Overall, LMFX can be summarised as a credible and trustworthy broker and is considered an average risk with competitive trading fees and spreads. LMFX is an unregulated broker that is opting for high-risk, high-reward services that are otherwise restricted by regulatory bodies.
LMFX at a Glance
| 🔎 Broker’s Name | LMFX |
| 📍 Headquartered | Macedonia |
| 📅 Year Founded | 2015 |
| ⚖️ Regulating Authorities | Not regulated by reputable authorities |
| 🌐 Countries not accepted for trade | United States, United Kingdom, Japan |
| ☪️ Islamic account (swap-free) | No |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | No |
| 📊 Managed Accounts | No |
| 📈 Maximum Leverage | 1:1000 on the Premium account, 1:400 on the Fixed account and 1:250 on the Zero account |
| 💰 Minimum Deposit | $50 / R 795,07 |
| 💳 Deposit Options | Wire Transfer, Credit Card, Skrill, Neteller, Vload, Fasapay |
| 💳 Withdrawal Options | Wire Transfer, Credit Card, Skrill, Neteller, Vload, Fasapay |
| 💻 Platform Types | MT4 |
| 📱 OS Compatibility | Mac, Windows, Linux, Web, Mobile Android, iPhone, iPad
PC and Mac OS, mobile for Android and IOS |
| 📈 Tradable assets offered | Forex, CFDs, indices, shares, commodities |
| 👨💼 Languages supported on Website | English, Spanish, Portuguese, Japanese |
| 👥 Customer Support Languages | English, Spanish, Portuguese, Japanese |
| 📆 Customer Service Hours | 24/5 |
| 🚀 Open an Account | 👉 Click Here |
LMFX Review – 21 key points quick overview:
LMFX Overview
LMFX Overview
According to research in South Africa LMFX is a financial broker founded in 2015 and is situated in Macedonia.
They offer secure online trading for commodities, indices, and Forex. LMFX’s tradable assets are their greatest feature. The broker offers a variety of 161 trading instruments. The market includes Forex, commodities, indices, shares, metals, and oil.
LMFX Safety or Security
One of the best benchmarks to measure the safety of a broker like LMFX is to establish which regulating authorities are watchdogs over its actions.
LMFX is not regulated by any government organizations but it is working under Global Trade Partners Ltd which is registered in the Republic of Macedonia. LMFX also say that they have a comprehensive Anti-Money Laundering Policy and Segregated Accounts.
LMFX Sign-up Bonus
LMFX may offer a 100% deposit bonus of up to $30 000 with sign-up.
New traders who register a real account with a broker may receive a sign-up bonus, a deposit bonus, or a welcome bonus.
Brokers usually offer this kind of bonus to new traders to draw more customers and encourage trading activities. Offering a deposit or welcome bonus gives traders some money back depending on the initial deposit made.
Even if a trader does not receive any deposit bonus, or any other bonuses or rewards, trading conditions are still attractive enough to encourage traders to register a real account.
LMFX Minimum Deposit
LMFX has a minimum deposit requirement of only $50.
This minimum deposit amount was equivalent to ZAR 710 at an average current exchange rate between the US Dollar and the South African Rand at the time of writing.
LMFX’s authorization as a broker and its regulatory authorities may require that client funds must be kept in segregated accounts, separate from the broker account, and that such funds could only be used by traders to conduct their trading activities.
A step-by-step guide to LMFX depositing the minimum amount
Deposits can be made with LMFX using the following steps:
Traders can fund their accounts by sending the funds to one of the LMFX segregated clients accounts from their own bank account or execute the option to deposit the minimum amount from their personal area after a live trading account was registered and had been approved.
Step 1 – Log in
Traders then log into their personal area, select the option for deposits, and follow the instructions to make a deposit into their trading account. Traders must make sure that they select the correct deposit currency if there is a choice available.
Step 2 –Make the deposit
Funds must be transferred in the same currency as the bank account to which they are sending them, to prevent currency conversion fees from being charged.
LMFX Account Types
LMFX offers three account types to cater to traders with different approaches and capital requirements. The Premium account is best suited to standard trading strategies and less-experienced traders.
The Fixed account is good for automated trading using expert advisors and the Zero account is best for scalping and high-volume trading. The minimum deposit required to open the account is only $50.
All the accounts offer fifth decimal pricing, access to MT4 and mobile trading, as well as a personal account manager. LMFX however does not offer Islamic swap-free accounts.
