Wanna see if LMFX is a legit broker? Is it safe to trade? The spread is high or low? How to deposit or withdraw?
We provide answers to all the questions in this LMFX Review.
We checked LMFX licenses and regulation status to see if LMFX scam or safe. Compared LMFX fees like spread & commission from its live account to other 150 brokers. Also the time for deposit & withdrawal and many more findings in this Review.
What is LMFX
LMFX is a online broker, established in 2015 solely based in offshore zone SVG.
Unfortunately, firmdoes not fall under serious regulation of the top-tier financial authorities like FCA or similar.
|🗺️ Regulated in||Macedonia|
|🛡️ Is LMFX safe to trade||No|
|💵 EUR/USD spread||1.1 pip|
Wire Transfer, Cards, Neteller, Skrill, fasapay
|💰 Minimum deposit||US$50|
Wire Transfer, Cards, Neteller, Skrill, fasapay
|💻 Trading platform||MT4|
|💳 Trading markets||Forex, CFDs on Metals, Energies, Shares, Indices|
|📈 Number of product||107+|
|📉 Live chat response||We couldn’t connect to Live Chat, email response was average|
License and regulation are the keys to traders’ fund security. We verify and check two factors, what licenses the broker carry and how trader is protected if something goes wrong.
Is LMFX legit
LMFX operating is based and operating only through Macedonia, which does not regulate financial or trading companies.
LMFX Licenses and Regulatory status
|Entity||Registered in||Regulator||License no.||Status|
|Global Trade Partners Ltd||Macedonia||–||–||Registered no regulations|
Is LMFX safe
No, we consider LMFX not safe because it is not regulated by the top-tier authorities and eventually has none of regulations.
LMFX is based in Macedonia which does not regulate Forex or financial firms, therefore there is no proper audit on the company and safe trading environment provided.
LMFX Compensation Scheme
|Entity||Compensation Amount||Negative Balance Protection|
|Global Trade Partners Ltd||No compensation||No|
LMFX does not provide negative balance protection, since local regulation does not require it, nor there is coverage or negative balance protection.
Markets and Products
At LMFX you can trade various instruments including Forex, CFDs on Commodities, Indices, Metals, Energies and Shares.
From the negative point the range is rather basic and popular assets like Futures or Cryptocurrencies are missing.
LMFX offers 3 Accounts that differ in trading conditions, pricing model and platform.
|Minimum Deposit||50 USD||250 USD||100 USD|
|Minimum Balance||25 USD||50 USD||50 USD|
|Spreads From||1 pips||Fixed spread||0 pips|
|Commissions||Zero Commissions||Zero Commissions||3$ per lot|
Login LMFX available through its website, you can access LMFX myaccount area and manage your activity.
Fees and commissions
LMFX Fees we ranked as average based on the premium spread account and compare to 150 brokers that we check through Live account spread.
Spread for popular instruments we collect for 6 markets and 150 brokers
|Forex||EUR/USD||0.1-0.9||1-1.5||1.6 or higher|
|Indices||US 500||0.1-0.4||0.5-1.4||1.5 or higher|
|Commodities||Gold||0.1-0.4||0.5-2||2.1 or higher|
|Stocks||Tesla||0.1-0.5||0.6-1||1.1 or higher|
|ETFs||US Russell 2000||0.1-0.4||0.5-1.4||1.5 or higher|
|Cryptocurrencies||Bitcoin||0.1-0.5%||0.6-0.9%||1% or higher|
LMFX spreads are different in each of offered accounts.
Fixed account has Fixed spreads basis and demand higher account balance. Zero Account is with spreads from 0 pips and 4$ commission per lot, considered almost standard among industry.
Comparing the spreads derived from LMFX Premium Account with variable spread basis to industry benchmarks, we found Live spread to be average.
|Markets||Instruments||LMFX Premium Account Spread||Other brokers’ avg spread|
LMFX has low non-trading fees. Deposits and withdrawals are free of charge.
The trading conditions at LMFX are good, you can run any strategy of including hedging and scalping.
|Change Leverage Allowed||Yes|
For hedging, no time limitations for keeping hedging positions open.
Scalping is allowed, Expert Advisors (EAs) via MT4 are not restricted, and VPS Hosting Service is Free for accounts over 5k$.
LMFX trading with leverage has very high leverage ratios up to 1:1000 that are considered very risky too.
LMFX adds no deposit fees.You can use Bank transfer, Credit or Debit cards, Skrill, Neteller, fasPay and Load.
A bank transfer takes several business days, and deposits with credit/debit cards are almost instant.
|Deposit Method||Funding Time||Fee|
|Credit Card||Up to 30 min||Free|
|Wire Transfer||2-15 working days||Free|
The Minimum deposit amount is depending on the account type, the very minimum is for Premium account require 50$, Fixed and Zero spread will need 250$.
Similar to deposits LMFX add no fees for withdrawal, but may subject third party provider fees and/or conversion fees.
Funds are withdrawn using the same methods with processing time within a business day plus processing days for payment provider.
|Withdrawal Method||Withdrawal Time||Fee|
|Credit Card||Same business day||0$|
|Neteller, Skrill||Same business day||0$|
|fasaPay, Load||Up to 5 business days||0$|
|Wire Transfer||2-15 working days||0$|
LMFX offers various bonuses including 100% Credit Bonus and Recovery Bonus.
LMFX uses industry popular MetaTrader4 as its trading platform.
MT4 platform supporting various languages and available across all devices including Web Trader, Desktop Platform and Mobile App supported by any operating systems such as Windows, iOS, Android and iPhone Trader.
Research and Tools
LMFX Research including Economic Calendar, various Calculators and tools inbuilt into the platform.
From the negative points there is no fundamental data or research from leading world providers, research is rather basic.
LMFX Research tools available via:
- LMFX MT4 platform
- LMFX – Trading Tools section
LMFX education section does not provide good learning materials. There is no education courses, videos or glossary with market analysis essential especially for beginners, LMFX mentions it runs Webinars but we didn’t find any schedule.
Demo Account is provided and based on MT4 offered platform.
At LMFX you can learn though:
- Demo account
LMFX customer service ranked average, we got answer via Email and it took two days to respond. Additional downside, agents are not always available but suppose to operate 24/5.
LMFX Customer Support is available by:
- Live chat
We couldn’t connect to Live Chat so sent an email and got reply on average/ low speed.
|Question Asked||We asked about range of instruments.|
|Time of Reply||We got answer after 2 days.|
|Quality of Reply||The answer was relevant but basic.|
LMFXwe can not be consider a safe broker to trade. There is no serious regulations from the top authorities like FCA or similar.
Even the trading proposal is very average, education is missing and research is poor, the only truly got point is mainstay on MT4 platform. Plus there are some negative reviews from traders.
We do not recommend LMFX due to a lack of regulation.
Author of this review
By Jimmy O'Brien
Author of this review
Over 15 years experience in forex, commodities and equities markets research. He loves analyzing and trading the markets as a strategist and trader. In late 2019, Jimmy turned to researching and analyzing forex brokers. Now he and his team focus researching and comparing broker’s pros and cons.