The broker opened their doors to traders in 2015, and have slowly been working with their customers to create a loyal following. they provide advanced institutional and retail trading for traders of all levels. Traders are allowed multiple accounts with both Real-Money and Demo Accounts, and are given fantastic support. LMFX even offers Islamic Accounts for traders of the Islamic faith, simply ask your account manager for more information on this when registering for your free account.
Licensing & Regulation
LMFX is owned/operated by Global Trade Partners Ltd, a corporation incorporated and governed by the laws of the Republic of Macedonia. they need registered head offices at 28 Koco Racin Blvd, 1000 Skopje, Macedonia and their support services are located from offices in Bulgaria. They operate as an offshore broker, and as an offshore broker, traders from ALL REGIONS are welcomed including those located in USA. the sole exclusions are for traders located in Macedonia and Bulgaria thanks to the corporate having operations there.
One of our foremost concerns with offshore brokers has always been the segregation of operational and trader funds, and another is restricted banking options. LMFX put us comfortable here, as they’re highly focused on the safety of client funds and segregate all operational/client funds from point of deposit to withdrawal. They use traditional and e-banking institutions like Skrill (formerly MoneyBookers), and Neteller – two of the foremost reputable eWallets available at the time of scripting this review (June 2016). Two of the most important eWallets within the world. they are doing not work with any brands which will tarnish their own; another great indicator of LMFX’s reputation.
LMFX’s own legal documentation is out there freely online, and openly states that within the HIGHLY UNLIKELY event that LMFX stops operations, client funds are going to be returned immediately. They also reassure us that the normal and e-banking institutions they partner with, will always be well-established and under no risk of closure. Furthermore, “The Company spreads any default risk by holding several accounts across different organizations and countries thereby diversifying any risk not only at the organizational level but also at the country level” (source: LMFX Security of Funds – Legal Document).
Trading Platform and Accounts
LMFX provides traders with access to both Real and Demo accounts, and is actually suited to traders of all levels (a term that gets used tons , but is certainly relevant here). If you would like multi-accounts of either, that’s not a drag . It’s as straightforward as registering your free account the primary time, and your account manager/support are available to guide you thru the method if you’ve got any issues.
Demo Accounts are available to everyone, and LMFX allows up to 3 demo accounts per trader. This allows you to test their platform and execution times, or allows less experienced traders how to practise trading with zero risk. you’re given up to $100,000.00 USD in demo funds per demo account, but if you need more, LMFX uniquely offers traders the chance to re-load demo funds. It’s as easy as emailing [email protected] and making an invitation . there’s no advertising here, and this makes the broker even more appealing.
There are four sorts of Real-Money Trading accounts offered at LMFX. These are called the Premium, Zero, Fixed and PAMM accounts.
Premium: Premium accounts are setup for retail FX traders and provides tons of flexibility. This account allows you to trade 0.01pip micro-lots, up to 60 lots during a single trade and a leverage of up to 1000:1.
Zero: this is often the low cost LMFX Zero-Spread account, that permits you to trade on Interbank spreads. The account also boasts NO Markups, and Tight Spreads (starting from 0.0 pips). you’ll trade up to 100 lots during a single trade and it allows a leverage of 1000:1.
Fixed: This account is ideal for traders that want to trade with fixed spreads. This account provides you with greater control and accuracy for calculating positions. It also allows you to trade up to 75 lots during a single trade and a leverage of 400:1.
PAMM: also referred to as , “Percentage Allocation Money Management”. If you don’t have the skill, time or the experience to trade, (or you only like better to have all the diligence finished you) – a PAMM account allows traders the power to use professional money managers to assist them take advantage of trading. this needs you to sign away power of attorney to your money manager. Your risk and rewards are often high. NB: Please remember of the extent of risk whenever you sign away power of attorney for management of your funds.
Once past the straightforward registration process (which includes email verification, but only takes minutes), you’ll enter the client area of their online client area. This provides you with access to the multiple platforms offered by LMFX:
WebTrader: this is often the browser based trading platform offered by LMFX. The interface of their clean website is that the common theme here, and provides a highly intuitive web-based trading platform. this is often recommended for brand spanking new traders, or those using an Apple desktop device, and don’t wish to download the PlayOnMac (Wine) emulator for MT4.
