Despite the high risk of losing capital involved in forex trading, where retail investor accounts lose money when trading CFDs and other assets, institutional investors are still looking for a reliable forex trading platform that is capable of high trade volumes at lower fees and offers a wide variety of assets. LMFX is such a platform that offers a safe platform and negative balance protection to traders for a variety of assets that includes stocks, shares, forex pairs, commodities, and indices. However, the fact that LMFX is not regulated does not affect the traders much, and it is very clear from the various LMFX reviews available. In this LMFX broker review, all the important points about the forex broker are discussed that can help the traders make the right choice in the future. We‘ll review LMFX for its products and services after thorough research. Read the facts and research you must know in this LMFX review before you sign up for a broker account since there is always a high risk of losing money when trading CFDs. We’ll also review LMFX for its features, app, and mobile trading.
LMFX Overview
| Official Website | https://www.lmfx.com/ |
| Headquarters | Macedonia |
| Founded Year | 2008 |
| Regulated | No |
| Product offered | Forex, Indices, CFDs, Stocks |
| Minimum Initial Deposit | Varies |
| Maximum Leverage | 1:1000 |
| Islamic Accounts | No |
| Demo Account | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | No |
| Trading fees | Depends on Account Type |
| Inactivity fee | No |
| Withdrawal fee | No |
| Supported currencies | USD & EUR |
| Customer Support | 24/5 Support, Email, Phone, & Live Chat |
What Is LMFX？
LMFX is innovative online forex (foreign exchange) broker established in 2008, that offers advanced retail and institutional online trading conditions as well as a variety of trading instruments and trading competitions to a global audience. It ensures a smooth and hassle-free forex trading experience to its users irrespective of the online trading style practiced by them.
Features of LMFX
This LMFX review offers the following core features for its users:-
Wide Range of Assets
At LMFX, traders can trade a wide range of assets like forex, indices, commodities, Share CFDs, gold and silver, and oil at a very low online trading cost. Contracts for Difference or CFDs are complex financial products traded on margin. Therefore, trading CFDs carries a very high level of risk warning due to the leverage that can work both to the traders advantage and disadvantage.
This is also the reason why CFDs are not suitable for all account types as investors might lose all their invested capital while trading CFDs with this provider. Forex traders are thus advised not to risk more than they are prepared to lose.
In-Depth Daily Market Analysis
LMFX offers its customers an in-depth market analysis on a daily basis pertaining to the prices of assets and the movements of the global financial markets. Both retail and institutional clients can benefit from the advanced trading service offered by the broker. Clients also have full access to exceptional educational resources via the LMFX Education Centre and advanced trading tools that have been designed to improve trading performance.
Industry-Leading Trading Platforms
LMFX offers its users some of the industry-leading web and mobile trading platforms like the LMFX mt4 trading (MetaTrader 4) platform, iPhone trading platform, iPad trading platform, Android Trading platform, and Web Trader.
Comprehensive Education Materials
The LMFX offer, various cutting-edge trading tools and a powerful economic calendar along with a comprehensive set of forex trading kits featured on the LMFX education center that provides powerful insight about the financial markets, price trends, customer behavior, etc. These materials help users formulate their own trading strategies knowing that their capital is at risk as is quite obvious in fx trading.
Bonus Offers
Two types of unique offers are offered by the LMFX broker namely the Deposit Match Bonus and the Phoenix Recovery bonus. The Deposit Match Bonus is a 100% credit offer that is intended to increase the trading volume of clients. While the next one, Phoenix Recovery Bonus as the name implies is intended to pay back the clients any funds pending on their LMFX account. Apart from this, LMFX offer, Phone Validation for clients who validate their LMFX account with their mobile number. This also helps the company to reach out to their clients through another communication channel apart from the email address.
Multilingual Support
The team of LMFX offer 24/5 support in multiple languages that they need to choose as they register on the platform.
Personalization
LMFX also has the latest client area, which uses all the latest technologies, in order to provide users the easiest and efficient way to handle their accounts.