LMFX Account Features
📍LMFX Premium Account
| 💻 Platform | MetaTrader 4, WebTrader |
| 🆓 Demo account | Yes |
| 💰 Minimum Deposit | $50 / R 795,07 |
| 🎉 Flexible bonuses | Yes |
| 📈 Leverage | Up to 1:1000 |
| 📊 Managed Accounts | No |
| 📌 Spreads | from 1 pip |
| 💳 Commission | $0 |
| 📈 Trading instruments | Forex, CFDs, indices, shares, commodities |
📍LMFX Fixed Account
| 💻 Platform | MetaTrader 4, WebTrader |
| 🆓 Demo account | Yes |
| 💰 Minimum Deposit | $250 / 4000 |
| 🎉 Flexible bonuses | Yes |
| 📈 Leverage | of 1:400 |
| 📊 Managed Accounts | No |
| 📌 Spreads | Fixed spreads |
| 💳 Commission | $0 |
| 📈 Trading instruments | Forex, CFDs, indices, shares, commodities |
📍LMFX Zero Account
| 💻 Platform | MetaTrader 4, WebTrader |
| 🆓 Demo account | Yes |
| 💰 Minimum Deposit | $100 / R 1597 |
| 🎉 Flexible bonuses | Yes |
| 📈 Leverage | of 1:250 |
| 📊 Managed Accounts | No |
| 📌 Spreads | Raw spreads |
| 💳 Commission | $4 / R64 |
| 📈 Trading instruments | Forex, CFDs, indices, shares, commodities |
How to set up an LMFX Demo Account – Step by Step
To register and set up a demo account with LMFX, traders must visit the website and follow the simple steps.
LMFX offers a demo account with unlimited usage, allowing traders to test new algorithms and strategies. To register for, and set up a demo account with LMFX, traders must visit the website and follow the simple steps. Once you have registered your details, you will receive your login credentials and can start trading.
Step 1 – Open Your Account
- Navigate to the LMFX homepage
- Click on the demo account button at the top left of the page
Step 2 – Fill out the form
- Ensure that you have your email address and ID ready
- Select the country of residence and your currency, if applicable
- Choose that you want to try a demo account
- Provide basic personal information requested
- Proceed through the KYC process if needed and get approved
A demo account is also referred to as a practice account because it provides traders with the ability and freedom to explore a broker’s offering without running the risk of losing money, due to the provision of virtual money with which to ‘trade’.
Beginner traders can use a demo account to get acquainted with the live trading environment, where they can actively participate in trades and develop their own strategies.
Demo accounts are not intended for beginners only but provide more advanced traders an opportunity to explore what LMFX has to offer.
LMFX Islamic Account
The purpose of an Islamic Account is that it caters explicitly to Muslim traders who follow the strict rules of Sharia law. These rules prevent followers from paying any type of interest, such as overnight fees, which are seen as exploitive or wasteful.
Overnight fees are charged when traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees or interest, should traders hold positions open for longer.
Brokers offer an Islamic Account only to Muslim traders who follow Sharia law. Traders must, however, take note that there are certain features indicated on the Islamic account which may differ vastly from the other individual account types, such as minimum deposits, spreads, and more.
Traders who are interested in registering for an Islamic account must contact the broker’s customer support team to verify the availability and current conditions of such an account as conditions may have changed from the time of writing.
LMFX Trading Platforms
The forex trading platform provided by LMFX to its clients is in essence the software to carry out their trades. Some brokers provide only one, and others quite a few platforms.
A multi-asset trading platform is one that allows clients to trade forex as well as other asset classes. The decision about which platform to choose will usually depend on what a client would like to trade.
LMFX provides MetaTrader4 (MT4), Web Trader, and Mobile Trader.
LMFX Fees and Spreads
LMFX spreads on EUR/USD start from 1.1 pips. For Premium accounts, the typical spread for GBP/USD is 2.6 pips and for EUR/GBP it is 2.1 pips.
The Fixed account does not have variable spreads, with base rates higher at 2.6 pips for GBP/USD, 2.2 pips for EUR/GBP, and 1.1 pips for EUR/USD.
The Zero account offers raw spreads with no markup. These spreads are much lower at 0.8 pips for GBP/USD, 0.5 pips for EUR/GBP, and 0.2 pips for EUR/USD.
There are no commissions charged for Premium and Fixed account holders, but Zero accounts charge a $4 per lot commission.
LMFX offers competitive leverage ratios of 1:1000 with their Premium account. The Fixed account has lower leverage ratios at 1:400, and the Zero account offers leverage up to 1:250.
Fees, spreads, and commissions that traders can expect on the company’s spread list when trading with LMFX are as follows:
CFD:
FTSE Spread 3 pips
GBPUSD Spread 2.6 pips
Oil Spread 0.7 pips
Forex
GBP/USD Spread 2.6 pips
EUR/USD Spread 1.1 pips
EUR/GBP Spread 2.1 pips
LMFX Deposit and Withdrawal
Accounts usually require a certain minimum initial deposit, which can be paid in several ways. Withdrawals can usually be done in the same ways, but sometimes differ.
