About the company:
In the Republic of North Macedonia, LMFX is a registered trademark. The firm has clients all over the world, from Europe to Canada and Australia, and has been in operation since 2017. The company provides a variety of trading products, such as spot pricing for currency pairings and commodities, as well as CFD markets.
There are 48 currency pairings available to trade, including 7 majors, 21 minors, and 20 exotics. Five commodity CFDs, covering metals and agricultural commodities, three energy CFDs, four precious metal pairings, including gold, and nine global stock indices are available. There are also 36 share CFDs, which include 15 NYSE shares and ten London Stock Exchange assets.
Intraday traders rely on MT4 as a dependable trading platform. It is beneficial for traders of all levels of expertise since it combines an easy interface with a data-rich environment and an insightful market narrative. The software has over 50 technical indicators, 30 charting tools, and 9 timeframes, as well as automated trading using Expert Advisors (EA). The platform may be customized and developed, and it is available in more than 30 languages. After completing an account registration, it can be downloaded to Windows and Mac computers from the LMFX website.
The browser version gives clients a more user-friendly platform. When signed in from any computer with a browser, WebTrader provides much of the functionality of a desktop client without the need for a download.
Clients of the broker may also trade on the move with the help of the mobile app. All sorts of orders available on the computer server are supported by the program, including stop losses, as well as real-time price quotations, one-touch trading, and entire market history. Building charts and technical indicators, on the other hand, have fewer alternatives.
Spreads and commissions
The broker’s spreads are not particularly competitive, and they are slightly higher than the industry average. The usual spread for premium accounts is 2.6 pips for GBP/USD, 2.1 pips for EUR/GBP, and 1.1 pips for EUR/USD. Although the fixed account’s base rates are slightly higher than these common values, at 2.6 pips for GBP/USD, 2.2 pips for EUR/GBP, and 1.1 pips for EUR/USD, the fixed account does not have changeable spreads. The Zero account has no broker markup and offers raw spreads. GBP/USD spreads are 0.8 pips, EUR/GBP spreads are 0.5 pips, and EUR/USD spreads are 0.2 pips. There is no commission for Premium and Fixed account holders. However, there is a $4 per lot cost for Zero accounts.
With its premium account, the broker provides exceptionally competitive leverage rates of up to 1: 1000. Fixed accounts have a lower leverage rate of 1:400, whilst zero accounts have up to 1:250 leverage.
Deposits and withdrawals
Deposits may be made via Visa or Mastercard credit cards, bank transfers, or the Skrill and Load electronic wallets. The minimum deposit for all methods is $50, except for bank transfers, which need a $250 deposit. E-wallet deposits are free and fast; however, credit card deposits can take up to 30 minutes, and bank transfers can take up to 15 days.
With the exception of the loading e-wallet, all of the usual ways can be used to withdraw money. Although wire transfers demand $100, the minimum withdrawal amount is $10. There are no withdrawal fees, and payments are handled on the same business day for e-wallets. However, it might take 2 to 15 business days for payment cards and wire transfers.
The broker offers an unlimited demo account that traders may use to test new strategies, algorithms, and Expert Advisors. You will receive your login credentials and be able to begin trading after you have completed the registration process.
The perks and promotions provided to clients impressed this reviewer. On deposits between $100 and $30,000, a 100% credit incentive is offered. To withdraw the match bonus, however, you must trade 100 lots. If you lose any of your initial funds, the broker additionally gives a 15% recovery incentive. This bonus is both sellable and withdrawable. There are additional referral bonuses available, which are detailed on the website. Finally, there’s the Explore and Earn Contest, which is a competition amongst traders who use demo accounts. Every month, real cash rewards are given away with no danger of losing money.
Regulation and safety
It is a preferred unregulated broker, choosing high-risk, high-reward services that are not regulated. Retail Forex traders in the United Kingdom and the European Union, for example, are limited to leverage rates of 1:30, whereas LMFX allows leverage rates of up to 1:1000, expanding market access and profit possibilities. Despite the fact that the broker is not regulated by a government organization, the website contains legal documents and information. However, while transparency is typically a sign of a trustworthy broker, we do not advocate signing up with unregistered providers. Not only does this raise the danger of fraud, but it also limits the legal remedies available to clients who have problems with deposits and withdrawals or other concerns. Fortunately, LMFX’s reputation has received mostly positive feedback from customers.
Clients get access to a restricted selection of extra services and resources provided by the broker. The broker also provides a virtual private server (VPS) service and daily market research, as well as three distinct types of accounts for traders with various approaches and capital needs. Standard trading techniques and inexperienced traders benefit from the premium account. A fixed account is ideal for automated trading using Expert Advisors, whilst a zero account is ideal for scalping and high-volume trading. A fifth decimal place is available on all accounts, as well as access to MT4 and mobile trading and a personal account manager. LMFX does not provide swap-free Islamic accounts.