LMFX Review 2020 is Lmfx.com a Scam or Legit Broker

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LMFX Review – is lmfx.com scam or good forex broker?

Trading Accounts and Conditions

Trading account Minimum deposit Maximum leverage Spread (& Commission)
Premium $50 1:1000 from 1 pips
Zero $100 1:250 0 pips + $4 per lot
Fixed $250 1:400 Fixed

LMFX offers its clients a choice of three account types in order to suit the different preferences of traders. While its trading conditions seem attractive, we still would not recommend this unregulated forex and CFD broker. Read on to get all the details.

LMFX Advantages

This broker’s choice of a platform is anything but surprising, as more than 80% of the forex companies we come across offer access to the MetaTrader 4.

The platform is well known to traders and is preferred because it is intuitive and reliable. On top of that, its charting is great and it also allows automated trading via Expert Advisor bots – programmable via the MQL4 scripting language, which is not that complicated. Besides EAs, you can also write down your own technical analysis indicators and run simulations, using historical data.

Seemingly low cost of trading

LMFX indicates a typical spread of 1.2 pips on EUR/USD, which is a competitive pricing.

A lot of traders see the cost per deal as the most important thing to look for in a brokerage. While this is undoubtedly significant, the security of your investment should take priority. In other words, it is always better to trade with a well-regulated broker, instead with an offshore company that promises low spreads, but in the end disappears with your money. Below, you can find the real-time spreads of some reliable and licensed brokers.

Rich product portfolio

LMFX offers trading in many currency pairs, including minor and exotic ones, as well as wide range of CFDs on indices, commodities, shares and precious metals. Although it does not include the popular cryptocurrency CFDs, such product portfolio is quite comprehensive.

LMFX Disadvantages

LMFX is a brand allegedly operated by Global Trade Partners Ltd., a company registered in the Republic of Macedonia. LMFX lists GTP Global Solutions Ltd., a company registered offshore, in Saint Vincent and the Grenadines, as a payment services provider.

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As most of you are probably aware, registration in any country does not mean that the broker is licensed, nor supervised by a financial governmental agency. As forex fraud and scams are very common in the forex industry, we don’t recommend doing business with unregulated brokers like LMFX.

No demo accounts?

We tried to sign up a demo account with LMFX, as we could not find a free downloadable version of the broker’s MT4 on its website. Yet, we could only get as far as accessing LMFX’s client area.

Actually, the message “Your request is being processed” never went away.

Unfavorable provisions in T&C

We would some quite disturbing texts in the broker’s Terms and Conditions uploaded on their website. In order to open an account with LMFX, you have to agree with those T&C, which would authorize the broker to make withdrawals from your account on your behalf.

Be sure to go through these before signing up with any investment company, as sometimes they have certain conditions that are very unfavorable to clients written in small print.

Dangerously high leverage levels

Leverage levels provided by this broker vary by account types, however the ratios offered on its Premium account reach 1:1000. Leverage levels that high may help you score big profits by investing small sums, but they can also bring losses, exceeding your initial investment. To be honest, the second scenario seems a lot more probable, especially if you are an unexperienced trader.

Conclusion

LMFX is a MT4 broker whose offer might seem attractive, but we found a lot of shady aspects to it. First, we could not test its services for free; Second, we found a disturbing clause in LMFX’ T&S. Third, this broker is not regulated.

Pros Cons
MT4 supported Not regulated
Seemingly low cost of trading No demo accounts?
Many financial instruments Unfavorable provisions in T&C
Dangerously high leverage
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

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LMFX.com Review Visit site

About LMFX.com

LMFX is a forex broker. LMFX offers MT4 and Mobile top forex trading platform. LMFX.com offers over 45 currency pairs, indices, commodities, cfds, metals, share and oil for your personal investment and trading options.

  • Information
  • Live Discussion
  • Profile
  • Video
  • 13 Widgets
  • More .

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 1000:1
Minimum to Open Live: $50
Established: 2020
Address: 28 Koco Racin Blvd., 1000, Skopje, North Macedonia
Contact: [email protected], +44 2035192105
Regional offices:
Regulators:
Prohibited countries:

Yes

Yes

Yes

Trading platforms: MT4
Web Trading:
Mobile Trading:
ECN:
Currencies: (45+)
Cryptocurrencies:
CFD: (55+) Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Oil, Other Commodities

Yes

Yes

Yes

EAs/Robots:
News Spike Trading:
Scalping:
Deposit Methods: Bank Wire, VISA, MasterCard, FasaPay, Neteller, Skrill, VLoad
Withdrawal Methods: Bank Wire, VISA, MasterCard, FasaPay, Neteller, Skrill

Live discussion

Join live discussion of LMFX.com on our forum

LMFX.com profile provided by Maria LMFX, Nov 27, 2020

LMFX is an innovative online foreign exchange broker that offers advanced institutional and retail trading conditions to a global audience. We believe in the importance of building strong, secure foundations and the cornerstone of our mission is to provide the full spectrum of cutting-edge trading tools and services that our clients require to succeed in the world’s most liquid market.

Our goal is to deliver an unparalleled trading experience that offers the most competitive trading conditions available to each and every client, allowing them to trade Forex and CFDs on Commodities, Indices and Shares.

At LMFX, we know that our clients need to stay close to the markets and we provide a comprehensive range of mobile and desktop MT4 platforms to ensure that they never miss a market movement. In addition to an advanced trading environment, clients also have full access to exceptional educational resources via the LMFX Education Centre and advanced trading tools that have been designed to improve trading performance.

LMFX delivers what traders in today’s financial markets need the most! From fast execution and deep liquidity to automated withdrawals of trading profits and ensuring funds are deposited securely in segregated accounts, we are on call 24 hours a day, 5 days a week to help our clients with their trading needs.

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Consumer Reviews

Service use: Live

Length of use: over 1 Year

Service use: Live

Length of use: 0-3 Months

Service use: Live

Length of use: 6-12 Months

Service use: Live

Length of use: 0-3 Months

Service use: Live

Length of use: 0-3 Months

Service use: Live

Length of use: 3-6 Months

Service use: Live

Length of use: over 1 Year

Deposit/Withdrawal
It is easy to deposit a very small amount of money but understand that in order to get your profits out it will cost you $30 to $100 possibly more. This isn’t LMFX, it is international wire transfers and your banks fees. I have read another review that tested this and the cost was over $60. Personally my first withdrawal cost me a little over $40. The process was not without some difficulty but I feel it is expected. When you open a bank account you have to provide ID and address and prove who you are. This is more difficult being separated by an ocean.

LMFX was quick to respond and request information. My bank did not provide documentation the way they request it but I was able to get the full list of required data and my bank created a document with all pertinent information. The process from request of withdrawal to having the money in my account was around 60 hours. I personally think this is very quick.

Support
I would like to be able to speak to a back office employee instead of being told by their support number that I can not and can only communicate via email. This causes concern for me as not many brokers limit your contact or if they do they don’t make it obvious and provide you with a dedicated account manager.

Brokerage
I must admit that I am concerned with the lack of a regulating body but it is also why I chose to trade with them. Also not sure about the security of the account but how sure was everyone of their Lehman Brothers account? I can say that LMFX has not given me reason for concern about their stability and the segregated funds model helps.

Cost and Pairs
The cost is slightly high. They offer a lot more pairs and options than I trade and it is nice to have the options in the future. Crypto isn’t my wheel house so I don’t mind the lack of them.

Conclusion
Good broker that works with its clients and offers a service to US traders that is very difficult to find. Do not try and use them to move money out that is less than $100 usd as it will likely be very little returned to you if any after international fees.

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