LMFX
LMFX
Details
| Broker | LMFX |
|---|---|
| Website URL | https://lmfx.com/ |
| Founded | 2015 |
| Support Number | +44 2035192105 |
| Support Types | Live Chat, Email, Phone |
| Trading Platform | MT4 |
| Minimum 1st Deposit | 50$ |
| Leverage | Up to 1:1000 |
| Spread | From 0.0 pips |
| Free Demo Account |
 |
| Account Types | Prenium, Fixed, Zero |
| Deposit Methods | debit/credit, Neteller, Skrill, Fasapay (these 3 for certain countries only), Vload, Instacoins, and BTC |
| Withdrawal Methods | Neteller, Skrill, Fasapay (these 3 for certain countries only), Wire Transfer, and BTC |
| Number of Assets | 120 |
| Types of Assets | Forex, Indices, Commodities, Shares |
| Account Currency | USD |
| US Traders Allowed |
 |
| Mobile Trading |
|
| Tablet Trading |
|
| Overall Score | 78 |
Pros
- High Leverage Forex Broker
- Great Educational Resources
- EA Friendly
- Scalping Friendly
Cons
- Unregulated
- Only 120 Trading Instruments
LMFX Review (Update 2021)
Is LMFX a fair forex broker to trade?
Is LMFX a scam? Read this LMFX Review and decide if LMFX is suitable for you
LMFX is an online forex broker that was established in 2015 by Global Trade Partners Ltd, a company registered in the Republic of North Macedonia.
The good thing about this broker is that it has a Demo contest with cash prizes. It supports automated trading using the MT4 trading platform, and it has negative balance protection, high leverage levels, and flexible bonuses.
REGULATION
Although that doesn’t mean it should be completely written off, the forex broker still provides the security of funds of its clients by adhering to the negative balance protection rule, and also the segregation of client’s fund from corporate funds.
And so far there have only been good customer reviews about the forex broker.
Unlike some other regulated brokers who are restricted by their regulatory bodies to offering a leverage level of 1:30, LMFX can offer a leverage level of up to 1:1000 which in turn increases market exposure and potential earnings.
Notwithstanding, bear in mind that when you register with an unregulated forex broker, it increases your trading risk, if any problem arises in the feature it gives you limited legal options.
ACCOUNT TYPES
LMFX offers its traders three different accounts; Premium, Fixed, and Zero Account
| Account | Min Deposit | Leverage | Commissions | Spreads |
| Premium | 50$ | 1000:1 | 0 | 1 |
| Fixed | 250$ | 400:1 | 0 | Fixed |
| Zero | 100$ | 250:1 | 4$Â per side, per lot | 0 |
The Premium account
This account is for traders who are less experienced and want a standard trade strategy. This account offers traders access to MT4 and mobile trading, web trading, automatic trading, and also a personal account manager.
LMFX doesn’t offer Islamic swap accounts for its clients.
The minimum deposit for Premium accounts is $50.
The leverage level is 1:1000, with the spread cost at 1pip points.
No commission is required, and with this account, you’ll have access to flexible bonuses.
The Fixed account
This type of trading accounts is good for traders who prefer to trade using Expert Advisors, and Robots.
Like that of the premium account, this particular account comes with many benefits such as the MT4 trading platform, the mobile trading platform, a web trader, automated trading, and a personal account manager.
This trading account offers a 1:400 level of leverage with no commission, fixed spreads, flexible bonuses, and a minimum deposit of $250.
The Zero account
The zero accounts are best for traders who prefer to trade with high volume and also for scalpers.
And like all the other account types it also has its benefits which include access to various educational materials, webinars, and various tutorial videos, you’ll also be given access to an account manager.
This account offers a minimum deposit of $100 with a 1:250 level of leverage, raw spreads, flexible bonuses, and a $4 commission per trade.
DEPOSIT AND WITHDRAWALS
Deposits can be made into the account through the use of debit/credit, Neteller, Skrill, Fasapay (these 3 for certain countries only), Vload, Instacoins, and BTC.
The minimum deposit for all deposit methods apart from bank wire transfers is $50.
Deposits have no commission or rates; they are free and instant for e-wallets payments. But for other payment methods such as wire transfers, it might take up to 2-15 days for the deposit to reflect, and up to 30 minutes for card payments to reflect.