Products & Services Offered by LMFX
The following products are available to trade at the LMFX trading platform:-
Forex
At LMFX, you get the opportunity to trade forex at the best possible tight spreads (both fixed and variable spreads) so that they can earn profits even when their capital is at risk. Each account type (Premium account, Fixed account, or Zero Account) has different tight spreads (fixed and variable spreads) to offer and users get the option to choose the pricing themselves; for Premium accounts, the pricing ( variable spreads) can be variable, for Fix account, it is fixed with no commission and for the Zero account users get the tightest spreads possible along with fixed commissions on both Minors and Majors.
Apart from the major currency pairs, traders can also trade other trading variables like Swaps and Margin. All Foreign exchange (Forex)contracts are subject to Overnight Swap rates; Triple SWAPS are applied on the positions that are held over any Wednesday. Forex-related Swaps are calculated (factored) on the basis of pips/lot.
Commodities
LMFX offer commodity contracts, which allow its users to access the various commodities markets across the world. All the associated issues related to physical delivery of the commodities, storage or logistical costs, etc are taken care of by the broker itself, so users can concentrate on effective commodities trading even when their capital is at risk. The commodity products offered by LMFX include soft agricultural products like wheat, coffee, sugar, and corn and also precious metals like platinum, palladium, and copper. Traders need to just decide the pricing, whether it goes up or down, take their positions, and simply wait for the price actions. Like in any CFDs (Contract for difference) where the profit is determined by the entry and the exit prices, LMFX commodity CFDs also enable traders to use fractional positions and low margin requirements to access the financial markets.
The trading hours vary for each commodity traded on the exchange and the traders should comply with the specific rules regarding the different trading hours. If the exchange is ‘closed for trading’ for a particular commodity, it means that trading in that chosen commodity is frozen until the market opens for the next session. Thus, traders cannot close their trades until the next session opens. Apart from the specific trading sessions, commodities also have their specific expiry dates.
Indices
LMFX indices trading offers its traders a diversified point of access to the individual stock exchanges of various countries. Thus, instead of trading in just one single stock, LMFX users can either trade in the German DAX or the UKs FTSE and spread their exposure across the multiple constituents of each index. All index CFDs are covered under Overnight financing with no extra charges incurred on Intraday positions. Triple SWAPS are applied to all Index CFDs on Fridays.
Metals and Oil
The LMFX metals contracts (gold and silver) allow traders to access the precious metals market 24 hours, 5 days a week. The prices for both these metals are quoted in the EUR USD base currencies and therefore, traders can eliminate the impact of any currency on their account thus, making huge profits from the market movement. LMFX provides competitive Oil spreads to traders who can in turn use those spreads to invest in oil-based markets.
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 (Gold and Silver Swaps) are factored on the basis of pips/lot.
Shares
LMFX Single Stock CFDs allow traders to access the stock markets in the United States (US) and the United Kingdom (UK). Traders can choose their trading accounts according to their preferences and can seamlessly buy and sell stocks with maximum leverage, apart from forex and commodity transactions.
The Stock trading hours for the U.S. Equity Markets are 16:31 to 22:55 (GMT+2), from Monday to Friday. While the stock trading hours for the London Stock Exchange are from 10:01 to 18:25 (GMT+2) from Monday to Friday. All the UK/LSE stocks are quoted in Pence.
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.
Is LMFX Regulated？
According to our research and various LMFX reviews, the broker is not directly regulated by any apex (or government agencies), but its parent company Global Trade partners Ltd under which LMFX operates is registered in the Republic of Macedonia, where LMFX has its headquarters.
However, the broker also claims that they (along with the Global trade Partners Ltd) follow the general trading laws and regulations of The Republic of Macedonia, where it is located.
LMFX Reviews: Pros and Cons
| Pros | Cons |
| Wide selection of tradable assets. | Does not support hedging. |
| Relatively new company and thus follows modern trade principles. | LMFX is not regulated. |
| Low minimum deposits. | Customer service could be better. |
| Multiple payment methods | Islamic accounts are not available. |
| Free VPS. | |
| It Doesnt charge deposit fees or withdrawal fees. |
Leave a Reply