Discover LMFX, a prominent stock and forex brokerage, in this comprehensive review. We delve into LMFX's strengths, weaknesses, and trader ratings, examining its assets, deposit bonuses, withdrawal fees, regulatory status, demo trading, and account options. Learn whether LMFX is the right choice for your trading endeavors.
LMFX operates as a trading platform registered in the Republic of North Macedonia since 2017, serving clients worldwide, from Europe to Canada and Australia. LMFX distinguishes itself through its high-leverage forex trading services.
LMFX leverages MetaTrader 4 (MT4), a reliable platform favored by day traders. MT4 offers an intuitive interface, a wealth of data, and extensive market histories, catering to investors of all experience levels. The platform supports automated trading through expert advisors (EAs) and boasts over 50 technical indicators, 30 charting tools, and 9 timeframes. It also allows for indicator customization and is available in more than 30 languages. You can easily download MT4 for both Windows and Mac computers from the LMFX website upon completing account registration.
For added convenience, the browser-based version of MT4, known as MT4 WebTrader, offers accessibility without the need for downloads. While it lacks the desktop version's strategy and indicator customization capabilities, it provides most of the essential functionalities, allowing you to log in from any computer with a web browser.
LMFX offers a diverse range of tradable instruments, including spot prices on currency pairs, metals, and various CFD markets. You can access 48 forex pairs, comprising 7 majors, 21 minors, and 20 exotics. Additionally, there are 5 CFDs on commodities, 3 energy CFDs, 4 precious metal pairs, 9 global stock indices, and 36 stock CFDs, encompassing NYSE, NASDAQ, and LSE shares.
Spreads & Commissions
LMFX's spreads may not be the most competitive, slightly exceeding industry averages. Premium account holders encounter spreads like 2.3 pips for GBP/USD, 1.8 pips for EUR/GBP, and 1.2 pips for EUR/USD. The Fixed account offers fixed spreads at rates such as 2.5 pips for GBP/USD, 2.2 pips for EUR/GBP, and 1.9 pips for EUR/USD. For those seeking raw spreads, the Zero account offers rates as low as 0.8 pips for GBP/USD, 0.5 pips for EUR/GBP, and 0.2 pips for EUR/USD. While there are no commissions for Premium and Fixed account holders, Zero accounts have a $4 per lot commission. Additionally, LMFX applies swaps for overnight positions.
LMFX provides competitive leverage rates, with Premium accounts offering up to 1:1000, surpassing competitors like Forex.com and Hugosway. Fixed accounts offer lower leverage at 1:400, while Zero accounts provide up to 1:250. Detailed margin requirements are accessible on the website.
Mobile Trading App
Clients can trade on the go using the LMFX mobile app, supporting all order types available on the desktop server. While it offers real-time price quotes, one-tap trading, and full market history, it provides fewer charting options and technical indicators. You can easily download the iPhone and Android apps from their respective app stores.
Funding and Withdrawals
Deposits can be made via Visa or Mastercard payment cards, bank wire transfer, Skrill, Neteller, FasaPay, and Vload e-wallets. The minimum deposit is $50 for most methods, except for wire transfers, which require a minimum of $250. Deposits are generally free and instant for e-wallets and cards, but they may take up to 30 minutes. For wire transfers, the processing time is 2-15 days. Withdrawals can be conducted through the same methods, excluding Vload e-wallets. Minimum withdrawals are $10, except for wire transfers, which require $100. LMFX does not charge withdrawal fees, and payments are processed on the same business day for e-wallets. However, it may take 2-15 business days for payment cards and wire transfers.
Demo Account: Practice Without Limits
LMFX offers a demo account with unlimited usage, allowing traders to explore the broker's services, assets, and trading platforms. Registration is straightforward, and you will receive login credentials to start trading.
LMFX Bonuses: A Generous Offering
LMFX impresses with its bonuses and promotions. A 100% credit bonus is available on deposits ranging from $100 to $30,000, with the requirement to trade 100 lots before withdrawing the match bonus. Additionally, there is a 15% recovery bonus that can be both traded and withdrawn. LMFX also provides referral bonuses, details of which can be found on their website. For those seeking a risk-free opportunity, the 'Learn and Earn Contest' offers monthly cash prizes to traders using demo accounts.
Regulation and Safety
LMFX operates as an unregulated broker by choice, opting for high-risk, high-reward services not constrained by regulatory bodies. While the absence of regulatory oversight is compensated by legal documentation and transparency on the website, it does pose increased risks for clients. We advise caution when considering unlicensed providers, as it may limit legal recourse in case of issues or disputes. Notably, customer reviews regarding LMFX's reputation are generally positive.
While LMFX offers a limited range of additional services and tools, it includes an economic calendar, six trading calculators (including Fibonacci, pivot points, and risk calculators), a VPS service, and daily market analysis.
LMFX Account Types
LMFX caters to day traders with three account types:
Premium Account: Suitable for standard investment strategies, with a personal account manager, a minimum deposit of $50, flexible bonuses, 1:1000 leverage, and no commission, featuring fixed spreads.
Fixed Account: Designed for automated trading using expert advisors, offering a personal account manager, a minimum deposit of $250, flexible bonuses, 1:400 leverage, and no commission, with fixed spreads.
Zero Account: Ideal for scalping and high-volume trading, with a minimum deposit of $100, a $4 commission per lot, 1:250 leverage, and raw spreads.
LMFX's trading platform operates from 00:05 GMT+2 on Monday to 23:59 GMT+2 on Friday each week. Forex trading is available throughout these hours, while other instruments have specific trading times based on their respective markets.
LMFX offers accessible customer support through a live chat window on their website's lower right corner. Alternatively, you can reach out via telephone at +44 2035192105 or email at firstname.lastname@example.org. Our review found that LMFX's customer support team provided prompt and helpful assistance.
LMFX prioritizes security by using reputable payment providers to minimize payment processing risks. Additionally, the broker employs single socket layer (SSL) encryption for all website traffic and holds client capital in segregated bank accounts.
Pros and Cons
· Flexible pricing options with raw and fixed spreads
· Personal account manager available with Premium and Fixed accounts
· High leverage options (1:1000, 1:400, or 1:250, depending on the account)
· Access to the world-leading MetaTrader 4 platform and mobile app
· VPS service for automated trading strategies
· Bonuses, contests, and awards
· Zero deposit fees
· Limited educational resources for newer traders
· Unregulated status may impact safety
· Lack of cryptocurrency and Bitcoin trading support
· No weekend customer support
LMFX emerges as a competitive brokerage with a wide range of tradeable instruments, coupled with the popular MT4 platform. It offers substantial leverage rates and enticing bonuses, all while supporting automated trading and scalping. However, it's important to note that LMFX operates as an unregulated broker, which may limit legal protections and heighten overall risk.
LMFX Brokers Details
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