Withdrawals can also be made by using Neteller, Skrill, Fasapay (these 3 for certain countries only), Wire Transfer, and BTC.
Minimum withdrawals required for e-wallets and wire transfers are $10 and $100 respectively. No withdrawal fees are charged and payment takes up to 2-15 working days for wire transfers and card payments.
SPREADS AND COMMISSIONS
The spreads offered by LMFX aren’t quite encouraging. Traders using the premium accounts are charged 2.6 pips for GBP/USD, 2.1 pips for EUR/GBP, 1.1 pips for EUR/USD.
Fixed accounts are charged 2.6 pips, 1.1 pips, and 2.2 pips for GDP/USD, EUR/USD, and EUR/GBP.
The zero account traders are offered raw spreads, which are relatively lesser at 0.5 pips for EUR/USD, 0.8 pips for GBP/USD, and 0.2 pips for EUR/USD.
The premium and fixed accounts have no commissions but the Zero accounts pay a commission of $4 per trade.
TRADING PLATFORMS
The LMFX online broker trading platform is made up of a web trading platform, a mobile trading platform, and an MT4 software trading platform.
MetaTrader 4
The MetaTrader 4 trading platform is one of the best trading software available globally. It integrates the use of both an automatic interface with an environment that is filled with recent data and wide market histories, which makes it very realizable and useful to both professional traders and beginners.
The MT4 trading platform accepts automatic trading through expert advisors and it contains about 59 technical indicators, 9 timeframes, and 39 charting tools. The trading platform also gives room for the construction of personalized trade indicators, not to mention that the platform is made available in 30 different languages.
After the completion of registration, traders can easily download the MT4 trading platform to a tablet, Computer, or Mobile phone.
MT4 WebTrader
The web trading platform of MetaTrader 4 offers traders more easy access to the trading platform. This type of trading platform doesn’t require any download; it only requires a strong internet connection and every function needed to make a trade is made available to the trader. And this is a lot better because it accepts any form of internet browser, so you can always just log in from any part of the world without much stress.
Bear in mind that when trading with the web platform, the indicator personalization functions and desktop strategies won’t be made available.
MOBILE TRADER
LMFX supports the mobile trading platform; it can be achieved by simply downloading the LMFX mobile app on either the IOS store or Google play store. The app offers functions such as one-click trading, complete market history, a Computer-based server, limit orders, and of course real-time price quotes. Nevertheless, there are limited charting options and few technical indicators.
TRADING INSTRUMENTS
LMFX provides different types of financial assets, ranging from Forex, Stocks, commodities, and Indices.
LMFX offers up to tradable 48 currency pairs, which are made up of 21 minor pairs, 29 Exotic pairs, and 7 major pairs. It also has about 5 CFDs on commodities that comprise metals, and agriculture. It consists of 3 energy CFDs, 9 global stock indices, 4 precious metals like gold and oil, and 36 stock CFDs which comprises 15 NYSE shares, 11 NASDAQ sticks, and ten assets all from the London Stock Exchange.
LEVERAGE
LMFX leverage levels are competitive compared to other FX brokers.
You can also check out the margin requirements on the website at LMFX
LANGUAGES
LMFX online broker provides its services for different countries with different languages. They accept clients from countries like Qatar, Saudi, Arabia, Kuwait, Denmark, Germany, Norway, Sweden, Hong Kong, Thailand, Australia, Thailand, Luxembourg, and a lot of other countries.
EDUCATIONAL MATERIALS
After you have completed your registration with LMFX you’ll be granted access to so many educational materials. These educational materials are useful because they’ll help you improve your trading skills.
There are so many educational materials to choose from. Although the educational materials are somehow limited, still there is a glossary section and FAQs section that explains most of the questions you might have in mind about the Forex broker.
LMFX
LMFX is a good Forex broker, with a competitive leverage rate and several tradable financial instruments. The broker also supports the MetaTrader 4 trading platform, plus mouth-watering bonuses.
Although they aren’t a regulated broker they seem to be doing just fine, with good customer reviews about them. There is still room for improvement, by adding more CFD Trading instruments such as shares.
LMFX accepts US traders and Japanese Traders