LMFX

LMFX is an online forex broker that offers leveraged CFD trading on the MT4 platform. Clients can access free VPS hosting and a range of trading accounts, including a raw-spread ECN Zero Account. This 2024 LMFX review will outline the broker’s fees, assets, platforms, regulatory status, security features and more.

What Is LMFX?

Company Details

LMFX is an unlicensed broker operating out of an office location in the Republic of North Macedonia. The company follows a high-risk, high-reward business model, offering leverage rates as high as 1:1000 across a variety of contracts for difference.

History

LMFX was founded in 2008 and has steadily grown since. The broker connects clients to markets around the world, from Europe through to Canada and beyond. Clients can access a range of advanced tools and features through the MetaTrader 4 platform, as well as VPS hosting, trading calculators and direct market analysis.

Markets

LMFX offers a fairly standard suite of swing trading instruments, including spot prices on currency pairs and CFDs:

• Indices – Nine global stock indices
• Forex – 48 pairs, comprising 7 major, 21 minor and 20 exotic pairs
• Commodities – Five commodities spanning agricultural goods, precious metals like gold and energies
• Shares – 36 stock CFDs encompassing 15 NYSE shares, 11 NASDAQ stocks and 10 assets from the London Stock Exchange

Unfortunately, LMFX does not support cryptocurrency trading.

Trading Platforms

LMFX offers the widely used MetaTrader 4 (MT4) platform. MT4 combines a powerful interface with advanced tools, indicators and comprehensive market history. It is a platform suitable for all traders, irrespective of experience level.

As well as several timeframes, it also provides options for customisation and direct access to market news. A list of key features can be found below.

• 50+ indicators
• Nine timeframes
• Intuitive interface
• Expert advisors (EAs)
• Multiple language options
• Four pending order types
• Advanced charting and analysis

MetaTrader 4

MT4 is available for use on desktop or through a browser and is compatible with Windows, Mac and Linux computers. The platform is free to download from the broker’s website or through dedicated links and is easy to install and run.

The browser-based version of MT4 provides easy access to the platform from any device and does not require a program download or installation. Simply login to your account and begin trading from Google Chrome, Safari, Firefox and more. Clients should note that the WebTrader does not support MT4’s full range of strategy and indicator customisation options.

If you do change your mind down the line, the software is just as easy to uninstall. To do so, go to the Start Menu, select the MT4 application and click ‘Uninstall’.

Mobile Trading

The LMFX mobile app for iPhone and Android allows you to trade anytime, anywhere. The application supports the key features available on the desktop and web versions, including real-time price quotes and full market history. However, there are fewer charting options and a reduced number of technical indicators.

To download the MT4 platform for your device, head to the LMFX website or go direct to the Apple App Store or Google Play Store.

Trading Accounts

LMFX offers three account types, the Premium Account, the Fixed Account and the Zero Account. All three accounts are broadly accessible but they do differ slightly in features.

Premium Account

• 1:1000 leverage
• Flexible bonuses
• No commissions
• Spreads from 1.0 pips
• Minimum deposit $50
• USD & EUR currencies
• Personal account manager

Fixed Account

• Fixed spreads
• 1:400 leverage
• No commissions
• USD & EUR currencies
• Minimum deposit $250
• Personal account manager

Zero Account

• 1:250 leverage
• USD & EUR currencies
• $4 per lot commissions
• Minimum deposit $100
• Personal account manager
• Raw spreads from 0.0 pips

All accounts offer access to a personal account manager as well as the MT4 trading platform. LMFX does not offer Islamic or swap-free accounts.

Demo Account

A demo account is a great way to trial new strategies or explore a broker’s assets and services, risk-free. LMFX offers a free practice account to all prospective clients. Registration is quick and simple. Head to the company’s website to sign-up.

LMFX Leverage

LMFX’s Premium account offers leverage up to 1:1000, whilst the Fixed account offers leverage up to 1:400 and the Zero account up to 1:250. These leverage limits are higher than average and exceed typical regulatory limits.

Trading with high leverage opens you up to increased risk. Whilst the opportunity to amplify returns increases, so does the opportunity to magnify losses. Leverage should only be used by experienced traders and alongside robust risk management strategies.

LMFX margin requirements, margin call and stop out levels will depend on the account type.

