Traders Union has analyzed financial markets for over 14 years, evaluating brokers based on 250+ transparent criteria, including security, regulation, and trading conditions. Our expert team of over 50 professionals regularly updates a Watch List of 500+ brokers to provide users with data-driven insights. While our research is based on objective data, we recommend that users perform independent due diligence and consult official regulatory sources before making any financial decisions.
Learn more about our methodology and editorial policies.
LMFX Pros & Cons
- a wide range of trading instruments;
- favorable bonus programs for traders;
- the minimum deposit is $50.
- The broker's website is only available in English;
- support service specialists communicate only in English;
- no regulation;
- no possibility to trade CFDs on cryptocurrencies;
- no educational materials or analytics in Russian;
- incorrect operation of the mobile platform.
LMFX is a brokerage based in Saint Vincent and the Grenadines that offers a variety of financial services, including the ability to trade on Forex. This broker's activity is not regulated. Since its incorporation in 2015, the company has provided services globally. It is currently a modern and professional broker that strives to meet international service standards.
TU Expert Verdict
LMFX carries a higher degree of risk. My review and user feedback point to noticeable performance issues and limitations. It may be appropriate only for experienced traders who fully understand the risks and are prepared for potential instability.
Top-5 Brokers Traders Prefer
LMFX User Reviews
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5-star
0%
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4-star
2%
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3-star
26%
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2-star
30%
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1-star
43%
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Commissions and Fees
Score:We evaluate brokers' fees and spreads by assessing the costs associated with Standard and ECN/Raw spread accounts, including commissions and spreads. Additionally, our evaluation considers extra fees such as deposit/withdrawal charges and inactivity fees. Learn the assessment criteria9 /10The trading and non-trading commissions of LMFX have been analyzed and rated as having Low fees, with a fees score of 9/10. Additionally, these commissions were compared with those of the top two competitors, OANDA and FOREX.com, to provide the most comprehensive information.
- Low Forex trading fees
- Tight EUR/USD market spread
- No inactivity fee
- No deposit fee
- No withdrawal fee
- Complex fee structure
Trading Fees and Spread
Below, we evaluated and compared the trading commissions of LMFX with those of two competitors. We focused on the spreads and other transaction fees directly associated with executing trades (e.g commission per lot on an ECN account). This comparison aimed to provide a clear understanding of the cost efficiency of each broker.
Standard Account Spread
For Standard accounts, LMFX’s commissions are part of the floating spread, which varies with market conditions. Typical values are provided, but during high volatility, the spread may exceed these.
LMFX Standard spreads LMFX OANDA FOREX.com EUR/USD min, pips 0.7 0.1 0.7 EUR/USD max, pips 1.5 0.5 1.2 GPB/USD min, pips 0.5 0.1 0.9 GPB/USD max, pips 1.5 0.5 1.4 RAW/ECN Account Commission And Spread
The spread on ECN/RAW accounts is market-based and fluctuates, with average values given during active hours. It may vary during volatility spikes. A commission per lot is also charged.
LMFX RAW/ECN spreads LMFX OANDA FOREX.com Commission ($ per lot) The commission is the fee charged by the broker for trading one standard forex lot (100,000 units of the base currency). 2 3.5 5 EUR/USD avg spread 0.1 0.15 0.2 GBP/USD avg spread 0.1 0.2 0.4 Non-Trading Fees
We conducted a detailed analysis of the non-trading fees associated with LMFX. This review offers a comprehensive overview of the additional costs that may impact traders beyond regular trading activities.
LMFX Non-Trading Fees LMFX OANDA FOREX.com Deposit fee, % The indicated amount does not include possible fees from payment systems and banks. 0 0 0 Withdrawal fee, % The indicated amount does not include possible fees from payment systems and banks. 0 0 0 Withdrawal fee, USD The indicated amount does not include possible fees from payment systems and banks. 0 0-15 0 Inactivity fee ($, per month) 0 0 15 -
Is LMFX Safe?
Score:We evaluate brokers' safety based on several key criteria. The highest value is placed on regulation, especially Tier 1 regulation, which ensures adherence to stringent standards set by top financial authorities like the FCA in the UK, CFTC in the US, CySEc and BaFin (EU) or ASIC (Australia). High scores are also given for participation in investor protection funds, which safeguard clients' funds in case of broker insolvency. Learn the assessment criteria2.5 /10LMFX has a safety score of 2.5/10, which corresponds to a Low security level. The safest brokers are those with Tier-1 regulation, a long history (over 10 years in the market), and participation in investor compensation schemes.
- Negative balance protection
- Track record over 15 years
- Not tier-1 regulated
- Not regulated
LMFX Security Factors Foundation date 2011 Negative balance protection YesVerification (KYC) YesLMFX is Not a Regulated Broker
Attention! It's your choice to work with regulated or unregulated brokers, but please consider the risks carefully. Unregulated brokers might offer lower fees and flexible trading options, but they lack investor protection, have a higher fraud risk, and no guarantee of withdrawals. Thoroughly research before deciding.
