Detailed LMFX Broker Review
LMFX is an innovative Forex broker owned by GeoTrust and located at https://www.lmfx.com. Customers are offered advanced trading technologies that are combined with the best conditions for earning on currency pairs and CFD contracts – this is the official positioning, which can be found in the Why Choose LMFX section. Next, we will study the trading conditions and see if the LMFX broker is customer-oriented and can provide the best trading solutions.
The site is not translated into other languages of the world. In the descriptive part, there is only general information that clients’ funds are reliably protected and are stored in separate bank accounts that are not connected with the broker’s accounts. The problem is that the company does not have a license from a financial regulator and LMFX managers are responsible for the distribution of all financial resources. This means that if a broker goes bankrupt or becomes a victim of an economic crisis, then customers will lose all their savings and will not be able to claim compensation. Therefore, with trust and security problems.
|Year of foundation||2016|
|Platforms||MetaTrader 4, MT4 WebTrader|
|Markets and Products||Currency pairs, indices, commodity market assets, oil and metals, stock CFD|
|Spreads||From 0.2 pips|
|Minimum deposit||50 $|
|Maximum leverage||1: 1000|
|Types of Accounts||Premium, Fixed, Zero|
|Deposit and withdrawal||Neteller, Wire Transfer, Skrill, Visa, Maestro, MasterCard, VLOAD, FasaPay|
The main platform is the standard MetaTrader 4 terminal, the desktop version of which is available only under Mac OS. For all other users, MT4 WebTrader is available, which has multilingual support and is suitable for any modern browser. Separately provided trading terminals for mobile gadgets on iOS / Android and there is a special version for trading on the iPad.
About 50 currency pairs, 9 popular indexes, 5 products of the commodity market, 7 assets from the “Metals and Oil” category and many CFD-contracts for shares from the world’s largest stock market sites are available for trading. A complete list of trading instruments can be found in the Products section.
Fees and charges
For trading accounts Premium and Fixed, different types of spreads are provided without any additional charges. Spreads are not accrued for the Zero account, however, there is a commission ($ 4) for using each trading lot. The forex broker LMFX does not provide for other additional fees.
For technical support, a British telephone number, mail, and a message sending form are available in the Contact Us section. You can also use the online chat, which is hidden in the lower right corner of the site: write your name → indicate mail → click “Start the chart” and ask a question. Technical support is fast and responsive, but can only communicate in English.
The Education section is responsible for education, which has three categories: Video Instructions, Trading Tools, and Economic Calendar. The “video instructions” are limited to the recommendations for setting up the MetaTrader 4 terminal and the basic course on the basics of trading in the foreign exchange market – the information is presented in a convenient structured form, but it is too small and it is only in English. The “Tools for Trading” contains different types of calculators, which are for reference only and in most cases are needed only to build the concept of a trading strategy. The Economic Calendar category is represented by a widget that does not contain tooltips and does not offer convenient sorting of news.
All customers can participate in the bonus program, which at the time of the review consists of two offers:
- You can get a recovery bonus – if you lose a deposit, the LMFX broker will return 15% of the amount spent.
- You can take advantage of a credit bonus and double your trading account.
Each bonus program has its specific conditions, the details of which you can see in the “Promotions” section.
LMFX: advantages and disadvantages
- A wide range of trading tools for trading.
- There are no hidden fees.
- Users can choose between floating and fixed spreads or replace the spread with a constant commission.
- There are several bonus programs and the ability to earn extra income by attracting referrals.
- The company operates without a license from a financial regulator.
- There is no own platform, and the available version of MetaTrader 4 is not adapted for Windows.
- To communicate with technical support, you need knowledge of the English language – consultants do not communicate through online translators and do not take any actions to help customers.
- Weak educational program and a small number of useful tools for trading.
LMFX is a typical gray broker who cannot guarantee the safety of customers and does not have non-standard trading conditions for which you can risk opening a deposit.
Therefore, we do not approve of the company and do not recommend starting to work with it.
There is too high a chance of being deceived.