LCM FX Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $100
- MetaTrader4
- SVGFSA
- 2017
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $100
- MetaTrader4
- SVGFSA
- 2017
Our Evaluation of LCMFX
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
LCMFX is a high-risk broker with the TU Overall Score of 2.58 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by LCMFX clients on our website, Traders Union expert Anton Kharitonov does not recommend working with this broker, as, according to reviews, most clients are not satisfied with the broker. LCMFX ranks 351 among 448 companies featured in the TU Ranking, which is based on the evaluation of 100+ criteria and a test on how to open an account.
LCM FX specializes in STP trading and offers a limited choice of trading instruments. It is suitable for independent trading and investment activities within the Forex market, but the trading conditions of LCM FX still cannot be called universal.
Brief Look at LCMFX
LCM FX is an STP (straight-through processing) broker that provides for trading currency pairs and precious metals through MetaTrader 4. Its clients can trade on their own with or without leverage, connect to the MQL4 copy trading platform, and invest in MAM accounts. This company does not prohibit algorithmic trading but swap-free trades are available in several countries. LCM FX is registered with the Financial Services Authority of Saint Vincent and the Grenadines (SVGFSA), so traders from Europe, Asia, and Africa can freely use its services.
- High leverage up to 1:500 for currencies and up to 1:50 for metals;
- Minimum deposit for the Standard account is $100;
- Availability of MAM service with professional managers for passive investment in Forex assets;
- Accrual of partner rewards for the trading of attracted traders;
- No additional trading costs such as maintenance, deposit, and withdrawal fees;
- Opportunity to trade on mobile devices with different operating systems;
- Professional support services are available online and by phone.
- High spreads from 0.9-1.8 pips are triggered by the account type for all assets;
- Trading with the ECN (Electronic Communication Network) model is not available;
- No bonus programs, fee discounts, trading contests, cash back on spreads, etc.
TU Expert Advice
Financial expert and analyst at Traders Union
LCM FX appeared on the net in 2016 (this is when its website was registered on the internet). Since then, it has been developed and improved to enable clients to trade online using cutting-edge technologies and tools. Quotes in LCM FX platforms are displayed with an accuracy of 5 decimal places. Five-digit quotes are better than traditional four-digit ones because they allow traders to earn on minimal price fluctuations.
LCM FX offers only instant execution, that is, all orders are executed at the price specified in the platform. If the asset price changes, this broker does not execute the trade, and the trader receives a requote. Instant execution, despite its name, is inferior to market execution in terms of speed, so it may not be suitable for some strategies. The broker's fees are not the lowest on the market, however, there are no hidden ones. All LCM FX fees are included in spreads.
The company has a limited choice of account types. It does not offer cent or ECN accounts, so LCM FX is only suitable for those traders who are comfortable with trading using STP technology. Another drawback of the broker is the very limited range of trading assets. The number of currency pairs does not exceed 30, which does not reach the level of popular Forex brokers that offer 50 or more pairs.
LCMFX Summary
Your capital is at risk. Trading Contracts for Difference (CFDs) on margin carries a high level of risk and may not be suitable for all investors. Before deciding to trade Contracts for Difference (CFDs), you should carefully consider your trading objectives, level of experience and risk appetite. It is possible for you to sustain losses that exceed your invested capital and therefore you should not deposit money that you cannot afford to lose. Please ensure you fully understand the risks and take appropriate care to manage your risk.
