The good thing about this broker is that it has a Demo contest with cash prizes. It supports automated trading using the MT4 trading platform, and it has negative balance protection, high leverage levels, and flexible bonuses. The broker provides trading services and facilities to both retail and institutional clients. As a client, you have access to a comprehensive and advanced forex trading kit. LMFX is an online forex broker which allows institutions as well as individuals to trade forex, commodities, shares, metals and more. The services are good with least complaints so far, the trade execution is quite easy with no re-quotes. The spreads are competitive and withdrawals are processed instantly.
Our sole purpose is to deliver the very best services to our clients, so we have other funding options available that are easily accessible from your LMFXconnect account. Although it is unregulated, LMFX has been in operation providing services for forex traders since 2015. LMFX support offers multilingual live chat 24 hours per day, 5 days per week. Trading Brokers have spent thousands of hours researching and conducting in-depth analysis on hundreds of online trading brokers. Whilst the broker accepts clients from all over the globe, LMFX services are not directed toward soliciting citizens or residents of any jurisdiction that would be contrary to local law or regulation. Essentially, leverage enables you to trade a larger position size than you would be able to without it. Whilst this may seem appealing at first, not only does leverage increase the potential profit of a trade, it also significantly increases the risk.
The minimum withdrawal amount via bank transfer is $100 whereas all other methods have a $10 minimum. The MT4 mobile platform is available for use on both Android and iOS. This platform is useful for those who trade on the go and need to access their trading account from anywhere in the world where there is an internet connection. The app contains most of the same features as the other forex analytics platforms including placing/managing/closing positions and chart analysis. Contracts for Difference (‘CFDs’) are complex financial products that are traded on margin. Trading CFDs carries a high level of risk since leverage can work both to your advantage and disadvantage. As a result, CFDs may not be suitable for all investors because you may lose all your invested capital.
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If you require more detailed trades, including setting stop losses and expirations, you can do so in just a few more clicks through the order screen. They are generally well-suited for LMFX to provide their Forex/CFD trading services to global clients. There is a good range of payment methods supported by the broker. Accounts can be funded or emptied using bank wire transfers, payment cards , plus Skrill, Neteller, FasaPay and Load. Even though the LMFX contest uses virtual money with their demo accounts, the prizes each month are real cash that can then be used to trade on live accounts. LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools. When writing this review we were impressed with the prompt and helpful service we received from the customer support team.
Client fund protection and regulation are paramount if not essential qualities that new and advanced traders look for in a broker, especially during this continuously evolving digital era. The Deposit Match Bonus funds are provided to help increase the available trading capital and leverage. Let’s take a look at an example; a first deposit of $200 leads to the receipt of an additional $200 referred to as the Deposit LMFX Forex Broker Review Match Bonus. After having traded the volume of 100 lots you can withdraw the bonus without restrictions. The trading fees and commissions at LMFX vary depending on the account type you choose. As a result, let’s take a look at a breakdown of the most common trading and non-trading fees and commissions. Wide range of forex trading tools including Fibonacci Calculator, Pivot Points, Pip Value, and more.
I always recommend you to avoid unlicensed brokers and choose among the regulated ones. The most reliable regulators are the UK’s FCA, the Australian Securities and Investments Commission or the Cyprus Securities and Exchange Commission . I can safely recommend this broker, very good, I made 2 withdrawals one of which was processed on Aug29 and went smoothly. Testing them since two months and made two withdrawals as of now, all seems good and hope they keep providing the same services. Based on our research, we have assigned the following ratings to LMFX. To know more about how we rate brokers, read our review process.
- LMFX is owned/operated by Global Trade Partners Ltd, a company incorporated and governed by the laws of the Republic of Macedonia.
- After the completion of registration, traders can easily download the MT4 trading platform to a tablet, Computer, or Mobile phone.
- The only thing that lets LMFX down as a broker is the fact they are not regulated by any governing bodies.
- That warrants a closer look at this unregulated and relatively unknown broker.
- If you would like to add details to this online LMFX or you find inaccurate details LMFX broker review please get in touch with us and the changes will be applied.
