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
- $50
- MT4
- LMFX
- 2011
Our Evaluation of LMFX
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
LMFX is a moderate-risk broker with the TU Overall Score of 5.78 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by LMFX clients on our website, Traders Union expert Anton Kharitonov recommends users to thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews.
LMFX is a multifunctional broker focused primarily on active and experienced traders.
Brief Look at LMFX
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.
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- 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.
TU Expert Advice
Author, Financial Expert at Traders Union
LMFX offers a range of services, including Forex trading, CFDs on indices, stocks, and metals, using the MetaTrader 4 platform. The company offers three account types with varying deposit levels, spreads, and leverage up to 1:1000, catering to diverse trading strategies. The minimum deposit is set at $50, which makes LMFX accessible for beginners. Additionally, the broker provides several bonus programs and a mobile trading platform, facilitating flexible trading options for its clients.
However, LMFX lacks regulatory oversight, which may be a concern for some traders. The website and support services are only available in English, potentially limiting accessibility for non-English speakers. Limited educational resources and occasional technical issues with the mobile platform may be drawbacks for some. LMFX may suit experienced traders comfortable with unregulated brokers and those who can navigate potential language barriers, while less experienced traders or those prioritizing regulatory assurance may need to consider alternatives.
- You are an experienced trader seeking highly leveraged CFDs and the flexibility to choose between fixed and floating spreads.
- You want to deposit and withdraw using multiple payment options, including cryptocurrencies.
- You are concerned about the lack of regulation associated with this broker.
- You want to use advanced trading tools and features like social trading, copy trading, and signals, which may not be available with this broker.
- You want the broker's website to support multiple languages, and you prefer support service specialists who communicate in languages other than English.
LMFX Trading Conditions
Your capital is at risk. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
| 💻 Trading platform: | MT4, LMFX |
|---|---|
| 📊 Accounts: | Demo, Premium, Fixed, and Zero |
| 💰 Account currency: | EUR, USD |
| 💵 Deposit / Withdrawal: | Visa, MasterCard, Skrill, Neteller, Fasapay, Vload, and wire transfer |
| 🚀 Minimum deposit: | $50 ㅤ |
| ⚖️ Leverage: | Up to 1:1000 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | 0.01 lots |
| 💱 EUR/USD spread: | 0,1 pips |
| 🔧 Instruments: | Currencies, stocks, energies, metals, and indexes |
| 💹 Margin Call / Stop Out: | 30-50% / 15-20% |
| 🏛 Liquidity provider: | GTP Global Solutions Ltd |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Order execution: | Instant execution, market execution |
| ⭐ Trading features: | Educational materials in English; Availability of a demo account; Fibonacci calculator. |
| 🎁 Contests and bonuses: | Up to 15% on the first deposit |
LMFX provides its clients with very favorable trading conditions. It should be noted that the minimum deposit is $50, which is quite low, while the spread size starts at 1 pips. The minimum trade volume is 0.01 lots for all account types, and the leverage is up to 1:1000. Trading instruments include currency pairs as well as CFDs on indexes, stocks, and metals.
Clients of the broker use the popular MetaTrader 4 trading platform. Furthermore, all traders can use the trading platform's mobile version (Mobile MT4) to open trades from any point in the world. The broker also provides a web-based version of MT4.
LMFX Key Parameters Evaluation
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Trading Account Opening
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:
The user account on the LMFX website also contains other useful functions, including:
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financial market analytics;
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an economic calendar with a schedule for the release of important news and a ranking of their significance;
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the trader's support service, with the ability to ask a question or submit a claim;
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access to the trading platform.
LMFX - How to Open an Account | Firsthand Experience of Traders Union
Regulation and safety
LMFX 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 14 years
- Not tier-1 regulated
- Not regulated
LMFX Security Factors
| Foundation date | 2011 |
| Negative balance protection | Yes |
| Verification (KYC) | Yes |
LMFX is Not a Regulated Broker
Commissions and fees
The trading and non-trading commissions of broker LMFX have been analyzed and rated as Low with a fees score of 9/10. Additionally, these commissions were compared with those of the top two competitors, Pepperstone and OANDA, 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 | Pepperstone | OANDA | |
| EUR/USD min, pips | 0,7 | 0,5 | 0,1 |
| EUR/USD max, pips | 1,5 | 1,5 | 0,5 |
| GPB/USD min, pips | 0,5 | 0,4 | 0,1 |
| GPB/USD max, pips | 1,5 | 1,4 | 0,5 |
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 | Pepperstone | OANDA | |
| Commission ($ per lot) | 2 | 3 | 3,5 |
| EUR/USD avg spread | 0,1 | 0,1 | 0,15 |
| GBP/USD avg spread | 0,1 | 0,15 | 0,2 |
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 | Pepperstone | OANDA | |
| Deposit fee, % | 0 | 0 | 0 |
| Withdrawal fee, % | 0 | 0 | 0 |
| Withdrawal fee, USD | 0 | 0 | 0-15 |
| Inactivity fee ($, per month) | 0 | 0 | 0 |
Account types
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:
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.