💻 Trading platform: | МetaТrader 4 (desktop and mobile versions) |
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📊 Accounts: | Demo, Standard Trade, and Pro Trade |
💰 Account currency: | USD, EUR, and GBP |
💵 Replenishment / Withdrawal: | Cryptocurrencies, Skrill, and wire transfers |
🚀 Minimum deposit: | $100 |
⚖️ Leverage: | 1:1 - 1:500 |
💼 PAMM-accounts: | No |
📈️ Min Order: | 0.01 |
💱 Spread: |
Standard Trade - from 1.8 pips; Pro Trade - from 0.9 pips. |
🔧 Instruments: | Currency pairs and metals |
💹 Margin Call / Stop Out: | 75%/50% |
🏛 Liquidity provider: | Own liquidity aggregator |
📱 Mobile trading: | Yes |
➕ Affiliate program: | Yes |
📋 Orders execution: | Instant |
⭐ Trading features: |
Expert advisors, custom advisors, and indicators are allowed; Trading fees are included in spreads. |
🎁 Contests and bonuses: | Yes. Bonuses in the form of recurring rebates from Traders Union |
Trading leverage on LCM FX accounts depends on the type of asset traded: the maximum value for currencies is 1:500, and for metals it is 1:50. Spreads are floating and start from 0.9-1.8 pips depending on the account type. The broker does not charge any additional trading fees. The deposit and account currencies are USD, EUR, and GBP. It is allowed to use trading apps for algorithmic trading, such as expert advisors. Before opening a live account, you can test the LCM FX conditions on a demo account.
LCMFX Key Parameters Evaluation
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Trading Account Opening
If you plan to start trading assets with LCM FX, create a user account on its website. For this, use the instructions below:
To request a registration form, click the “Open Live Account” button on the main page of the LCM FX website.
Enter your first and last names, date of birth, email address, and type of employment. The broker also asks for such financial information as the planned amount of investment, source of income, etc. Moreover, create a password and a username of 5 or more characters (they will be used later to enter your user account). The last stage of registration is uploading documents.
Functions of LCM FX’s user account:
Additional features of the user account:
Download the desktop version and mobile application of MT4;
Download and review general terms and conditions of trading, privacy policy, agreements with the introducing broker, etc.;
Summary of partner fees for the last 30 days;
Submission of withdrawal requests;
Internal transfers between trading accounts within the same user account;
Create new tickets to apply to technical support and viewing responses to previously submitted tickets;
Change your password, edit your email address, and set up your profile and alerts.
Regulation and safety
LCM FX is incorporated in Saint Vincent and the Grenadines. It is included in the list of offshore zones, so all companies registered on its territory may not submit annual financial statements.
SVGFSA does not control the activities of Forex brokers. Its task is to enter companies into internal registers. All this negatively affects the security of LCM FX, because, in fact, its activities are not monitored by anyone.
Advantages
- Registration with SVGFSA provides for high leverage to this broker’s clients
- LCM FX provides its services to traders worldwide
- Traders without proven investment or trading experience can become this broker’s clients
- Contact Traders Union’s legal department for a consultation and representation. It protects its members’ rights without charge.
Disadvantages
- LCM FX is not controlled by any regulator
- This broker’s clients have no opportunity to receive compensation if this broker suspends its activities
- Client funds are held in an offshore zone
Commissions and fees
Account type | Spread (minimum value) | Withdrawal commission |
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Standard | $18 | Charged by payment systems and banks |
Pro | $9 | Charged by payment systems and banks |
Swaps are charged when an open position is rolled over to the next trading day. They are calculated taking into account the difference in interest rates on the basic and quote currencies, so they can be both negative and positive. TU experts have compiled a comparative table of LCMFX’s fees and those of similarly situated brokers.
Broker | Average commission | Level |
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|
$13.5 | |
|
$1 | |
|
$8.5 |
Account types
LCM FX has only an STP account type available in two configurations, namely Standard and Pro. Accounts differ in the initial deposit and the available trading volume. Regardless of the account type, traders can use leverage up to 1:500 and trade with floating spreads without additional fees.
Account types:
In addition to live accounts, this broker offers a demo, which can be opened by clicking the “Try Our Demo” button on the main page of its official website. LCM FX offers the simplest and clearest trading conditions, which are floating spread accounts with no hidden fees. The broker is not suitable for traders who prefer ECN technology, as it works exclusively on the STP model.
