LMFX Review : A Bad Reputation, But is it Deserved?

A fast implementation enables users to trade without worrying about slippage safely. It is going to also help the traders to grab any opportunities. Lmfx is a trading partner which has found its way successfully to the brokerage world. Within this review, we’ve tried to collate a number of the important facets of lmfx. This guide will allow you to learn whether lmfx is a fantastic match for your own investments or not.

Traders at LMFX are given entry to the broadly used MetaTrader4 Foreign currency trading platform. They provide the desktop software program to obtain, together with an online primarily based platform, and cellular apps for Android & iOS. You may create a number of demo buying and selling accounts to check out their platform and your buying and selling methods. LMFX indices provides a diversified point of access to various countries individual stock exchanges.

• They don’t have managed accounts, but you can checkout FXChoice if this is something you are looking for.
• This means you have lesser room for mistakes if you want to protect your equity.
• A fast implementation enables users to trade without worrying about slippage safely.
• All platforms mentioned above are available for withdrawals except for Vload.
• While the next one, Phoenix Recovery Bonus, as the name implies, is intended to pay back the clients any funds pending on their LMFX account.

It also doesn’t have any restrictions on trading strategies, you are free to install any Expert Advisors, Indicators or Plugins of your choice. You can get the Forex VPS for just $20 per month or you can get it for free with any deposit equal to or greater than $5,000. LMFX is one of the only offshore Forex broker that accepts US clients.

Order Excution Tests Results – Live

The Zero account has a fee of $4 per lot of 100,000 currency units which is slightly higher than competitor brokers tend to charge on average. The good news is that LMFX does not charge fees for deposits or withdrawals and there is no charge for inactive accounts either. LMFX is an innovative online foreign exchange broker that offers advanced institutional and retail trading conditions to a global audience.

Traders can usually satisfy this final step by submitting a copy of their ID and one proof of residency document not older than three months. LMFX is an unregulated broker but is duly registered and appears to be a compliant business. Traders must conclude if this is sufficient to open an account.

If you want to get started with a real account then the minimum deposit is just $50 which is relatively low compared to many other brokers. I have had an account with the broker for a few years now and have yet to run into any problems. All of my withdrawals have been processed in a timely manner and support has always been excellent. Overall, LMFX has potential but I feel like they are let down simply due to a lack of regulation which may deter some clients. They do provide a limited selection of financial instruments with CFDs on forex, stocks, metals, and oil among the tradable assets offered.

The customer services support team is available 24 hours, five days per week. Your other market instruments consist of Commodity markets which offer different asset opportunities for traders. Investing in contract-based tradable goods is a dependable way to alleviate risk during times of inflation or economic uncertainty. The commissions are the costs levied by the broker on a client for making trades on the client’s behalf.

So if we look past this issue, LMFX does seem to pay a lot of attention to security. Client money is kept in segregated accounts, meaning that even if the company went bankrupt the customers would not lose out. Only reputable payment methods are used, and all personal information is secured using encrypted software, so in general the signs are good when it comes to security at LMFX. Not every online trading site rewards its customers with bonus offers, but LMFX is an exception.

Regulation and Safety of Funds

The level of commissions will differ between various brokers and it will also depend on the different kinds of services, accounts, and trades done by the brokers. The Zero account offers no mark-ups and super-tight spreads starting from 0.0 pips for clients. There is also a contact form or a web form where traders can drop in their details like full name, email address, phone number, country of residence, and preferred contact time in GMT. After filling in these details, users can type in their queries, fill in the Captcha code , and click on the “Submit” button and the queries will be answered within 24 hours. There is also an effective live chat option, wherein the traders can have their queries solved immediately, in fact, the live chat option is the fastest mode of communication.

These can be coded within the MetaEditor interface in the MQL4 programming language and tested in the MT4 strategy tester over historical data. If you want to see how the MT5 platform compares, Bold Prime have both of the MT4 & MT5 platforms. LMFX have the popular MetaTrader 4 trading platform that was developed by the MetaQuotes Software Corporation and is provided in multiple languages. MT4 is available on desktop (Windows / Mac), web and mobile (iPhone / iPad / Android / Tablet). I have been using MT4 for many years and find it to be perfect for my online trading needs.

