LMFX states that it allows customers to ‘trade everything everywhere’ offering Equity CFDs and Forex markets on its site across 7 platforms. This site is secure and with client segregated accounts they emphasise this aspect of the site, although the absence of a license is something of a concern. Trading with tight spreads is another positive feature, while the range of bonuses and promotions on offer will be certain to attract interest. Let’s dive deeper and see whether LMFX really is a legitimate venue for Forex trading.
Facts & Figures
- Name: LMFX
- Year Founded: 2015
- HQ: North Macedonia
- Owners: Global Trade Partners Global Solutions Ltd.
- Fees: Varies according to whether Zero, Fixed or Premium account type is selected
- Deposit options: Wire Transfer, Visa, Mastercard, Skrill, Neteller, Fasapay, VLoad.
How To Trade
There are three different types of account to choose from with LMFX: Zero, Fixed and Premium Accounts. These vary according to different factors such as the spread, functionality and minimum deposit required. For example, the Fixed account requires a deposit of at least $250, the Zero account must be $100 or more while only a $50 deposit is required to open a Premium account.
It is possible to open a demo account with this broker, which will give you a virtual balance of $100,000 and allow you to access the MT4 trading platform. Opening a real money account is also very simple, although note that proof of identity and address will be required to verify your account before withdrawals can be made. This verification process will take between 24 and 48 hours. LMFX offers trades on indices, commodities, metals/oils, stocks and of course forex currency pairs.
Not every online trading site rewards its customers with bonus offers, but LMFX is an exception. After opening an account if you make a deposit of at least $100 USD you will receive a 100% matching bonus of up to maximum of $30,000.
For clients making their first deposit into the Phoenix account, they will receive a 15% bonus in the form of pending funds, which will be released should all of your initial investment be lost. The bonus offers don’t end there. There are also regular competitions on site like the Crystal Ball contest where the most accurate prediction of a currency pair exchange rate by end of week can win up to $1,000. Check out the Promotions page for the latest offers from LMFX.
One of the main selling points of LMFX as opposed to its competitors are the comprehensive educational resources available. The video tutorial section of the site offers two courses, the first a beginners’ guide to trading which consists of five videos, and the second a series of five videos about the Metatrader platform utilised by LMFX.
Under the Trading Tools section of the site you can find seven different calculators: Fibonacci, Pivot Points, Position Size, Pip Value, Risk and Reward, Risk Percentage and Multitarget. Finally, the Economic Calendar gives detailed information on a variety of factors which could impact the markets on a daily and hourly basis.
Simplicity is the key when it comes to LMFX brokerage. The popular MT4 trading platform is utilised on this site, offering more than 50 advanced tools and indicators to help traders to analyse the markets and calculate when to buy and sell. MetaTrader 4 is the most popular trading tool in the world today and so will be very familiar to anyone with previous online trading experience.
Whether you prefer to use a desktop device, a tablet or an Apple or Android phone you will be able to access the full functionality of the MT4 platform no matter where you are, meaning you need never miss out on a trade.
There are five products available to trade with LMFX, namely forex, stocks, metals/oil, commodities and indices. There are 48 currency pairs on offer here, covering all the major international currencies including GBP, USD, AUD, EUR, CAD and more.
You have the option to trade on markets, with 8 of these including the FTSE and DAX. The commodities currently available are coffee, copper, palladium, platinum and sugar, while gold, silver and oil markets are also offered on the site. Finally, LMFX allows traders to buy and sell shares in multinational companies such as McDonalds, Boeing and Coca Cola.
There are some plus points and some minuses with regards to talking about the security or otherwise of LMFX. Let’s address the negative aspect first, which is about the absence of a financial licence. The company is registered in Macedonia and because Forex training is not part of financial laws in that country, LMFX does not have a financial licence as a result.
So it should be noted that the company was not refused a licence because of some irregularities, they just did not have the option to get one in the country they are registered. So if we look past this issue, LMFX does seem to pay a lot of attention to security. Client money is kept in segregated accounts, meaning that even if the company went bankrupt the customers would not lose out. Only reputable payment methods are used, and all personal information is secured using encrypted software, so in general the signs are good when it comes to security at LMFX.
Fees are not imposed on trades for users of either the Premium or Fixed accounts. The reason for this is that broker commission is already factored into the spreads available for account holders. The Zero account has a fee of $4 per lot of 100,000 currency units which is slightly higher than competitor brokers tend to charge on average. The good news is that LMFX does not charge fees for deposits or withdrawals and there is no charge for inactive accounts either.
Customer support is available 24 hours a day from Monday to Friday at LMFX. Customers can get in touch via live chat, webmail, email or telephone during those hours should they have any questions or concerns. Even if you are not signed up with the site, you can still speak to a customer support agent who can give you more information about what is on offer from LMFX.
LMFX has a lot going for it, offering a simple and straightforward to trade online on a variety of different products. The spreads on offer here may not be the best in the business but they are still competitive. The big question mark against this company is the fact that because they are based in North Macedonia they do not hold a financial licence.
This is certainly a red flag, although reports suggest that this is a secure and trustworthy online broker. Perhaps the best option is to open a demo account for free to test out the site, and then have the option to upgrade to a real money site if you are satisfied with what is on offer from this broker.
Is this your final decision?
We suggest you visit one of the most popular trading platforms instead!
- Lots of promotions
- High maximum of leverage
- Low cost
- Does not hold a licence
- No demo accounts
- New broker
7 Binary Options review: LMFX: 3 stars