LMFX Review 2023
LMFX is an innovative online foreign exchange broker that offers advanced institutional and retail trading conditions to a global audience. We believe in the importance of building strong, secure foundations and the cornerstone of our mission is to provide the full spectrum of cutting-edge trading tools and services that our clients require to succeed in the world’s most liquid market.
Our goal is to deliver an unparalleled trading experience that offers the most competitive trading conditions available to each and every client, allowing them to trade Forex and CFDs on Commodities, Indices and Shares.
At LMFX, we know that our clients need to stay close to the markets and we provide a comprehensive range of mobile and desktop MT4 platforms to ensure that they never miss a market movement. In addition to an advanced trading environment, 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.
LMFX delivers what traders in today’s financial markets need the most! From fast execution and deep liquidity to automated withdrawals of trading profits and ensuring funds are deposited securely in segregated accounts, we are on call 24 hours a day, 5 days a week to help our clients with their trading needs.
- Offers both fixed spread and variable spread ECN accounts, making it suitable for different types of Forex strategies
- Accepts Clients from USA
- Offers very high leverage up to 1000:1
- Attractive bonus offers, including 100% of bonus when trades make a minimum $100 deposit
- Near instantaneous funding with major credit and debit cards
- Lacks regulatory oversight by reputed government agencies
- Company Info
- Swap Comparison
- Volume Comparison
Headquarters | Skopje, North Macedonia |
Type of Broker | STP |
Founded | 2015 |
Regulated By | Regulated By Not Regulated |
Offices In | North Macedonia |
Supported Languages | English |
ESMA Regulation ? | This broker is not regulated within the E.U and is not subject to ESMA's new Forex and CFD trading restrictions. To find out more about these restrictions, please see this article |
Typical Spread on Majors - Live
EUR/USD | 1.2 |
GBP/USD | 2 |
USD/JPY | 1.4 |
Order Excution Tests Results - Live
LMFX Server Location: , |
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Our Client Terminal Location: St. Louis, United States |
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Average Time (ms) |
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Server Response |
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Order Excution (Normal Hours) |
1397 |
Order Excution (During News) |
1609 |
Review Sections
In the world of different types of Forex brokers, LMFX is an interesting one. LMFX is one of the handfuls of Forex brokers that still accept clients from the United States, despite the clumsy FATCA regulations still in effect.
It is a foreign exchange brokerage firm owned and operated by a company called Global Trade Partners Ltd. Although the domain name lmfx.com was registered back in 2005, our research suggests that LMFX started operating as a Forex broker as early as 2015. The web server of the company is hosted in Luxembourg, but the parent company is apparently registered in the Republic of North Macedonia.
While most brokers gladly list their office headquarter address on the website and boast about how they voluntarily being regulated by different Government authorities, LMFX's contact page does not list any address at all. We, however, found that the office of their parent company is located at 28 Koco Racin Blvd., 1000, Skopje, North Macedonia.
Forex traders residing outside the United States have a ton of options in the international market when it comes to picking a suitable Forex broker. If trading with a regulated broker is important to you, LMFX will likely not be the choice. However, the lack of regulation means LMFX can innovate beyond regulatory restrictions and their range of market-focused operations speak volumes about their commitment to providing quality service.
This high quality of service and feature-rich trading functionalities of LMFX prompted us to take the time to review its services. We found that LMFX caters to a very niche market of Forex traders who want to deal with an honest broker and enjoy quality brokerage service that is often hampered by overarching rules of regulatory authorities, especially in the United States.
While LMFX is currently not regulated in major financial markets, their payment processor is based in the St. Vincent and the Grenadines. Hence, part of their operation is regulated by the Financial Services Authority (FSA) in that country.
While it is not being regulated by any reputed regulatory authority, LMFX does ensure the safety of the client's funds by depositing them in a segregated account. This way, the operational funds of LMFX remain separate from the client deposits. In the unlikely case of liquidation, LMFX states on the website that they will refund client funds after deducting any reasonable transaction fees.
LMFX has structured its services by offering three distinct types of accounts in order to cater to different types of Forex traders. The first account is called a Zero account and the name derives from having zero pips spreads on some of the Forex pairs. While there are commissions involved, we found them to be very low.
