LCM FX provides access to 30+ financial instruments across two asset classes: Forex and Precious Metals. The company offers leverage options up to 1:500 and zero-commission trading. But how can one start trading with LCM FX broker, and is it safe?
This article will explore the account types, trading platforms, spreads, payment methods, educational materials, customer support, and LCM FX reviews on reputable websites.
LCM FX (An Introduction to the Company and its Regulatory Status)
LCMFX is an OTC spot brokerage firm operating as a brand name of Lucror Ltd, registered in the UK (Company No. 05975456). However, the broker is not regulated by any financial authority.
This lack of regulatory oversight raises significant concerns about the safety and security of client funds, as well as the overall compliance and transparency of the broker's operations.
LCM FX Table of Specifications
While LCMFX’s founded date is 2017, its mother company “Lucror Ltd” was incorporated on 23 October 2006, according to GOV.UK website. Here are some other specific details about the broker.
Broker | LCM FX |
Account Types | Standard Trade, Pro Trade |
Regulating Authorities | None |
Based Currencies | EUR |
Minimum Deposit | $100 |
Deposit Methods | Bank Transfers, Skrill |
Withdrawal Methods | Bank Transfers, Skrill |
Minimum Order | 0.01 lots |
Maximum Leverage | 1:500 |
Investment Options | None |
Trading Platforms & Apps | MT4 |
Markets | Forex, Metals |
Spread | From 0.9 pips |
Commission | None |
Orders Execution | Instant |
Margin Call / Stop Out | 75% / 50% |
Trading Features | Economic Calendar, Mobile Trading, Copy Trading |
Affiliate Program | Yes |
Bonus & Promotions | Partnership |
Islamic Account | N/A |
PAMM Account | No |
Customer Support Ways | Phone, Email, Skype (Deactive), Feedback Form |
Customer Support Hours | 24/5 |
LCM FX Broker Account Types
The company offers two main account types with different entry barriers, spreads, and maximum order sizes.
Features | Standard Trade | Pro Trade |
Base Currency | EUR | EUR |
Min Deposit | $100 | $1,000 |
Execution | Instant | Instant |
Max Leverage | FX 1:500 Metals 1:50 | FX 1:500 Metals 1:50 |
Margin Call | 75% | 75% |
Stop Out | 50% | 50% |
Min Order Size | 0.01 lots | 0.01 lots |
Max Order Size | 50 lots | 100 lots |
Spreads | From 1.8 pips | From 0.9 pips |
Commission | None | None |
LCMFX Registration and KYC Verification
We must discuss the required documents for account opening in this LCM FX review. To register for a live account, follow the steps below, but get your ID and residence documents ready before starting.
- Visit the official website at “https://www.lcm-fx.com/”;
- Click “Open Live Account”;
- Fill out the sign-up form with personal information, address details, and financial status;
- Provide proof of identity (driver’s license or passport) and proof of residence (recent utility bill or bank statement).
What Trading Platforms Are Available on LCM FX Broker?
LCMFX supports only one trading platform: the industry standard and popular MetaTrader 4. You can utilize various trading features, such as Expert Advisors (EAs) and 50+ indicators, via this platform. MT4 is available in various versions, including:
The broker provides a Multi Account Manager (MAM) program through the MT4 platform for professional money managers to execute trades simultaneously on all of their followers’ accounts.
LCM FX Fees and Commissions
LCMFX provides free-commission trading conditions with no hidden fees. The broker’s fee structure mainly consists of spreads and swaps. There is no specific data available on swap rates, but here’s a list of spreads in the two account types.
Standard Trade | From 1.8 pips |
Pro Trade | From 0.9 pips |
LCMFX Payment Methods
The company comes short in regard to deposit/withdrawal options since it doesn’t support Crypto transactions and Credit/Debit Cards. LCM FX main payment options:
Method | Currencies | Min Deposit | Min Withdrawal |
Bank Transfer | USD/EUR/GBP | $100 | $100 |
Skrill | USD/EUR/GBP | $100 | $50 |
Does LCM FX offer Investment Plans or Copy Trading?
The broker does not offer traditional copy trading or social trading features. It also doesn’t provide any exclusive investment plans. However, LCMFX does present the MT4 Multi-Account Manager (MAM) solution, which allows:
- Money managers to trade multiple client accounts simultaneously;
- Allocation of trades across various accounts;
- Customizable allocation methods (balance and equity).
LCMFX Broker Promotions
Promotion is one of the most attractive topics in all of LCM FX reviews. However, the broker disappoints in this aspect as well since it doesn’t offer any traditional bonuses, such as no deposit or welcome gifts. But LCM FX offers a comprehensive partnership program for:
- Introducing Brokers (IBs);
- Strategy Providers;
- Financial companies (White Label);
- Forex Educators/Trainers.
How to Reach LCM FX Customer Support?
The company provides 24/5 support through various channels, including phone calls, email, and a dedicated feedback form.
- Phone: +64-9-9722150;
- Email: support@lcm-fx.com;
- Feedback Form: Available on the “Contact Us” page;
- Skype: Deactivated.
LCMFX User Ratings and Trust Scores
User Satisfaction may be the most important topic in all LCM FX reviews. You can get a good sense of the broker’s service quality and reliability by exploring its ratings on reputable websites.
The broker hasn’t garnered any user reviews on reputable sources except for TrustPilot. Two TP users have rated LCM FX as a 1-star broker (the lowest rating).
While the company doesn’t offer any educational resources, it provides an exclusive economic calendar and a dedicated blog covering various topics, including:
- Fundamental/Technical analysis;
- Market news;
- Tutorials;
- Trading strategies.
Conclusion and Final Words
LCM FX supports EAs and MAM accounts through the robust MetaTrader 4 platform. It offers access to 30 trading instruments, including Forex majors, minors, and precious metals.
LCM FX broker isn’t regulated by any respected authorities and has a low trust score on TrustPilot. Share your thoughts about the LCM FX review in the comments.
