LMFX Broker Reviews and Full Information

LMFX is a stock and forex broker that offers MT4 trading with high leverage rates. LMFX is based in the United Kingdom. Assessment of LMFX's forex pairs, deposit and withdrawal options, regulatory status, bonuses and accounts are included in this review of the broker.

LMFX Company Details

Trading under the trade name LMFX is permitted in the Republic of North Macedonia. Since its inception in 2017, the company has grown to serve clients in locations all over the world, from Europe to Canada and Australia.

LMFX distinguishes itself from the competition by offering forex trading services with high leverage.

MetaTrader 4

A reputable trading platform, MetaTrader 4 (MT4), is commonly utilized by day traders. A simple interface is combined with a data-rich environment and extensive market histories to provide a trading platform that is beneficial for traders of all skill levels.

A total of 50 technical indicators, 30 charting tools, and nine timeframes are available on the platform, which also allows automated trading with expert advisors (EA). A user can create and customize indications, and the platform is available in more than 30 languages, allowing for global accessibility.

Once account registration is complete, MT4 may be downloaded to both Windows and Mac systems from LMFX's website and installed on either computer.

MT4 WebTrader

The browser-based version of MetaTrader 4 offers clients a more convenient way to access the trading platform than the desktop version. WebTrader, which does not require a download, provides the most of the functionality of the desktop client while allowing users to join in from any computer equipped with a web browser.

It is important to note that the ability to customize strategies and indicators on the desktop platform is not available with WebTrader.

LMFX Assets

In addition to spot prices on currency pairings and commodities, LMFX also offers a variety of CFD markets and a variety of other tradeable instruments to customers.

There are 48 forex pairs available for trading, including 7 main pairs, 21 minor pairs, and 20 exotic pairs. CFDs on commodities, which include metals and agricultural products, are available in five different markets. There are also three CFDs on energy, four precious metal pairs, including gold, and nine global stock indexes. Another option is to trade stocks, which are represented by 15 NYSE stocks, 11 NASDAQ stocks, and ten assets from the London Stock Exchange.

Spreads & Commission

The spreads supplied by the broker are not very competitive, with the broker's spreads being slightly higher than the average for the industry. For Premium accounts, the typical spread on the GBP/USD pair is 2.6 pips, the spread on the EUR/GBP pair is 2.1 pips, and the spread on the EUR/USD pair is 1.1 pips.

There are no changeable spreads on the Fixed account, albeit their base rates are slightly higher than these normal values, coming in at 2.6 pips for the GBP/USD currency pair, 2.2 pips for the EUR/GBP currency pair, and 1.1 pips for the EUR/USD currency pair.

The Zero account provides customers with raw spreads that are not marked up by the broker. These spreads are far lower, with GBP/USD spreads of 0.8 pips, EUR/GBP spreads of 0.5 pips, and EUR/USD spreads of 0.2 pips.

Premium and Fixed account users will not be charged any commissions, however Zero account customers will be charged a $4 per lot commission on their trades. In addition, the broker charges swap fees for trades that are left open overnight.

Leverage

With their Premium account, LMFX offers exceptionally competitive leverage rates, which can reach as high as 1:1000, which is far greater than those offered by competitors such as Forex.com and Hugosway. Leverage on the Fixed account is smaller, at 1:400, but the Zero account gives leverage of up to 1:250 on the Fixed account.

Detailed information about margin requirements can be found on the website.

MT4 Mobile

Customers of the broker can also trade while on the go by downloading the LMFX mobile application. With the app, you may place orders using any order type available on the computer-based server. You can also get real-time price quotes, trade with just one swipe, and view the entire market history. There are, on the other hand, fewer charting alternatives and technical indicators to choose from.

The iPhone and Android applications are available for download from their respective app stores.

Funding & Withdrawal Options

Deposits can be made using Visa or Mastercard credit or debit cards, bank wire transfer, or e-wallets like as Skrill, Neteller, FasaPay, and Load. The minimum deposit amount at LMFX is $50 for all methods, with the exception of wire transfers, which need a $250 deposit.

In the case of e-wallets, deposits are free and quick; however, payment cards can take up to 30 minutes and wire transfers can take 2-15 days to process.

Withdrawals can be done using any of the same methods as deposits, with the exception of the Load e-wallet. Withdrawals demand a minimum of $10, though wire transfers require a minimum of $100. There are no withdrawal fees, and payments are handled the same business day for e-wallets. Payment cards and wire transfers, on the other hand, can take 2-15 working days to process.

Demo Account

Demo accounts are a wonderful way to learn about a broker's services, assets, and trading platforms before making a real-money investment. In order for traders to test new methods and algorithms, LMFX provides a demo account with unlimited usage, which they may use to practice and perfect their trades. Once you've submitted your information, you'll receive your login credentials and be able to begin trading immediately.

