LMFX is an unregulated online foreign exchange broker providing retail and institutional trading offering Forex and CFDs on Indices, Shares, and Commodities. Its best offerings include competitive trading conditions to go with its MetaTrader-only platform.
Discover what other good features LMFX has by reading this broker review in full.
LMFX Background and Safety
LMFX is the flagship brand of the company known as Global Trade Partners Ltd. On its official site, the broker did not display any information about its foundation and history, not even its official company name.
When choosing a broker, transparency should be one of the primary considerations that traders should look into and that LMFX fails to deliver in this aspect by just basically not being open about its brokerage background and history.
What the broker claims is that it is an innovative financial service provider with a mission to provide the full spectrum of cutting-edge trading tools and services to its clients. More so, the broker boasts its set of advantages being an online broker which includes comprehensive educational materials, a range of trading calculators, in-depth daily Market Analysis, one-click trading, and generous bonuses and promotions.
Global Trade Partners is a registered business in Saint Vincent and the Grenadines but its head office is reported to be situated in Macedonia. Since the broker does not provide any information about its regulatory status, it is assumed that the broker has no regulatory certifications from any financial institution.
Being an unregulated broker, the safety of client funds is a primary concern when investing in LMFX. Traders choosing this brand should exercise vigilance and caution when dealing with their trading funds.
LMFX Features and Fees
LMFX gives traders access to the following financial markets for trading:
- Forex
- Indices
- Commodities
- Metals and Oil
- Shares
Account Types
LMFX offers the following account types to its clients:
Premium Account – retails traders can opt for this account as its minimum trade size is set at 0.01 lot and is flexible going up to 60 lots in a single trade. Spreads start from 1.0 pips and no commission fees. The leverage is at 1:1000 and the minimum deposit is at $50. This account features flexible bonus offerings, Personal Account Manager, and competitive spreads.
Fixed Account – traders opting for fixed spreads can maximize their chances by opening this account type. There is no commission fee set while the leverage is set lower at 1:400. The minimum deposit amount is $250 with a minimum reload deposit amount worth $50. The maximum total trade size is 75 lots. This account type goes with Expert Advisors for fixed spreads, Personal Account Manager, and bonuses.
Zero Account – should traders look for a low-cost account, opening this account type may be perfect for them as it has no markups and has ultra-tight, Interbank spreads. Zero raw spreads and commissions for every 1,000 lots are the features for this account type. For $100 worth of minimum deposit, traders are leveraged with a $4 trading fee per trading lot and 1:250 leverage. High-volume traders and scalpers best fit this account.
Funding Methods
LMFX offers the most popular payment options available in the markets today to allow its clients to process instant and convenient deposits and withdrawals.
These methods include Wire Transfer, Visa, MasterCard, Skrill, Neteller, Fasapay, and VLoad. These options are all available for deposit and withdrawal transactions except for VLoad. The good news is that there are no deposit and withdrawal fees for any of these payment options.
Promotions
LMFX utilizes some bonus schemes to lure traders to open their desired account types. LMFX has the Phoenix Recovery Bonus that gives traders a 15% bonus applicable on the first successful deposit transaction which can either be withdrawable or tradable.
It also offers Deposit Match Bonus that gives traders a 100% credit bonus to increase the client’s trading volume and account leverage. However, this offering is subject to certain requirements.
LMFX Trading Platforms and Tools
This aspect of LMFX’s service is another thing to consider as the broker is only offering the MetaTrader platform that comes in various versions. They have Mt4 Terminal, WebTrader, iPhone Trader, iPad Trader, and Android Trader.
LMFX MT4 (Terminal) Features: user-friendly interface, 9 timeframes per instrument, over 50 built-in indicators, market news access, advanced charting and analysis tools, Expert Advisors, Trailing Stop Loss functionality, and multiple language options.
iPhone Trader Features: instant placing of orders, trading history, open positions modification, real-time tick charts and quotes, one-click trading, and dynamic account overview.
Android Trader Features – over 30 technical indicators, real-time quotes, 7 timeframes, 3 chart types, full range of trader orders, trading history, multiple languages, and messaging service via the MQL5 notifications, desktop notifs, and LMFX messages.
Bottom Line
LMFX, on one hand, gives you advantageous trading conditions as it offers a variety of trading instruments and trading accounts, free VPS, and a range of trading calculators.
On the other hand, it also puts you at a disadvantage being an unregulated broker with limited options for trading platforms and incomprehensive set of trading tools.
Weighing which side is more valuable for you as a trader will make your decision of whether to try the broker’s services or opt for another.