LMFX is an online Forex broker offering advanced institutional and retail trading conditions. This brokerage provides trading opportunities on Forex and CFDs on Commodities, Indices and Shares. LMFX uses the well-known and widely favored MT4 trading platform, complete with a host of tools. Located in the Republic of Macedonia, LMFX is owned and operated by Global Trade Partners Ltd. As one of the younger brokerages (launched in 2017), LMFX had a lot to prove. How well as they performing? Read the following LMFX review to find out.
There are three different account types offered to those who decide to trade with LMFX:
Premium: The Premium account requires a minimum deposit of only $50 and allows for redeposits in the amount of $25. Premium account holders are allowed to access the largest leverage levels and will be trading with spreads starting at 1 pip. On this account, Margin Call takes place at 50%, while stop out is set at 20%. There is no per-lot commission on the Premium account.
Fixed: Living up to its name, the Fixed account offers fixed spreads. Like the Premium account, the Fixed account does not involve any per-lot commissions. A minimum deposit of $250 is required for this account, with reload deposits of $50 being accepted. With the Fixed account, leverage is maxed at 1:400. Margin call takes place at 30%, while stop out is set to take place at 15%.
Zero: The Zero account type is named such to represent the fact that spreads start at 0 pips. A Zero account can be opened with a minimum deposit of $100. Reloads of $50 are then accepted should you wish to add funds to this account. The maximum leverage is set to 1:250. Exactly the same as the Fixed account, Margin call takes place at 30%, while stop out is set to take place at 15%.
While some traders could care less about having access to various account types, most do want the opportunity to be paired with the exact type of spreads, leverage and trade conditions that they desire. LMFX does a good job of providing this, without overwhelming clients with too many account types and variances. Selecting between these three should be a simple task for those who know exactly what type of trading environment they desire.
Although not prominently displayed or advertised on the brokerage website, LMFX does indeed offer Islamic accounts upon request. A separate application is needed in order to create this type of account. Contact LMFX customer support to request additional information.
The saying, “if it isn’t broke, don’t fix it” could apply here, as LMFX chooses to provide the widely preferred MetaTrader 4 platform. The same as most brokers, they also offer the platform in application format, as well as in WebTrader format. For those who are not yet familiar with WebTrader, it provides the opportunity to trade within your browser with no need to download and install the MT4 software. WebTrader is an excellent option for Mac users, who often struggle with the Windows-based MetaTrader software.
A few of the advantages of the LMFX platform include:
- User-friendly interface
- Nine time-frames per instrument
- 50+ built-in indicators
- Functionality to layer indicators
- Access market news directly
- Advanced charting and analysis
- Create and use Expert advisors (EAs)
- Multiple language options
- Trailing Stop Loss functionality
There isn’t much else to say about the platform. MetaTrader 4 has been the preferred trading platform for millions of traders for quite some time now. Although some are starting to move over to the new MetaTrader 5 platform, most still prefer to trade within the platform that they know and love – MT4.
LMFX offers three different leverage levels, with each being based upon account type. Those who opt for the Premium account can access leverage up to 1:1000. On the Fixed account type, the maximum is 1:400. Lastly, the Zero account features a maximum leverage level of up to 1:250. Do keep these variances in mind when selecting an account type, especially if your trade plans involve using leverage to maximize your positions.
The maximum allowed trade sizes are based upon account type. However, the smallest allowed trade is the same for all account types – 0.01 lot. On the Premium account, the maximum allowed trade is 60 lots. On the Fixed account, the maximum is 75 lots and on the Zero account, the maximum is 100 lots. There are also limits on the maximum number of open positions, with this also being based on account type. These limits are 100 on the Premium, 150 on the Fixed and 200 on the Zero. Most first-time traders will only be concerned about the minimum allowed trade size, but after trading for some time, the maximum levels may become important.