LMFX Bonuses

The bonuses and promotions that were presented to clients were a big hit with this customer. On deposits ranging from $100 to $30,000, a 100 percent credit bonus is provided to the player. The match bonus, on the other hand, cannot be withdrawn until 100 lots have been exchanged.

In the event that you lose some of your initial capital, the broker will also provide a 15 percent recovery bonus. There are no restrictions on how you can use this incentive. A referral incentive program is also offered, with the specifics of which may be found on the website.

Finally, there is the 'Learn and Gain Contest,' which is a competition organized among traders who are using demo accounts to learn and earn money. The monthly prize pool consists of real cash awards, and there is no risk of losing any real money to participate.

Regulation & Safety

LMFX has chosen to be an unregulated broker, opting for the high-risk, high-reward services that are prohibited by regulatory organizations in order to maximize profits. For example, whereas the United Kingdom and the European Union restrict retail forex traders to leverage rates of 1:30, LMFX offers rates as high as 1:1000, allowing them to get greater market exposure and profit potential.

Despite the fact that there is no regulatory organization regulating the broker, there is legal documentation and information available on the website to consumers. We do not advocate signing up with unlicensed providers, however, because, while transparency is usually indicative of a trustworthy broker, it is not always the case. Not only does it increase the potential of scams, but it also limits the legal options available to customers who experience problems with their deposits and withdrawals or other issues.

Fortunately, the majority of customer reviews about LMFX's reputation are positive in general.

Additional Characteristics

Clients can take advantage of a restricted number of additional services and tools provided by the broker. There are no instructional tools available to clarify essential terms or guide new clients through the fundamentals of trading, which is something that many other providers give as standard.

What LMFX does supply is an economic calendar, as well as seven distinct trading calculators, including Fibonacci, pivot points, and risk calculators, among other features. In addition, the broker provides a virtual private server (VPS) service as well as daily market research.

Accounts with LMFX

LMFX offers three different account types to accommodate traders with a variety of methods and capital requirements. The Premium account is best suited for traders who use typical trading tactics and who are less experienced. The Fixed account is best suited for automated trading with expert advisors, while the Zero account is best suited for scalping and high-volume trading, respectively.

Fifth decimal pricing, access to MT4 and mobile trading, as well as a personal account manager are all included with all of the accounts. There are no Islamic swap-free accounts available at LMFX at this time.

Premium Account

• Personal account manager
• Minimum deposit $50
• Spreads from 1 pip
• 1:1000 leverage
• Flexible bonuses
• No commission

Fixed Account

• Personal account manager
• Minimum deposit $250
• Flexible bonuses
• No commission
• 1:400 leverage
• Fixed spreads

Zero Account

• Personal account manager
• Minimum deposit $100
• $4 commission per lot
• Flexible bonuses
• 1:250 leverage
• Raw spreads

Benefits

Some of the things we like best in this broker review are:

• Demo contest with cash prizes
• Automated trading supported
• Negative balance protection
• High leverage rates
• Bonuses and deals

Drawbacks

LMFX could improve in the following areas:

• No cryptocurrency & Bitcoin trading
• Limited educational resources
• Unregulated

Trading Hours

Each week, the LMFX trading platform is open from 00:05 GMT+2 on Monday through 23:59 GMT+2 on Friday (excluding holidays). Forex trading is available at all times during these hours, whereas other instruments have more particular trading hours.

PRECIOUS METALS AND ENERGY CONTRACTUALLY DEFERRED MARKET OPTIONS (CFDs) are accessible for trading from 01:00 GMT+2 on Mondays through to 23:45 GMT+2 on Fridays, with other contracts deferred at varied times depending on their local markets.

Customer Support

You can connect with LMFX’s customer support team using the live chat window located in the lower right corner of their website. Alternatively, you can contact them using the phone number or email address below.

• Telephone – +44 2035192105
• Email – [email protected]

When writing this review we were impressed with the prompt and helpful service we received from the customer support team.

Security

LMFX uses reputable payment providers to reduce the risk of payments not being processed. Furthermore, the broker uses single sockets layer (SSL) encryptions on all website traffic and holds all client capital in segregated bank accounts.

LMFX Verdict

LMFX is a competitive broker that offers a wide variety of tradeable instruments as well as the highly recognized MT4 trading platform. In addition, the broker provides excellent leverage rates as well as a number of incentives, while also allowing automated trading and scalping. However, because LMFX is unregulated, your legal protection is limited, and your overall risk may increase as a result.

Accepted Countries

LMFX accepts traders from a wide range of countries, including Australia, Thailand, Canada, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, the United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and the majority of other countries. LMFX accepts traders from a wide range of countries, including Australia, Thailand, Canada, South Africa, Singapore, Hong Kong, India, and the majority of other countries.

LMFX is not available to traders based in the United States, the United Kingdom, or Japan.