Founded in 2015, LMFX is a forex broker based in Macedonia. It grants traders access to exchange platforms so they can purchase and sell foreign exchange. It provides safe online trading for a variety of assets, including Forex, indices, commodities, and oil. Their mission is to provide each and every client with the best possible trading circumstances and an unmatched trading experience, as mentioned in the LMFX forex broker review.
Table of Contents
What is LMFX?
This firm serves both individual and institutional customers worldwide with trading services. The objective of a foreign exchange broker is to provide clients with competitive trading conditions for forex and CFDs on stocks, indices, commodities, and shares. This company provides a wide selection of desktop and mobile MT4 platforms.
This firm does provide high leverage and trading tournaments where customers can trade to win prizes. Nonetheless, when compared to its rivals, the broker gets a lower total score.
Is LMFX Regulated?
Being regulated or not can be an important issue, so let’s discuss it right away. This firm is not regulated, you might not find this to be a deal-breaker, though. Your eligibility as an investor on other platforms, which is mostly determined by your nationality and geographic location, will play a major role here.
This company is run by Global Trade Partners Ltd. but is not subject to any government regulations.
The broker asserts that they abide by the rules and laws of the Republic of Macedonia, the nation in which they are located. They claim that traders will benefit from this since it allows them to offer a high leverage of up to 1:1000 on their Premium Account Type.
According to the LMFX forex broker review, it has Segregated Accounts and a comprehensive Anti-money laundering policy.
Pros and Cons
Pros | Cons |
More than 10,000 users worldwide
| Inadequate client support
|
| Comparatively a young business, established in 2015 | Hedging is prohibited |
Lots of different trading assets | Unregulated |
Minimum deposit only $50 |
|
Various types of LMFX accounts are available |
|
| MetaTrade 4, available for PC and mobile devices, is offered by LMFX |
|
LMFX Accounts
The quantity and kind of accounts that a trader can open with a broker typically vary depending on the company and the nation in which they conduct business. To meet each client’s unique demands, this company provides a variety of account types, as claimed in the LMFX forex broker review. If you want to start, you can sign up here.
Premium Account
This account is designed specifically to meet the requirements of retail foreign exchange dealers. Up to 60 lots can be traded in a single deal, with a 0.01 lot minimum trade size.
The account must be opened with a $50 deposit, and traders can take advantage of cheap spreads and a 1:1000 leverage ratio. A Personal Account Manager is also assigned to premium account customers.
FIX Account
For traders who want to use fixed spreads, the FIX Account is the ideal option. The spreads are disclosed to investors beforehand.
Fixed-spread expert advisors are the perfect fit for this account. FIX Account holders are assigned a Personal Account Manager and are eligible for Flexible Bonus Offerings. To open this account, you must deposit $250. The leverage is 1:400.
Zero Spread Account
A low-cost trading account called the Zero Spread Account promises its customers super-tight spreads as low as 0.0 pip and no markups.
For less money, traders can trade on interbank spreads. To start this account, a $100 minimum deposit is required. The commissions begin at one thousand lots, and the leverage is 1:250. High-volume trading and scaling are permitted.
LMFX Fees
Fees from this company differ based on the type of account you have and the state of the market. In addition to commission, the broker also charges a number of extra expenses, like as
- The withdrawal charge varies based on the mode of payment.
- This firm charges inactivity fees.
- It levies fees for deposits.
- Commission is charged on CFD shares
There are different ways for payments and withdrawals. The duration of withdrawals varies depending on the providers and modes of payment. The majority of transactions are completed in 15 business days or less. Plus, the USD and the euro are the used monetary currencies.
- Credit and Debit Cards
- Neteller
- bank wire transfers
- FastPay
- Skrill
LMFX Leverage
The largest leverage ratio that this company provides is 1:1000. The ability to increase one’s exposure to the market beyond the initial deposit made to initiate a trade is known as leverage.
Products with leverage boost a trader’s potential earnings, but there is a chance they could lose money. Leverage totals are expressed as ratios, such as 50:1, 100:1, or 500:1.
This leverage will be 500:1 for instance, if a trader has $1,000 in his trading account and trades ticket sizes of 500,000 USD/JPY.
LMFX Bonuses
On its website, this broker is now offering two promotions.
Phoenix Recovery
The Phoenix Recovery bonus gives first-time depositors a 15% Recovery bonus. A number of funds will be shown as “pending” on your Phoenix Bonus Account when you make your first deposit. These funds represent a predetermined portion of your FTD, and should you lose all of your trading capital, the Phoenix Bonus will be added to your trading account with the subsequent deposit—no matter how small—helping you to recover.
