Richard Montana | May 25, 2022
LMFX is an online broker that gives you access to trade the markets via the easy to use MetaTrader 4 platforms for all of your devices. You can choose from a wide variety of Forex and CFD trading instruments with very good trading conditions including low spreads from just 0.2 pips, rapid execution speeds at the best possible prices and no commission fees. I like how they give you a choice of flexible account types depending on your experience level and what you need for your trading strategy. The broker has plenty of powerful and innovative trading tools to help with your market analysis and trade management. You will find there are various quick and easy funding options including digital wallets. If you are a beginner then you will be pleased with the free educational content provided. There is also the option of a demo account so you can practice trading online without any risk. If you want to get started with a real account then the minimum deposit is just $50 which is relatively low compared to many other brokers. All of this is backed by 24/5 around the clock support. I have had an account with the broker for a few years now and have yet to run into any problems. All of my withdrawals have been processed in a timely manner and support has always been excellent.
Pros / Cons
- Easy to use trading platforms
- Good variety of trading instruments
- Commission free trading
- Low spreads & rapid execution speeds
- Fixed & variable spread accounts
- Range of convenient deposit/withdrawal methods
- No deposit/withdrawal fees
- Trading calculators & other useful tools
- Free VPS for qualifying clients
- Prompt 24/5 customer support
- Free demo trading accounts
- Currently not regulated
- Could add more educational content
- No FIX API trading solutions
- No managed account options
- No crypto funding at the moment
- No Islamic swap-free accounts
LMFX provide a great range of trading products and services which I think can be suitable for both retail and institutional clients from all over the globe. They have a vast range of trading instruments in various markets including Forex, Commodities, Stocks, Shares, Indices, Metals, Energies & CFDs. Whatever your interests, there is something for everyone to trade with top class conditions.
The broker gives you seamless market access via the popular MetaTrader 4 (MT4) platforms for desktop, web and mobile trading through the MT4 app. I like how they have deep liquidity pool that implements liquidity from various providers to ensure they can deliver fast execution speeds at the best market prices with minimal slippage. This makes them a suitable option for all trading strategies, including scalping and automated trading with expert advisors. I would compare them to Traders Way in terms of trading environment.
I found them to have a good selection of educational video courses in a dedicated education section of the website. This can be great to help beginners increase their trading knowledge and shows that the broker cares about clients making informed trading decisions. You get a flexible choice of accounts and multiple convenient methods of funding. They are one of a few brokers I have come across who have leverage of up to 1:1000 available, along with Hugo’s Way. The friendly multilingual support team is on hand 24/5 to answer general or technical questions.
The broker is currently not regulated by any government agencies but it is operated by Global Trade Partners Ltd, registered in the Republic of Macedonia. Whilst I would prefer a regulated broker, I am also well aware that this means LMFX are able to provide us with certain trading conditions that a regulated broker could not due to strict regulatory procedures. If you would prefer to trade with a regulated broker, you might want to consider AvaTrade as they are regulated in multiple jurisdictions.
The broker states that they hold client funds in several pooled accounts across different organisations and countries, separate from the company accounts. They state that even in the event they were to 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.
According to their live chat support, the broker actually accepts clients from all over the world except for some countries where regulators do not allow them to do so. If you find that you cannot open an account with them for whatever reason, please feel free to take a look at our broker ratings for another option.
LMFX have the popular MetaTrader 4 (MT4) trading platform that was developed by the MetaQuotes Software Corporation and is provided in multiple languages. MT4 is available on desktop (Windows / Mac), web and mobile (iPhone / iPad / Android / Tablet). I have been using MT4 for many years and find it to be perfect for my online trading needs. It allows me to easily do everything that I need to and much more. I can analyse charts in great detail, place and manage trades. It is also one of the best trading platforms for automated systems in my opinion. I run multiple instances of MT4 on my VPS to test brokers and various strategies. I think the platform should have more than enough to meet the demands of all traders, regardless of how complex your market analysis is. If you find there is something missing from the platform, you will find a plethora of additional trading tools in the MQL marketplace and can even use the platforms programming interface to build your own in the MQL4 language. That being said, if you just want to follow the markets and trade in comfort, then MT4 will certainly suffice. For those who need institutional trading solutions via FIX API, then FXPIG are worth consideration.
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. If you want to see how the MT5 platform compares, Bold Prime have both of the MT4 & MT5 platforms.
