Investing > LMFX Review

LMFX Review

LMFX is known to offer a wide selection of instruments for Forex and CFD traders. Its lack of regulation will scare off most investors, however.

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Reviewed by
Updated January 06, 2022

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Are you a Forex or CFD trader?

If so, you’re likely looking for a platform capable of high trade volumes, that offers a wide variety of assets, and has low fees. Yet besides that — regulation is a crucial aspect when it comes to Forex and CFD trading.

We bring this up immediately as LMFX is not regulated. This may not necessarily be a deal-breaker for you, however. Much of this will depend on your investor eligibility with other platforms, which is largely based on your nationality and physical location.

LMFX is not regulated by any government agencies but it is operated by Global Trade Partners Ltd. Where is LMFX located? Well, Global Trade Partners Ltd is registered in the Republic of Macedonia, which is also the home of LMFX.

Depending on your situation, LMFX may still have a lot to offer, despite its lack of regulation. The platform boasts over 10,000 users who find plenty of benefits.

Think LMFX might be right for you? Let’s find out.

LMFX offers traders several flexible account types, a good selection of tradable assets, and the robust MT4 Platform.

Fast Facts

  • Account Minimum: $50
  • Regulation: Unregulated
  • Demo Account: Yes
  • Asset coverage: Forex, CFDs, indices, commodities, shares, metals, and oil
  • Best for: Expert traders that work within fixed spreads

Ratings

  • Commissions & Fees: 6.5/10
  • Investment Selection: 5/10
  • Account Options & Features: 6/10
  • Usability: 7/10
  • Educational Resources: 6.5/10
  • Customer Service: 5/10
  • Overall: 6/10
Visit LMFX on LMFX’s website

Investor Warning: Contracts for Difference (‘CFDs’) are complex financial products that are traded on margin. Trading CFDs carries a high level of risk since leverage can work both to your advantage and disadvantage. As a result, CFDs may not be suitable for all investors because you may lose all your invested capital. You should not risk more than you are prepared to lose. Before deciding to trade, you need to ensure that you understand the risks involved taking into account your investment objectives and level of experience.

Pros

  • Over 10,000 users across the globe
  • Relatively young company, founded in 2009
  • Minimum deposit of only $50
  • Good variety of tradable assets

Cons

  • Unregulated
  • Poor customer service
  • No hedging allowed

LMFX Overview and Summary

Here are the most notable features of LMFX:

  1. Founded in 2008, LMFX is an online broker that provides trading services for individual and institutional clients across the globe.
  2. The foreign exchange broker’s goal is to offer customers competitive trading conditions to share forex and CFDs on commodities, shares, and indices.
  3. LMFX is not regulated by any government agencies but it is operated by Global Trade Partners Ltd, registered in the Republic of Macedonia.
  4. The broker offers both fixed and variable spreads but spreads are subject to change.
  5. There are a number of LMFX account types, facilitating the different needs and styles of traders.
  6. LMFX has MetaTrade 4, which features desktop and mobile access.
  7. LMFX’s support is not known to be very helpful.

What is LMFX? 📘

Founded in 2008, LMFX is an online broker that provides trading services for individual and institutional clients across the globe.

The foreign exchange broker’s goal is to offer customers competitive trading conditions to share forex, and CFDs on commodities, shares and indices. LMFX offers a comprehensive range of mobile and desktop MT4 platforms, but lacks in its regulation, research and customer service.

The broker does offer trading competitions, where clients can trade to win prizes, and offers a high leverage.

But overall, the broker receives a lower score across the board when compared to its competitors.

📙 Do you believe you lack the necessary skills to engage in forex trading? We recommend that you start your journey with this in-depth forex trading guide.

LMFX Compared

Fees
Average spread EUR/USD standard

1.2

0.9

All-in cost EUR/USD - active

N/A

0.363

Minimum initial deposit

$50

$250

General
Total currency pairs

47

93

Demo account?
Social / copy trading?
Rating
Fees
Average spread EUR/USD standard

0.9

0.6

All-in cost EUR/USD - active

0.363

0.6

Minimum initial deposit

$250

$10,000

General
Total currency pairs

93

182

Demo account?
Social / copy trading?
Rating
Fees

Average spread EUR/USD standard

1.2

0.9

0.6

All-in cost EUR/USD - active

N/A

0.363

0.6

Minimum initial deposit

$50

$250

$10,000

General

Total currency pairs

47

93

182

Demo account?

