After the completion of registration, traders can easily download the MT4 trading platform to a tablet, Computer, or Mobile phone. And so far there have only been good customer reviews about the forex broker. Trading platform is a tool where you can buy or trade an instrument with only some clicks on your device, anytime and anywhere you want. In addition, price chart is also usually provided with some analytical tools to help you analyze the price movement, so you can increase your profitabiliy by placing well-planned trades. A Fixed Account is the perfect solution for traders who prefer to trade with fixed spreads. Zero Spread Account is a low-cost trading account that boasts No markups and super-tight spreads.
- Registration for a free demo account is easy; just put in an email address and LMFX will send you a verification link; once verified, a second email provides you with your login and passwords.
- They cover this fact with all these enticing promos, bonuses, and supposedly cutting-edge service and tools that they offer.
- With LMFX commodity contracts you can participate in the commodity markets without having to deal with physical delivery, storage expenses and other logistical costs that come with commodities trading.
- Their customer service representatives are knowledgeable enough to answer all your queries regarding their website, services, or other trading information.
- These include all of the major market pairs, combined with a variety of other major and minor pairs.
LMFX is an unregulated broker operating out of North Macedonia, where it is a duly registered company and appears to be fully compliant with local laws and regulations. In operation for over five years and without confirmed claims of misconduct and fraud, LMFX relies on generous bonuses, low minimum deposits, and high leverage to attract and retain clients. Given its history, this broker appears to execute its business plan well enough to compete as a profitable operation. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Alternatively, there is also a demo account available for you to practice your trading in a risk-free online environment with $100,000 worth of paper funds.
LMFX accepts a good range of deposit and withdrawal options, including bank transfers, credit cards, and electronic wallets. Within the client area, you may fund and withdraw from your account using whatever payment method you like. Some lmfx review methods, such as debit/credit card payments, can be instant, while others, such as bank transfers, might take a few business days to clear. Please keep in mind that certain payment options are only available in certain countries.
But why trade indices in the first place?
LMFX is operated by Global Trade Partners Ltd, which is registered in Macedonia and their offices are in Bulgaria. LMFX is not regulated but must only follow the laws in Macedonia, which means they can provide offerings that regulated brokers can not. Through the MT4 platform LMFX offers a VPS to run a trading platform remotely 24 hours a day. MT4 does support multiple order types to fit the needs of any trader, and there is a strategy tester for testing an Expert Advisor or a preset/custom indicator. MT4 provides quick access to market quotes, trading instruments, and efficient loading of its charts. The MetaTrade 4 platform is popular and likely already known by experienced traders who have used it on other trading sites.
Many LMFX reviews have a positive view of the broker since it implements a powerful Anti-Money Laundering Policy and keeps its clients’ money in Segregated Accounts. According to LMFX, the broker sends the traders’ funds to individual client accounts holding all the pooled funds separately to the company funds which ensures that all the funds are stored in segregated accounts. The Phoenix bonus is only available on first-time deposits and only one Phoenix Bonus Account per client can be created.
According to their live chat support, the broker actually accepts clients from all over the world except for some countries where regulators do not allow them to do so. If you find that you cannot open an account with them for whatever reason, please feel free to take a look at our broker ratings for another option. The broker states that they hold client funds in several pooled accounts across different organisations and countries, separate from the company accounts. The MT4 platform has lost none of its trade execution power over the years either. 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. With the zero account, this is subject to a $4 commission per lot of 100,000 currency units.
It costs $20 per month or is free to clients who deposit into an LMFX trading account with at least $5,000. The mobile trading platform version of MT4 offers all of the same comprehensive charting capabilities, combined with the improved accessibility of being available on the go. It is similarly easy to navigate, and understand for novice traders. LMFX offers trading in a total of 47 currency pairs through its three account types. These include all of the major market pairs, combined with a variety of other major and minor pairs. LMFX offers up to tradable 48 currency pairs, which are made up of 21 minor pairs, 29 Exotic pairs, and 7 major pairs.
I do this for my expert advisors that I need running around the clock. It is worth noting that you can get a free VPS from other forex brokers including Switch Markets. I found the broker to have a good range of flexible https://forexbroker-listing.com/ account types to suit different trader needs. The main differences between them is in the spreads and commissions. The account type that you go for will probably depend on what matters the most for your trading strategy.
This makes them a suitable option for all trading strategies, including scalping and automated trading with expert advisors. I would compare them to Traders Way in terms of trading environment. Anthony Gallagher is a financial journalist and forex expert with years of experience in the industry.
LMFX broker review: is it good?
Apart from this, there is also another Phone Validation Bonus offer that is applicable only for those traders who register on the LMFX platform with their verified mobile numbers. The LMFX Android Trader allows its users to access the financial markets on the go from any of their Android devices. It has an advanced and highly intuitive app installed in it that has all the functionalities of the MT4 trading terminal and is user-friendly.
Option ensures fast trading execution so you can make the most of unique opportunities in real-time. Fully-fledged economic calendar with macroeconomic indicators and reports to help you forecast price movements, trends and gauge whether the economy is growing or shrinking. Before we dive into an in-depth review of LMFX let’s take a look at the top pros and cons that we found during our extensive research. Cryptocurrencies like Bitcoin, Litecoin, or any other crypto aren’t available on LMFX’s platform. To acquire an Islamic account, which does not charge fees for swaps and interests, you will need to send LMFX an email.
Since LMFX complies with AML/KYC requirements, account verification is mandatory. Traders can usually satisfy this final step by submitting a copy of their ID and one proof of residency document not older than three months. LMFX is an unregulated broker but is duly registered and appears to be a compliant business. LMFX lists a UK phone number, e-mail, and webform as contact methods, together with live chat.
This can be considered slightly higher than other brokers of a similar level in the sector. Zero account holders must abide by a minimum deposit amount of $100, and $50 for each deposit thereafter. Fixed account holders should deposit a minimum of $250 to get started, and $50 minimum deposit for each subsequent deposit. Spreads on all of the account types offered are marginally higher than those of similar level competitors. Minimum withdrawals required for e-wallets and wire transfers are $10 and $100 respectively. No withdrawal fees are charged and payment takes up to 2-15 working days for wire transfers and card payments.
In such cases they need to consult with the appropriated department to acquire the needed information, which unfortunately can take some time. The inquiry submitted by you in your email to our Support department has been forwarded to the responsible department and once the information is gathered it would be forwarded to you. In other words, if a trade would cause me to lose money, it will be made to happen but any trade that can be profitable won’t happen. I couldn’t place a trade, they replied via email that “you have reached the maximum amount of pending orders allowed” even though I’m pretty sure my margin is enough (I didn’t open any trade). They seem to want to get rid of profitable players, beware of this broker.
LMFX Commissions and Fees
For any order types remaining at the time of the stock market closure, the limit orders will be automatically deleted according to the exchange rules. Overnight financing charges will apply to all Single Stock CFDs transactions and forex, without any charges incurred for holding Intraday positions. All oil and metal contracts are charged an Overnight SWAP and triple SWAPS are charged on the positions held on any Wednesday. All contracts on the LMFX trading platform are factored in USD, whereas the metal SWAPS are factored on the basis of pips/lot. An online application handles new accounts, following established industry standards. The initial step consists of name, contact information, and date of birth.
It only took me a few minutes to fill out the form and receive my login details. I like how everything is done online as you would expect nowadays. The broker has some helpful video tutorials available on their website. There is a beginners trading course and a MetaTrader 4 platform course. Each course contains a series of easy to follow videos that are followed with some questions to make sure you understood the content.