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. I think this is great as it means you can access your account from any device and will always be using the most up to date version of the platform. However, one of the main disadvantages of the web platform from my perspective is that it does not support automated trading. For that, you will need the desktop version of the MT4 platform.
MT4 Mobile Platform
The MT4 mobile platform is available for use on both Android and iOS. This platform is useful for those of you who trade on the go and need to access your 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 which is a great way to be alerted when price reaches your target level without you needing to stare at charts all day long waiting. I use trading apps all of the time because they let me track my trades from wherever I am. I like being able to take the markets with me in my pocket and will often check what is happening around the world from my sofa or even in bed.
The broker has a good 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. Whilst I think the average trader will find the MT4 platform to have all of the tools they need and more, I would have liked to see the broker implement some additional trading tools for enhanced market analysis capabilities. Autochartist and Trading Central being some examples. You can get both of these from GO Markets if you are looking for software that can automatically scan the markets for customised trading signals.
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. You can view the previous, forecast and actual results of events on the calendar. I always like to cross reference my trade decisions with a news calendar. I find it helps me to avoid getting caught on the wrong side of a major news release. It can also be a great tool for inspiring trade opportunities that may occur prior to news being released.
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. You can get a free VPS from other brokers including PaxForex.
The broker has some helpful 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. This is another area in which I think they could improve signficantly. It may not matter much to you if you alreayd have lots of expeirnece. However, if you are new to trading online then you can find some more educaitonal content over at TradeDirect365.
The broker has a generous range of trading instruments in multiple markets including Forex, Indices, Commodities, Shares, Metals & Oil. You will find major currency pairs, stocks of major companies and commodities including gold and silver. Whilst there is pleny to build a diversified portfolio, you will need to look elsehwere if you want to trade cryptos. For that, KOT4X can be worth a look.
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. With LMFX you can trade forex on major, minor and exotic 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 trading lets you trade in a basket of stocks including the U.K.’s FTSE or the German DAX. As you can with the single stock CFDs, you are able to trade the price of the underlying asset without actually owning it for a competitive commission fee.
Through the broker, 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 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.
I found the broker to have a good 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 your very own personal account manager. The account type that you go for will probably depend on what matters the most for your trading strategy. There are accounts with tight spreads and a commission fee on top. If you don’t need tight spreads, then you can always opt for an account that has spread mark-ups but no commission fee. They don’t have managed accounts, but you can checkout FXChoice if this is something you are looking for.
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. This account type is geared towards scalping and high-volume trading.
The fixed account requires a minimum deposit of $250 and has fixed spreads from 1.8 pips (USDJPY) with 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. The fixed account can be useful for Expert Advisors (EAs) that operate with fixed spreads.
Demo accounts are available to test the different trading platforms and conditions before opening a real account. I would always suggest testing a broker on a demo account to begin with. This is to make sure that they have suitable conditions for your trading strategies. If you are new to trading, it can also be a great way to practice your strategy risk free and build confidence before opening a real account.
The broker gives you access to a multilingual customer support team who you can reach 24/5 via online chat, telephone and email. They are prompt and efficient with their responses using the live online chat feature. I have always managed to get answers to my questions in a timely manner.
I was impressed with the excellent 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. Some fees may be charged when using certain payment methods and some methods may only be available to specific countries. If you want cryptocurrency funding then Hankotrade could be an option.
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. I personally prefer digital wallets as I find this to be one of the quickest ways for me to get access to my funds for trading. Withdrawals submitted before 10:00 AM server time are processed on the same business day. Bank transfers may take a few business days to clear whilst some methods such as card payments can be instant.
Accounts can be opened in a limited choice of currencies. Currently only EUR & USD are supported. I think they could improve by adding support for some more currencies, especially when you consider that they cater to a global client base. If you want more base currencies, Blueberry Markets can be worth a look. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.
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. It only took me a few minutes to fill out the form and receive my login details. I like how everything is done online as you would expect nowadays.
Overall, I feel that LMFX can be a good choice of broker for those who are looking to trade the markets with minimal fuss. You get access to a very good range of trading instruments across multiple markets and flexible account types for different trading styles. They provide user-friendly trading platforms with low spreads, no commission and rapid trade execution speeds. I also like how there is a good range of convenient payment options and 24/5 customer support. I think there are some minor things they can improve on. I would like to see some more educational content and additional tools for market analysis. It would also be great if they implemented some crypto funding options. Other than that, if you are a retail trader who just want to follow the markets and place trades in a convenient way, then you could get started with an account from just $50. You can even open a free demo account and see how you get on before making any financial commitment.