LiquidityX : Login, minimum deposit, withdrawal time?

RECOMMENDED FOREX BROKERS

Forex.com

LiquidityX is a legitimate forex broker whose product offerings are nothing to be amazed by, but also nothing to be scared of. There is a lot of potential here, but not without its fair share of questionable practices.

The broker is operated by Capital Securities S.A, a Greek investment firms regulated by the Hellenic Capital Market Commission. As a regulator, the HCMC is your typical overseer of t a local FX market; that is to say that it closely observes and regulates the local FX firms. The broker is also a part of a client compensation fund that covers a client’s losses up to €30 000- the Athens Stock Exchange Members’ Guarantee Fund.

We opened an account, and were redirected to a sharp web trader where the EUR/USD cost of trade was indicated as being 0.8 pips.

However, we encountered an issue that we must talk about- the spread on the user area does not coincide with the cost of trade advertised on the website. Whereas the 0.8 pips spread is fine and all, the website’s Account sub-page reveals that the EUR/USD spread for the Standard account type is 3 pips, for the Gold one it’s 2.7 pips, for the Platinum it’s 2.1 pips, and the VIP account offers a minimum spread for the EUR/USD pair of 1.6 pips. Granted, they are indicated as being floating spreads, but any spread, especially for the EUR/USD currency pair, above 2 pips is considered unprofitable and skippable. Furthermore, most of these accounts are said to be locked behind impossibly high minimum deposit requirements: €25,000 for the Gold account, €100,000 for the Platinum one, and €250,000 for the VIP one.

So, either LiquidityX has made some sort of a discrepancy mistake while creating its website, or it has left things as they are on purpose. This predicament is especially worrying considering the fact that the broker is regulated in the EU, and as such stands to be overseen by many laws and regulations. How can such an error, whether intentional or not, be allowed to exist? Let us hope that the broker will do the right thing and correct this.

Or maybe it was us that opened a demo account that does not represent any of the real buy/sell values. No, our account was live, and we never had to choose from an account type, although we could not deposit, and therefore were not able to buy/sell, prior to confirming our identity and passing an approval test. Maybe only after an official approval by the broker we can chose an account, and only then will the real trading conditions be revealed to us?

Whatever the case might be, please consider what we just discovered for it may play a pivotal role in your decision making process.

The web trader reveals the following trading assets: forex currency pairs, cryptocurrencies, commodities, stocks, and indices. The leverage is capped at 1:30, the maxed out value allowed by ESMA in the EU, for retail traders that is.

The website is available in English, Dutch, Italian, Spanish, Portuguese, German, Swedish, Polish, and Russian.

LIQUIDITYX LOGIN

Now that we revisit the trading software we noticed that even unregistered users can have a look at the web trader and play around with to get a better idea of it. We appreciate when brokers do this, but LiquidityX tricks clients into believing contradictory things, as we discussed early on in the review.

Unfortunately, there isn’t too much to be seen or done on this trading software. The office includes stop-loss, take-profit, a plethora of chart tools, pending orders, trade history, and other minor features. But nothing really stands out.

However, we have the MT4 to save us from the averageness of the web trader, although we could not access it. By modern standards, any legit FX broker must hold he MT4 or MT5 in order to appeal in tune with the status quo.

LIQUIDITYX MINIMUM DEPOSIT

We have to rely on the website for all the payment details. This should not bring us any misconceptions, although we are still a bit shaken by the spread controversy that we spoke of. Therefore, we aren’t excluding the possibility that what is disclosed on the website may differ form what registered users find in the client areas.

With that said, the minimum deposit for the Standard account – where the EUR/USD spread is 3 pips, thus making it basically useless – is €250. The payment methods are credit cards, debit cards, and wire transfer. There is also a vague mention of electronic payment methods, but what these are we cannot tell.

There are no depositing fees.

LIQUIDITYX WITHDRAW METHODS AND FEES

There is no minimum withdrawal requirement.

However, there are no processing times indicated (the usual timeframe is around 3 to 5 days).

The General Fees document reveals the following noteworthy point

• There are no withdrawal fees charged by the broker, but the banks themselves charge €30, while debit/credit card providers issue a 3.5% commission. We find yet another annoying contradiction: the Accounts page claims that each account type has a number of free withdrawals each month obviously conveying that there are some sort of withdrawal fees issued by the broker. But the legal docs do not mention this. This is another instance where the broker is in direct contradiction with itself.
• There is an €80 dormant account fee charged if an account remains inactive for 1 or more months.

BOTTOM LINE

We cannot be too harsh on LiquidityX becasue it is fully regulated and integrated in the EU. Yet, its moments of inconsistency are major problems that this broker absolutely must address.

Rich Snippet Data

Reviewer

DepositWithdraw

Review Date

2021-10-01

Reviewed Broker

LiquidityX

Broker Rating

3