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Account Types
Score:We evaluate a broker’s account offering by analyzing the range and suitability of available account types and how effectively they cater to different trader profiles and strategies. Our assessment covers the diversity of account options — including Standard, ECN/Raw, Cent, Swap-Free (Islamic), and VIP accounts — as well as the flexibility of trading conditions provided. Learn the assessment criteria.6.5 /10LMFX offers the following account options: Demo, Standard, ECN/Raw spread, Micro, Swap Free.
However, it does not provide a Cent account, which can be a disadvantage for beginners looking to practice with minimal risk.
- Standard account with balanced trading conditions
- Swap Free (Islamic) account
- Forex account with Micro lots
- No Cent account
- No VIP account option
LMFX account types vs top competitors LMFX Plus500 Trading.com Standard YesYesYesECN/Raw spread YesNoNoDemo YesYesYesCent NoNoNoMicro YesNoNoSwap Free YesNoNoVIP NoNoNoManaged NoNoNoLMFX accounts trading conditions
LMFX offers several account types. They are suitable for both novice and experienced traders. Also, accounts differ in the levels of Margin Call and Stop Out, as well as in the size of the spread, minimum deposit, and maximum leverage.
Account types:
Account Type Description Premium account with a deposit starting at $50. Spread type is floating; the minimum spread is 1 pips. The leverage is 1:1000. The maximum number of simultaneously opened trades is 100. The stop out/margin call level is 20/50. This is the most suitable option for beginners; Fixed account with a deposit starting from $250. Spread type is fixed; the minimum spread is 1 pips. The leverage is 1:400. The maximum number of simultaneously opened trades is 150. The stop out/margin call level is 15/30; Zero account with a deposit starting from $100. Spread type is floating; the minimum spread is 1 pips. The leverage is 1:250. The maximum number of simultaneously opened trades is 200. The stop out/margin call level is 15/30. This type of account is intended for professionals. Users can also open a demo (training) account to familiarize themselves with the broker's main features and its trading platform.
LMFX is a broker that focuses on cooperation with both novice and experienced traders, as well as providing favorable conditions for implementing all types of trading strategies.
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Deposit and Withdrawal
Score:This section assesses the efficiency, speed, and affordability of brokers’ transaction processes, focusing on available methods, currencies, and fees. For further details, please refer to our data-focused methodology6.8 /10LMFX received a Medium score for the efficiency and convenience of its deposit and withdrawal processes.
LMFX provides a reasonable range of deposit and withdrawal options with moderate fees, in line with industry standards.
- USDT (Tether) supported
- Bank card deposits and withdrawals
- No withdrawal fee
- Bank wire transfers available
- Limited deposit and withdrawal flexibility, leading to higher costs
- Wise not supported
- PayPal not supported
What are LMFX deposit and withdrawal options?
LMFX provides a basic range of deposit and withdrawal options, covering essential methods in line with industry standards. This set of options is sufficient for most traders, with available methods Bank Card, Bank Wire, Skrill, Neteller, BTC, USDT, Ethereum.
LMFX Deposit and Withdrawal Methods vs Competitors LMFX Plus500 Trading.com Bank Wire YesYesYesBank card YesYesYesPayPal NoYesNoWise NoNoNoBTC YesNoNoWhat are LMFX base account currencies?
A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs. LMFX supports the following base account currencies: USD, EUR.
What are LMFX's minimum deposit and withdrawal amounts?
The minimum deposit on LMFX is $5, while the minimum withdrawal amount is $100. These minimums may vary depending on the chosen account type and payment method. For specific details, please contact LMFX’s support team.
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Markets and Tradable Assets
Score:The evaluation in this section is based on the TU methodology and reflects the total number and variety of tradable assets offered by the broker, including Forex currency pairs. It also considers the availability of passive income tools such as PAMM accounts, copy trading, and similar services. All information is obtained from publicly available sources and may change. Learn the assessment criteria5.8 /10LMFX offers a limited selection of trading assets compared to the market average. The platform supports 250 assets in total, including 50 Forex pairs.
- 50 supported currency pairs
- Crypto trading
- Indices trading
- Limited asset selection
- Futures not available
Supported markets vs top competitors
We have compared the range of assets and markets supported by LMFX with its competitors, making it easier for you to find the perfect fit.
LMFX Plus500 Trading.com Currency pairs 50 60 69 Total tradable assets The total tradable assets listed include all available instruments, including CFDs. Due to regional restrictions, certain CFDs may not be offered in some countries. For example, cryptocurrency CFDs are banned in the UK, and the U.S. has restrictions on CFDs. 250 2800 69 Stocks YesYesNoCommodity futures YesYesNoCrypto Cryptocurrency CFDs are restricted or prohibited in certain regions due to regulatory limitations. These include the United Kingdom, China, Egypt, the United States and Canada. YesYesNoStock indices YesYesNoOptions NoYesNoInvestment options
We also explored the trading assets and products LMFX offers for beginner traders and investors who prefer not to engage in active trading.
