LMFX is a retail forex and CFDs broker. The broker was founded in 2008 and has its headquarters in Macedonia. Although any country’s regulatory authority does not regulate LMFX, this is not the only reason to jump right to conclusions. The broker has a good trading environment with a decent financial products portfolio and a well-known trading platform. In addition, the broker has below-average trading costs compared to its competitors. On top of that, LMFX has to offer zero spreads and fixed spread accounts. However, the broker has average educational resources along with some trading tools. If the broker has the trust of over 10,000 worldwide clients, then we really should give it a try to look into different aspects that help us decide whether the broker is worth a shot or not. So let’s jump right into summarised advantages and disadvantages of the broker.
LMFX offers a variety of tools, education materials, contests and bonuses in order to meet traders’ needs. Trade with a worldwide reputable broker with no commissions or hidden fees.
LMFX has no deposit or withdrawal fee and has a small minimum deposit requirement for a premium account. The broker has a variety of trading instruments with very tight spreads and low commissions. In addition, the broker offers super-fast order executions on its trading platform with a free VPS service. Moreover, LMFX has a lucrative economic calendar.
On the other hand, LMFX requires a minimum deposit of $50 to trade on a premium account. In addition, the broker is not regulated by any government body around the world and does not disclose its financial statements in public. Finally, despite having different account types with variable spreads offering, LMFX only offers MetaTrader 4 as its only trading platform on desktop, web, and mobile devices.
- No deposit or withdrawal fees
- Numerous supported payment methods
- Instant deposit times
- Tight spreads
- 3 different account types
- Zero spread account
- Access to 48 forex pairs
- Stock CFDs
- MetaTrader 4 trading terminal
- Demo account
- Wide range of forex trading tools
- Economic calendar with macroeconomic indicators
- Low Minimum deposit
- Good variety of tradable assets
- Free VPS for qualifying traders
- No inactivity fees
- Responsive customer support
- MT4 only
- $250 minimum deposit from bank wire transfers
- No Islamic swap-free accounts
- Limited market analysis
- No trading courses, webinars, or podcasts
LMFX offers over 150 financial instruments in a variety of markets, including Forex, Indices, Commodities, Shares, Metals, and Oil. In addition, you can trade stock CFDs with leverage with LMFX. The LMFX single stock CFDs track the prices of the underlying stocks without needing to actually take physical ownership of the stock in question. However, LMFX lags in providing access to cryptocurrency, options, bonds, and ETFs markets.
LMFX Instruments Summary
Commission and Spread Fees
LMFX provides a trading account to meet each trader’s trading needs, risk, and accessible investment. You can trade with zero commissions and tight spreads starting from 1.0 pip on a premium account with a minimal deposit. You can also choose to trade on a fixed account and enjoy fixed spreads as low as 1.2 pip with zero commissions. However, the minimum deposit for a fixed account is $250. On the other hand, if you are a day trader or short-term trader, you can enjoy spreads starting from 0.0 pip and a commission of $4 per standard lot on a zero account. While trading Shares CFDs, LMFX charges a fixed 0.10% commission. The broker has no swap-free account to offer at this time.
|Fee||Premium Account||Fixed Account||Zero Account|
|Commission (per standard lot per side)||$0||$0||$4|
Deposit and Withdrawal Fees
LMFX does not charge any deposit or withdrawal fee from its clients, no matter what payment method they use while making a transaction.
LMFX does not charge an inactivity fee from the customers who have not conducted any trading activity on their accounts in a while.
LMFX only provides the most common trading platform used by almost every retail broker, which is MetaTrader 4 from Metaquotes. The broker provides access to its MT4 desktop, web, and mobile applications on every account. LMFX has no proprietary trading platform and does not offer social trading services as well.
MetaTrader 4 (MT4)
Day traders rely on MT4 as a steadfast trading platform. It is suitable for traders of all levels of capability since it combines a handy interface with a data-rich environment and wide market past historical data. Expert advisors (EAs) can automate trading on this platform in no time. Moreover, MT4 has over 50 technical indicators, 30 charting tools, and 9 timeframes. The platform may be used to create and custom indicators, and it is accessible in over 31 languages. LMFX its MT4 access on Windows OS and Mac OS devices.
