LMFX Review and Tutorial 2020
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|LMFX Facts & Figures|
LMFX offers online forex and stock trading with low fees and high leverage.
|Bonus||100% deposit bonus up to $30,000|
|Instruments||Forex, CFDs, indices, shares, commodities|
|Min. Trade||0.01 lots|
|Auto Trading||Yes (EAs)|
|CFD trading is available across multiple financial markets.|
FX trading is available on a range of currencies with tight spreads.
LMFX is a stock and forex broker offering MT4 trading with high leverage rates. This review explores LMFX’s forex pairs, deposit and withdrawal options, regulation status, bonuses and accounts.
LMFX Company Details
LMFX is a trading brand 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 separates itself through its highly-leveraged forex trading services.
MT4 is a reliable trading platform widely used by day traders. It combines an intuitive interface with a data-rich environment and deep market histories, making it effective for traders 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 the capability to develop and customise indicators, and the platform is available in more than 30 languages.
MT4 can be downloaded to both Windows and Mac computers from LMFX’s website once account registration is complete.
The browser-based version of MetaTrader 4 provides clients with a more readily accessible platform. Requiring no download, WebTrader offers most of the functionality of the desktop client while logging in from any computer with a browser.
Note the desktop platform’s strategy and indicator customisation 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 major pairs, 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 ten assets from the London Stock Exchange.
Spreads & Commission
The spreads offered by the broker are not very competitive, falling slightly higher than the industry average. For Premium accounts, the typical spread for GBP/USD is 2.6 pips, for EUR/GBP it’s 2.1 pips and for EUR/USD it’s 1.1 pips.
The Fixed account does not have variable spreads, though their base rates are slightly higher than these typical values, coming in at 2.6 pips for GBP/USD, 2.2 pips for EUR/GBP and 1.1 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 very 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 of the broker can also trade on the go with the LMFX mobile app. The app 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 app can be downloaded from respective app stores.
Funding & Withdrawal Options
Deposits can be made via Visa or Mastercard payment cards, bank wire transfer or Skrill, Neteller, FasaPay and Load e-wallets. LMFX’s minimum deposit is $50 for all methods, except wire transfers for which it is $250.
Deposits are free and instant for e-wallets, though they can take up to 30 minutes for payment cards and 2-15 days for wire transfers.
Withdrawals can be made by all the same methods, except for the Load 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 but 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 new algorithms and EAs. Once you’ve registered your details, you’ll receive your login credentials and can start trading.
This 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, 100 lots must be traded before the match bonus can be withdrawn.
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, there is the ‘Learn and Earn Contest’, a competition held amongst traders using demo accounts. There are real cash prizes offered each month, and there is no risk to real money involved.
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, there is legal documentation and information 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 no educational resources offered to explain key terms and coach new clients through the basics of trading, something that many other providers offer.
What LMFX does provide is an economic calendar and seven different 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 traders with different approaches and capital requirements. The Premium account is best suited to standard trading strategies and less-experienced traders. The Fixed account is good 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, as well as a personal account manager. There are no Islamic swap-free accounts offered at LMFX.
- Personal account manager
- Minimum deposit $50
- Spreads from 1 pip
- 1:1000 leverage
- Flexible bonuses
- No commission
- Personal account manager
- Minimum deposit $250
- Flexible bonuses
- No commission
- 1:400 leverage
- Fixed spreads
- Personal account manager
- Minimum deposit $100
- $4 commission per lot
- Flexible bonuses
- 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 through to 23:45 GMT+2 on Fridays and 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 – firstname.lastname@example.org
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 broker 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.
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.
|LMFX offers online forex and stock trading with low fees and high leverage.|