LMFX Plus500 Trading.com Bonds NoNoNoETFs NoYesNoCopy trading NoNoNoPAMM investing NoNoNoManaged accounts NoNoNo -
Trading Account Opening
Score:We evaluated Trading Account Opening at LMFX by testing the registration process under real conditions, including opening an account and funding it with the minimum required deposit (but no less than $100). Our assessment considered whether onboarding was fully online, the average registration time, the speed of KYC verification, and how quickly traders could activate their accounts. Learn the assessment criteria.10 /10We successfully registered an account with LMFX in 10 minutes. The KYC verification was completed within 1 business day. The minimum deposit amount at LMFX is $5. This is one of the most accessible and hassle-free onboarding procedures on the market.
- Fully online account opening process
- Fast registration time (up to 15 minutes)
- Quick KYC verification (1 business day or less)
- Account setup process may feel less convenient for beginners
LMFX account opening LMFX Plus500 Trading.com Online Registration YesYesYesMinimum deposit $5 $100 $50 Mandatory KYC YesYesYesRegistration time (min) 10 20 KYC time (days) 1 3 2 Is LMFX available in my country?
If you are a citizen of United States, the broker accepts clients from your country.
Please note that availability may vary due to regulatory requirements, so we recommend confirming directly with the broker for the most accurate and up-to-date information.
Account opening details
It's simple to start saving on spreads with Traders Union and earning with LMFX. Just complete the following steps:
Sign up for Traders Union and then follow the referral link to the broker's website. Then click on the "Open live account" button.
Register on the broker's website. To do so, enter your first and last name (in Latin), current phone number, email address, date of birth, and the currency of the account.
You will have access to the following functions through your user account on the broker's website:
- Deposit and withdrawal of funds..
- Viewing the details of bonus funds..
The user account on the LMFX website also contains other useful functions, including:
- financial market analytics;
- an economic calendar with a schedule for the release of important news and a ranking of their significance;
- the trader's support service, with the ability to ask a question or submit a claim;
- access to the trading platform.
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Customer Support
Score:We evaluated Customer Support at LMFX by opening a real account funded with the minimum required deposit (no less than $100) and contacting support to measure response time under real conditions. Our assessment considered contact channels, response speed, multilingual support, and availability hours. Learn the assessment criteria6.9 /10Customer support at LMFX is available, but response speed and service quality may vary. Some requests are handled efficiently, while others may require follow-ups.
During testing, response times were moderate, and communication depended on the complexity of the request. LMFX provides basic support functionality but does not stand out in overall service performance.
InformationThe support service provides technical and operational assistance 24/5.
- Availability of online chat and call center
- A convenient form for sending electronic messages
- The website has a FAQs section
- Support is not reachable on weekends
- All support is provided in English only
- Time zone differences with support experts
- Email responses typically take 3-4 days
- Traders are not assisted by specialized professionals.
Support services can be reached in the following ways:
- by dialing the phone numbers provided on the website;
- by email;
- by filling out the feedback form;
- in an online chat on the broker's website.
Support is available on the LMFX website as well as through the "Contact us" section of the client's user account.
Contacts Foundation date 2011 Official site lmfx.com Contacts support@lmfx.com +44 2035192105
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FAQs
How safe is trading with LMFX and what does its regulation status mean?
LMFX has a safety score of 2.5/10 and is described as a low security level broker because it is not regulated and does not hold Tier-1 licenses. The broker does offer negative balance protection and requires KYC verification, but the absence of regulation and investor compensation schemes may increase risks related to fraud and withdrawal guarantees, as noted in the section.
How do LMFX trading commissions and non-trading fees compare according to the review?
LMFX’s overall fee level is rated highly, with a fees score of 9/10 and low forex trading costs, including tight EUR/USD spreads and no inactivity, deposit, or withdrawal fees. For example, typical Standard account EUR/USD spreads range from 0.7 to 1.5 pips, while ECN accounts show an average EUR/USD spread of 0.1 pips plus a $2 commission per lot, though spreads may widen during high volatility.
What account types and trading conditions does LMFX provide?
LMFX offers Demo, Standard, ECN/Raw spread, Micro, and Swap Free (Islamic) accounts, but does not provide Cent, VIP, or managed accounts. The Premium account starts from $50 with up to 1:1000 leverage, the Fixed account from $250 with fixed spreads and up to 1:400 leverage, and the Zero account from $100 with floating spreads and up to 1:250 leverage, each with different margin call and stop-out levels.
What markets and instruments are available at LMFX according to the review?
LMFX supports 250 tradable assets, including 50 currency pairs, as well as stocks, commodity futures, cryptocurrencies, and stock indices. The review notes that ETFs, bonds, copy trading, PAMM investing, and managed accounts are not available, so the range of investment-style products is limited.
How is LMFX customer support described in reviews and internal testing feedback?
Customer support at LMFX is available 24/5 via phone, email, online chat, and a feedback form, but the review notes that response speed and quality can vary and email replies may take 3–4 days. According to user feedback summarized in the section, support is only in English, is not reachable on weekends, and traders are not assisted by specialized professionals, although basic technical and operational help is provided.
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