- LMFX offered deposit and withdrawal methods such as credit/debit card, wire transfer, Neteller, VLOAD, Skrill, and fasapay.
LMFX is an innovative online trading platform that provides access to a range of financial products including forex, indices, CFD, and stock trading with low commissions and tight spreads. LMFX is an online broker that offers a very good range of trading instruments across multiple markets, as well as flexible account types for different trading styles. They offer useful tools like trading calculators and VPS, and their customer support team is approachable. LMFX is a retail forex and CFD broker that provides online trading services to retail and institutional clients across the globe. The broker offers a wide range of trading instruments in various markets, such as forex, commodities, stocks, shares, indices, metals, and energies. LMFX provides traders with the MetaTrader 4 platform for desktop, web, and mobile trading, along with a range of useful trading calculators. They also have a selection of educational courses to help clients improve their trading knowledge.
It is a foreign exchange brokerage firm owned and operated by a company called Global Trade Partners Ltd. Although the domain name lmfx.com was registered back in 2005, our research suggests that LMFX started operating as a Forex broker as early as 2015.
Terms and conditions apply, and traders are advised to read and understand them. LMFX implements acceptable conditions, making the 100% Deposit Match Bonus an excellent offer, if understood and used correctly. It can provide traders with a narrow focus on select assets with an offer worth considering, especially if access to other tools is available. The Learn & Earn Contest runs in demo accounts and provides real cash awards deposited in a live trading account at LMFX. That in and of itself does not suggest a scam or fraudulent behavior on behalf of LMFX.
Even though there is no agency overseeing the broker, there is legal documentation and information provided on the website. But while this transparency is usually indicative of a trustworthy broker, we don’t recommend signing up to unlicensed providers. Not only does it raise the risks of scams, but clients that encounter deposit and withdrawal problems or other issues will have limited legal options. The Zero account offers raw spreads with no mark-up from the broker. These spreads are much lower at 0.8 pips for GBP/USD, 0.5 pips for EUR/GBP and 0.2 pips for EUR/USD. I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets.
We have spoken about the benefits of bonuses before and how they can truly benefit you. However we have also stated that not every broker that offers or claims to offer bonuses can be trusted and PaxForex is a prime example of this.
They provide user-friendly trading platforms with low spreads, no commission and rapid trade execution speeds. Clients also get access to a range of convenient payment options, trading tools and 24/5 customer support. LMFX provide clients with the easy to use MetaTrader 4 platform to trade a wide variety of Forex and CFD trading instruments with low spreads, rapid execution speeds and no commission fees. They offer flexible account types, various funding options, powerful trading tools and around the clock support. LMFX review concludes that it is an offshore forex broker and CFDs broker. It has reliable conditions for trading, including spreads, minimum deposit, and leverage. Several instruments are there, and the broker has the most amazing trading platform, MT4.
While the broker is likely acting as a market maker and operating a dealing desk with Fixed and Premium accounts, the Zero account is likely connected directly to the liquidity providers via MetaTrader 4. One of the great benefits Retail foreign exchange trading of trading with LMFX is its policy about allowing unlimited usages of the demo accounts. Existing clients can simply open new demo accounts to test their strategies and forward test the viability of expert advisors in real-time.
What Are The Lmfx Deposit Fees?
This is worrying for most traders as it does mean your capital can be at risk as there is no regulators keeping an eye on what the broker is actually doing and how they operate. It is ALWAYS best to trade with a regulated broker if at all possible, like IC Markets or BlackBull Markets for instance. LMFX have a huge range of deposit and withdrawal options including Visa/Mastercard, Skrill, Neteller, forex VLoad and wire transfer. However, after extensive research and comparison reviews, we find and recommend eToro as the best free trading platform, and regulated broker in 2021. Traders who add at least $100 as an initial deposit into their trading accounts are eligible for the Deposit Match Bonus. The Fixed Account is perfectly suited for those of you who want to trade with fixed spreads.
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. Traders may be put off by LMFX being a relatively new broker in the industry.