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.