Deposit and Withdrawal
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LCM FX does not withhold a withdrawal fee. This fee is charged by payment systems and banks used to facilitate payments. The fee for withdrawing funds to crypto wallets and via Skrill is 1% of the transfer amount. A bank transfer will cost 10 AUD, but the bank may also charge an additional fee for international transfers;
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The minimum withdrawal amount via Skrill is $50; and by bank transfer, it is $100;
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This company processes withdrawal requests within 1 business day, but banks and payment systems also take some time to process transactions;
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Profits can be withdrawn in USD, EUR, or GBP.
Investment Options
Active speculative Forex trading is not the only activity available to LCM FX’s clients. The broker does not prohibit the use of passive strategies, such as copy trading on the MQL4.community platform and investing in MAM accounts. These services are also available to novice traders, since they provide for earning money without active trading on the stock exchange with minimal initial investment. Another investment solution of LCM FX is partnership programs, that provide for receiving additional income without any trading activity at all.
MAM accounts from LCM FX
MAM (Multi-Account Manager) is a service that allows a trader to transfer their funds to the management of an experienced trader. LCM FX offers two main options for profit/loss distribution: proportional to balance or equity. Key features of the MAM MT4 system from LCM FX are:
Minimum volume of manager's trades is 0.01 lots, and available order types are Market, Limit, and Stop;
Managers can use expert advisors (EAs) and accept funds from an unlimited number of investors;
Trading conditions on the investors' accounts and the manager's account are completely the same; nor does the basic account currency differ;
Investors cannot interfere with the manager's trading, thus changing or canceling an open position is not available.
An experienced trader who has a permit or a license to carry out activities related to money management can become a MAM manager. Another obligatory condition for registering as a manager is to deposit at least $5,000 to the trading account balance. The parties to the service draw up a Limited Power of Attorney (LPOA), which is an agreement that allows managers to perform certain functions on behalf of investors.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Partnership programs from LCM FX:
Introducing Broker (IB). The IB can be either a company or an individual. After registering as an Introducing Broker, you need to bring new clients to LCM FX. An IBs reward is calculated depending on their trading volume, i.e., the number of closed lots;
Regional Partner (RP). This is a flexible terms program for individuals and companies who want to offer services on behalf of LCM FX in their region. A three-level fee system is applied. Regional representatives can connect not only retail traders but also IBs, thereby increasing profits;
White Label. Unlike IB and RP, White Labels are not tied to the LCM FX brand but only use this company's technologies and best practices to build their own business. White Labels determine the cost of services for individual clients such as the amount of non-trading fees and spreads;
Money managers. This program invites experienced account managers who have the appropriate license. MAM managers receive a reward for successful block trades on sub-accounts connected to their accounts. Profits can be distributed depending on equity or balance, also there are individual conditions upon request.
Learn more about partnership programs from representatives of the Partner Department.
Customer support
Support responds to traders' requests Monday through Friday from 10:00 to 17:00 (EST). To get an answer to an urgent question, call this broker at the phone number indicated on its website.
Advantages
- Communication via phone is available
Disadvantages
- Live chat is not available
- Support does not work 24/7
To contact LCM FX’s representative, you can use:
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email;
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telephone;
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feedback form;
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Skype, Facebook, X, and LinkedIn.
If traders have an account with LCM FX, they can describe their problem or ask a question using tickets in their user accounts.
Contacts
Foundation date | 2017 |
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Registration address | Lucror Ltd, Suite 305, Griffith Corporate Centre, Saint Vincent and the Grenadines |
Regulation | SVGFSA |
Official site | https://www.lcm-fx.com/ |
Contacts |
+ 64.9.9722150
|
Education
Forex novice traders will not be able to use LCM FX to learn how to trade, as this company does not pay due attention to training. An introduction to trading financial instruments is available in the FAQs section of the website, but these are just the basics, which will not be enough for comprehensive understanding of the subject.
Traders should practice on a demo account so as not to lose all their funds when they start trading. Trading with virtual funds is an effective tool for developing practical skills for trades with assets.
