Are you looking for a CFD or Forex broker? As you already know, CFDs are highly risky elements; hence, you must search for a reliable partner to trade with. In this article, We have done an LMFX Review, we will talk in-depth about the LMFX and will think it is good for you or not?
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What is LMFX?
LMFX is a forex & CFD stock broker founded in 2008. It is a registered brand of the Republic of North Macedonia. It serves the client throughout the world.
LMFX separates itself through its highly leveraged forex trading services. Though LMFX is not a regulated body. But still, its customers are making good money through it.
Therefore, before investing your hard earned money get complete knowledge of the broker.
Account opening at LMFX is an easy and straightforward process. It requires no time to verify your account.
Account Types & Minimum Deposit
|Premium Account||Zero Account||Fixed Account|
|Personal account manager||Private account manager||Personal account manager|
|Spreads from 1 pip||Flexible bonuses||$4 commission per lot|
|1:1000 leverage||No commission||Flexible bonuses|
|Flexible bonuses||1:400 leverage||1:250 leverage|
|No commission||Fixed spreads||Raw spread|
|Minimum deposit $50||Min. deposit $250||Minimum deposit $100|
Spreads & Commission
|For Premium Accounts|
|For Fixed Accounts|
|For Zero Account|
Deposit & Withdrawal
Deposits can be made through debit/credit cards, bank wire transfer or Skrill, Neteller, FasaPay, and Load e-wallets. LMFX’s required minimum deposit is $50, but for wire transfer, it is $250.
Deposit made through e-wallets can take 30min to reflect in account whereas it takes 5-10 days in case of wire transfer.
Withdrawals can be made by all the same methods, except for the Load e-wallet. Minimum withdrawals are $10. Also, keep in mind that it requires 2-5 days to proceed with transactions.
Similar Trading Site
LMFX offers three types of platforms; web trading, mobile trading, desktop trading. It does not have its own trading platform. MetaTrader provides its MetaTrader4 platform to execute a trade through LMFX.
Metatrader has a highly customizable platform, where you can chat and indicators as per your needs. The platform is available in more than 41 languages. It provides real-time asset data.
LMFX has its best in class assets. It has a good portfolio cover. It offers a total of 161 assets to trade.
LMFX Product Selection
|Commodity CFDs (#)||5|
|Energy CFDs (#)||3|
|Stock CFDs (#)||36|
The drawback with LMFX is that it is not regulated by any regulatory body all over the world. Neither has any client protection cover. Which makes it a little bit risky for the customers.
Whereas, its existing customers are happy with its services & have a positive attitude towards the broker. It has been operating for a long time which makes it a little trustworthy.
Anyways we don’t claim its trustworthiness, hence look after each & every aspect of the broker before investing.
You can contact LMFX via:
- Live Chat
|Over 10,000 users across the globe||Unregulated|
|Minimum deposit of only $50||Poor customer service|
|Good variety of tradable assets||No hedging allowed|
Similar Trading Site
LMFX offers the basic fundamentals to clients. The broker has some video tutorials, beginner trading courses, and a MetaTrader4 platform course. Each course includes a series of videos to help with some standard information. Overall it’s quite standard, not very exciting, and could do with some more effort.
Is LMFX Regulated?
It is not regulated by any financial institution but it is operated by Global Trade Partners Ltd. Although we suggest no to sign up unregulated brokers, LMFX seems right to us as its customers have positive responses towards it.
We suggest you to do thorough background checks of the broker you are going to choose by looking at its ratings and customer satisfaction.
LMFX Review Verdict
LMFX is a good option when looking for a broker providing a good amount of assets to trade. Also, it has MT4 as a trading platform which has good customizability.
The customer service is okay as it is not available full time and sometimes they give you irrelevant answers.
The most noteworthy of all is that the broker is not regulated, making it a little difficult to deal with. That’s why we suggest you get some real information & do a background check for your satisfaction.