Is LMFX a Scam? Detailed LMFX Review Updated 2024

Their website does provide new traders lessons via an animated video. LMFX also provides numerous important forex calculators which enable traders to have complete statistics on their trades. These include the Fibonacci, Pivots Point, Position Size, and Pip Value calculators. This consists of trading in gold and other precious metals which are hard commodities. The majority of brokers will provide various kinds of market instruments for trading.

  1. LMFX is known to offer a wide selection of instruments for Forex and CFD traders.
  2. Furthermore, since 1 August 2018 The European Securities and Markets Authority (ESMA) has placed investor protection measures on the marketing, distribution, or sale of CFDs to retail clients.
  3. As an offshore entity, the broker is not regulated by any financial regulator, and therefore carries certain risks that traders should be aware of.
  4. But while this transparency is usually indicative of a trustworthy broker, we don’t recommend signing up to unlicensed providers.
  5. LMFX offers trading in a total of 47 currency pairs through its three account types.

They also lack lumber, cotton, cocoa, wheat, and soybean in their tradable commodities list. For metals offered, they do not have aluminum, nickel, lead, and iron. As much as they offer shares of listed companies from the United States of America and the United Kingdom, these do not include a lot of stocks. This limits the trader’s options and would significantly lower their opportunities in trading more volatile issues. It is worth noting that access to markets such as the Hang Seng index is a big disadvantage. A good broker constitutes a good service for traders in terms of many criteria including trading instruments,
deposits and withdrawals, as well as customer support.

Furthermore, since 1 August 2018 The European Securities and Markets Authority (ESMA) has placed investor protection measures on the marketing, distribution, or sale of CFDs to retail clients. The bonus is just a reward for the trader’s choice that gives some of these expenses back to the trader, once proving himself as an active trader. Then they have the Deposit Match Bonus, which is a 100% Credit Bonus and increases account leverage. In order to verify your account, you need to upload proof of your identity document, such as a photo of your driving license, passport, or ID card. For proof of residence, you can use a bank statement or utility bill.

A 100% credit bonus is available on deposits between $100 and $30,000. However, investors must trade 100 lots before they can withdraw the match bonus. The application supports all the order types available on the computer-based server, including stop losses, as well as real-time price quotes, one-tap trading, and full market history.

LMFX is one of the only offshore Forex broker that accepts US clients. This is largely due to the fact that LMFX is unregulated by any official financial authority. Many US client reviews of LMFX have stated no big issues accepting US residents.

Forex Brokers We Recommend

For those who are already involved in the online trading markets, the demo account lets them test their strategies and experience the LMFX trading platform with zero cost. FXView provides access to 2 different live trading accounts, Raw ECN, and Islamic, Swap-Free. In Dec of 2024, I started trading with LMFX mainly focusing on joy and AUD pairs, trading the Asian market, starting with a mid-sized premium account I.

LMFX is a global trading platform in the sense that it operates
in 194 countries
including nations in
Africa, Asia, Oceania, and Europe. Major countries LMFX covers include
the UK, Germany,
South Africa,
Thailand, the United States China and Australia. You must be diligent and thorough in your LMFX review selection process to safeguard your hard-earned money. It’s crucial to do your due diligence and research the reputation, track record and trust worthyness of LMFX. You must also ensure the LMFX broker’s profile, trading tools, fees and regulation aligns with your needs and goals. Visiting many broker websites, all of which have different language uses.

When using LMFX, the minimum trade size is typically varies units of the base currency of the instrument being traded. However, this amount may vary based on the specific account a user has opened. With the ECN and STP execution methods offered by the platform, traders using LMFX can enjoy tighter spreads and greater transparency when it comes to the pricing of their trades. LMFX lists comprehensive educational materials and in-depth daily market analysis as two of its advantages; neither assertion is correct. The former reloads the Why Choose LMFX page, and the latter loads a blog which has not been updated since June 24th, 2020.

Performing trades with LMFX

It’s important to note that while leverage can enhance profits, it also increases the risk of losses. Traders should exercise caution and use leverage responsibly, considering their risk tolerance and trading strategies. This margin level is the amount a trader needs to maintain to keep a position open. The margin call for the Fixed and Zero accounts is 50% and for the Premium is 30%. Investors requiring Islamic banking accounts should note that LMFX can not serve their needs due to the overnight swaps that LMFX charges.

When was LMFX founded?

Brokers that operate under the supervision of regulatory authorities like LMFX are subject to strict guidelines that prohibit them from manipulating market prices to their advantage. Regulatory oversight ensures brokers operate with integrity, fairness, and transparency, safeguarding investors’ deposits. LMFX are held accountable for their actions and may face severe consequences if they violate any financial regulations. If you are a client of LMFX and wish to withdraw funds from your account, you can rest assured that your request will be processed promptly. LMFX has a reputation for efficient and reliable fund transfers, and adhere to the rules of the financial regulators they are regulated with. When you submit a withdrawal request, LMFX will verify your account details and process the payment within the stipulated timeframe, usually within a few business days.

Users simply need to visit the official website and click on the green tab on the right-hand corner of the page, “Open Live Account”. Similarly, there is also another white tab, “Open Demo Account” for users who wish to try the demo account version first before trading with real money. For any order types remaining at the time of the stock market closure, the limit orders will be automatically deleted according to the exchange rules. Overnight financing charges will apply to all Single Stock CFDs transactions and forex, without any charges incurred for holding Intraday positions.

Can you win real money in the LMFX demo contest?

The deposit bonus offers a 100% match on all first-time deposits in the amount of $100 or more. The Phoenix bonus is equal to 15% of the total first deposit amount and will only be added to the account if the entire first deposit is lost. Obviously, both bonus types have terms and conditions to go with them, so be sure to read up on those before accepting bonus funds. As per the LMFX review, the trading fees and commissions vary depending on the account type the traders choose. The LMFX metals contracts (gold and silver) allow traders to access the precious metals market 24 hours, 5 days a week. LMFX provides competitive Oil spreads to traders who can in turn use those spreads to invest in oil-based markets.

Our team has compiled a series of detailed LMFX comparison articles, pitting the LMFX platform against some of the best-rated LMFX competitors in the market. Dive into our informative LMFX Vs pages below to find out how LMFX stacks up against other leading brokers. Trading financial instruments is a high-risk activity that requires careful consideration and risk management.

The available content consists of brief market commentary and no market analysis. The LMFX trading tools feature seven calculators, which provide manual traders with limited benefits in their current form. LMFX should, instead, offer them as MT4 plug-ins, where traders can effectively deploy them. That would also upgrade the core trading platform and display a commitment to providing a competitive trading environment. For a broker in operation for more than five years, there is no excuse for the absence of either. VPS hosting is available, which supports automated trading solutions.

LMFX Review 2023

LMFX provides a demo account that enables individuals to explore trading before investing their funds. By creating a LMFX practice account, users can gain experience and knowledge of how to trade effectively. Demo trading accounts like the LMFX demo account can help individuals to make informed decisions before investing their money. It’s essential to note that the trading instruments offered under the LMFX brand may vary depending on the customer account holder and country of residence due to regulatory restrictions.

Explore the LMFX platform and train yourself to think systematically and logically about the markets. Like other brokers, LMFX margin requirements can differ depending on the traded instrument. Brokers like LMFX must disclose any inactivity fees as part of their regulations. The type of account and broker you sign up for, will determine whether or not you can be charged an inactivity fee under certain circumstances. LMFX are able to accommodate various levels of traders whether you are experienced or a beginner.