LMFX offers traders several payment or deposit methods which can be used when funding accounts. Withdrawals usually must be returned by the same method used to deposit and to the same bank account.
📍 Deposits can be made via :
Visa or Mastercard payment cards
Bank wire transfers
Skrill
Neteller
FasaPay
Load e-wallets
In the case of LMFX, the following is required: A minimum of $50 deposit.
LMFX Best Countries by Traders
| 🌎 Country of Trade | 📌 % of Traders |
| 🥇Russia | 7.87% |
| 🥈Canada | 7.23% |
| 🥉UK | 4.14% |
| 🥈Denmark | 3.06% |
| 🥇USA | 62.17% |
LMFX vs Etoro vs XM – Comparison Table
| 🔎 Broker | 🥇LMFX | 🥈 eToro | 🥉 XM |
| 💰 Minimum Deposit | $50 / R 795,07 | $1000 USD | $5 USD |
| 📝 Sign-Up Bonus | ☑️ Yes | ☑️ Yes | ☑️ Yes |
| ➕ Max. Leverage | 1:1000 on the Premium account, 1:400 on the Fixed account and 1:250 on the Zero account | 1:400 | 1:888 |
| 💵 Currency Pairs | 47 | 47 | 57 |
| 🚀 Open an Account | 👉 Click Here | 👉 Click Here | 👉 Click Here |
LMFX Current Popularity Trend
As According to Google Trends, here is an overview of how frequently the search term – “LMFX” is entered into Google’s search engine over a given period of time.
LMFX Customer Reviews
LMFX has always been at the top of my list as the best FX broker out there. Being in the USA I appreciate their kind and friendly service but especially their high-leverage account. I’ve been a customer of LMFX for about 7 years so I know of which I speak. I can guarantee you your money is safe with LMFX.
In Dec of 2020, I started trading with LMFX mainly focusing on joy and AUD pairs, trading the Asian market, starting with a mid-sized premium account I. overall I would describe trading with LMFX as simple and easy, in July I hit my ROI and made my first pure profit by the end of OCT 2021, I am a part-time trader still learning, most trades are done on mt4, I use different charting software, stable servers, good execution time, I don’t scalp much but so far I’m satisfied with the results.
A lot of the low reviews seem to stem from misunderstandings, and you really do have to read through the boring stuff to understand how the bonuses work, etc. This is a pretty good forex provider, their odd deposit options seem to have improved since last I tried it months ago.
I’ve yet to make any profit, I’ve only lost money, but I never felt it was due to LMFX or shady practices (Other than markets being rigged which everyone knows), I’m just a terrible trader lol. Don’t bet against the trend like I did 😛
LMFX Pros and Cons
| ✔️ Pros | ❌ Cons |
| 1. Variety of platforms | 1. No Regulation |
| 2. Fixed spreads | 2. No hedging allowed |
| 3. Minimum deposit of only $50 | |
| 4. Select trading accounts |
Conclusion
Overall, LMFX can be summarised as a credible and trustworthy broker and is considered an average risk with competitive trading fees and spreads. LMFX is an unregulated broker that is opting for high-risk, high-reward services that are otherwise restricted by regulatory bodies.
Disclaimer
LMFX warns potential customers that Forex and CFD trading always carries a high risk and may not be suitable for all investors.
Before deciding to trade with LMFX, potential traders are advised to carefully consider their investment objectives, financial situation, needs, and level of experience before investing money they cannot afford to lose.
LMFX warns that margin trading involves the potential for profit as well as the risk of loss and that movements in the price of foreign exchange and commodities are very unpredictable.
LMFX cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.
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Risk Management
LMFX is an online Forex and CFD trading platform. Risk management refers to the process of identifying, assessing, and controlling risks in order to minimize the negative impact on investment.
In the context of trading, risk management involves setting stop-loss orders, diversifying portfolios, and adjusting the size of the position to manage potential losses. LMFX provides its clients with tools to help with risk management, such as negative balance protection, customizable leverage levels, and margin call alerts.
Frequently Asked Questions
How many instruments can I trade with LMFX?
You can trade several different instruments with LMFX, which include the following:
- CFDs
- Commodities
- Metals
- Stocks
- Oil
- Gold
- Indices
Which platforms are supported by LMFX?
LMFX provides the following popular trading platforms:
- MetaTrader4 (MT4)
- Web Trader
- Mobile Trader
Does LMFX offer leverage?
Yes, LMFX offers maximum leverage of 1:1000.
Is LMFX a recommended forex trading broker for experts and beginners?
LMFX offers a fair trading environment for all types of traders from beginners to experienced traders.
What is the overall rating out of 10 for LMFX?
7/10
Featured SA Shares Writer and Forex Analyst.
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