LMFX Review 2020
LMFX have a wide selection of instruments for trading Forex and CFDs. They offer flexible account types and competitive trading conditions but are let down heavily by a lack of regulation.
LMFX Review 2020, Pros & Cons
- Variety of trading instruments
- Fixed spread accounts
- Commission free accounts
- Trading calculators
- Free VPS
- Not regulated
- Limited trading tools
- Limited trading platforms
In this detailed LMFX review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
LMFX is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including LMFX.
LMFX Review: Summary
LMFX is an online broker providing trading services for retail and institutional clients across the globe. They offer trading instruments in various markets including Forex, Commodities, Stocks, Shares, Indices, Metals, Energies & CFDs.
LMFX have a range of useful trading calculators for clients to use and offer the MetaTrader 4 (MT4) platforms for desktop, web and mobile trading. They also have a selection of educational video courses in the LMFX Education Centre to help clients increase their trading knowledge.
LMFX aim to deliver fast execution speeds and deep liquidity. There are multiple convenient methods of funding and flexible leverage of up to 1:1000 is available. The friendly multilingual support team is on hand 24/5 to answer general or technical questions.
LMFX Review: Regulation
LMFX is a legally registered broker operated by Global Trade Partners Ltd. and GTP Global Solutions Ltd, incorporated in Saint Vincent and the Grenadines, but not regulated by any government agency.
Traders should be aware of the risks when using any broker, especially an offshore broker that is not regulated. The investor protection that would usually be in place for regulated brokers will not apply with an unregulated broker such as LMFX.
LMFX claim to hold client funds in several pooled accounts across different organisations and countries, separate from the company accounts. They state that in the event LMFX go into liquidation, all client funds held in these segregated accounts will be returned to clients minus any costs for the administration and distribution of these funds. As an unregulated broker, there is no way to verify if this information is in fact true.
LMFX Review: Countries
According to their live chat support, LMFX accept clients from all over the world except for Macedonia, Bulgaria, Belgium and Cyprus. Some LMFX broker features and products mentioned within this LMFX review may not be available to traders from specific countries due to legal restrictions.
LMFX Review: Trading Platforms
LMFX have the popular MetaTrader 4 (MT4) trading platform that was developed by the Russian MetaQuotes Software Corporation and is provided in multiple languages. MT4 is available on desktop (Windows / Mac), web and mobile (iPhone / iPad / Android / Tablet).
The MT4 platform has an intuitive user interface with a wide range of features making it the preferred platform of choice for many new and experienced traders.
In MT4 you can view trading instruments real price quotes from the market watch window and load charts in 9 time frames. There is over 50+ technical indicators built in for analysing charts and the ability to create/add custom indicators to the platform. Multiple order types are supported and you can set alerts based on specific events via pop-up, email and SMS.
There is an economic calendar to stay up to date with the latest market news and automated trading is possible through expert advisors (EAs). These can be coded within the MetaEditor interface in the MQL4 programming language and tested in the MT4 strategy tester over historical data.
MT4 Web Platform
The MT4 web platform offers the same functionality as the desktop version with the benefit of not needing to download and install any additional software. It runs directly in most modern web browsers.
MT4 Mobile Platform
The MT4 mobile platform is available for use on both Android and iOS. This platform is useful for those who trade on the go and need to access their trading account from anywhere in the world where there is an internet connection. The app contains most of the same features as the other platforms including placing/managing/closing positions and chart analysis. Push notifications can also be set.
LMFX Review: Trading Tools
LMFX have a selection of calculators that can be used for planning trades and a free VPS for eligible clients. There is also an economic calendar to keep up to date with the latest market news releases.
You enter the high and low to quickly calculate four basic Fibonacci support and resistance retracement values at 23.8%, 38.2%, 50% and 61.8%.
Pivot Points Calculator
Enter the high, low, close and current open price to calculate Floor, Woodie’s, Camarilla and DeMark’s pivot points and to predict potential support and resistance levels.
Position Size Calculator
This calculates position size on currency pairs to help manage your risks.
Pip Value Calculator
This calculates pip value depending on account currency, currency pair and position size.
Risk & Reward Calculator
This calculator can help to calculate a position’s targets and the respective risk to reward ratios based on the Fibonacci retracements from the top and bottom.
Risk Percentage Calculator
This calculator helps to determine your lot size based on your account currency, currency pair, account balance and the percentage that you are willing to risk, open price, and stop loss price.
This calculator helps with planning what levels a portion of positions can be closed at to try and get the best risk to reward ratio from a trade that is possible.
The economic calendar can be used as part of a fundamental analysis. It displays economic events, the currency affected and the level of expected impact. Users can view the previous, forecast and actual results of events on the calendar.
Virtual Private Server (VPS)
A VPS allows you to remotely run your trading platform 24/7 without needing your own computer switched on. This is useful for those who wish to keep an automated expert advisor running or those who do not have a reliable internet connection.
