LMFX Review 2022
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LMFX is a stock and forex broker offering MT4 trading with high leverage rates. This review explores the brand’s assets, deposit bonuses, withdrawal fees, regulation status, demo trading and account options. Find out whether to start trading with the LMFX today.
LMFX is a trading platform registered in the Republic of North Macedonia. The company has been running since 2017 and has taken on clients in locations throughout the world, from Europe to Canada and Australia.
LMFX distinguishes itself from other brokers through its highly-leveraged forex trading services.
MT4 is a reliable platform widely used by day traders. It combines an intuitive interface with a data-rich environment and deep market histories, making it effective for investors of all experience levels.
The platform supports automated trading through expert advisors (EAs) and boasts over 50 technical indicators, 30 charting tools, and 9 timeframes. There is also the capability to develop and customize indicators, and the platform is available in more than 30 languages.
MT4 can be downloaded to both Windows and Mac computers from the LMFX website once account registration is complete.
The browser-based version of MetaTrader 4 provides clients with a readily accessible platform. Requiring no download, WebTrader offers most of the functionality of the desktop version while logging in from any computer with a browser.
Note, the desktop platform’s strategy and indicator customization abilities are not available with WebTrader.
LMFX offers a range of tradeable instruments, including spot prices on currency pairs and metals as well as several CFD markets.
48 forex pairs can be traded, comprised of 7 majors, 21 minors, and 20 exotics. There are 5 CFDs on commodities made up of metals and agricultural goods, 3 energy CFDs, 4 precious metal pairs, including gold, and 9 global stock indices. There are also 36 stock CFDs, made up of 15 NYSE shares, 11 NASDAQ stocks, and 10 assets from the LSE (London Stock Exchange).
Spreads & Commission
The spreads offered by the broker are not very competitive, coming in slightly higher than the industry average. For Premium accounts, the typical spread for GBP/USD is 2.3 pips, for EUR/GBP it is 1.8 pips, and for EUR/USD it is 1.2 pips.
The Fixed account does not have variable spreads, though their base rates are slightly higher than these typical values, coming in at 2.5 pips for GBP/USD, 2.2 pips for EUR/GBP, and 1.9 pips for EUR/USD.
The Zero account offers raw spreads with no mark-up from the broker. These spreads are much lower at 0.8 pips for GBP/USD, 0.5 pips for EUR/GBP, and 0.2 pips for EUR/USD.
There are no commissions charged for Premium and Fixed account holders, but Zero accounts come with a $4 per lot commission. The broker also charges swaps for holding positions open overnight.
LMFX offers competitive leverage rates with their Premium account, climbing to 1:1000, which is much higher than competitors such as Forex.com and Hugosway. The Fixed account has lower leverage rates, at 1:400, whereas their Zero account offers leverage up to 1:250.
Details of margin requirements are available on the website.
Clients can also trade on the go with the LMFX mobile app. The application supports all the order types available on the computer-based server, including stop losses, as well as real-time price quotes, one-tap trading, and full market history. However, there are fewer charting options and technical indicators available.
The iPhone and Android apps can be downloaded from respective app stores.
Funding & Withdrawals
Deposits can be made via Visa or Mastercard payment cards, bank wire transfer, or Skrill, Neteller, FasaPay, and Vload e-wallets. The minimum deposit is $50 for all methods, except wire transfers for which it is $250.
Deposits are free and instant for e-wallets and cards, though they can take up to 30 minutes, and it is 2-15 days for wire transfers.
Withdrawals can be made using the same methods, except for the Vload e-wallet. Minimum withdrawals are $10, though wire transfers require $100. There are no withdrawal fees and payments are processed the same business day for e-wallets. With that said, it can take 2-15 business days for payment cards and wire transfers.
Demo accounts are a great way to explore a broker’s services, assets, and trading platforms. LMFX offers a demo account with unlimited usage, allowing traders to trial new strategies and test algorithms and EAs. Once you’ve registered your details, you will receive your login credentials and can start trading.
Our review was impressed with the bonuses and promotions offered to clients. A 100% credit bonus is available on deposits between $100 and $30,000. However, investors must trade 100 lots before they can withdraw the match bonus.
The broker also offers a 15% recovery bonus, should you lose some of your initial capital. This bonus is both tradeable and withdrawable. There are also referral bonuses available, the details of which are on the website.
Finally, the ‘Learn and Earn Contest’ is a competition held amongst traders using demo accounts. There are real cash prizes offered each month, and there is no risk to your funds.
Regulation & Safety
LMFX is an unregulated broker by choice, opting for the high-risk, high-reward services that are restricted by regulatory bodies. For example, UK and EU agencies limit retail traders to leverage rates of 1:30 for forex trading, but LMFX offers rates as high as 1:1000, increasing market exposure and profit potential.
Even though there is no agency overseeing the broker, legal documentation and information are provided on the website. But while this transparency is usually indicative of a trustworthy broker, we don’t recommend signing up to unlicensed providers. Not only does it raise the risks of scams, but clients that encounter deposit and withdrawal problems or other issues will have limited legal options.
Fortunately, customer reviews on LMFX’s reputation are mostly positive overall.
The broker has a limited range of additional services and tools for clients. There are few educational resources offered to explain key terms and coach new clients through the basics of trading, something that many other providers offer.
LMFX provides an economic calendar and six trading calculators, including Fibonacci, pivot points, and risk calculators. The broker also offers a VPS service and daily market analysis.
LMFX provides three account types aimed at day traders with different approaches and capital requirements. The Premium account is best suited to standard investment strategies and less-experienced traders. The Fixed version is suitable for automated trading using expert advisors, and the Zero account is best for scalping and high-volume trading.
