Company Overview
LMFX is a global online forex and CFD broker that offers trading services to retail traders around the world. The company is registered in Belize and operates under the regulatory framework of the International Financial Services Commission (IFSC). Founded in 2015, LMFX aims to provide traders with a user-friendly and reliable trading platform, competitive spreads, and a wide selection of financial instruments.
Despite being a relatively young broker in the industry, LMFX has attracted traders with its attractive trading conditions, including a low minimum deposit requirement and a wide range of account types. The broker primarily focuses on forex and CFD trading but also offers a variety of other assets such as commodities, indices, and cryptocurrencies.
LMFX has earned a reputation for its fast execution speeds and competitive trading conditions, appealing to both beginners and more experienced traders. However, like any broker, it has some limitations and areas of concern that potential clients should consider before deciding to trade with them.
Pros and Cons
Pros
- Competitive spreads starting from 0 pips
- Different account types to suit trading needs
- Multiple trading platforms available
Cons
- Unregulated
- Limited educational resources
Security
LMFX takes several measures to ensure the security of its clients' funds and personal information. The broker uses encryption technology to protect client data during online transactions. However, it is important to note that LMFX is regulated by the International Financial Services Commission (IFSC) in Belize, which may not provide the same level of regulatory oversight as brokers regulated in jurisdictions like the UK or the EU.
Additionally, client funds are held in segregated accounts, ensuring that client funds are kept separate from the company’s operating funds. However, traders should consider the jurisdictional risks associated with Belize's regulatory environment before choosing to trade with LMFX.
Tradable Instruments
LMFX provides access to a broad range of tradable instruments, including:
- Forex: Over 50 currency pairs, including major, minor, and exotic pairs.
- Commodities: Popular commodities such as gold, silver, oil, and agricultural products.
- Indices: Trading opportunities on major stock indices like the S&P 500, NASDAQ, and FTSE 100.
- Cryptocurrencies: A select number of cryptocurrency CFDs, including Bitcoin, Ethereum, and Litecoin.
- Stocks: Limited access to stock CFDs from major global companies.
Although the selection of assets is not as extensive as some larger brokers, LMFX offers a well-rounded mix of instruments for traders who wish to focus on key markets.
Account Types
Premium
| Minimum deposit | 0 |
|---|---|
| Commission | 1.0 |
| Available tools | 0 |
| Leverage, min | 1:1 |
| Leverage, max | 1:1000 |
| Margin call level | 50 |
| Stop-out level | 20 |
Micro
| Minimum deposit | 0 |
|---|---|
| Commission | 1.0 |
| Available tools | 0 |
| Leverage, min | 1:1 |
| Leverage, max | 1:1000 |
| Margin call level | 50 |
| Stop-out level | 20 |
Fixed
| Minimum deposit | 0 |
|---|---|
| Commission | 0.0 |
| Available tools | 0 |
| Leverage, min | 1:1 |
| Leverage, max | 1:400 |
| Margin call level | 30 |
| Stop-out level | 15 |
Zero
| Minimum deposit | 0 |
|---|---|
| Commission | 0.0 |
| Available tools | 0 |
| Leverage, min | 1:1 |
| Leverage, max | 1:250 |
| Margin call level | 30 |
| Stop-out level | 15 |
Fees and Commissions
LMFX operates primarily on a spread-based pricing model, but there may also be additional commissions for certain account types, especially for ECN accounts. Below are some of the common fees associated with LMFX accounts:
Spreads:
Spreads for Standard accounts start from around 1.5 pips on major forex pairs, while ECN accounts can benefit from tighter spreads starting at 0.1 pips.
Commissions:
ECN accounts incur a commission fee of around $3 per lot (varies by asset and market conditions).
Overnight Financing (Swap Fees):
Like most brokers, LMFX charges swap fees for holding positions overnight. These fees can vary depending on the asset and the direction of the trade.
Inactivity Fees:
LMFX charges inactivity fees if an account remains dormant for a long period (usually 6 months).
Deposit/Withdrawal Fees:
While there are no deposit fees, some withdrawal methods (such as credit cards or bank transfers) may incur a fee.
Trading Platforms
| Available tools | Indices, Soft Commodities, Forex, Metals, stocks, Energy, CFD |
|---|---|
| CFD | Indices: 9 Commodities: 2 Metals: 4 Energy: 3 Stocks: 40 |
LMFX supports MetaTrader 4 (MT4), which is one of the most popular and widely used trading platforms in the world. MT4 offers a range of features such as:
- Charting Tools: Advanced charting with a variety of technical indicators and drawing tools.
- Automated Trading: The ability to use Expert Advisors (EAs) to automate trades based on pre-set strategies.
- Multiple Timeframes: A variety of timeframes for analyzing market data, ranging from one-minute charts to monthly charts.
- Custom Indicators and Scripts: Traders can install custom indicators and scripts to tailor the platform to their specific needs.
Customer Support
LMFX offers 24/7 customer support via multiple channels, including:
- Live Chat: Immediate assistance available through live chat on the broker's website.
- Email Support: Traders can reach out to LMFX support via email for detailed inquiries.
- Phone Support: International phone support is available, with multilingual support for traders from different regions.
- Help Center: LMFX has a comprehensive knowledge base and FAQ section to address common issues and queries.
Account Opening
Opening an account with LMFX is straightforward:
- Registration: Traders can fill out an online registration form with basic personal details such as name, email, and phone number.
- Verification: To comply with international KYC (Know Your Customer) regulations, traders must upload identification documents, such as a passport or national ID, and proof of address.
- Deposit Funds: Traders can fund their accounts via a variety of methods, including credit/debit cards, bank transfers, and e-wallets such as Skrill and Neteller.
- Start Trading: Once the account is verified and funded, traders can download the MetaTrader 4 platform and begin trading.
Deposits and Withdrawals
LMFX offers multiple deposit and withdrawal options, including:
- Deposit Methods: Credit/debit cards, bank transfers, e-wallets (Skrill, Neteller), and cryptocurrency deposits (Bitcoin).
- Withdrawal Methods: Similar to deposit options, with some additional methods like Bitcoin withdrawals.
- Processing Times: Deposits are typically processed instantly, while withdrawals may take up to 3-5 business days, depending on the method.
- Minimum Deposit: The minimum deposit for the Standard account is just $10, making it accessible to a wide range of retail traders.
FAQ
Is LMFX regulated?
LMFX is registered in Belize and regulated by the International Financial Services Commission (IFSC). However, it is not regulated by top-tier authorities such as the FCA or CySEC.
What platforms are available for trading?
LMFX offers the MetaTrader 4 (MT4) platform for trading on desktop, web, and mobile devices.
What is the minimum deposit to open an LMFX account?
The minimum deposit for the Standard account is $10.
What leverage does LMFX offer?
LMFX offers leverage up to 1:500, depending on the account type and the asset being traded.