Deposit Match
Next, there’s the Deposit Match Bonus, which boosts account leverage and offers a 100% credit bonus. If the volume conditions are fulfilled, the bonus can be redeemed.
The goal of the 100% credit Bonus is to boost a client’s account’s trading volume. The bonus amount deposited into your account can be withdrawn without any restrictions or limitations provided all terms of this Trading Bonus program are satisfied.
What is the Learn & Earn Contest?
Only demo accounts are used for the LMFX “Learn & Earn” Contest. There is only reward and no financial risk at all! Develop your trading abilities and compete monthly for actual cash awards!
Specifics:
- Each round lasts for one month.
- Total Prizes: $1,750 USD for each round
- $1000 First Prize Credited to a Live Account
- $500 Credited in a Live Account for the 2nd Prize
- $250 Credited in a Live Account for the Third Prize
- 100,000 is the initial virtual deposit.
LMFX Trading Platforms, Software, and its Features
The trading platforms offered by this company are Web Trader, Mobile Trader, and MetaTrader4 (MT4), as in the LMFX forex broker review.
Typically, this is referred to as a trading platform where transactions are made. A platform may have many asset classes, enabling users to trade not just forex but also CFDs on equities, stock indexes, precious metals, and cryptocurrencies. A client’s preferred trading platform is mostly determined by their preferences.
LMFX Awards and Recognition
The stability and longevity of a broker are important considerations for traders when selecting one. A brokerage’s awards from reputable organizations do provide traders with far more confidence in the foreign exchange market. Despite the positive feedback left by many satisfied customers, the company’s homepage does not list any formal accolades that the company has won.
What LMFX Does Best
MetaTrade 4 from LMFX is accessible on desktop, Apple, and Android platforms, as explained in the LMFX forex broker review. With a large array of features and an easy-to-use interface, the MT4 platform is well-liked by traders. With MT4, you may load charts, see trading instruments, and obtain market prices.
Users can develop custom indicators and examine charts using more than 50 technical indicators available on the platform. Not only are numerous order kinds available, but users may also establish alarms.
To keep you informed about market developments, the broker also provides you with a regular economic calendar.
Tradable Assets
The best thing about LMFX is its tradable assets. There are a total of 161 trading instruments available from this company. Forex, commodities, indices, shares, metals, and oil are all part of the market.
Where LMFX Could Do Better
The support provided by this broker is not very good; it mainly consists of page links and mentions where users can obtain the information on their own. The voice sounds more like it belongs to someone who has been irritated than it does nice.
You can contact the customer care team via phone, email, and live chat, which is open five days a week, twenty-four hours a day. There are just a few languages in which each approach is available.
Although the live chat support is responsive, it is not very helpful. More assistance is provided by email support, which can reply within a few hours to a full working week. When answering queries, phone support agents are more likely to be prompt and helpful.
Education
This firm provides its clients with the essentials. The broker offers a course on the MetaTrader4 platform, as well as some video training for novice traders. A number of videos are included in each lesson to assist with some basic knowledge. All in all, it’s fairly ordinary, uninteresting, and in need of additional work.
LMFX Research
On their website, this firm provides traders with access to a global economic calendar. This calendar shows forthcoming events that are scheduled for the entire year. It also projects the extent to which the events will affect the world’s financial market, as mentioned in the LMFX forex broker review.
Additionally, LMFX offers a variety of useful forex calculators that give traders access to comprehensive trading statistics. These calculators include the Pivots Point, Position Size, Fibonacci, and Pip Value ones.
Risk Management
The process of detecting, evaluating, and regulating risks to reduce their detrimental effects on investments is known as risk management.
Risk management in trading is putting stop-loss orders in place, diversifying portfolios, and modifying position size to control possible losses. LMFX offers its clients configurable leverage levels, margin call warnings, and negative balance protection as risk management tools.
Conclusion
A wide range of tradable assets, such as forex, CFDs, metals, and oil, are available at this company, as reported in the LMFX forex broker review. It also performs well in providing traders with a range of account kinds to suit their various requirements. For new traders or anyone wishing to learn more about the organization before signing up, the brokers’ customer service is good overall; the personnel is responsive, but not particularly helpful.
Most importantly, because this firm is unregulated, even though it claims to have segregated accounts, you cannot be certain that it does or that you will be safe in hazardous circumstances.
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