LMFX review

On-line since: 2000
Country of origin: Saint Vincent and the Grenadines
Regulation: -
Payment options: bank transfer, credit cards, electronic payment systems
Minimum account size: $50
Minimum lot size: 0.01 lot
Leverage: up to 1:1,000
Spreads: variable

About the company:

LMFX is a broker that offers trading through the MT4 platform.

About company. Security of funds

Not enough is known about the history of the company. LMFX is a brand allegedly operated by Global Trade Partners Ltd., a company registered in the Republic of Macedonia. At the same time, LMFX lists GTP Global Solutions Ltd., an offshore company registered in St. Vincent and the Grenadines, as a payment service provider.

Registration does not necessarily mean that the company is licensed or controlled by regulatory authorities. Most often, brokers choose offshore zones due to a simplified and inexpensive registration process. Brokers based in offshore zones are subject to routine inspections less frequently, and, moreover, they are not obliged to participate in the Investor Compensation Fund. Therefore, we recommend traders read the reviews before opening accounts in the offshore-based companies and making heavy investments.

Trading conditions

To satisfy different preferences of traders, LMFX offers its customers a choice of three account types. So, let's consider the trading conditions in more detail.

LMFX provides its clients with trading various currency pairs, as well as a wide range of CFDs for indices, commodities, stocks, and precious metals. Despite the fact that it does not include popular CFDs for cryptocurrencies, such a portfolio is considered to be quite complete.

We could not find a free downloadable version of MT4 on the broker's website, so we tried to register a demo account with LMFX. Nevertheless, we managed to get access only to the LMFX client zone.

Minimum deposit

To open an account, customers are required to make a deposit of $50 at least.

Spreads and commissions

LMFX charges a typical spread of 1.2 pip for the EUR/USD pair. This value is considered competitive in the forex market.

Many traders believe that spread is the most important thing for a broker. This is undoubtedly significant, but the security of your investments should be the priority. In other words, it is always better to trade with a well-regulated broker rather than with an offshore-based company which offers low spreads and eventually disappears with your funds.

Leverage

The leverage levels provided by this broker vary depending on the account type, but the rates proposed for its premium account reach 1:1,000. A high level of leverage can help you earn a better return by investing small amounts, but it can also cause losses that exceed your initial investment amount. The second scenario seems to be more likely, especially if you are an inexperienced trader.

Trading platforms

As more than 80% of Forex companies, LMFX offers access to MetaTrader 4.

The platform is well known to traders who choose it for its user-friendly interface and reliable characteristics. On top of that, charts and automated advisors simplify trading. In addition to advisors, it is possible to create your own technical analysis indicators and run simulation using historical data.

Additional services

The broker has an online center containing educational and analytical materials. Here you can find video tutorials, the Fibonacci calculator, information about reversal points, trade amount, point value, risks, economic calendar, and other useful materials.

Support service

Traders can contact a representative of LMFX by phone and email. Online chat is available 24/5.

Payment methods

A trader can make a deposit through bank transfers, credit and debit cards, as well as online payments such as Neteller, Skrill, and FastPay. The minimum deposit amount is $50, while the minimum withdrawal amount is $10.

Withdrawal is carried out in the same ways as depositing.

Feedback from traders

Traders mainly complain about inconsistent changes in trading conditions. Nevertheless, the company's support service responds to the traders' complaints on many public Internet resources.

Advantages:

• MT4;
• a choice of assets for trading;
• analytical tools for trading.

Disadvantages:

• no demo accounts;
• not regulated.