The VPS comes with the LMFX MT4 trading platform already installed so that you can start trading instantly. It costs $20 per month or is free to clients who deposit into an LMFX trading account with at least $5,000.
LMFX Review: Education
LMFX have some video tutorials available on their website. There is a beginners trading course and a MetaTrader 4 platform course. Each course contains a series of easy to follow videos that are followed with some questions to make sure you understood the content.
LMFX Review: Trading Instruments
LMFX offer a range of trading instruments in multiple markets including Forex, Indices, Commodities, Shares, Metals & Oil.
The foreign exchange (forex) market is a global decentralised or over-the-counter market for the trading of currencies. is the largest in terms of volume. The forex market is made up of banks, commercial companies, central banks, investment management firms, hedge funds, and retail forex brokers and investors.
LMFX offer trading on major, minor and exotic FX currency pairs with variable or fixed spreads and competitive commissions.
LMFX indices provides a diversified point of access to various countries individual stock exchanges. Rather than trading one single stock, indices allow you to trade in a basket of stocks including the U.K.’s FTSE or the German DAX.
As you can with the LMFX single stock CFDs, you are able to trade the price of the underlying asset without actually owning it for a competitive commission fee.
Through LMFX you can trade commodities including softs; wheat, sugar, coffee, corn and metals; palladium, copper and platinum. LMFX contract for differences (CFDs) on commodities allows traders to speculate on the fluctuating prices of the commodity without needing to physically own it.
Metals & Oil Trading
LMFX offer precious metals trading 24/5 with gold and silver prices being quoted in the EUR and USD base currencies. Oil spreads are competitive and both are again traded as CFDs.
LMFX also offer single stock CFDs on global stock markets including the NYSE, NASDAQ, LSE. Clients can buy and sell stocks CFDs of large companies such as Amazon, Google and Facebook with leverage and competitive commissions.
LMFX Review: Trading Accounts & Fees
LMFX have a range of flexible account types to suit different trader needs. There is the premium, fixed and zero accounts to choose from. The main differences between them is in the spreads and commissions. All accounts come with you very own personal account manager. Demo accounts are available to test the different trading platforms and conditions before opening a real account.
As broker fees can vary and change, there may be additional fees that are not listed in this LMFX review. It is imperative to ensure that you check and understand all of the latest information before you open a LMFX broker account for online trading.
The premium account requires a minimum deposit of $50 with variable spreads starting from 1 pip and no commission charged. The minimum lot size is 0.01 and maximum total trade size 60. Leverage of up to 1:1000 is available on this account type.
The zero account is the LMFX low cost trading account with no mark ups and raw interbank spreads. It requires a minimum deposit of $100 with variable spreads starting from 0 pips and commission starting from $4 per standard lot. The minimum lot size is 0.01 and maximum total trade size 100. Leverage of up to 1:250 is available on this account type.
The fixed account requires a minimum deposit of $250 with fixed spreads and no commission charged. The minimum lot size is 0.01 and maximum total trade size 75. Leverage of up to 1:400 is available on this account type.
LMFX Customer Service
LMFX offer multilingual customer support 24/5 via online chat, telephone and email. They are prompt and efficient with their responses using the live online chat feature.
LMFX Review: Deposit & Withdrawal
LMFX offer a variety of methods for convenient deposit and withdrawal including bank transfer, card and online payment processors. You can fund and withdraw from your account within the client area using a payment option of your choice.
The method that you choose to use may depend on how long it takes to process. If you want something quick then you may consider an online payment processor such as Skrill or Neteller. Withdrawals submitted before 10:00 AM server time are processed on the same business day.
Some fees may be charged when using certain payment methods. Bank transfers may take a few business days to clear whilst some methods such as card payments can be instant. Please note that some methods may only be available to specific countries.
Accounts can be opened in EUR & USD. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.
LMFX Review: Account Opening
Opening an LMFX account is a quick and easy process. You simply complete the short online registration form and verify your email address. You then need to upload proof of identification such as a passport and proof of address such as a utility bill no older than 3 months. Once the accounts team have verified your account, you can add funds and being trading.
LMFX Review: Conclusion
LMFX have a very good range of trading instruments across multiple markets and flexible accounts for different trading styles. The trading calculators and VPS offering are very useful and the support team approachable. Whilst there is potential based on the services offered and trading environment, they are heavily let down by the lack of regulation.
Contracts for Difference (‘CFDs’) are complex financial products that are traded on margin. Trading CFDs carries a high level of risk since leverage can work both to your advantage and disadvantage. As a result, CFDs may not be suitable for all investors because you may lose all your invested capital. You should not risk more than you are prepared to lose. Before deciding to trade, you need to ensure that you understand the risks involved taking into account your investment objectives and level of experience.