The bonus is just a reward for the trader’s choice that gives some of these expenses back to the trader, once proving himself as an active trader. Then they have the Deposit Match Bonus, which is a 100% Credit Bonus and increases account leverage. Although LMFX is rated highly by many happy customers in personal reviews, there is no information available on the LMFX homepage about any official awards received. Generally, an LMFX broker withdrawal takes 2 to 15 business days to start processing. If it is received before 10 a.m., it will be processed instantly on the very same day, otherwise, it will be pushed to the following business day.

Having a bad platform can actually decrease your edge in the market, with bad fills and a lack of analysis tools. This company operates under Global Trade Partners Ltd based in North Macedonia. Their main goal is to establish a global presence with their top-tier trading kits and services. They don’t only cater to big institutions, but they also offer their services to small retail traders.

FX Club Review

LFMX officially says that it takes from 2 to 15 days for the funds to be deposited in your account if you wire it. We found that the minimum wire transfer amount of $250 to be reasonable. But they have introduced a range of other assets in recent years to cater to the growing demand for diversification from traders. So it should be noted that the company was not refused a licence because of some irregularities, they just did not have the option to get one in the country they are registered.

The foreign exchange broker’s goal is to offer customers competitive trading conditions to share forex and CFDs on commodities, shares, and indices. Depending on what type of account a client has, will depend on the spreads charged by LMFX. For Premium account holders, the minimum trade size begins at 0.01 lots, and traders can trade up to 60 lots in a single trade. The Phoenix bonus is only available on first-time deposits and only one Phoenix Bonus Account per client can be created. The Phoenix Bonus is easily withdrawable and tradeable at the trader’s choice. Forex traders residing outside the United States have a ton of options in the international market when it comes to picking a suitable Forex broker.

I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Trading on a Forex VPS with LMFX gives you access to over 250 financial instruments 24/5.

It is to establish a feeling of security and confidence in you before you choose to spend your own money. When you transfer money into your trading account lmfx review by the bank account, a deposit fee can be billed by the broker. Most agents do not charge an excessive amount of money for this particular operation.

Keep reading to find out if this company has all the factors mentioned above and if they suit your trading needs. In our review below, you will find all the products and services offered by LMFX. You will also find the pros and cons of the company to help you make an informed decision. https://forex-review.net/ However, LMFX has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India . The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

LMFX review and test for new investors

When you see that they hold a valid license from your governments financial regulator, you can be sure that they are a legitimate broker. Forex brokers in the United States are registered with the CFTC and are members of the National Futures Association, see here. See how LMFX compares to the leading Forex brokers by reading one of the reviews below. Scalping or high-volume traders would suit LMFX’s zero account best. Much of this will depend on your investor eligibility with other platforms, which is largely based on your nationality and physical location.

LMFX is a legally registered forex broker located in Saint Vincent and the Grenadines, but not regulated by any government agency. All content on comparebrokers.org is intended for educational purposes only and should never be considered financial advice. We do not recommend or advise that investors buy or sell through any financial instrument like commodities, securities or stocks. Skrill holds a number of licenses enabling it to offer its services throughout Europe as well as globally.

LMFX Education and Training

The datapoints provided are used to calculate a rating based on what we beileve has the most benefit to their users. This lmfx review page contains information about investing with lmfx. It is intended for educational purposes only and should never be considered financial advice. We do not recommend or advise that investors buy or sell securities or stocks.

It provides an accessible, easy to understand layout designed to promote functionality as opposed to being merely eye-catching. There are no fees on inactive accounts, nor on any of the deposit methods offered. These include, bank transfer, Visa, MasterCard, Skrill, Neteller, FasaPay, and V-Load. With the zero account, this is subject to a $4 commission per lot of 100,000 currency units. This can be considered slightly higher than other brokers of a similar level in the sector. Zero account holders must abide by a minimum deposit amount of $100, and $50 for each deposit thereafter.