Minimum Deposit: $50
Maximum Leverage: 1:1000
Hello everybody! I will introduce you to LMFX today. LMFX is an online forex broker which allows institutions as well as individuals to trade forex, commodities, shares, metals and more.
The broker provides trading services and facilities to both retail and institutional clients. As a client, you have access to a comprehensive and advanced forex trading kit.
LMFX was established in 2015 and is the brand name of Global Trade Partners Ltd., which is listed as a Macedonian (FYROM) entity according to LMFX’s customer agreement.
In this LMFX review, you will receive all the answers to the following questions: Is LMFX scam or good forex broker? What are the account types of the broker? What are the trading conditions such as spreads, leverage, and minimum deposit? Is LMFX regulated?
Regulation of LMFX
LMFX’s payment Services are provided by GTP Global Solutions Ltd (Suite 305, Griffith Corporate Centre, Beachmont, P.O. 1510, Kingstown, Saint Vincent and the Grenadines)
This means it is an offshore company that does not provide good security services. As you know, registering to any country does not mean that the broker has a license, nor regulated by a financial governmental agency.
You should know very well that forex fraud and scams are very common in the forex industry, so doing business with non-regulated brokers such as LMFX may mean that you can lose your money.
I always recommend you to avoid unlicensed brokers and choose among the regulated ones. The most reliable regulators are the UK’s FCA, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).
These regulators require a certain amount of capital from the brokers to guarantee the compensation of funds and a certain level of safety of clients’ money.
Account Types and Spreads
The broker offers three account types. These are Premium, Fixed and Zero.
With the Premium account, the minimum deposit is 50 USD, you can choose the leverage to be up to 1:1000 and the spreads start from 1.2 pips EURUSD.
The Zero account requires a minimum deposit 100 USD, leverage up to 1:250 and the spreads are lower, starting from 0.2 pips EURUSD. The Zero account has a commission 8 USD per lot traded.
With the Fixed account, the spreads are fixed starting from 1.8 EURUSD. The leverage can be up to 1:400 and the minimum deposit is 250 USD.
Also, you have an option to create a demo account and use it for unlimited time in order to test your strategies and to see how the MT4 platform works.
The spread, 1.2 pips on EUR/USD, offered by LMFX can be considered as competitive pricing. Leverage levels provided by this broker vary by account types, however, the ratios offered on its Premium account reach 1:1000.
- The LMFX Premium Account offers you the traditional variable spread;
- The Fixed Spreads account predefines the spread with no commission;
- The Zero Account offers the tightest spreads possible with fixed commissions on the Majors and Minors.
This can help you make high profits by investing in small amounts, but can also bring losses exceeding your initial investment. Obviously, the second scenario is much more likely, especially if you are an inexperienced investor.
The LMFX MT4 Platform gives you easy access to fast trade execution, deep liquidity and the highly intuitive, powerful interface that has made MetaTrader 4 the most popular trading platform in the world.
With LMFX MT4, you have more than 50 advanced indicators and tools available to help you to analyze the price dynamics of financial instruments across nine-time frames, identify trends and calculate entry and exit points, etc.
Features of MetaTrader 4:
- User-friendly interface
- 9 time frames per instrument
- 50+ built-in indicators
- Functionality to layer indicators
- Access market news directly
- Advanced charting and analysis
- Create and use Expert Advisors (EAs)
- Multiple language options
- Trailing Stop Loss functionality
LMFX offers various trading products such as Forex, Indices, Commodities, Metals & Oil, Shares. There are 49 currency pairs, 9 Indices, 5 Commodities such as coffee, copper, palladium, platinum, and sugar.
The broker offers also precious metals and oils its clients to trade. NGAS, UKOIL, USOIL, Gold, and Silver are available on LMFX.
The LMFX gold and silver contracts give you access to the precious metals markets 24 hours a day, 5 days a week. With prices in both these products being quoted in the EUR and USD base currencies, you are able to remove any currency impact on your trading account allowing you to profit from the movement in the market.
The deposit and withdrawal methods offered by LMFX are bank wire transfer, credit/debit card, Skrill, Neteller, fasapay and VLOAD.
Deposit time for wire transfer is 2-15 working days, for credit/debit cards is up to 30 minutes, for e-wallet systems is instant. One of the advantages of this broker is that it does not charge deposit fees.
LMFX is an offshore forex and CFDs broker registered in Saint Vincent and the Grenadines. It offers good trading conditions such as minimum deposit, spreads and leverage.
There are various instruments and the broker provides the most popular trading platform MT4. While it’s trading conditions seem attractive, I still do not recommend this unregulated forex and CFD broker.
You can find a better forex broker to trade with without losing your money to scammers. The list of best forex brokers on my website will help you to find the most reputable and reliable forex brokers around the world.