Fees

LMFX sits on par with many other brokers when it comes to spreads, with its ECN Zero account displaying raw spreads starting from 0.0 pips. Average values on this account are 0.8 pips for GBP/USD, 0.5 pips for EUR/GBP and 0.2 pips for EUR/USD.

Other account types have wider spreads, with the Premium account displaying floating values. Average spreads sit at 2.6 pips for GBP/USD, 2.1 pips for EUR/GBP and 1.1 pips for EUR/USD. The Fixed account offers fixed spreads that approximate average values for the Premium account, though they tend to be a little higher.

Whilst there is no commission charge for the Premium and Fixed spreads, Zero account holders must pay a commission of $4 per lot. There is also an additional fee for positions held overnight – swap charges may apply.

Payments

Deposits

Funding an LMFX trading account can be done via a variety of methods, including Visa and Mastercard payment cards. Minimum deposit limits vary with account type but start at $50.

Payment options include:

• Debit & Credit Card
• Bank Wire Transfer
• FasaPay
• Neteller
• Skrill

Bank wire transfers must exceed $250, although they are free. E-wallet payments are instant, while payment cards can take up to 30 minutes and wire transfers between two and five business days.

Withdrawals

The same methods are also available for withdrawals. The minimum limit is $10 but this increases to $100 for withdrawals made via wire transfer. There are no withdrawal fees. Processing times may vary according to the payment method used.

If you have any questions or issues regarding withdrawals, contact the customer support team.

LMFX Regulation

LMFX does not fall under the regulation of any financial agency. Therefore, its services are not vetted and overseen by an independent party to ensure fair play. Instead, it chooses to adopt a high-risk, high-reward model, offering rates usually restricted by regulatory bodies. For example, the Financial Conduct Authority (FCA) restricts the maximum leverage rates that brokers can offer to 1:30. However, LMFX offers leverage rates of up to 1:1000 to retail clients across the world.

The lack of regulation passes some added risk onto the client both in terms of lack of external protection and because clients can open themselves up to greater risks. We generally recommend looking for a regulated broker to best protect yourself, so make sure you weigh up the risks before signing up.

Security

LMFX takes several precautions to ensure the safety of its clients’ funds. The broker only uses reputable payment providers and holds all funds in segregated bank accounts. As a result, there is no chance of your capital getting used for business purposes. Additionally, the firm uses SSL encryption on all website traffic. Overall, the security measures seem robust.

Customer Service

Clients can get in touch with the LMFX customer support team via telephone and email:

• Phone Contact Number – +44 2035 192 105
• Email Address – support@lmfx.com

The broker’s website also hosts a live chat feature. The customer service team is on hand to support with queries ranging from withdrawal options to problems with logins, deposit bonuses and plenty in between. Customer reviews of the team are generally positive, though the broker does not provide operating hours.

Head to the Legal Documentation tab on the LMFX website for more information on the security of your funds or the broker’s privacy and anti-money laundering policies.

Promotional Offers

LMFX offers a good range of bonuses and promotional offers. The lack of oversight from independent agencies affords the firm more freedom in this area, although do not compromise key features for the sake of a flashy sign up bonus.

LMFX clients can take advantage of a 100% credit bonus match, which is available on deposits between $100 and $30,000. However, you will need to trade 100 lots before you can withdraw the bonus.

In the event that you lose all your trading capital, LMFX also offers a ‘recovery’ bonus. This is available on up to 15% of your first-time deposit (FTD). The funds are withdrawable and tradable.

Demo account holders can also compete in a ‘Learn and Earn’ contest. Real cash prizes are given away each month and, the best part is, there is no risk to real capital.

Advantages

• Free VPS
• Demo account
• Lucrative bonuses
• High leverage rates
• Hedging & scalping
• Automated trading & EAs
• Negative balance protection

Disadvantages

• Unregulated
• Limited asset range
• No educational resources

LMFX Verdict

LMFX offers an avenue for high-risk, high-reward day and swing trading with its hefty 1:1000 leverage. Clients can make use of the MetaTrader 4 platform to speculate on CFDs in forex, commodities, indices and equities. Moreover, both hedging and scalping functions are built-in and clients can carry out automated trading through EAs and MQL4. LMFX does not operate under any regulatory agencies, though it does offer negative balance protection.

FAQ