Social / copy trading?

Is LMFX Regulated? 🛡

The broker claims that they follow the laws and regulations of the country they are situated in – The Republic of Macedonia. This, they say, is an advantage for traders as it enables them to provide a high leverage of up to 1:1000 on their Premium Account Type.

The broker also states that they have a thorough Anti-Money Laundering Policy and Segregated Accounts.

LMFX says that traders funds are sent to individual client accounts that hold all the pooled funds separately to the funds of the company.

The brokers goes on to state that this means the accounts are segregated, and in the event that LMFX can no longer offer its services to clients, all the funds from clients will then be returned as they will have been correctly accounted for before any kind of trading activities are terminated.

LMFX Homepage Screenshot
Despite LMFX’s subpar reputation, the platform boasts over 10,000 users across the globe.

In case LMFX is liquidated, the broker says, “all funds designated as Client funds and held in the Client Accounts will be returned to the Clients as per the funds held on their behalf by LMFX, minus any costs associated with the administration and distribution of these funds.”

The issue with these statements however, is that as LMFX is unregulated — leaving no way to ensure that these procedures are in fact in place and will happen given the situations stated. Again, to be clear in answering the vital question of is LMFX regulated? The answer, is no.

Since LMFX is unregulated, traders should exercise caution, particularly when dealing with an unregulated offshore broker. Any protections that investors may have through regulations will not apply to unregulated brokers like LMFX.

If regulation is a crucial aspect of your trading experience, we recommend reviewing some safer alternatives from our list of best forex trading platforms.

LMFX Fees 👥

LMFX’s fees vary depending on your account type and the current market. The broker does charge commission and several other fees including;

  • ☑️ LMFX’s withdrawal fee varies depending on the payment method
  • ☑️ The broker charges inactivity fees
  • ☑️ LMFX charges deposit fees
  • ☑️ LMFX charges commission of CFD shares

The broker offers both fixed and variable spreads but spreads are subject to change. This means that it could be 0 pips, or it could exceed 25 pips.

The fixed spread could be higher depending on market volatility.

LMFX Account Types 🗃

LMFX offers a good selection of flexible accounts to suit different traders needs and styles.

Clients can choose between the brokers premium, zero, and fixed accounts which have varying spreads, commissions, and leverages, along with some other small differences, which we’ll outline below.

Traders can open an LMFX demo account to get a feel for the online trading markets and its conditions. More experienced traders will be able to test strategies and experience the LMFX trading platform for free.

An LMFX Demo Account will offer:

  • ☑️ Unlimited usage
  • ☑️ Enable testing of EAs and strategies
  • ☑️ Trade from your chosen platform
  • ☑️ Close replica of the real market conditions

First time customers will need to register with LMFX first, and existing clients can login to their Wallet and open a trading account from there.

All traders should ensure that you fully understand the current information before you decide to open an LMFX broker account.

Premium Account 🌟

A premium account requires a minimum deposit of $50 with variable spreads starting from 1 pip and no commission charged. The minimum lot size is 0.01 and the maximum total trade size 60. Leverage of up to 1:1000 is available on this account type.

Screenshot of LMFX Premium Account Page
The LMFX Premium Account facilitates up to 60 lots in a single trade.

LMFX’s premium account has a minimum trade size staring at 0.01 lots and a minimum deposit of $50. The account allows clients to trade up to 60 lots in one trade.

It also offers flexible bonus offerings, and a personal account manager.

Quick note: If you’re not sure what a pip is, this simple guide will teach you everything you need to know about pip and how it works.

Zero Account 👤

The brokers zero account offers low trading with no mark-ups and spreads as low as 0.0 pips. Traders can also trade on raw interbank spreads and bring the cost of your trading down.

This account requires a minimum deposit of $100 with variable spreads and is charged commission that starts at $4 per standard lot. A minimum lot size is 0.01, and the maximum total trade size is 100. You could receive a leverage of up to 1:250 with a zero account.

Scalping or high-volume traders would suit LMFX’s zero account best.

🤓 Useful tip: Leveraging your trades can result in increased profits, so it’s important to understand how it works. This quick guide to forex leverage covers the fundamentals of risk management and smart trading.

Fixed Account 🔧

LMFX’s fixed account would suit Expert Advisors (EAs) that work with fixed spreads. It has a minimum lot size of 0.01, a maximum trade size of 75, and requires a minimum deposit of $250. This account also offers a leverage of up to 1:400.

