LMFX broker review (2022) Review
LMFX is an American broker whose website is only available in English. LMFX is a product of Global Trade Partners Limited, a company opened in 2015 and registered in Macedonia. The Forex broker offers a medium-sized package of assets and a good bonus program. The activities of a brokerage company are not regulated.
LMFX offers trading in many currency pairs, including popular and exotic ones, as well as a wide range of CFDs on indices, commodities, stocks and precious metals. Although it does not include popular cryptocurrency CFDs, this product portfolio is considered quite comprehensive.
LMFX provides a common spread of 1.2 pips on EUR/USD pair. This value is considered competitive in Forex. The leverage levels provided by this broker vary depending on the type of account, but the ratios offered in its premium account are as high as 1:1000. High levels of leverage can help you make large profits by investing small amounts, but it can also bring losses in excess of your initial investment. The second scenario seems much more likely, especially if you are an inexperienced trader.
Overview of the trading platform
The broker offers its customers to conduct trading operations using the classic MT4 terminal, which is common to many traders. The program is available in 3 versions:
- Classic terminal, which can be installed on your computer in just 1 minute;
- Web version, which does not require installation (you can work directly through your browser window);
- Mobile versions for Android and Apple devices will be especially convenient for active traders who trade from anywhere with Internet access.
The MT4 terminal has a user-friendly and simple interface, which makes it easy for even a novice trader to master the program. Another plus is the availability of all major indicators, as well as the ability to install any other tool. Also, users can use trading advisors (special trading programs), but it is better to use them only as an additional tool for market analysis.
LMFX Demo Account
LMFX demo account is not limited in time of use. In order to use the opportunity to practice on the free MetaTrader 4 terminal without any investments, you need to register on the website lmfx.com, indicating:
- your name
- contact phone number
- date of birth and currency type
- as well as confirm that you are not a robot, by a simple example.
Login and password to enter the training terminal will be sent to the specified e-mail.
LMFX clients can choose from 3 trading accounts:
- Premium – with a minimum deposit from $50, leverage up to 1:1,000, a limit on the number of open trades of 100 pcs. (up to 60 lots), Margin Call 50% and stop out 20%.
- Fixed – with a minimum deposit of $250, leverage up to 1:400, a limit on the number of open trades to 150 lots. (up to 75 lots), Margin Call 30% and Stop Out 15%.
- Zero – with a commission of $4 per lot, a minimum deposit of $100, leverage up to 1:250, the limitation on the number of open trades of 200 lots. (up to 100 lots), Margin Call 30% and Stop Out 15%.
Deposits can be made via bank transfers, credit and debit cards, as well as online payments via Neteller, Skrill and FastPay. The minimum deposit amount is $50. The minimum withdrawal amount is $10.
Withdrawal of funds is carried out by the same methods as the deposit.
Traders can contact the LMFX representative by phone and e-mail. Online chat is available 24/5.
Pros and cons of LMFX
A review of LMFX allows us to highlight its advantages:
- there is a free demo account;
- you can use the comfortable MT4 platform to trade;
- availability of bonus programs and contests, including for demo account holders who do not risk their own money at all.
However, the company has several disadvantages:
- the most obvious one is the lack of a regulator;
- another negative point – the website is only in English.
Pros / Cons