LMFX only requires a $100 opening deposit and Forex traders can subsequently top-up their account by adding a minimum $50 whenever they want to. While LMFX offers crazy leverage like 1000:1 on their other accounts, which is approaching the highest in the Forex industry, the Zero account caps it at 250:1. LMFX has structured the Zero account to cater to traders who conduct a lot of trades, such as scalpers. By looking at the Zero account features, it is clearly signaling an ECN model service.
The Second account type offered by LMFX is called a Fixed account. As the name suggests, the Fixed account has fixed spreads. Traders can be certain that if they open a trade with 3 pips spread, the trade will be closed with 3 pips of spreads. However, the problem with such an approach is that during highly volatile market conditions, the Fixed account tends to skip filling market orders if the price moved too fast. But we found that during relatively regular market conditions when liquidity and volatility are stable, the Fixed account provides accurate quotes and fills the orders with predictable spreads.
LMFX is clearly being a market maker to keep the spreads static with the Fixed account. Nonetheless, it comes with the added benefit of having much higher levels of leverage compared to the Zero account. The Fixed account requires traders to make an initial deposit of $250.
The last account type you can have with LMFX is their Premium account. It might sound like the highest tier account a broker can offer, but surprisingly, it has the lowest minimum opening deposit requirement of $50.
But the Premium account is indeed catered for the serious traders as it comes bundled with perks like a Personal Account Manager, no commission trading environment, and the functionality to open a hundred trades at a time. Not to mention, the Premium account from LMFX offers one of the highest leverage we have come across, which is 1000:1. It means you can deposit $100 and trade up to $100,000 or a full standard lot worth of currencies with the Premium account.
While the Premium account offers insanely high leverage, there is a catch. And, the catch is that it has a margin call threshold of 50%, much higher compared to the other two accounts, where the margin call threshold is set at 30%. So, if you use high leverage, you will likely get a margin call much faster with the Premium account.
A quick comparison of different accounts offered by LMFX
LMFX has positioned itself to be a primarily a Forex broker. But they have introduced a range of other assets in recent years to cater to the growing demand for diversification from traders. Currently, you can trade 48 Major and Minor Forex pairs; 7 commodities like Gold, Silver, and Oil; 5 Commodity CFDs, including Coffee, Copper, and Platinum; 9 stock Indices such as the U.K.'s FTSE or the German DAX; and some of the major stock CFDs from the NYSE, NASDAQ, and the London Stock Exchange (LSE).
One of the great benefits of trading with LMFX is its policy about allowing unlimited usages of the demo accounts. Existing clients can simply open new demo accounts to test their strategies and forward test the viability of expert advisors in real-time.
LMFX has implemented the time-tested MetaTrader 4 (MT4) trading platform from MetaQuote to run its brokerage operations. While clients can enjoy the full range of trading functionality of MetaTrader 4, including WebTrader and the mobile trading suite that supports both Android and iOS devices, there are no other options.
The MetaTrader 4 platform comes with a diverse range of technical analysis capabilities. In fact, regardless of how much time you have invested to learn advance level technical analysis, the MetaTrader 4 will likely have the tools and indicators for catering to your needs.
Many brokers try to up their competitive advantage in the industry by subscribing to third party signal providers and additional plugins. But we found that LMFX has kept its trading platform bloatware-free. Once you download and install the LMFX MetaTrader 4, you will find a clean and default interface that packs all the built-in features of the original software.
As we mentioned earlier, the three different accounts offered by LMFX appear to be based on different models. While the broker is likely acting as a market maker and operating a dealing desk with Fixed and Premium accounts, the Zero account is likely connected directly to the liquidity providers via MetaTrader 4.
Hence, if you want to trade with an ECN model broker, open the Zero account. But keep in mind that there are benefits and disadvantages to trading with ECN accounts and for most traders, LMFX's Fixed and Premium accounts will be sufficient, if not preferred, as they offer predictable fee structure.
LMFX provides a single point of phone contact via their hotline in the UK, which can be reached at +44 2035192105. Their support desk can be reached via email at support@lmfx.com. But, if you want your broker to address any urgent concern, you can simply visit the website and start a live chat. However, we found that online chat representatives are more suited to answering questions regarding account services and sales rather than providing technical support to clients.
LMFX also runs a Facebook community page with the handle @LmfxBrokerage, but it is not that active. Only 2800+ people have liked the page and following the page and the last activity from the broker was in May 2019!
