An online forex broker, LMFX allows individuals as well as organizations to trade forex commodities, metals, shares, and much more. Both retail and organizational clients get trading services and facilities. Clients have access to update and a comprehensive forex trading kit.
In 2015, LMFX was established as a brand name of Global Trade Partners Ltd. According to the customer agreement of LMFX, it is listed as a Macedonian (FYROM) entity.
Here in the LMFX review, we’ll find out all the answers related to the LMFX scam, account types, trading conditions including leverage, and minimum deposit as well as its regulation.
Regulation of LMFX
GTP Global Solutions Ltd provides payment Services of LMFX. It indicates, this offshore company does not have reliable security services. You must be familiar that registering to any county does not show that the broker has a license, nor regulated by a financial, governmental agency.
You also must be known that in the forex field, scams and frauds are really common, so running business with non-regulated brokers, including LMFX, means that you may lose your money.
Avoiding brokers that are not licensed is recommended. The most valid regulators include the Australian Securities and Investments Commission (ASIC), the FCA of UK, or the Cyprus Securities and Exchange Commission (CySEC).
All these regulators need a specific amount of capital from the brokers to ensure the compensation of funds and a particular level of money’s protection of clients.
Account Types and Spreads
According to the LMFX review, this broker has three account types, such as Premium, Fixed, and Zero.
In this account type, you need at least 50 USD for depositing, and you can choose the leverage to be up to 1:1000, and the spreads begin from 1.2 pips EURUSD.
In the Zero account type, the minimum deposit amount is 100 USD, and you can leverage up to 1:250. Spreads are lower that from 0.2 pips EURUSD. This account has per lot traded commission of 8 USD.
In this type of account, the spreads are fixed and start at 1.8 UERUSD. It has up to 1:400 leverage and the minimum 250 USD deposit amount.
Apart from this, you can even make a demo account for using it unlimited period to check out your strategies and to see how the MT4 platform works.
LMFX offered the spread, 1.2 pips on EUR/USD, and it is known as competitive pricing. Leverage levels that LMFX offered can vary with account types; however, the ratios provided on its Premium account reach 1:1000.
With LMFX MT4 Platform, you can easily access to the quick trade execution, high intuitive, deep liquidity, a strong interface that made MetaTrader 4 as the highly renowned trading platform all over the world.
Over 50 latest indicators and tools are available with LMFX MT4 that helps you to evaluate the price dynamics of fiscal instruments across nine-time frames, recognize trends and analyze entry together with exploit points, etc.
Here are a few features of MetaTrader 4:
- More than 50 built-in indicators
- User-friendly interface
- Nine-time frames for each instrument
- Directly access market news
- Functionality to layer indicators
- Advanced analysis and charting
- Multiple language options
- Make and use Expert Advisors (EAs)
- Trailing Stop Loss functionality
LMFX provides several trading products, including Commodities, Forex, Indices, Shares, Metals, and Oil. With 49 currency pairs, it has 5 Commodities, 9 Indices including copper, coffee, platinum, palladium, and sugar.
For trading, the broker also offers precious metals and oils to its clients. LMFX has NGAS, USOIL, UKOIL, Gold, and Silver.
With LMFX gold and silver bonds, you can have access to the valuable metals markets for 24 hours a day and 5 days a week. Prices for both of these products are USD and EUR based currencies. You can also eliminate any currency contact easily on your trading account that allows you to get benefit from the movement in the field.
LMFX offered deposit and withdrawal methods such as credit/debit card, wire transfer, Neteller, VLOAD, Skrill, and fasapay. For wire transfer, the depositing time is 2-15 days, for credit/debit cards, it is up to 30 minutes, and for e-wallet systems, it is instant. This kind of broker does not charge deposit fees, and it becomes one of the greatest advantages.
LMFX review concludes that it is an offshore forex broker and CFDs broker. It has reliable conditions for trading, including spreads, minimum deposit, and leverage. Several instruments are there, and the broker has the most amazing trading platform, MT4. Although its trading conditions look attractive, it is still not recommended due to its unregulated forex and CFD broker feature.