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LMFX review

LMFX


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.

LMFX 1/10 (votes 2240)
Author of LMFX: Martin Banyini | Date 2022-05-22
I have suffered a lot on the LMFX broker. As I can't open or close my position in a timely or right place, always the price quote slippage is 10 -40 pips. I have tried to deal with their MT4 platform and my orders going the opposite direction, So my behavior like madly due for issue. Also, their spread isn't fixed and it became widened on news time. Now I didn't believe LMFX broke, Therefor I am trying to withdraw all of my Investment so far.
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Author of LMFX: Daddun | Date 2022-04-05
I traded with LMFX months ago, and I am happy with their trading environment. Low spreads and cheap commissions. Good executions, they are geared toward professional traders. I have never had a disconnecting problem or freezing chart problem. I keep a $500 account there with 65% monthly average return. Until now, I have made more than 4 withdrawal, and every withdrawal was processed within 24 hours. My last withdrawal was $400, and the payment was made after 4 hours via WebMoney. Everything is ok perfect.
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Author of LMFX: Daddun | Date 2022-04-05
I traded with LMFX months ago, and I am happy with their trading environment. Low spreads and cheap commissions. Good executions, they are geared toward professional traders. I have never had a disconnecting problem or freezing chart problem. I keep a $500 account there with 65% monthly average return. Until now, I have made more than 4 withdrawal, and every withdrawal was processed within 24 hours. My last withdrawal was $400, and the payment was made after 4 hours via WebMoney. Everything is ok perfect.
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Author of LMFX: Tamos | Date 2021-04-13
I have been trading with LMFX for 3 months. My account balance is over $1200. At present, I have been facing withdrawal problem with them. About 22 day ago, I request for my first withdrawal of $750 but because of their technical trouble, I am not getting OPT for SMS confirmation on my mobile. I noticed that, similar hitch were happened with some other trades. The most horrible thing is that that now their live support stops replying me. I would not recommend LMFX broker.
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Author of LMFX: Rocky Ashley | Date 2021-03-17
I'm so glad that I found LMFX for my trading. They have good trading conditions and provide useful trading tools. I like their platform, it's working great and smoothly. Their MT4 platform is stable even during the volatility market. They provide analytical tools for trading, which really help me to make a trading strategy. I have earned significant profit many times here, and always easy to withdraw. Trading cost is low, and they don't have a hidden commission because they are always transparent about the payment to clients. LMFX is the best broker for me. I will keep trading with them because I feel comfortable.
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Author of LMFX: Debra | Date 2021-02-04
Starting an account at LMFX is very easy and affordable. This broker is definitely perfect for small and new traders. Even with a little capital, you will be able to experience real trading and with the small lot size and low spread, you will still be able to earn.
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