Based on our criteria, we gave the following ratings to their customer service:
Funding your LMFX Forex brokerage account is relatively easy. Professional traders who trade with large capital will find it easier to fund their accounts via Wire Transfer in Euro and U.S. Dollars. LFMX officially says that it takes from 2 to 15 days for the funds to be deposited in your account if you wire it. However, in practice, it usually should never take 15 days. We found that the minimum wire transfer amount of $250 to be reasonable.
If you want to deposit smaller amounts, using a Visa or MasterCard debit or credit card might be the right way to do so. Funds are deposited to your account within 30 minutes and the process is seamless. But, if you want an instant deposit to avoid a potential margin call or take advantage of an emerging opportunity in the markets, using third-party payment processors like Neteller and Skrill would be the way to go, which LMFX gladly accepts as deposit and withdrawal methods.
We were happy to find that LMFX also supports lesser-known payment processors like FasaPay and VLOAD.
Keep in mind that for using Debit/Credit cards as well as third-party payment processors, the minimum deposit amount is $50. While there is no official maximum deposit amount with these instantaneous payment methods, it is better that you use wire transfers to deposit large sums of funds in your LMFX account.
LMFX is currently running two distinct promotional offers. With the Deposit Match Bonus offer, new clients who make a minimum $100 deposit will be eligible for a 100% bonus on the deposit. However, the catch is, you have to execute a certain volume worth of transactions to be able to withdraw the bonus.
The second promotional offer is called Phoenix Bonus. If you are a beginner trader and somehow managed to lose all of your invested capital, you will get a 15% bonus on the subsequent deposit into your LMFX account.
Let's ask a philosophical question: in a free market, where the is no government involvement in running a business, how would a company thrive? By the strength of its reputation because there is no other way to legitimize its existence or increase its brand equity. It appears that LMFX has decided to ditch the traditional brokerage model of being regulated in key jurisdictions and focusing on serving a niche segment on the power of reputation alone.
LMFX has positioned itself to leverage its lack of regulatory oversight to offer its services to a broader range of Forex traders, including traders from the United States.
Besides the lack of regulatory oversight, we found LMFX to run a very smooth operation that can compete against major brand names in the Forex industry. However, if you are investing rather large sums, the safety and security of your funds should be a top priority and we would recommend that you perhaps research other options.
However, if you are looking for a decent broker that offers great bonuses and offers top-notch brokerage service and you are willing to risk a reasonable amount of capital, LMFX would be a good choice.
FAQ
Where is LMFX located?
LMFX's headquarters are in Skopje, North Macedonia. Payment services are provided by GTP Global Solutions Ltd. in Saint Vincent and the Grenadines, and crypto services by Live Markets LLC in the Comoros Union.
Is LMFX a scam?
LMFX is operated by a registered company called Global Trade Partners Ltd and has been in business since at least 2015. LMFX does not appear to be a scam, based on how long it has been trading and the balance of reviews.
Is LMFX regulated?
No, LMFX is not regulated and also does not fall under ESMA regulations despite being geographically located in Europe. Having no regulatory oversight allows LMFX to offer features that many regulated brokers can’t, such as high leverage.
Does LMFX accept US clients?
No, LMFX does not accept US residents as clients. LMFX stopped accepting US clients in 2023.
What leverage does LMFX offer?
LMFX offers a maximum 1000:1 leverage. This is a high leverage when compared to most forex brokers.
What deposit methods does LMFX accept?
LMFX accepts deposits via Instacoins, Wire Transfer, Skrill, Neteller, FasaPay, Bitcoin, Ethereum, Dash, and over 30 other cryptocurrencies.
Is VPS available at LMFX?
Yes, LMFX offers free VPS for account balances that are $5000 or more.
Does LMFX have Swap Free Accounts?
Yes, LMFX offers swap free accounts (also known as Islamic accounts) on all four of their account types. These accounts are available to any trader.
Does LMFX charge commissions on trades?
LMFX charges a commission of $4 per side on its Zero Account, which offers tight spreads. It does not charge commissions on its Micro, Fixed, and Premium Accounts.
What is the minimum deposit requirement at LMFX?
LMFX requires a minimum deposit of $5 for its Micro and Fixed accounts. The minimum deposit increases to $15 for the Zero Account and $25 for the Premium Account.
Does LMFX offer PAMM?