Comparison of LCMFX with other Brokers
LCMFX | RoboForex | Exness | TeleTrade | Admirals | 4XC | |
Trading platform |
MetaTrader4 | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MT4, MT5 | MT4, MT5, WebTrader, Mobile platforms | MT5, MT4, WebTrader |
Min deposit | $100 | $10 | $10 | $10 | $250 | $50 |
Leverage |
From 1:1 to 1:500 |
From 1:1 to 1:2000 |
From 1:1 to 1:2000 |
From 1:1 to 1:500 |
From 1:1 to 1:30 |
From 1:1 to 1:500 |
Trust management | No | No | No | No | No | No |
Accrual of % on the balance | No | No | No | No | No | No |
Spread | From 1.8 point | From 0 points | From 1 point | From 0.8 points | From 0.5 points | From 0 points |
Level of margin call / stop out |
75% / 50% | 60% / 40% | No / 60% | 70% / 20% | 50% / No | 100% / 50% |
Execution of orders | Instant Execution | Market Execution, Instant Execution | Market Execution, Instant Execution | Market Execution, Instant Execution | Exchange execution, Market Execution | Market Execution |
No deposit bonus | No | No | No | No | No | $50 |
Cent accounts | No | Yes | No | No | No | No |
Detailed review of LCM FX
LCM FX is an STP and No Dealing Desk (NDD) broker. This company redirects quotes from several reputable providers to its own liquidity aggregator to ensure that each client has an order executed at the best price possible at the time of the trade. Working with LCM FX, traders can earn on independent, algorithmic, and social trading. Also, partnership programs and MAM accounts are available.
LCM FX by the numbers:
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This company's website was created over 7 years ago;
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30 trading instruments are available;
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4 types of partnership programs for companies and individuals;
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Leverage up to 1:500 to all clients.
LCM FX is a broker for online trading in the over-the-counter market on variable terms
LCM FX allows its clients to execute trades with 28 currency pairs, gold, and silver. The broker provides for transferring positions overnight with positive swaps. For example, you can earn additional profit on short swaps when trading metals, as well as EUR/USD, NZD/USD, GBP/USD, GBP/CAD, EUR/CAD, and AUD/CAD pairs. Positive long swaps apply to AUD/CHF, CAD/CHF, GBP/CHF, USD/CHF, USD/SEK, and other pairs. The margin for gold and silver is 1%, for currencies with leverage of 1:100, it is 1%; with 1:200 leverage, it is 0.5%; and with 1:500, it is 0.2%. Contract size is 100,000 units of basic currency for currency pairs, 100 ounces for gold, and 5,000 ounces for silver.
To start trading through LCM FX, traders must download MetaTrader 4 to a device that will make it easier for them to buy and sell assets. Desktop versions for Windows/Linux and mobile apps for Android/iOS are available. This company does not provide access to WebTrader.
Useful services offered by LCM FX:
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Forex calendar from myfxbook.com. It displays market sentiment for a particular asset, changes in its price, and historical data for 5 or more years. The calendar also indicates the level of influence (low, medium, or high) of a certain event or financial indicator on the further movement of the market;
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FAQs. This section contains answers to the most relevant questions for a potential LCM FX client;
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Blog. It publishes reviews on various assets, Forex news, and useful information for novice and experienced traders;
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Demo account. It’s a virtual account for training, improving your own strategy, and checking the effectiveness of advisors in the LCM FX trading environment.
Advantages:
Easy account creation and quick document verification allows a new client to start trading within 24 hours as of completing the registration form;
The broker has loyal deposit requirements, which are $100 for novice traders, and $1,000 for professionals;
LCM FX allows its clients to deposit and withdraw cryptocurrencies;
This company offers the classic MetaTrader 4 platform for online trading;
Existing clients of this broker can earn additional profit by attracting other traders.
LCM FX provides its clients with all the services and tools necessary for high-quality trading. The range of trading assets is not as wide as that of its competitors, but they provide high leverage and favorable swap conditions.
User Satisfaction i