Trust Score

39
See all Reviews

Regulation

  • Unregulated

Platform

  • MT4

  • MT4 Web

Min Deposit

$50

Leverage

1000:1

Bonus

Zero Commissions

Out of Macedonia comes LMFX forex and CFD brokerage. Macedonia may not strike a forex user as one of the key forex trading areas, but LMFX has utilized the country’s low tax status to open shop there. Trading conditions are not as strict as with other brokerages. Large leverage is available to trade various forex and CFD assets. But this comes with a caveat; LMFX is unregulated. Is this good for you as a trader? Find out more below.

Introduction

LMFX is an online forex and CFD brokerage firm that operates from the Republic of Macedonia. It is owned and operated by “Global Trade Partners Ltd” which was founded in 2015. The company does not provide its office address and also has no information on its regulatory status.

Without regulatory information and a confirmed location, LMFX seems to have kicked off on a wrong note. However, we will take a detailed look at the online brokerage to find out if it is a reliable company.

LMFX Products

LMFX provides about 47 currency pairs for trading. They include the major and minor currency pairs and about 11 exotic pairs. Twelve indices are available for trading. Some of them are UK 100, FRA 40, USA 100, ITA 40, etc. There are also about 7 commodities covering agricultural products and metals. Some of the commodity assets are coffee, corn, copper, platinum etc.

Energy assets such as UKOIL (Brent crude), NGAS, and USOIL (light crude) are also available for trading.  About 36 shares of quoted companies from the NYSE, NASDAQ, LSE stock exchanges are available for trading. Stocks available for trading include Mastercard, Twitter, eBay, Intel, British Airways, Vodafone etc.

The asset base is not as comprehensive as can be found on the major brokerage platforms.

LMFX Trading Conditions

LMFX provides modern trading tools and platforms for its clients. They claim to provide fast execution times and most importantly, automated withdrawals of trading profits. The company website states that trader funds are segregated and deposited in secured accounts. So, traders’ deposits are safe even if LMFX becomes bankrupt. However, there is really no way to prove this.

Traders can utilize a leverage of up to 1:1000 which is quite high when compared to other brokers. The margin call level is 50% and the margin stop out level is 20%.

LMFX Regulation

LMFX is not regulated by any recognized regulatory body. However, they provide their company details as “Global Trade Partners Ltd” with Reg. number 7020600. They also wrote the “risk warning” on every page and assert that the trader funds are segregated in separate accounts. These are regulatory requirements normally obeyed by regulated brokers.

LMFX Platforms

The LMFX MT4 platform provides the trader access to fast trade execution, powerful tools and over 50 indicators. This platform gives access to 9 time frames per instrument, access to market news, advanced charting and analysis and multiple language options. With MT4, a trader can create and use Expert Advisors to automate his trades. It is downloadable as a desktop app and it is free.

The MT4 Web Trader is still the same popular MT4 desktop trading application brought to your web browser by LMFX. This runs on different devices that have a web browser. No installation is required.

LMFX Mobile Trading

The LMFX Android Trader brings the MT4 trading app to your android phone. It features over 30 popular indicators, real-time quotes, and 7 time frames. A trader can easily manage his account, place trades, set stop loss and take Profit levels, view and analyze trading history etc.

The same MT4 trading platform is available on iOS for iPhones and iPads. It is downloadable for the Apple store. It can place trades, analyse trading history and do a whole lot of things just like the android version.

LMFX Pricing

LMFX charges commissions on trading activity, and this depends on the account type. The zero account offers the lowest spreads starting from zero. The charge is $4 per lot. Fixed Account holders are offered a fixed spread, and commission is paid based on the spread and lots traded. Premium Account holders are offered the traditional variable spread. The spreads can vary a great deal. For the currency pair; EURUSD, it is 1.2, but for USDZAR, the spread is 125.

Swap fees are charged for holding open positions overnight. Commissions are also charged for trading stocks, indices and commodities

LMFX Deposits & Withdrawals

There are several ways to fund your LMFX account.

  • a) Debit/Credit card are accepted for a minimum deposit of $50, the processing time is instant or at most 30 minutes. If a trader wants to withdraw to a debit or credit card, the minimum amount is $10 and it takes between 2 to 15 business days.
  • b) Wire transfer can be used for a minimum deposit of $250 and a minimum withdrawal of $100. The transactions take 2 to 15 working days to complete.
  • c) Electronic Payment Gateways like Skrill, Neteller, FasaPay and VLoad are accepted for a minimum deposit of $50. The transactions are processed instantly. For withdrawals, a minimum of $10 can be withdrawn using Skrill, Neteller and FasaPay. The transactions are processed the same business day.

LMFX does not charge deposit or withdrawal fees. However, the processing banks and payment processors are likely to charge some commissions for the transactions.

LMFX Customer Support

The available customer support is very friendly, efficient and of excellent quality. The support is available 24 hours a day for five days in a week. The channels available are web chat, telephone, email and a contact form available on the website. The support is available only in English.  They are also available on social media such as Facebook, Twitter, Google+ and LinkedIn.

LMFX Research and Education

The LMFX educational suite provides some form of training mainly for beginner traders. The training is in form of video tutorials. They provide an economic calendar, trading tools and about seven calculators. Some of the calculators are the Fibonacci, Pivot Points, Position size, etc. There is also the market analysis section which comes in form of a blog but it is not regularly updated. Unfortunately, the blog was last updated in March 2017.

Noteworthy Points to mention for LMFX

LMFX is just a simple online broker that provides traders with the most basic trading instruments at a moderate cost. They offer very high leverage, moderate commissions and fees. They accept clients from all over the world and allow clients to trade without the bounds of regulatory restrictions. They provide the popular MT4 platforms on desktop and mobile devices. Prospective clients can open a demo account for testing their system, platform and services before switching to a real account. They offer 100% welcome bonus to new clients and other bonuses to existing clients. There are also different contests which run periodically.

Conclusion for LMFX

LMFX is a broker with a purpose. From their location in the Republic of Macedonia, where they will have no restriction or regulation, they provided a global brokerage access. Their charges are relatively moderate. They offer tight spreads and high leverage.

The popular MT4 platform is provided along with its mobile apps. They provide multiple payment options. Traders are further enticed with a 100% welcome bonus up to $30,000. The trader Education provided is basic. Some other trading tools are provided. Generally, LMFX seems to be a good broker, but as they are not regulated, extra caution is needed when trading on this site.  

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