No, currently they do not offer PAMM or MAM.
Does LMFX have Negative Balance Protection?
Yes, LMFX does have Negative Balance Protection for all its accounts.
Does LMFX keep client’s funds segregated?
Yes, LMFX does keep client’s funds in segregated from the company’s operational bank accounts. This adds a layer of security to client funds in the unlikely event of liquidation.
LMFX Reviews
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Currencies Swap | |||
---|---|---|---|
Short | Long | Type |
Swap Chart for EURUSD for different FX Brokers |
---|
Change Currency | ||||
---|---|---|---|---|
Volume | ||||
AUDCAD | 121 | |||
AUDCHF | 81 | |||
AUDJPY | 124 | |||
AUDNZD | 113 | |||
AUDUSD | 96 | |||
CADCHF | 54 | |||
CADJPY | 117 | |||
CHFJPY | 135 | |||
EURAUD | 152 | |||
EURCAD | 126 | |||
EURCHF | 97 | |||
EURDKK | 1 | |||
EURGBP | 77 | |||
EURHUF | 33 | |||
EURJPY | 252 | |||
EURNOK | 87 | |||
EURNZD | 81 | |||
EURPLN | 16 | |||
EURUSD | 93 | |||
GBPAUD | 102 | |||
GBPCAD | 87 | |||
GBPCHF | 84 | |||
GBPJPY | 228 | |||
GBPNZD | 77 | |||
GBPUSD | 98 | |||
NZDCAD | 75 | |||
NZDCHF | 65 | |||
NZDJPY | 111 | |||
NZDUSD | 50 | |||
USDCAD | 59 | |||
USDCHF | 70 | |||
USDCZK | 112 | |||
USDDKK | 65 | |||
USDHKD | 15 | |||
USDHUF | 72 | |||
USDJPY | 189 | |||
USDNOK | 111 | |||
USDPLN | 71 | |||
USDSEK | 32 | |||
USDSGD | 83 | |||
XAUUSD | 172 | |||
XAGUSD | 22 |
Volume Chart |
---|
- Company Info
- Swap Comparison
- Volume Comparison
Headquarters | Skopje, North Macedonia |
Type of Broker | STP |
Founded | 2015 |
Regulated By | Regulated By Not Regulated |
Offices In | North Macedonia |
Supported Languages | English |
ESMA Regulation ? | This broker is not regulated within the E.U and is not subject to ESMA's new Forex and CFD trading restrictions. To find out more about these restrictions, please see this article |
Currencies Swap | |||
---|---|---|---|
Short | Long | Type |
Swap Chart for EURUSD for different FX Brokers |
---|
Change Currency | ||||
---|---|---|---|---|
Volume | ||||
AUDCAD | 121 | |||
AUDCHF | 81 | |||
AUDJPY | 124 | |||
AUDNZD | 113 | |||
AUDUSD | 96 | |||
CADCHF | 54 | |||
CADJPY | 117 | |||
CHFJPY | 135 | |||
EURAUD | 152 | |||
EURCAD | 126 | |||
EURCHF | 97 | |||
EURDKK | 1 | |||
EURGBP | 77 | |||
EURHUF | 33 | |||
EURJPY | 252 | |||
EURNOK | 87 | |||
EURNZD | 81 | |||
EURPLN | 16 | |||
EURUSD | 93 | |||
GBPAUD | 102 | |||
GBPCAD | 87 | |||
GBPCHF | 84 | |||
GBPJPY | 228 | |||
GBPNZD | 77 | |||
GBPUSD | 98 | |||
NZDCAD | 75 | |||
NZDCHF | 65 | |||
NZDJPY | 111 | |||
NZDUSD | 50 | |||
USDCAD | 59 | |||
USDCHF | 70 | |||
USDCZK | 112 | |||
USDDKK | 65 | |||
USDHKD | 15 | |||
USDHUF | 72 | |||
USDJPY | 189 | |||
USDNOK | 111 | |||
USDPLN | 71 | |||
USDSEK | 32 | |||
USDSGD | 83 | |||
XAUUSD | 172 | |||
XAGUSD | 22 |
Volume Chart |