A fixed account also offers a Personal Account Manager and bonus offerings.

What LMFX Does Best 🏆

LMFX has MetaTrade 4, which is available on desktop, Apple, and Android.

The MT4 platform is popular with traders and has an intuitive user interface with a good range of features. MT4 allows you to view trading instruments, get quotes from the market, and load charts.

The platform has over 50 technical indicators that allow users to analyze charts along with the ability to create customized indicators. Users can also set alerts and multiple order types are supported.

The broker also offers a standard economic calendar that will help you stay on top of market trends.

😕 Do you find charts confusing? Don’t worry, learn how to read financial charts.

Tradable Assets 🤝

LMFX’s tradable assets are their best feature. The broker offers a wide range of trading instruments, with 161 in total. The market includes forex, commodities, indices, shares, metals and oil.

Where LMFX Could Do Better 👨‍🔧

LMFX’s support is not very helpful, and doesn’t do much to answer what is asked, but mostly just links to pages, or mentions where to find the information yourself. The tone doesn’t come across as friendly, but more that of someone that has been inconvenienced.

The customer service team can be reached; on live chat, which is available five days a week, 24 hours a day, as well as email and phone. All methods are available in a limited amount of languages.

The live chat support is quick to respond but unhelpful. The email support are more helpful and could respond anywhere from a few hours to a working week. Phone support tends to answer quickly and are more helpful when responding to questions.

Education 📚

LMFX offers the basic fundamentals to clients. The broker has some video tutorials, beginner trading course, and a MetaTrader4 platform course. Each course includes a series of videos to help with some standard information. Overall it’s quite standard, not very exciting, and could do with some more effort.

How to Withdraw Money from LMFX? 💳

In order to make withdrawals, users must first create accounts. Traders will need to make a minimum deposit of $50, and can sign up to for an LMFX demo account to practice before signing up.

The broker doesn’t cater to any specific trading type.

When opening an account you will be asked a list of standard compliance checks to ensure that you understand the risks involved.

To prepare yourself get the following ready:

  • ☑️ A color copy of your passport, or other photo ID such as a driver’s licence.
  • ☑️ A utility bill or bank statement from the past three month to confirm your address.

The questions will be about your experience and will take about five to ten minutes to complete.

You will be able to explore the platform immediately, but you will not be able to make any trades until you get approved, which can take around 3 working days depending on your individual circumstance.

Please note that CFDs are leveraged products and can be high risk, resulting in the loss of capital. Don’t risk anything you cannot afford to lose, and be strategic about your trades.

Conclusion 🏁

LMFX offers a good selection of tradable assets including forex, CFDs, metal and oil. It also does well in offering traders a selection of account types to meet different needs.

The brokers customer service overall is okay, the team is responsive, but not the most helpful and wouldn’t be much use to new traders or anyone trying to find out more information about the company before they sign up.

Most crucially, the broker is not regulated and although it states that it has segregated accounts, there is no way to make sure that it does, or that you will be protected in risky situations, due to its lack of regulation.

LMFX: FAQs

  • How Good of a Broker Is LMFX?

    LMFX is considered to be a good broker but there are many better and safer alternatives. Although they offer a large number of tradable assets like forex and CFDs along with a well-regarded MT4 platform, the broker just isn't well regulated which is a crucial feature when it comes to online brokerages.

  • Is LMFX safe?

    Since LFMX is not regulated by any government agencies it is owned and operated by Global Trade Partners Ltd which is located in the Republic of Macedonia and the home of LMFX.

    The broker follows the laws and regulations of the country they are based in.

  • Does LMFX Charge Fees?

    LMFX does charge commission and several other fees depending on users account type and the state of the market, including:

    • Deposit fees
    • Withdrawal fees
    • Inactivity fees
    • Commission of CFD shares
  • Does It Take Long to Withdraw Money from LMFX?

    Processing time is dependent on payment methods and providers. Most transactions are processed instantly or take 15 business days.

LMFX and the Competition

See how LMFX compares to the leading Forex brokers by reading one of the reviews below.

All reviews, research, news and assessments of any kind on The Tokenist are compiled using a strict editorial review process by our editorial team. Neither our writers nor our editors receive direct compensation of any kind to publish information on tokenist.com. Our company, Tokenist Media LLC, is community supported and may receive a small commission when you purchase products or services through links on our website. Click here for a full list of our partners and an in-depth explanation on how we get paid.

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