LMFX provides access to MT4 WebTrader. This MetaTrader 4’s browser-based version provides clients with a more convenient platform. WebTrader is a trading platform that provides much of the functionality of the desktop version while allowing you to join in from any device with a browser. However, the ability to customise strategy and indicators on the desktop platform is not available on LMFX’s MT4 WebTrader.
Mobile Trading (MT4)
LMFX makes mobile trading easy with access to the MT4 mobile trading app. This MT4 mobile platform is compatible with both Android and iOS devices. MT4 is beneficial to people who trade on the go and require access to their trading account from any location with an internet connection. The app has many functions as the other platforms, such as placing, managing, closing trades, and chart analysis. It’s also possible to set up push notifications.
LMFX Platforms Summary
|MetaTrader 4 (MT4)||✓|
|MetaTrader 5 (MT5)||x|
LMFX lags a bit from its competitors when it comes to educational and research resources. The broker does not offer much in the education section on its website. You will only find some standard trading tools and an economic calendar with fundamental macroeconomic data of the countries worldwide. You can also access this economic calendar through your MT4 trading terminal. Furthermore, the broker provides a series of video tutorials for its MT4 trading platform. In addition, LMFX has a blog where they share market news and some fundamental analysis regularly. However, we could not find any trading courses, guides, webinars, or podcasts on their website. However, the broker offers many trading calculators such as:
- Fibonacci calculator
- Pivot Points Calculator
- Position Size Calculator
- PIP Value Calculator
- Risk & Reward Calculator
- Risk Percentage Calculator
There is an option of a virtual private server (VPS) that already has the LMFX MT4 platform installed so that you can start trading instantly. It costs $20 per month or is free to clients of the broker who make a deposit into an LMFX trading account of at least $5,000.
LMFX Research and Education Summary
|Other (Trading Calculators, VPS)||✓|
LMFX accepts a range of deposit and withdrawal options, including bank transfers, credit cards, and electronic wallets. Within the client area, you may fund and withdraw from your account using whatever payment method you like. Some methods, such as debit/credit card payments, can be instant, while others, such as bank transfers, might take a few business days to clear. Please keep in mind that certain payment options are only available in certain countries. You can deposit a minimum of $50 using debit/credit cards or any electronic wallet, but the minimum deposit for bank wire transfer is $250, which is comparatively higher. You can withdraw a minimum of $10 on debit/credit cards or any electronic wallet, but the minimum withdrawal for bank wire transfer is $100. The broker does currently not accept payments in cryptocurrencies or from cryptocurrency wallets.
LMFX Funding Summary
Any known regulatory authority does not regulate LMFX, yet it is run by Global Trade Partners Ltd, a company based in Macedonia. LMFX claims to keep customers’ funds separate from its operations funds in many pooled accounts across several organisations and countries. They claim that if LMFX goes bankrupt, all client monies kept in these segregated accounts would be refunded to clients, except for their management and distribution fees.
LMFX Regulation Summary
|SFC (Hong Kong)||x|
Although the broker has a history of about 15 years in the industry, it has failed to get a license from any government regulatory body worldwide. However, they have all the necessary legal documentation available on their website. The lack of regulation does mean that they can offer some investing products and services that a regulated broker cannot. In addition, the broker does not hold a banking license and is not traded on any stock exchange in the world. Moreover, the financial information of the LMFX is not publicly available as well.
Customer support can be reached by email, phone, and live chat 24/5. If the broker could provide 24/7 support, it would be great. Although the live chat assistance is quick to reply, it is ineffective. As they answer with links to the website for most of the questions. Email assistance is more useful, and responses might take anywhere from a few hours to a week. When it comes to answering queries, phone assistance is more prompt and helpful. Unfortunately, there is no FAQs section on the website, making finding all the necessary information difficult.
CFDs on Forex, Stocks, metals, and oil are among the tradable assets offered by LMFX. It also performs a good job of providing its clients with various account types to suit their needs with easy to use trading platforms for destop and mobile. They have very competitive trading conditions which includes low spreads and fees. Overall, the broker’s customer service is good although they could consider adding some more educational resources to help educated beginners. The broker is unregulated but does claim to have segregated accounts.