In traditional OFDR systems, the backscattered profile of a sensing fiber is inefficiently duplicated to the negative band of spectrum. In this work, we present a new OFDR design and algorithm that remove this redundancy and make use of negative beat frequencies. In contrary to conventional OFDR designs, it facilitates efficient use of the available system bandwidth and enables distributed sensing with the maximum allowable interrogation update-rate for a given fiber length. To enable the reconstruction of negative beat frequencies an I/Q type receiver is used. In this receiver, both the in-phase (I) and quadrature (Q) components of the backscatter field are detected. Following detection, both components are digitally combined to produce a complex backscatter signal. Accordingly, due to its asymmetric nature, the produced spectrum will not be corrupted by the appearance of negative beat-frequencies. Here, via a comprehensive computer simulation, we show that in contrast to conventional OFDR systems, I/Q OFDR can be operated at maximum interrogation update-rate for a given fiber length. In addition, we experimentally demonstrate, for the first time, the ability of I/Q OFDR to utilize negative beat-frequencies for long-range distributed sensing.