NFA ID: 0367140
Institutional Liquidity are online forex brokers. Institutional Liquidity offers the MT 4 forex trading top platform. ILQ.com offers over 50 currency pairs, for your personal investment and trading options.
So far so good. Fast withdrawal and reliable transfer.
Excellent customer service.
They advertized fixed spread of aprox. 3 pips, with which they complied for a few months. Now, all of a sudden, there is no more fixed spread, I had spreads of 9 to 13,6 with the last 3 spike-trades. There was no fore-warning about the changed company policy. Also, I had once 2 platforms running simultaneously, one with a market order, that had been live for some time, one with an expert adviser for spike trading. It was quite a good spike, but the platform froze right at the beginning of the spike, so I got in late and did not make a profit. Needless to say that the other platform did not freeze.
I've been trading with ILQ for 5 months now, and so far the overall experience has been good. The weird part is that you have to go through an IB to trade with them unless your an "institutional trader." I chose BeamFX and they've been pretty good. The spreads widen a lot during news times; but the executions are really good so it's a "what you see is what you get" kind of thing - whereas I incur a lot of slippage at other brokers during news releases.
Review Moderation Team Note: 4 Star rating removed.
This review appears to have come from the offices of BeamFx, an IB to ILQ.
slow on withdrawals. bad execution
ILQ is awesome I've traded with FXCM, FXDD, AMIFX, OANDA, and the list goes on and on, none compare to the customization as ILQ can provide. ILQ only deals with registered entity's so in order to hold an account with ILQ you either must be registered, or you must go through a CTA or IB, having said this, their accounts have custom tailored liquidity for the institutional partner you are introduced through, if you have had a less than EXCELLENT experience I suggest looking to work with ILQ through a different Institutional partner that they work with, but it is definitely not ILQ
I notice there are several poor reviews here concerning ILQ ownership. I have both a personal and corporate trading account at ILQ, and they have been nothing but good. They have the tightest spreads I have seen in the U.S. and execution is great.
These reviews that I read here actually caused me to conduct a bit more due diligence, and I would like to also confirm that the Martinezes are no part of ILQ. They have 0 ownership interest. You can confirm this by visiting the NFA website. In fact, I hold my Series 3 and 34 and am a registered AP with the NFA. My lawyers, by chance, happen to be legal counsel for ILQ. I found this out because when I was conducting due diligence about ILQ, I contacted my lawyers and asked them for an honest appraisal of the firm. At that point, they told me they represented ILQ. My legal firm has the highest reputation in the industry. Shipkevich Law out of NYC. You will pay top dollar for their services, but there is a reason--they are good! They had nothing but good to say and stated clearly that the firm is fully compliant and in good standing with the NFA.
I thought this might clear up some confusion. I believe the reviews on this site about the Martinez group and their people are probably true. But it is inaccurate and unfair to pull ILQ into that mess.
Anonymous may be on to something with ILQ. I recently tried to open an account that was directed to ILQ and found the online process confusing, poorly designed, and constantly freezing up. They ended up losing the documents they asked for, communicated very poorly, and didn’t return calls for voice messages I left (never could get a live person to talk to). I finally gave up. After reading other reviews and talking to associates I was probably lucky I did not get the account set up. Checking with associates I heard about frequent and significant slippage issues. One friend told me after making some profits they just closed his account. He is now trying to get his funds back and doesn’t know if he’ll ever see the profits.
I understand that even though they claim liquidity from multiple banks that they send very few trades to those banks; choosing to trade against you most of the time. This would certainly explain why traders would be seeing such frequent slippage.
Another reviewer already mentioned their compliance manager, which I discovered just left the company in the middle of an NFA audit, following other management members. I was able to verify this on the NFA site. This might explain their state of confusion and ineptness.
A little more digging on the NFA site also shows that James Dayton Pieron is an investing principal in the company. You may remember his name from a defunct Swiss company, JDFX, who a couple of years ago was involved in the Trevor Cook $194 million ponzi scheme that also involved Crown Forex. Cook was sentenced to 25 years in prison.
“We are trying to track down receivership assets," said receiver R.J. Zayed, an attorney with Carlson, Caspers, Vandenburgh & Lindquist in Minneapolis.
He said he's hoping to find information in Beckman's bid for the Wild that not only reflects any receivership assets he might have had, but also those that were held by Pieron.
Pieron collected about $50 million from Cook and his associates for various offshore business ventures, most of which have allegedly gone bust. But $15 million of that remains unaccounted for, Zayed said, and he wants to know where the money went.
All in all, with the Martinez connection mentioned by others and Pieron’s involvement as well as negative trader experiences, ILQ wouldn’t be a company I would ever trust.
You'd be wise to be wary of ilq.
As others know, if you look up ilq on the nfa website, you'll see one principal is "Navitas Investments", which might have links to the martinezes (who seem to have formed a shell company of their own to move their name off of their investments)
In addition, one of ilq's named people is Lisa Kim Estrada, who was Compliance Officer at itradefx and apparently bought property from the Martinezes. In addition, they take IRA accounts from Millennium Trust, who allowed itradefx to do the same.
Finally, Navitas is a name with native american and latan links, two areas Jared Martinez has been known to take pride in.
None of this proves anything, and as Scott points out, you could purchase a shell company as such. There are two problems with that:
1 - If you had a choice, would you purchase a shell company to work in the financial industry that was cited for working with a known and later convicted money launderer if you had any other choice? the cost to join the nfa either way would still be the price to actually be a forex broker, which means putting down a significant amount of money.
2 - It's amazing how many different itradefx people ended up being associated with and or working with this ilq if it's just a shell purchase.
it's a choice, but the purpose of this website is to educate people on possible problems, not leave them open to a potentially sketchy company. nothing here adds up, and if it did, it would be an amazing amt of coincidences.
I am pretty sure the ILQ / I Trade FX situation is as follows and would like to clarify the confusion from “anonymous post”:
ILQ purchased the shell of the company from I TRADE FX. I Trade FX and the Martinez brothers to my knowledge (or on the NFA’s website) have no stake or ownership in Institutional Liquidity (ILQ). The reason that they would purchase the shell instead of starting their own company is due to logistics alone. It is far easier purchasing a shell (even with an NFA – BCC on it), than to go through the very complex and difficult registration with the NFA as a brand new broker. I don’t think it is fair to associate anything I Trade and the Martinez brothers did with ILQ other than sell it to them. We will have to wait and see if ILQ makes any mistakes on its own.
I don't think it's right for Anonymous to be able to post a 1-star rating having absolutely no experience with ILQ and basing this judgement on conjecture...
Looks ok. I still think I am getting a better deal with FinFX though. I get a rebate with cashbackforex when I trade on FinFX. Plus, I get the "institutional" spreads that average around 0.7 pips....and I only have to deposit $2500. Also, I can hedge positions, and I asked my account manager, and he got me 200:1 leverage. For a US resident, it is impossible to compete with that. I wish the CFTC would remove the restrictions on US brokerages. Would help a lot.