LMFX Broker Review

Regulated by: None

Headquarters: North Macedonia

Ranking: 36

Spread: 1.2 pips (EURUSD)

Leverage: 1000:1

Minimum Deposit: $50

LMFX is an offshore forex broker that was founded in 2015. A company named Global Trade Partners Ltd. owns LMFX and the parent company is located in North Macedonia according to Terms of Business file. Besides, there is another company called GTP Global Solutions Ltdw which is based in Sts Vincent and Grenadines that provides payment services for LMFX. Thus, LMFX is associated with two different entities of which one is located in North Macedonia and other is located in St. Vincent and Granedines.

It is not regulated by any of the financial watchdogs either in North Macedonia or St. Vincent and Granedines. On the other hand, client deposits are kept in segregated bank accounts which means that the client funds will not be affected by the probable financial problems of the company.

Account Types

LMFX gives its customers a choice of three different account types for different trading style and experience. Those accounts are Premium Account, Zero Account and Fixed Account.

  • Premium Account: Spreads start from 1.2 pips and no additional trading fee is imposed. Maximum leverage could be as high as 1000:1. This account requires a minimum deposit of $50. MetaTrader 4 trading platform is provided without any extra fee and clients can invest in various markets such as forex, gold, silver, oil, world indices, commodities and company shares. Although this account is named as Premium, it seems not different from Standard account type offered by many other forex brokers.
  • Zero Account: This account resembles to ECN account which means that clients receive the raw spreads from the liquidity provider but are charged for commission per trade. Spreads start from 0.0 pips and commission per lot is $4.0. Maximum leverage for Zero Account is 250:1 and minimum deposit is $100. You can trade the very same instruments offered with Premium account.
  • Fixed Account: As the name suggests, the third account type, Fixed Account comes with fixed spreads. The spread on EURUSD pair is 1.8 pips which is fair compared to industry standards for fixed spread accounts. Maximum leverage for Fixed Account is 400:1 and minimum deposit is $250. The number of markets does not change across the account types which means that you can invest in forex, gold, silver, oil, commodities, world indices and company shares.

Customers Support

LMFX assists its clients through various methods including live chat, email, web contact form and phone. The support team is swift to respond to the questions with informative content. Their web site features an education section where traders are able to access economic calendar and several forex calculators. Those two tools are very handy for veteran traders however, the web site lacks the educational and informational material for novice traders.

Trading Platforms

MetaTrader 4 is the trading platform provided by LMFX to its clients without extra charge. The Broker does not offer any other trading platform which makes LMFX a MetaTrader 4 only broker. MT4 has become a standard in the forex industry due to its reliability, charting tools, indicators and other free features.

In addition to desktop and mobile versions, LMFX clients are given the opportunity to use web terminal which is very convenient due to its accessibility. You do not have to install any software on your computer to use the web terminal. Therefore, you can access your trading account on any computer and at any location. The MetaTrader 4 trading platform is also available on iPhone and iPad devices.

Withdraw and Deposit Methods

Clients of LMFX are able to deposit or withdraw funds via wire transfer, credit card, debit card, Neteller, Skrill, fasapay and VLOAD. Since LMFX is not a regulated forex broker, the potential clients are recommended to deposit required minimum deposit at first instead of risking a bigger amount. Following the broker gained your trust and you are feeling more comfortable with their services, you may deposit further.

We usually advise wire transfer for amounts larger than $1000. It may take longer and cost higher with wire transfer, however it is safer compared to other methods. Credit card is the second to wire transfer as our preference. The deposit is instant with credit card, however withdrawals may take up to five business days. E-wallets such as Neteller and Skrill would be our least preferred method since you would incur additional fees in order to top up your e-wallet balance.

Trading Instruments

LMFX clients are allowed to trade in forex, precious metals, oil, company shares, commodities and company shares. Exotic pairs, minor pairs and crosses are offered in addition to forex major pairs such as EURUSD, GBPUSD, USDJPY and USDCHF.

In terms of precious metals, gold versus euro and silver versus euro are available along with gold and silver versus usd. The clients can also trade agricultural commodities such as coffee and sugar. There are nine major world stock indices and about forty company shares that are listed in the New York and London stock exchange for LMFX clients to be invested.

Bonus and Promotions

  • Phoenix Recovery Bonus: This is a 15% bonus for only first time deposits. When you make the first time deposit, you are going to receive a ‘pending’ credit on your account. This credit is calculated as 15 percent of your first deposit. It is going to be activated at your next deposit when your entire trading capital from the first deposit is lost. This bonus is withdrawable.
  • Deposit Match Bonus: This is a 100% credit bonus intending to effectively double the account’s leverage. The bonus can be withdrawn if the volume requirements are met.
  • Crystal Ball Contest: This is a weekly contest that asks participants to predict the future exchange rate of a selected pair. The best three predictions are honored with rewards up to $1000.
  • Learn & Earn Contest: This contest is only held on demo accounts. So the participants have no financial risk. If you qualify as one of the best three traders in terms of profit percentage, you will be rewarded a prize up to $1000.

Conclusion

LMFX is not regulated, therefore missing a very important aspect for becoming a reliable and accountable forex broker. The Broker offers MetaTrader 4 trading platform with the choice of three different account types. The spreads and other trading fees are reasonable. Maximum leverage is 1000:1. The clients can open a live trading account with trading capital as low as $50. Attractive bonus and promotions are available for both beginner and veteran forex traders


Broker Detail
Adress: North Macedonia
Phone: +44 2035192105
Web: http://www.lmfx.com
E-Mail: [email protected]
Regulator: None
Year Founded: 2015
Instruments
Forex:
Precious Metals:
Energy:
Soft Commodities:
Indices:
CFDs:
Stocks:
ETFs:
Bonds:
Options:
Cryptocurrencies:
Account Options
ECN Account:
Swap-Free Account:
Nano Account:
MAM / PAMM Account:
Demo Account:
Funding Methods: Wire Transfer, Credit / Debit Card, Neteller, Skril, FasaPay, VLOAD
Withdrawal Methods: Wire Transfer, Credit / Debit Card, Neteller, Skril, FasaPay, VLOAD
Customer Services
Live Chat:
24 Hours Support:
Languages: English
Platforms
Supported Platforms: MetaTrader 4
Webtrader:
Mobile: IOS, Android
Trading
Leverage: 1000:1
Spreads: As low as 1.2 pips for EURUSD
Minimum Deposit: $50
Fixed Spreads:
Automated Trading:
Hedging:
API Trading:
Negative Balance Protection:
Accepts Clients from the US:

LMFX Review

LMFX Review
  • 2/10
    Reliability - 2/10
  • 4/10
    Deposit & Withdrawal - 4/10
  • 8/10
    Bonus - 8/10
  • 5/10
    Customer Support - 5/10
  • 5/10
    Overall Trading Conditions - 5/10
4.8/10

LMFX Review

Not regulated. No regulation leads to low reliability for withdrawing funds. Trading fees are reasonable compared to industry standards. MetaTrader 4 is provided for both desktop & mobile and on web browser.