LMFX or LQDFX for US citizens?


I’m new to forex trading and all so your help would be much appreciated. I’m trying to find a broker to register and trade with but I was told LMFX is not working with US clients anymore and my friend mentioned that LQDFX does. Is this correct? I am not able to find any news in regard to it.

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Hi, are you sure that you are ready to open live account? Regards Greg

What do you mean?

How long have you been learning how to trade and do you have experience demo trading? :slight_smile:

I am pretty new. To be honest Im more interested in affiliate programs and maybe find a mentor and get into it that way. I also answered my own question because I asked the LMFX live chat and they are not accepting US clients anymore.

Did you try oanda or forex com?

What’s the benefit of joining affiliate programs?

Yup I’d ask this too. Or even IG.

it’s how companies like LQDFX do business

it’s a very nasty, unregulated brokerage which has chosen to register in the Marshall Islands so that its customers will have no legal protection at all after depositing funds there

its reputation in the industry is truly awful

so it has to get customers by paying people to “introduce” them, and those people become “affiliates” and get a share of the losses of all the people they can find, usually through beginners’ trading forums, who might open an account with the brokerage using an affiliate link, so it’s a way for the affiliates of earning some money through trading without even needing to know how to trade

(for people who are willing to do it)

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I suggest you to test them out by yourself and starting off with a demo account. Nothing beats hands-on experience, It’s the real deal.

Ah is this that IB program.

That broker name… is hard to remember lol.

Ok I’m guessing that’s Liquid FX??

It is an abbreviation I believe.

I have created an account with them and had no issues so far. I invested in a fund manager and currently, I’m in profit. I will keep you updated on my progress.

I’m planning to learn to trade myself as well, so wish me luck. :blush:

certainly - and happily (but not, i hope and trust, using a broker anything like that one in the long run or with your own money!!)

What does this entail and how much money did you put in?

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I highly suggest you don’t use either of these brokers. The first LMFX, I was attempting to open an account and my bank told me they flagged the transaction. They were trying to route it through a Chinese online retail sight…When I looked at the sight it looked like a fake Chinese ebay or Etsy. That site has been closed since.

LQDfx is a different story. I’ve had an account with them for several years and have analyzed them since. They manipulate the spot aggressively against your position each time you enter a trade. All brokers do this to some extent or should I say their “liquidity providers” do this. But for LQD it’s their entire business model, they don’t have the client base to run a normal regulated broker model. They aren’t a true ECN…True ECNs aren’t accessible to retail. That’s why you don’t see US brokers saying this.

Regarding price manipulation, brokers do this different ways, but they all involve algorithms. As a matter of fact the tussling back and forth through out the day is them going against each other. I know this is something hard for you to swallow, but there’s so much that is not revealed to the public about the fx industry. Even myself I don’t bother to talk to much as most don’t want to know it exists. LQDfx happens to be the most aggressive I’ve seen. If liquidity is light and with the 300x leverage it can devastate your account. Use a stop order and they will go for it every time. They are the only broker to date that I have so much trouble against and I trade knowing what they do.

Regardless, those brokers are on the CFTC’s red list for a reason. I know there’s a whole section about off-shore brokers that will take US residents and of course they will. My genuine advice is to stay away from those two mentioned and stay away from the PAMM accounts. You don’t know what they really are.

Just pass on both of these off-shore bucket shops.

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exactly right - they’re well-known for this in the industry

no - they get customers by paying “affiliates” a percentage of the funds lost by people intriduced, who deposit money there

no; clearly not!

exactly right, and thanks for saying so, it’s genuinely helpful to our fellow-members to warn them off nasty “brokers” like this; to put it very mildly and politely, the web is not awash with stories of people who have deposited funds there and successfully withdrawn any significant profits (though occasional claims of that happening are made by affiliates)

really - one to stay WELL away from

I did reply to you earlier but for some reason my posts are being deleted…

Oh. Did you add links etc? Maybe it was because of that?

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I guess my reply to you was against the rules and terms? Nevermind.

I’m content with what I have going on at the moment.