Home Forex Brokers LidyaTrade Review

LidyaTrade Review

38
0

LidyaTrade is an online foreign exchange broker based in Saint Vincent and the Grenadines. They do not give a lot of information about themselves away but pride themselves in the fact that they offer over 200 tradable assets, have tight spreads, allow for micro lot trading, have 24/5 customer support, offer a variety of account types, have one to one training, offer account sin EUR and USD, offer MetaTrader 4, have swap-free accounts and have the best stop out and margin levels. As we go through the review we will see if these things are available and we will also see how they compare to the competition.

Account Types

There are two main accounts on offer from LidyaTrade, we have outlined them below along with some of their features and requirements.

Standard Account: This account requires a minimum deposit of $300 in order to open it up. The account comes with spreads starting from 1 pip, can be leveraged up to 1:200, and has access to micro lot trading (0.01 lots). The account uses an STP execution method and has access to 24/5 customer support.

VIP Account: This account requires a minimum deposit of $500 in order to open it up. The account comes with spreads starting from 0.7 pips, can be leveraged up to 1:200, and has access to micro lot trading (0.01 lots). The account uses an STP execution method and has access to 24/5 customer support.

Platforms

LidyaTrade offers MetaTrader 4 as its sole trading platform. It is a great platform to have and it is one of the most used trading platforms, used by over 1 million traders worldwide. The platform can be used anywhere as a desktop download, web trader, and mobile application. It is compatible with thousands of expert advisors and indicators which can help with your analysis as well as allowing for automatic trading. The platform is highly customizable and offers multiple charts and timeframes to allow you to trade in the style that you prefer.

Leverage

The maximum leverage available is 1:200 which is relevant to both account types. This can be selected when opening up an account and can be changed on an active account by contacting the customer service team. If you opt for a bonus then you will be limited to maximum leverage of 1:100 instead of 1:200.

Trade Sizes

A lot is equal to 100,000 base units when trading with LidyaTrade. The smallest trade size available is 0.01 lots (1,000 base units) and they then go up in increments of 0.01 lots. We do not know what the maximum trade size is or how many open trades and orders you are able to have at any one time.

Trading Costs

We did not notice any information pertaining to added commissions on the account so we do not know if there are any added, however, due to there being spreads, it is most likely that there aren’t any. While not mentioned we suspect that there are also wap charges for holding tares overnight, they can be both positive or negative and can be viewed from within the MetaTrader 4 trading platform. A swap-free account will also be available for those not able to pay or receive interest.

Assets

There isn’t a full breakdown of the available assets and instruments. We know that currencies, metals, indices, commodities, cryptocurrencies, and US stocks are available to trade, but we do not know which individual assets are available. The only specifics that we do know are Gold, Silver, Palladium, Oil, Natural Gas, Wheat, Bitcoin, Ethereum, EURUSD, GBPUSD, USDJPY, USDTRY, EURTRY, and USDCAD.

Spreads

The accounts state that they have spreads starting from 1 pip on the Standard account and 0.7 pips on the VIP account. The spreads are variable which means they will move with the markets when there are levels of low liquidity or high volatility they will often be seen higher than the stated amount, different instruments will also have different natural spreads so some will always be higher than others.

Minimum Deposit

The minimum amount required to open up an account is $300 for the Standard account, if you want to use the VIP account then you will need to deposit at least $500. 

Deposit Methods & Costs

There isn’t actually a funding information page, the only details on the available methods are images at the bottom of the screen, we can see an image for Bank Wire, Visa, MasterCard, WebMoney, Bitcoin, and Perfect Money. We do not know if there are any additional methods available. 

We did not locate any information regarding deposit fees, on the site of the FAQ, so we do not know if they are included, you should always check with your own bank or payment service to see if they add any outgoing transfer fees of their own.

Withdrawal Methods & Costs

The only information that we have to go on is the same images at the bottom of the site, for clarification, these are Bank Wire, Visa, MasterCard, WebMoney, Bitcoin, and Perfect Money. Once again there is no information on any potential fees but check with your own bank or payment option to see if there are any incoming processing fees.

Withdrawal Processing & Wait Time

We do not have any information on the processing times from LidyaTrade, however, we would hope that any withdrawal request would be fully processed within 7 days of the request being made and will vary based on the method used.

Bonuses & Promotions

There are a few different bonuses available but they all work in very similar ways. You are able to receive a deposit bonus between 10% and 50% depending on the bonus that you choose, some bonuses can be used on accounts where other bonuses have already been used, allowing you to have multiple deposit bonuses. Simply select a bonus and deposit, you will then receive the percentage of the bonus as bonus funds. The bonus funds can be converted into real funds, however, the actual terms of how to do this are not made clear and so we cannot work out how profitable or worthwhile the bonuses actually are.

Educational & Trading Tools

There are a few small pages and tools available to the clients of LidyaTrade. Firstly there is a simple introduction to the forex page, this details some very basics of trading for complete beginners. There is an article page available, although at the moment there is just one article so it does not look like it is being actively updated. There is an economic calendar available, this tells you what upcoming news events are going to happen, it can also give an idea of the impact that the news could have on the markets. The final page is about technical analysis, there isn’t any actual analysis, instead, it is some basic dials indicating the sentiment of a buy or sell, based on a number of indicators.

Customer Service

The customer service team is available to help 24 hours a day 5 days a week, they close over the weekend at the same time as the markets close.

You are able to submit a contact form, fill in your name, email and query and they should get back to you via email. You can also use the postal address that they have provided as well as the direct email address or phone number.

  • Address: 19 Boroughbridge Road, Birmingham, B1 5NB – United Kingdom
  • Email: support@lidyafx.com
  • Phone: +44-20 36953384

Demo Account

Demo accounts are available from LidyaTrade, you are able to use the demo account to test out the markets and strategies without any real risk. The demo account can have a demo balance of $10,000, has over 200 tradable assets, uses the MetaTrader 4 trading platform, and also has access to the 24/5 support that the real accounts do.

Countries Accepted

This information is not available on the site, so if you are thinking of signing up, we would highly recommend contacting the customer support team to check that you are eligible for an account prior to opening one up.

Conclusion

There is a lot on offer from LidyaTrade but they don’t make it easy to find all the information, in terms of the accounts and trading conditions, the leverage is acceptable at 1:200, a little under what we see elsewhere though, there does not seem to be any added commissions and the spreads start from as low as 0.7 pips which can make it relatively cheap to trade, however, we suspect the majority of spreads to be above this figure. We don’t have any information on funding apart from the images at the bottom of the screen which is a little concerning as it is important for potential clients to know how they can get their money in and out and also how much it will cost them, we also do not have a breakdown of the available assets, there are plenty of categories and the site states that there are over 200 assets, but we do not know which ones they are.

LEAVE A REPLY

Please enter your comment!
Please enter your name here