LMFX is an unlicensed forex and CFDs broker based in North Macedonia (FYROM) that offers trading in all major markets such as forex, indices, commodities, metals, oil and shares.
From the outside, they appear to have a professional-looking website and many interesting offerings. Can you really trust them though? Read our full review and verdict of LMFX below.
Account Features
LMFX offers users three different account types to choose from, based on the available capital, appetite for risk and overall trading experience investors prefer. It is always advisable that brokers offer different types of accounts to cater to every trader’s needs and level of experience.
Premium Account
This account is especially tailored for retail traders and can be accessed with the lowest cost compared to the rest. It offers three different trading platforms (MetaTrader, WebTrader, Mobile Trading), competitive spreads, flexible bonus offerings and a personal account manager that can help guide you through the process. Specific account details are listed below.
- Minimum deposit: $50
- Maximum leverage: 1:1000
- Maximum trade size: 60 lots
- Maximum open trades: 100
- Margin: 50%
- Spreads from: 1 pip
Fixed Account
Their second account is perfect for investors who prefer trading with fixed spreads. With knowing the received spreads in advance, the Fixed Account offers greater control of trades and improved accuracy when calculating positions. They also have flexible bonus offerings.
- Minimum deposit: $250
- Maximum leverage: 1:400
- Maximum trade size: 75 lots
- Maximum open trades: 150
- Margin: 30%
- Spreads: fixed
Zero Account
The third account that LMFX has available for traders to choose offers no markups whatsoever and very tight spreads, so is ideal for scalping and high-volume trading.
- Minimum deposit: $100
- Maximum leverage: 1:250
- Maximum trade size: 100 lots
- Maximum open trades: 200
- Margin: 30%
- Spreads from: 0
Demo Account
LMFX also has a demo account available so all users can practice risk-free. The demo account is free for all users and allows them to get used to the LMFX platform and the trading process before investing real money. This is especially good for new traders and increases their trading skills.
Trading Software & Assets
LMFX has five different trading platforms users can choose from, depending on personal preference.
WebTrader
As the name suggests, the LMFX WebTrader is a web-based trading platform, so it requires no downloads or installations. You simply need an internet-connected device and you are good to go.
MetaTrader4
The MetaTrader4, commonly known as MT4, is one of the most popular trading platforms in the industry. In order to use the powerful MT4 platform you will need to download it onto your desktop. Now, even though it is considered a more professional trading platform, it can be used by absolutely anyone with its user-friendly interface. The LMFX MT4 offers 9 time frames per instrument, over 50 built-in indicators, advanced charting and analysis and multiple language options.
Mobile App
LMFX separates its mobile trading app into three different categories of platforms depending on the device used. All three are essentially very similar, with only a few minor differences found. Either way, with mobile trading you can easily trade on-the-go, anytime and anywhere.
iPhone Trader
This is available in the App Store and offers the same advanced tools and functionality as the regular LMFX trading platform.
Android Trader
The LMFX Android application requires Android OS version 2.1 or higher. There are 7 time frames available, 3 chart types and 30 popular technical indicators.
iPad Trader
This LMFX iPad application requires iOS 5.1.1 or later versions. This can also be found in the App Store and it offers 9 different time frames, 3 chart types and 30 popular technical indicators.
Bonus Offerings
LMFX has two different bonus offerings, what they call a “Phoenix Recovery” and a “Deposit Match”. Users should always be careful when it comes to bonus methods, for in most cases they will be more of a hassle than an actual “bonus”. There is a reason no regulated broker offers bonuses. You ca find the two bonus offerings LMFX has available below.
The Phoenix Recovery is a 15% recovery bonus that is applicable on a first-time deposit. When you make your first deposit with LMFX you will receive an amount of funds that are “pending” on your account. These funds reflect a known percentage of your FTD and in case you lose all your trading capital, the bonus will be placed into your trading account on your next deposit, therefore helping you rise again.
The Deposit Match is a 100% credit bonus intended to increase the trading volume of your account. If all the bonus requirements are met, the specific bonus sum is placed in your account and can be withdrawn without any limitations.
Education
Education is an essential part of trading and it is always important for a broker to provide its users with extensive education materials to understand how trading works before they invest any money. LMFX has a few education resources available such as video tutorials, trading tools and economic calendar and market analysis. It would be even better if they offered some eBooks as well.
Support Information
LMFX’s customer support is available via phone, email, or by filling in the short contact form on their website. They claim to be a multilingual broker, but do not specify which languages specifically they have in customer support. They also claim their customer support is available 24/5.
Banking & Company Information
LMFX is owned and operated by the company GTP Global Solutions Ltd which is located at Suite 305, Griffith Corporate Center, Beachmont, P.O 1510, Kingstown, Saint Vincent and the Grenadines.
They accept various payment methods such as wire transfer, Visa, Mastercard, Maestro, Skrill, Neteller and Vload.
Verdict
LMFX is a broker that has a fancy website and appears to offer users a lot, when in reality they are unlicensed and offer a lot of bonuses, a fact that instantly makes them unreliable. Users should not be tricked into depositing funds with a broker that appears perfect, but must always look further and into the most important fact: license and regulation. With so many scams in this industry, traders should be smart enough to recognise the best brokers and only trust their money with them.