There is no per-lot commission charge on either the Premium or Fixed account types. For the Zero account, there is a charge of $4 USD per full traded lot. SWAP fees will apply to any positions opened prior to 21:00 hours GMT and held over this time. Any positions opened and closed prior to 21:00 hours GMT will not be held liable to pay or receive any SWAP. The SWAP rate applied is based around the interest rate of a specific country but can vary. To view the exact SWAP cost for each asset, you’ll need to access the specifications for each within MT4.
Currently, there are 84 total underlying assets to trade on in the LMFX platform. These include:
- Forex Pairs – 48
- Indices – 9
- Commodities – 5
- Metals & Oil – 7
- Shares – 15
A full list of assets is accessible from the broker website. While all of the major pairs and top assets are represented in the list, there is one asset type that is currently missing – cryptocurrencies. This fact will be very important for those who are searching for a platform within which they can trade Bitcoin, Etherum, Litecoin, Ripple and more.
The LMFX Trading Desk is always available to help with the management of existing positions or orders, but cannot accept ‘new’ orders by phone, email, or live chat. Note that the The LMFX trading platforms are available from Monday 00:05:00 GMT+2 until Friday 23:59:00 GMT+2.
As mentioned above, spreads can vary based upon account type. On the key EUR/USD pair, a spread of as low as 0.2 is offered. Premium account holders will encounter spreads starting at 1 pip. Spreads will be fixed on the Fixed account and start at 0 pips on the Zero account. Spreads for all FX pairs can be compared side-by-side (sorted by account type) on the following page: https://www.lmfx.com/en/trading-products/spreads.html. LMFX also offers this same type of online comparison for the other asset categories they offer. Simply select the asset type and then click on ‘Spreads’ to see each breakdown.
The lowest accepted minimum deposit is $50, while the highest is $250. Acceptable minimums are based on account type and are set to the following:
-Premium – $50 (Reload $25)
-Fixed – $250 (Reload $50)
-Zero – $100 (Reload $50)
While some Forex brokers do accept smaller minimums, the truth of the matter is that there will only be an extremely small number of actual trade opportunities available to you when your account is not properly funded. Those who deposit $10 or less with other brokers will find it difficult to trade as they wish, even with higher levels of leverage. This is not to say that you must deposit thousands of dollars in order to get started, but instead point out the need of a realistic minimum.
Bonuses & Promotions
LMFX is offering two types of bonuses at this time. These are a Deposit Bonus and Phoenix Recovery Bonus. The Deposit Bonus offers a 100% match on deposits of at least $100 USD. This type of bonus can only be withdrawn once certain trade volume conditions are met. The calculation for bonus requirements is as follows: Bonus sum / 2 = Number of lots. The Phoenix Recovery Bonus is for those who have deposited and traded away all of their funds. The bonus amount is 15% of the initial deposit and is added to the account only if all of the initial deposit is exhausted.
The terms and conditions for each of these bonuses can be accessed online using the following links:
Deposit Bonus – https://static.lmfx.com/doc/Deposit_Match_Bonus_Terms_Conditions.pdf
Phoenix Recovery Bonus – https://static.lmfx.com/doc/The_Phoenix_Bonus.pdf
It is advised that all traders read and understand the terms and conditions surrounding bonus funds before accepting them. This does not apply solely to LMFX bonuses, but also those offered by any and all FX brokerages.
LMFX is also one of the few brokerages offering regular contests. As the time of this writing, they are offering three different contests for traders to participate in, each of which offers cash prizes. Check their website for information on the most recent round of live contests.
Deposit Methods & Costs
One of the primary advantages of selecting LMFX as your broker is the fact that they charge zero fees on deposits. The chosen deposit method makes no difference. There is no charge on any method.