Deposit and withdrawal
LMFX 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.
- Bitcoin (BTC) accepted
- Bank wire transfers available
- Minimum deposit below industry average
- No deposit fee
- Limited deposit and withdrawal flexibility, leading to higher costs
- PayPal not supported
- Wise 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 | Pepperstone | |
| Bank Wire | Yes | Yes | Yes |
| Bank card | Yes | Yes | Yes |
| PayPal | No | Yes | Yes |
| Wise | No | No | No |
| BTC | Yes | No | No |
What are LMFX base account currencies?
A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs for clients worldwide. LMFX supports the following base account currencies:
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.
Markets and tradable assets
LMFX offers a limited selection of trading assets compared to the market average. The platform supports 250 assets in total, including 50 Forex pairs.
- Indices trading
- Crypto trading
- 50 supported currency pairs
- No ETFs
- Copy trading 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 | Pepperstone | |
| Currency pairs | 50 | 60 | 90 |
| Total tradable assets | 250 | 2800 | 1200 |
| Stocks | Yes | Yes | Yes |
| Commodity futures | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes |
| Stock indices | Yes | Yes | Yes |
| Options | No | Yes | No |
Investment 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 | Pepperstone | |
| Bonds | No | No | No |
| ETFs | No | Yes | Yes |
| Copy trading | No | No | Yes |
| PAMM investing | No | No | Yes |
| Managed accounts | No | No | No |
Customer support
The support service provides technical and operational assistance 24/5.
Advantages
- Availability of online chat and call center
- A convenient form for sending electronic messages
- The website has a FAQs section
Disadvantages
- 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:
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by dialing the phone numbers provided on the website;
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by email;
-
by filling out the feedback form;
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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 |
+44 2035192105
|
Education
To assist traders, the broker's website provides access to educational materials (in English only), as well as a dedicated section with various analytical tools that can be of interest to both novice and experienced traders.
Comparison of LMFX with other Brokers
| LMFX | Eightcap | XM Group | RoboForex | Markets4you | LiteFinance | |
| Trading platform |
MT4, MobileTrading, WebTrader, LMFX | MT4, MT5, TradingView | MT4, MT5, MobileTrading, XM App | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | MT4, MobileTrading, MT5 | MT4, MT5, MultiTerminal, Sirix Webtrader |
| Min deposit | $50 | $100 | $5 | $10 | No | $10 |
| Leverage |
From 1:1 to 1:1000 |
From 1:30 to 1:500 |
From 1:1 to 1:30 |
From 1:1 to 1:2000 |
From 1:10 to 1:4000 |
From 1:1 to 1:1000 |
| Trust management | No | No | No | No | No | Yes |
| Accrual of % on the balance | No | No | No | 10.00% | No | 7.00% |
| Spread | From 1 point | From 0 points | From 0.8 points | From 0 points | From 0.1 points | From 0.5 points |
| Level of margin call / stop out |
50% / 20% | 80% / 50% | 100% / 50% | 60% / 40% | 100% / 20% | 50% / 20% |
| Order Execution | Market Execution, Instant Execution | Market Execution | Market Execution | Market Execution, Instant Execution | Market Execution, Instant Execution | Market Execution, Instant Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | No | No | Yes | Yes | Yes |
Detailed review of LMFX
LMFX has been operating successfully in the financial services market for over 5 years. The company offers quite favorable trading conditions as well as a diverse range of trading instruments, including currency pairs, indexes, stocks, as well as contracts for raw materials and precious metals. The company stays current — its user-friendly MT4 trading platform and several mobile platforms (iPhone Trader, iPad Trader, and Android Trader) enable traders to take advantage of the most trading opportunities.
LMFX's success by the numbers:
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80 thousand trading accounts have been opened worldwide;
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several million trades completed;
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over 5 years of experience in the international market.
LMFX is a worthy broker for both novice and experienced traders.
LMFX is one of the companies that successfully combines the best choice of trading instruments, the ease and speed of withdrawals, as well as profitable bonus programs. Additionally, the broker provides access to useful educational materials that will assist novice traders. LMFX offers the ability to trade on several types of real accounts (Premium Account, Fixed Account, Zero Account) as well as a demo account. All trades (except for trades on a demo account, of course) are brought to the foreign market thanks to the A-Book scheme. This scheme of the broker's work guarantees traders the fastest possible order execution.
Among other things, LMFX provides a variety of useful services, including:
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Fibonacci calculator. This tool allows users to forecast a price correction or trend reversal;
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a calendar of economic events that aids in tracking significant economic events that affect asset value;
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lot size calculator. This tool allows the trader to calculate the position size in lots to properly manage their risks.
Advantages:
availability of a demo account;
convenient MT4 trading platform;
a relatively narrow spread. Availability of accounts with both a fixed and floating spread;
availability of educational materials in English;
a wide choice of trading instruments;
availability of useful services that assist users in their trading activities.
The broker makes no restrictions on the trader's strategy selection. Hedging and locking are permitted, and there is no time limit on holding a trade.
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