---|
- Account Details
Account Currencies | USD, EUR |
Minimum Deposit | $50 |
Traders from USA Allowed | No |
Clients Funds Segregated | Yes |
Interest on Margin | No |
Islamic Accounts | Yes |
Islamic Account Restrictions | Anyone |
ECN / STP Accounts Offered | Yes |
Commission on STP or ECN | $4 / Lot per side |
VIP Accounts Offered | No |
Mini Accounts Offered | No |
PAMM / MAM Solutions | Yes |
API Solutions | No |
Mobile Trading | Yes |
Web Based Trading | Yes |
Funding Methods | Instacoins Wire Transfer, Skrill, Neteller, FasaPay, Instacoins, Bitcoin, Ethereum, Dash, + 30 other Cryptos |
Withdrawal Methods | Skrill, Neteller, FasaPay, Bitcoin |
- Platform Details
Platforms Offered | MetaTrader 4, MetaTrader 4 Mobile, MetaTrader 4 iOS, MetaTrader 4 Android, WebTrader |
NO of Pairs | 47 |
Pricing Digits | 5 |
Trade off Charts | Yes |
One-click Execution | Yes |
Email Alerts | Yes |
Mobile Alerts | Yes |
Trading Server Time | GMT + 2 |
Demo Account Expiry | Non-Expiring |
VPS Offered | Yes |
Free VPS Conditions | Free with account balances over $5000 |
- Trading Details
Dealing Desk | No |
Maximum Leverage | 1000:1 |
Minimum Contract Size | 0.01 |
Execution | Market Execution |
Hedging | Yes |
Scalping | Yes |
Scalping Restrictions | No |
Option of OCO | No |
Option of FIFO | No |
Liquidity Providers | 3+ |
Negative Balance Protection | Yes |
- Additonal Instruments
CFD's | Yes |
Metals | Yes |
Oil | Yes |
Stocks | Yes |
Futures | Yes |
Indices | Yes |
EFT's | Yes |
- Currencies Swap
Short | Long | Type | |
AUDCAD | -3.60 | -1.60 | 0 |
AUDCHF | -6.90 | 0.00 | 0 |
AUDJPY | -15.10 | 0.00 | 0 |
AUDNZD | -3.20 | -4.80 | 0 |
AUDUSD | -0.30 | -3.10 | 0 |
CADCHF | -7.90 | 0.00 | 0 |
CADJPY | -15.40 | 0.00 | 0 |
CHFJPY | -10.70 | -0.10 | 0 |
EURAUD | -2.20 | -8.60 | 0 |
EURCAD | -2.10 | -6.00 | 0 |
EURCHF | -9.80 | 0.00 | 0 |
EURDKK | -53.60 | -52.00 | 0 |
EURGBP | 0.00 | -5.80 | 0 |
EURHUF | -14.30 | -90.30 | 0 |
EURJPY | -21.90 | 0.00 | 0 |
EURNOK | -29.20 | -83.10 | 0 |
EURNZD | 0.00 | -12.40 | 0 |
EURPLN | 0.00 | -53.70 | 0 |
EURUSD | 0.00 | -8.10 | 0 |
GBPAUD | -8.30 | -1.30 | 0 |
GBPCAD | -10.10 | -0.30 | 0 |
GBPCHF | -16.10 | 0.00 | 0 |
GBPJPY | -40.10 | 0.00 | 0 |
GBPNZD | -1.20 | -4.50 | 0 |
GBPUSD | -4.50 | -4.10 | 0 |
NZDCAD | -4.50 | -0.60 | 0 |
NZDCHF | -7.30 | 0.00 | 0 |
NZDJPY | -16.40 | 0.00 | 0 |
NZDUSD | -1.10 | -1.90 | 0 |
USDCAD | -8.70 | 0.00 | 0 |
USDCHF | -15.00 | 0.00 | 0 |
USDCZK | -9.10 | -14.90 | 0 |
USDDKK | -70.30 | -2.60 | 0 |
USDHKD | -61.90 | -22.90 | 0 |
USDHUF | -2.50 | -70.20 | 0 |
USDJPY | -29.90 | 0.00 | 0 |
USDNOK | -69.60 | -28.80 | 0 |
USDPLN | -1.40 | -38.60 | 0 |
USDSEK | -97.90 | -7.10 | 0 |
USDSGD | -13.40 | -1.40 | 0 |
XAUUSD | -10.00 | -39.27 | 0 |
XAGUSD | 0.00 | -11.30 | 0 | Compare Swap rates from other Brokers |