LMFX Review 2020

General Information

Website URL: https://www.lmfx.com/

Founded: 2015

Regulation: Not regulated

Languages: English, Spanish, Portuguese 

Deposit Methods: Visa, Master Card, Wire Transfer, Skrill, Neteller, FasaPay and VLoad

Minimum Deposit: From $50

Free Demo Account: Yes

Types of Assets: Forex pairs, Stocks, Indices, and Commodities

LMFX is an unlicensed offshore brokerage that was founded back in 2017. Company headquarters are located in North Macedonia. On paper, they offer a wide selection of tradable instruments including Forex and CFDs. With an impressive homepage, LMFX has a lot to live up to. In our LMFX review we breakdown all of its features to determine whether this brokerage can be trusted.

Trading Platform

LMFX does a great job creating a level playing ground for traders of all levels. Experience trader will certainly gravitate towards the acclaimed Meta Trader 4 platform. You can download it directly from LMFX on both PC and Mac and five into its comprehensive set of tools right away. On the other hand, beginners will prefer the Web Trader, that is lacking some advanced features, but makes up in the user-friendly interface, that makes it easy to experience trading even if this is your first time. The lack of clutter even makes this platform perform better.

All types of traders will like the inclusion of mobile platforms (iOS and Android). While these versions offer an inferior experience to their desktop counterparts, they can be a useful tool if you are not close to your computer and wish to quickly make small adjustments to your strategy. 

Account Types

LMFX realizes the need for offering several account tier for different types of traders. Currently, there are three distinct types:

Premium account highlights include trade sizes starting at 0.01lots, leverage of 1:1000, flexible bonus offering, personal account manager, competitive spreads starting at 1 and much more.

Created for traders who prefer fixed spreads. Additionally, you receive leverage of 1:400, personal account manager, access to all financial instruments and much more.

This account is basically a low-cost trading account with no mark-ups and spreads starting from 0.0pips. You also receive commissions starting at 1k lot, which is ideal for scalping and high-volume trading.

Customer Support

LMFX offers quite a limited range of communication channels. While all of their representatives we encountered were very polite and highly professional, reaching them proved to be a daunting task. You can either call them (there are two UK-based lines) or write to them via email or the on-page form. Either way, you will be facing long waiting times that will frustrate you for sure.

Deposits and Withdrawals

Good news is that traders can access almost every, industry-standard, payment option. You can choose between Visa, Master Card, Wire Transfer, Skrill, Neteller, FasaPay and VLoad. As expected, your waiting times will heavily depend on which method you are using. If you don’t own an eWallets, be prepared to wait several days for your funds to be transferred thanks to bank policies. On the other hand, eWallet owners can enjoy nearly instant transfers. On several occasions, we did experience an issue with our withdrawal request needing several days to get approved, but we couldn’t determine how frequently and why this occurs.

Education

The education section should be one of the most important parts of any brokerage. This is sadly not the case. LMFX does offer something of value, but it is hardly praise-worthy. The economic calendar is a one-stop place that highlights the most important upcoming market events. Unfortunately, it is not interactive. Traders can also access the trading tools section where they can calculate and experiment with many tools such as Fibonacci, Pivot Points, Pip Value, Risk percentage. While these materials are nice, we would love to see something more substantial for the novice traders who need a better grip on how the market actually works.

At the end of our LMFX Review, we need to emphasise one more time, this is a competent broker who still lacks some key features that could propel it to the top of the competition. This way, we are left with an inconsistent experience. Until we see some drastic improvements in the education, support and payment systems, we would advise traders to look elsewhere.