Below are the accepted payment methods, along with lowest accepted minimum amounts:
- Visa – 50 USD/EUR
- MasterCard – 50 USD/EUR
- Wire Transfer – 250 USD/EUR
- Skrill – 50 USD/EUR
- Neteller – 50 USD/EUR
- Fasapay – 50 USD/EUR
- VLoad – 50 USD/EUR
Visa and MasterCard deposits are typically credited to an account within 30 minutes. Bank wire transfers can take anywhere from 2 to 15 business days. All other deposit methods are instant.
Withdrawal Methods & Costs
As with deposits, LMFX charges no fees on withdrawals. Again, this is a distinct advantage, especially for traders who choose to make multiple deposits and withdrawals of smaller amounts.
Below are the available withdrawal methods, along with lowest accepted minimum withdrawal amounts:
- Visa – 10 USD/EUR
- MasterCard – 10 USD/EUR
- Wire Transfer – 1000 USD/EUR
- Skrill – 10 USD/EUR
- Neteller – 10 USD/EUR
- Fasapay – 10 USD/EUR
- VLoad – 10 USD/EUR
Do note that while LMFX chooses not to charge any fees on deposits or withdrawals, there could be fees assessed by any of the banks and payment providers listed above. Banks often charge a fee for sending and accepting wire transfers and online payment processors often charge their own fees. Be sure to understand the costs and factor these into your decision of which payment and deposit methods to utilize.
Withdrawal Processing & Wait Time
Withdrawals submitted before 10:00 AM server time are processed on the same business day. This is yet another perk of choosing this Forex broker, as most have a 48-hour wait time for processing. Once a request is processed, the wait time will be dependent upon the payment service provider. Below are the averages for each.
- Visa – 2-15 business days
- MasterCard – 2-15 business days
- Wire Transfer – 2-15 business days
- Skrill – Same business day
- Neteller – Same business day
- Fasapay – Same business day
- VLoad – Same business day
Educational & Trading Tools
This brokerage offers a wide range of educational resources and trading tools, including video tutorials, seven different trade calculators (Fibonacci, Pivot Point, Position Size, Pip Value, Risk & Reward, Risk Percentage and Multitarget), an economic calculator and in-depth market analysis. With LMFX MT4, traders have access to more than 50 advanced indicators and tools which can help you to analyze the price dynamics of financial instruments across multiple frames, identify trends, calculate entry and exit points, and more.
LMFX offers several contact methods for current and prospective clients to use to reach their support team. Phone, email and live chat are available. In addition, a contact form is provided on the website. While this is no different than most Forex brokers, there is one advantage that they offer which is direct access to their trading desk. This is excellent, as traders can reach out to a team member who can help specifically with trades. Contact information and instructions for trading desk contact are included below.
-Primary Business Phone: +44 2035192105
-Customer Support: +44 2035192105 or firstname.lastname@example.org
-Sales Department: +44 2035192105 or email@example.com
-Affiliates Department: firstname.lastname@example.org
-Trading Desk: +44 2035192105
An unlimited use demo account is made available by LMFX. New Clients must register an account in order to open a demo trading account. Existing clients may login to their Wallet and open the demo account directly from there. Per usual, the demo account does not provide the same exact trading conditions as the live platform will, but it does, “Mirror as closely as possible actual market conditions.” Some basic information will need to be provided when creating a demo account, so be prepared to supply your name, email address, telephone number, date of birth, and preferred currency selection.
Residents of Belgium, Bulgaria, Macedonia and Cyprus and not allowed to trade with LMFX. All others, including the United States, can create an account with them. They are indeed considered to be among the best brokerage options for U.S. residents, who are not allowed to trade with most regulated brokers.
LMFX has a well-designed, organized website, allowing for easy access to all the information that one might need when trading. They do not provide multiple trading platforms, but most will not case, as MT4 conditions to be a preferred platform. The one word that comes to mind when summarizing LMFX is SOLID. When examining each of the areas broken down and listed above, LMFX passed the test. These elements as a whole equate to a reliable broker that is capable of meeting the needs of most, if not all, who trade or plan on trading Forex.