LMFX is a Forex and CFD trading platform founded in 2015. This brokerās headquarters is in North Macedonia and offers 6 different tradable markets to its global users.
LMFX provides its trading services with competitive spreads and up to 1:1000 leverage. In this comprehensive LMFX review, we'll examine the key features, pros and cons, and overall reliability of this popular but unregulated broker.
LMFX Broker Company Information & Regulatory status
LMFX operates as an unregulated offshore broker, which raises some red flags for potential traders. Here are the key points to consider:
- Registered in Saint Vincent and the Grenadines
- Not regulated by any major financial authority like the FCA, CySEC, or ASIC
- Lacks investor protection schemes and compensation funds
- Higher risk compared to regulated brokers due to lack of oversight
While LMFX claims to follow strict internal policies and segregate client funds, the lack of regulation means there's no external authority ensuring compliance.
LMFX Summary of Specifications
Here's a quick overview of LMFX's key features and offerings:
Broker | LMFX |
Account Types | Premium, Micro, Fixed, Zero |
Regulating Authorities | No |
Based Currencies | $USD, ā¬EUR |
Minimum Deposit | $5 |
Deposit Methods | Visa/MasterCard, Paypal, Bank wired, Neteller, Skrill, crypto, instacoin, Fasapay |
Withdrawal Methods | Visa/MasterCard, Paypal, Bank wired, Neteller, Skrill, crypto, instacoin, Fasapay |
Minimum Order | 0.01 Lot |
Maximum Leverage | 1:1000 |
Investment Options | Copy trading |
Trading Platforms & Apps | MT4 |
Markets | Forex, indices, commodities, shares, energy, metals |
Spread | Floating from 0.0 pips |
Commission | From $4 |
Orders Execution | Market |
Margin Call/Stop Out | 50%/20% and 30%/15% |
Trading Features | Demo account, Forex calculator, economic calendar, Forex VPS |
Affiliate Program | Yes |
Bonus & Promotions | Golden draw, deposit match bonus, phoenix bonus |
Islamic Account | Yes |
PAMM Account | No |
Customer Support Ways | Email, live chat, phone |
Customer Support Hours | 24/5 |
Restricted Countries | USA, Japan, Canada, United Kingdom, and more |
LMFX Account Types
LMFX offers 4 account types to cater to different trading styles and preferences:
Account types | Premium | Micro | Fixed | Zero |
Minimum deposit | $5 | $5 | $25 | 15 |
Maximum Leverage | 1:1000 | 1:1000 | 1:1000 | 1:1000 |
Spreads | Floating from 1 pips | Floating from 1 pips | Fixed | Floating from 0.0 pips |
Commission | No commission | No commission | No commission | $4 per lot per side |
Margin call | 50% | 50% | 30% | 30% |
Stop out | 20% | 20% | 15% | 15% |
Account currency | USD, EUR | USD, EUR | USD, EUR | USD, EUR |
LMFX also offers demo and Islamic accounts for Forex and CFD traders.
LMFX Broker Account registration & Verification Guide
Unfortunately, LMFX doesnāt allow customers to create an account at the moment. They ask traders to contact their customer support team to get more information regarding this issue.
LMFX Broker Trading Platforms
LMFX broker only offers MetaTrader 4 (MT4). Key features of this trading platform:
- Industry-standard platform with advanced charting tools
- Customizable interface and over 50 indicators
- Available for Windows, Mac, and mobile devices
Alt: LMFX broker MetaTrader 4 trading platform
Caption: LMFX broker offers its trading services through the MT4 trading platform
Links:
LMFX Broker Spreads and Commissions
LMFX offers competitive pricing across its account types:
Account types | Spread | Commission |
Premium | From 1 Pips | No commission |
Micro | From 1 Pips | No commission |
Fixed | Fixed | No commission |
Zero | From 0.0 Pips | $4 per |
The Zero Account provides the tightest spreads but includes a commission, making it suitable for high-volume traders.
Other fees in LMFX broker:
- No inactivity fee
- No deposit and withdrawal fee
- Low currency conversion fee
- Standard swap rates
LMFX Broker Deposit & Withdrawal
LMFX provides a variety of funding options:
- Credit/Debit Cards: Visa and MasterCard
- E-wallets: Skrill, Neteller
- Cryptocurrencies: BTC, ETH, SHIB, SUSHI, and other altcoins
- FasaPay
- Instacoins
- Bank Wire Transfer
Key points:
- Minimum deposit varies by account type ($5 - $25)
- No fees charged by LMFX for deposits or withdrawals
- Third-party fees may apply depending on the payment method
- Withdrawal requests through bank card could take up to 15 days
Copy Trading & Investment Options on LMFX Broker
Unfortunately, LMFX does not currently offer copy trading or social trading features. This means traders cannot automatically copy the trades of successful investors or participate in a social trading network through the LMFX platform. Alternative brokers specializing in this service may be more suitable for traders interested in copy trading.
LMFX Bonuses and Promotions
LMFX offers several bonuses and promotions to attract and retain traders:
- Deposit Match Bonus: Up to 100% bonus on deposits, maximum $30,000
- Phoenix Recovery Bonus: 15% bonus to help recover from trading losses
- Learn and Earn Contest: Monthly demo account competition with $1,750 in prizes
- Golden Draw: Have a chance to win 50-gram gold bars by depositing over $2000 and trading more than 20 standard lots
- Affiliate Contest: Refer at least 30 clients who deposit over $500 and trade at least 5 standard lots to receive up to $25,000 in 1 year
While bonuses can provide additional trading capital, be aware of any associated trading volume requirements or withdrawal restrictions.
LMFX Broker Support
LMFX provides customer support through multiple channels:
- Live Chat: Available 24/5 for instant assistance
- Email: 0
- Phone: +44 2035192105
While LMFX strives to provide responsive customer service, some users have reported inconsistent experiences. As with any broker, it's advisable to test the support quality before committing significant funds.
LMFX Trust Scores & Reviews
User reviews are one of the key aspects of evaluating a brokerās quality of services. LMFX has 3.3 stars out of 5 on the ForexPeaceArmy website. This shows that traders had mixed opinions using LMFX services.
While LMFX has received some positive feedback for its trading conditions and platform, the lack of regulation remains a significant concern for many reviewers.
TF Expert Suggestion
As a broker with over a decade of experience, LMFX offers attractive trading conditions, including high leverage up to 1:1000 and ultra-low spreads from 0.2 pips. However, the lack of regulation by top-tier financial authorities, including CySEC, FCA, or ASIC, is a significant concern that cannot be overlooked.
While experienced traders comfortable with higher risk might find LMFX suitable, we generally recommend choosing regulated brokers for better protection and peace of mind. Remember, the safety of your funds should always be a top priority when choosing a forex broker.
