters like the self-proclaimed LQDFX broker take mimicry to the next level. They will use false advertisement to present competitive trading solutions, only for the victims to realize the deception all too late. Many LQDFX reviews have pointed this out, but the people are still being defrauded by these charlatans.

Insanely High Leverage

One of the main ways for the con artists to drain your deposits and make it look like a legitimate trading loss is high leverage. Many regulators have imposed leverage restrictions on brokers, and allow no higher than 1:30 in the EU or 1:50 in the US and Canada, for instance.

The leverage available with this con scheme is as high as 1:1000, which is a surefire way to swallow up your entire investment on a single trade.

Compromised Trading Platform

While the main trading platform is the industry standard MT4, it has been bent to the swindlers’ will to forward their ulterior goals. With a proprietary server, conners are able to edit each and every trade, and make you lose money in the process. Unfortunately, nobody is safe trading here.

Seemingly Diverse Accounts

The available accounts closely resemble those of the legit brokerages, and even a demo is available. The minimum deposits quickly skyrocket to incredible amounts, though:

• Micro – $20
• ECN – $500
• Gold – $500
• VIP – $25,000
• Islamic – $20

Scammed by LQDFX? What to do?

What to do if you get involved with a scam broker? First thing is to understand that there are things to be done. You can always request a chargeback. If you have any complaints about LQDFX or you got scammed by this broker, contact us immediately! We can help you with the chargeback process. Do not waste more time, contact us now!