MetaTrader 4 (MT4): This platform is that the industry standard for currency trading, and requires no introduction. This platform must be downloaded and installed locally on your desktop device. Windows users can simply install and start using it, but Apple desktop users will got to download the PlayOnMac (Wine) emulator for MT4. If you’re unacquainted this, don’t worry – LMFX offer detailed instructions. Pro Tip – If you’re a high volume trader, or trade from a neighborhood with limited broadband capability, cash in of the LMFX FREE VPS (Virtual Private Server) offering and install your MT4 terminal there. this may provide the foremost stable environment for your trading platform and only had 1 millisecond latency between live and VPS at the time of testing.
MetaTrader 4 Mobile Trading (IOS & Android): Trading on mobile is more popular than ever. As LMFX use the MT4 platform, they are doing not require a proprietary mobile app. Instead, they provide us the tested and proved MT4 Mobile Trader platform. As you recognize , or probably guessed – just like the MT4 terminal, the MT4 Mobile Trader sets the industry standard on mobile currency trading, and is that the basis of most proprietary apps. We couldn’t be happier with this offering.
We have struggled to seek out fault or issue with LMFX, and their support function is not any different. In fact, i might go thus far on state that this is often the standout feature of the broker. they provide incredible support. this is often rather surprising for a broker that only launched a year ago, as (sadly) most new brokers tend to focus more on acquiring new traders than supporting them. LMFX operate during a totally different style, more like the larger, skilled brokers like AvaTrade or XM. The client experience is vital , and this is often the rationale we believe the broker will continue to become a formidable force within the future.
The support team is very capable and available via email, phone, or the livechat feature on the broker website. A note, LMFX use a client communication portal called Queelo. The livechat feature is an option within this area. We state this as some traders may find the interface confusing and use the messaging area mistakenly for a talk function, or be unable to seek out it. Once you access the interface, the chat function is one among the choices on the navigation menu located to the left of the most portal welcome screen.
The support team works 24hrs each day , 5 days every week (Monday to Friday). they are doing not work on weekends, but do offer prompt email responses upon their return, to any enquiries submitted throughout the weekend. Email responses on weekdays average 4=four hours, but we found the bulk of emails were replied to within one hour. No issue was too big, no problem too small – they listened and actioned any issues quickly and efficiently.
This is the aforementioned team in Bulgaria, but English speaking traders needn’t worry, the team’s ability to help , communicate and respond promptly were surprisingly efficient. Support is additionally offered in Russian, Spanish and Arabic, and that we found no issues here either. We highly doubt you’d have any issues with this support team.
You can use your local currency to form deposits, via Credit/Debit cards, Skrill, Neteller, FasaPay or Wire Transfer, but LMFX will only provide trading accounts in USD and EUR. A leverage between 250:1 to 1000:1 is out there (depending on account type).
The minimum first deposit amount is €/$50, and therefore the redeposit minimum is €/$25. there’s no limit set by LMFX for max deposits, however their Credit/Debit cards deposits are limited to $10,000 within a 24hr period. Withdrawals are often requested via the LMFXConnect Wallet (their payment area). The minimum withdrawal amount is €/$10, and there’s no charges for this. All withdrawal requests made before 10am (GMT+3) are going to be processed on an equivalent day. As always, we urge you to send your ID verification in at the time of opening your account, so on avoid delays during withdrawal.
A number of bonuses also are offered, like the 100% initial deposit match bonus. this is often valid on all deposits over $100, and up to a limit of $30,000. The trading requirement to withdraw bonus funds is like the bonus amount awarded/2 = number of lots to be traded. for instance , a deposit of $100 will get another $100 in bonus funds. 100 (bonus funds) divided by 2 = 50 (the number of lots to be traded before bonus funds are often withdrawn). Another bonus is that the aptly named redeposit offer, the “Phoenix Bonus”, with the catchy punch line “Helping you Rise Again”. this is often a 15% “recovery bonus” that’s automatically applied to your account on redeposits (however small that redeposit amount may be).
Why Trade at LMFX?
LMFX offers a spread of trading accounts suitable for traders of all levels and requirements. Their demo account has no expiry time, and is obtainable with $100,000.00 in reloadable demo funds – fantastic for those traders that wish to practise. If that wasn’t attractive enough, their “Learn and Earn” promotion is tied to the performance of the demo accounts and therefore the highest performing demo traders with real cash monthly (1st place $1000, 2nd place $500, 3rd place $250).
Their use of proven platforms such MT4 and therefore the FREE VPS feature, along side the superb support and features like the Trading Calendar, marketing research and video tutorials increase the experience. As do the trading tools, which include the Fibonacci, Pivot Points, Pip Value and Risk Percentage calculators. Tight spread and fast executions are further reasons we recommend this broker. In fact, we are pleased to offer LMFX a full 5-star rating, and therefore the TradersAsset seal of approval.
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