LMFX

About company:

LMFX is a broker that offers asset trading on the MT4 terminal.

 

About company. Fund security

Little is known about the company's history. LMFX is a brand allegedly operated by Global Trade Partners Ltd., registered in the Republic of Macedonia. However, LMFX lists GTP Global Solutions Ltd., a registered offshore company in Saint Vincent and the Grenadines, as a payment service provider.

 

Registering a broker does not mean that it is licensed or controlled by regulatory authorities. Most often, brokers choose offshore zones because there is a very simple and cheap registration process. Offshore brokers are less likely to be audited regularly and are not obligated to participate in investor compensation programs. Therefore, we recommend that traders read the reviews before opening accounts with offshore companies and, even more so, making large investments.

 

Trading conditions

LMFX offers its clients a choice of three account types to suit different traders' preferences. While its trading conditions seem attractive, let's take a closer look at them.

 

LMFX offers trading in many currency pairs, including popular and exotic ones, as well as a wide range of CFDs on indices, commodities, stocks and precious metals. Despite the fact that it does not include popular cryptocurrency CFDs, such a portfolio of products is considered to be quite complete.

 

We tried to register a demo account with LMFX as we could not find a free downloadable MT4 broker on their website. However, we were only able to access the LMFX client area.

 

Minimum deposit

A deposit of $ 50 is required to open an account.

 

Spreads and commissions

LMFX lists a typical spread of 1.2 pips on EUR / USD. This value is considered competitive in Forex.

 

Many traders believe that the price per trade is the most important thing for a broker. While this is undoubtedly important, the safety of your investment should be a priority. In other words, it is always better to trade with a well-regulated broker rather than an offshore company that promises low spreads but eventually disappears with your money.

 

Leverage

The leverage levels provided by this broker vary depending on the type of account, however, the ratios offered on their premium account go up to 1: 1000. A high level of leverage can help you make big profits by investing small amounts, but it can also result in losses that exceed your initial investment. The second scenario seems much more likely, especially if you are an inexperienced trader.

 

Trading platforms

The choice of the platform by this broker is not surprising, as over 80% of Forex companies we come across offer access to MetaTrader 4.

 

The platform is well known to traders and is chosen because it is intuitive and reliable. On top of that, charts and automated trading by advisors make trading easier. Besides Expert Advisors, you can also record your own technical analysis indicators and run simulations using historical data.

 

Significant services

The broker has an online hub that collects educational and analytical materials. You will find video tutorials, Fibonacci calculator, dot reversal, position size, pip value, risks, economic calendar and more.

 

Support service

Traders can contact an LMFX representative by phone and email. Online chat is available 24/5.

 

Ways of payment

Funding can be done via bank transfers, credit and debit cards, and online payments through Neteller, Skrill and FastPay. The minimum deposit amount is $ 50. The minimum withdrawal amount is $ 10.

 

The withdrawal of funds is carried out using the same methods as the deposit.

 

Criticism of traders

Traders mainly complain about changing trading conditions without agreement. Nevertheless, the company's support responds to complaints from traders on many public Internet resources.

 

Pros:

 

there is MT4; selection of assets for trading; analytical tools for trading.

 

Minuses:

 

no demo accounts; not regulated.