All the accounts offer fifth decimal pricing, access to MT4, and mobile trading. There are no Islamic swap-free accounts offered at LMFX.
- Personal account manager
- Minimum deposit $50
- Flexible bonuses
- 1:1000 leverage
- No commission
- Fixed spreads
- Personal account manager
- Minimum deposit $250
- Flexible bonuses
- No commission
- 1:400 leverage
- Fixed spreads
- Minimum deposit $100
- $4 commission per lot
- 1:250 leverage
- Raw spreads
Some of the things we like best in this broker review are:
- Demo contest with cash prizes
- Automated trading supported
- Negative balance protection
- High leverage rates
- Bonuses and deals
LMFX could improve in the following areas:
- No cryptocurrency & Bitcoin trading
- Limited educational resources
The LMFX trading platform is available from 00:05 GMT+2 on Monday until 23:59 GMT+2 on Friday each week. Forex trading is open throughout these times, whereas other instruments have more specific times.
Precious metals and energy CFDs can be traded from 01:00 GMT+2 on Mondays to 23:45 GMT+2 on Fridays. Other CFDs are available at different times, based on their local markets.
You can connect with LMFX’s customer support team using the live chat window located in the lower right corner of their website. Alternatively, you can contact them using the phone number or email address below:
- Telephone – +44 2035192105
- Email – email@example.com
When writing this review, we were impressed with the prompt and helpful service we received from the customer support team.
LMFX uses reputable payment providers to reduce the risk of payments not being processed. Furthermore, the broker uses single sockets layer (SSL) encryptions on all website traffic and holds all client capital in segregated bank accounts.
LMFX is a competitive broker with a good range of tradeable instruments plus the well-regarded MT4 platform. The firm also offers great leverage rates and several bonuses while supporting automated trading and scalping. However, LMFX is unregulated, which limits your legal protection and may increase overall risk.
LMFX accepts traders from Australia, Thailand, Canada, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use LMFX from United States, United Kingdom, Japan.
Compare LMFX with similar brokers that accept traders from your location. Among available brokers these are the most similar to LMFX:
- InstaForex – InstaForex is a CFD broker providing access to forex, stocks, cryptocurrencies, commodities, and energy, as well as stock indices. With competitive fees and a huge range of available assets, the brand offers safe and reliable trading.
- IG Group – IG-US offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have over 47 year track record of excellence.
- Forex.com – Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer tight spreads on a cutting edge platform.
- AAAFx – AAAFx offers CFD trading in forex, commodities, indices and cryptocurrencies.
LMFX Comparison Table
|Markets||Forex, Stocks, Commodities||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto|
|Minimum Deposit||$50||€200 to €50,000 (depending on account type)||£250||$100||$10|
|Minimum Trade||0.01 lots||0.01 Lots||0.1 lots||$1||0.01 lots|
|Regulators||–||CySEC||FCA, ASIC, MAS, FSCA, JFSA, FMA, CFTC, NFA, BMA, DFSA, FINMA, BaFin||CySEC, IIROC, NFA, CFTC, FCA, CIMA||HCMC (Greece), FSCA (South Africa)|
|Bonus||100% deposit bonus up to $30,000||–||–||No||100% Deposit Bonus available for Global clients|
|Platforms||MT4||MT4, MT5||MT4||MT4||MT4, MT5|
|Leverage||1:1000||1:30 for retail clients, 1:500 for professional||1:30||1:200||1:30 EU, 1:500 Global|
|Detailed Comparison||–||LMFX vs InstaForex||LMFX vs IG Group||LMFX vs Forex.com||LMFX vs AAAFx|
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LMFX vs Other Brokers
Compare LMFX with any other broker by selecting the other broker below.
Can you win real money in the LMFX demo contest?
Even though the LMFX contest uses virtual money with their demo accounts, the prizes each month are real cash that can then be used to trade on live accounts.
Does LMFX offer the MT5 platform?
Are there any withdrawal fees at LMFX?
The broker does not charge any withdrawal fees and places no minimum and maximum limits. However, the broker will not cover any charges associated with the bank or payment method you are using.
What deposit options does LMFX offer?
There is a good range of payment methods supported by the broker. Accounts can be funded or emptied using bank wire transfers, payment cards (Visa and Mastercard), plus Skrill, Neteller, FasaPay and Load.
Is LMFX a regulated broker?
No, the broker does not hold any licenses and does not fall under regulation by a financial agency. Instead, LMFX offers high leverage rates and fewer limitations in return for a riskier trading environment.
Does LMFX accept US clients?
No, LMFX does not accept traders from the US. Traders from the UK and Japan are also unable to open an account.
Does LMFX trade cryptocurrency?
No, trading on cryptocurrencies, such as Bitcoin, is not available at LMFX.
Is LMFX An ECN Broker?
No, but its Zero account offers tight spreads and no mark-ups.
Does LMFX Have US30?
Yes, you can trade US30 on the broker’s platform. You will find it under the name USA30.
Is LMFX Reliable?
The broker has a variety of accounts, easy-to-use platforms, fast deposits and withdrawals, promos, and mobile access. It’s important to keep in mind, however, that no regulatory agency oversees its activities.
Is LMFX A Good Broker?
LMFX is a good broker that has high leverage, a multitude of assets you can trade, and access to the well-known MT4 platform. But on the downside, it is unregulated.
Is LMFX Regulated?
LMFX isn’t regulated by any government agency. It is run by Global Trade Partners Ltd, a Macedonian corporation.
|LMFX offers online forex and stock trading with low fees and high leverage.|