LMFX Quick reference
The brokerage company LMFX was founded in 2015. The brand was launched by Global Trade Partners Ltd., which, in accordance with the client agreement of LMFX, is registered as a Macedonian organization. As a trading platform, the broker provides a popular solution - the MetaTrader 4 terminal and its variants, which were developed by MetaQuotes Software Corporation. The payment solution provider is GTP Global Solutions Ltd, which is based in Saint Vincent and the Grenadines.
The broker does not cooperate with citizens of the USA, Great Britain and Japan, as it does not have permission to conduct brokerage activities in these jurisdictions. In general, the legal side is the broker's weak point, officially it does not have any single license, therefore LMFX is listed as a high-risk broker with an international rating below the average.
LMFX trading conditions
The broker specializes in the Forex market, and also provides the opportunity to trade CFDs in a number of stock market categories - indices, stocks, raw materials, including precious metals and oil. The total currency offer includes 47 pairs, the number of CFD offers is 109. The broker has a well-developed community of traders, where there is a public trading option with the ability to copy strategies.
LMFX offers three types of accounts: zero, fixed and premium. On a fixed account that requires a minimum deposit of $ 250, the spreads are fixed comparing to the Zero and Premium accounts in which the spreads are floating. LMFX spreads are considered high for all types of accounts, when compared with most popular international forex brokers.
As for advantages of zero account, the spread starts from zero pips, but the commission is charged at the amount of $ 4 per lot and the minimum deposit is $ 100. The maximum number of transactions for this type of account is also limited – it is only 200 orders, however, you can trade with any financial instruments that LMFX provides, starting from currency pairs and ending with contracts for difference in prices for gold and oil. The maximum leverage for trading is 1: 250. Margin call comes at around $ 30, stop-out - at $ 15.
FIXED trading account is considered an ideal solution for traders who prefer to trade with fixed spreads. This option provides maximum level of control over the transaction when calculating the accuracy of positions. Also, other advantage of this type of account is the lack of transaction fees. The maximum leverage is 1: 400.
To start trading, the minimum deposit must be at least 250 dollars. There is a limit of one transaction volume – it should be no more than $ 75. This type of account implies no more than 150 transactions for the control period. In addition to a dollar deposit, a fixed account makes it possible to open a deposit in euros. All types of financial instruments are available for trading - currency pairs, as well as contracts for price differences in most stock categories.
This type of account provides many advantages over other types. The minimum transaction size is not 100 lots, as in the zero account, but only 60. The maximum leverage is very large even among high-risk brokers - 1: 1000. The minimum deposit to start trading is $ 50. In addition to the MT4 trading terminal, a trader can trade using platforms such as MetaTrader, Webtrader, Mobile Trading. Also a trader can seek advice from a personal trading manager at any time. In general, the options offered in this type of account are mixed up both from the zero account and the fixed one, and spreads that are advertised as competitive are not, in fact.
LMFX trading platforms and instruments
The broker uses the MetaTrader 4 terminal and its variants as a trading platform for more optimal trading in different operating systems and from different devices. Although the MT4 configuration is pretty standard, there is a number of nuances to consider when choosing an LMFX. Also, it is not clear who acts as a news provider in this version of the terminal. Among the options there is a virtual demo trading, there is both a mobile version and a desktop one. Among the tools for technical analysis there are 51 indicators and 31 graphical tools for working with charts. The broker supports the possibility of public trading and copying strategies.
There is a mobile version for both Android and iOS. Through the phone you can trade in both currency pairs and CFDs. Alerts are valid only for basic assets. The functionality of working with charts is also minimal, but there is an opportunity to work with several time frames. All manipulations with charts are saved automatically.
Replenishment and withdrawal of funds
The broker offers a standard set of payment systems for depositing funds in its niche, as well as withdrawing them. Deposits and withdrawals must be made through the same account. LMFX successfully works with such payment systems as WireTransfer, Visa, MasterCard, Maestro, Skrill, Neteler, FasaPay and Vload.
Registration and login
Before you replenish your account and start trading, you must go through the registration procedure. In addition to the standard package of personal data, such as name, phone number, mail, date of birth, the broker asks for the currency in which the funds will be transferred. In order to counter third-party malware, a potential client needs to answer one secret question.
LMFX loyalty program
The broker pays great attention to promoting his services through bonuses, various rewards and a system for supporting his clients. For example, if the “Phoenix Recovery” bonus is activated, the client, if he/she loses his/her entire deposit, receives a small refund from the broker, which allows the trader to continue trading. The “Deposit Match” bonus allows you to double your deposit for more successful trading if all the conditions are the same.
As a legal entity the broker is registered in offshore, which immediately makes it an unreliable liquidity provider for many jurisdictions. All the attempts to obtain the license for legal brokerage in Europe failed in 2018. Since then, the LMFX broker rating has not risen above average. Nevertheless, many traders are very successful in trading through LMFX, perfectly aware of what financial risks they expose themselves to.