LMFX Review 2024: A High-Leverage CFD and Forex Broker or More?

LMFX lets you be flexible with the leverage. While 1:1000 is the highest offering, you can stay safer and opt for something as low as 1:1 or no leverage to initiate trades.

But wait, do not take my word for it! Instead, read through this detailed LMFX review and decide whether this forex broker is the one to consider. Let’s evaluate everything immediately, from features to fee structure to the sign-up flow.

Pros and Cons

If you are too excited to jump directly to the detailed, section-wise evaluation of LMFX, I suggest you read the list of pros and cons once. This would give you a better idea as to what makes LMFX a cut above the rest.

Pros

• Seamless UI
• A diversified lot of tradable instruments
• Zero commission trading
• Favorable bonus option
• Low minimum deposit threshold
• High and flexible selection of trading leverage
• Multiple account types
• Works with MetaTrader 4

Cons

• It doesn’t support a lot of languages as part of the multilingual platter
• Lacks regulatory compliance

Only the Premium account lets you go as high as 1:1000 with the leverage. The lowest maximum threshold associated with the Zero account is 1:250, which is still competitive enough.

Background and History

LMFX draws its presence from its flagship brand — Global Trade Partners Limited. It is based in Macedonia and registered per the guidelines relevant to Grenadines and Saint Vincent.

And while the company doesn’t explicitly mention the launch date, sources reveal it as 2015, making it one of the oldest forex brokers. Despite offering end-to-end financial services, as of 2024, it isn’t registered with any notable financial authority.

Despite sharing similarities with other brokers like Coinexx and more regarding trading platforms and spread tightness, LMFX has avoided cryptocurrency trading since early 2024.

How to Get Started?

To create an account with LMFX, you must hit “register.” Once done, you must fill in the details to make the LMFX wallet. If you want to start depositing funds immediately, verify your credentials using the supported documents like any utility bill and a government-registered ID.

Once done, you get access to the LMFX interface and start depositing funds right away.

Once you sign up and log in, you must install the MetaTrader 4 as a desktop or mobile app using LMFX-generated credentials. This way, you can start using the deposited funds to trade. MT4 can also be used as a web trader, which requires no installation.

Regarding fund deposit methods, LMFX supports credit and debit cards, wire transfers, e-wallets, and bank transfers. Also, while the standard minimum deposit limit is $50, you can go as low as $5 with select account types. Even crypto deposits are supported despite LMFX not supporting crypto trading.

LMFX Platforms Explored

Notably, LMFX needs a dedicated or, rather, a proprietary trading platform. Unlike Coinexx, one of its competitors, it doesn’t offer traders both MT4 and MT5. LMFX relies on MetaTrader 4, which can be accessed as a desktop app and even mobile apps — for Android and iOS.

Here are the specific traits relevant to the MT4 desktop app and MT4 mobile app (s):

Desktop App

• Availability across platforms — Linux, Windows, and Mac
• Connection with LMFX live server
• Access to 50 advanced trading indicators

LMFX MT4 for Android

• One-click trading option
• Quick access to pending orders
• Easy to handle stop-loss and take profit levels
• Access to Elliott, Gann, and other patterns

LMFX MT4 for iOS

• Easy download and installation support
• Access to notifications
• Access to 30+ popular indicators

LMFX also lists the MT4 web interface on its page to give users quick access to the trading tools.

Features and Offerings

It is finally time to address the elephant in the room — the LMFX features. While the signup flow, supported trading platforms, and more can ease your onboarding process, the feature set keeps you loyal to a given Forex broker.

Diverse Trading Tools

As mentioned earlier, LMFX comes staked with diverse trading instruments, excluding crypto assets that aren’t supported. The first thing associated with the forex broker is the availability of multiple forex pairs — major, minor, and even exotic. LMFX has everything on offer, with the spreads starting at 0.2 pips.

Here is a short list of the supported forex pairs:

Besides Forex, you can also trade indices, commodities, metals, energy stocks, and standard stocks as CFDs. As for the stocks, LMFX supports CFDs relevant to the NYSE, NASDAQ, and LSE.

Forex pairs and all CFDs do not incur additional charges for holding onto the intraday positions, provided you have the relevant account.

Trading Accounts

As mentioned, LMFX gives you access to Premium, Micro, Fixed, and Zero accounts, allowing you to enjoy spreads as low as 0 pips to as high as one pip for specific assets. Regarding trading CFDs, the lowest lot size is 1000, which corresponds to the Micro account.

Also, depending on the eligibility, every account type can be converted to an Islamic account, where positions can be held interest-free for up to a week.

Here is how the accounts compare:

Calculators

As a forex trader, you should know about the attracted transaction pips, risk percentage, risk-and-reward ratio, and Fibonacci trading levels to initiate powerful and profitable trades. LMFX has calculators for every such requirement, making it easier for you to open and close positions, choose leverage and do more with your capital.

High Bonuses

LMFX is one of the few brokers that offer different kinds of bonuses. The first is the deposit match bonus, where the amount equivalent to your deposit sum — at least 100 USD — is credited in a withdrawalable form, provided all the trading conditions are met.

This forex broker also offers the Phoenix Bonus that sits idle and gets credited to your account once you lose all the trading capital.

Besides the mentioned features, LMFX also makes room for a separate learning section for forex traders, helping traders make sense of charts, strategies, and more. Furthermore, a Learn-to-earn program for the users is conducted each month, allowing them to win up to $1,750.

Like many other reputed forex brokers, even LMFX offers demo account support, allowing new traders to learn how to use virtual cash and get into the more challenging world of live trading.

Fee Structure and Overheads

The fee structure is the next thing to evaluate in the case of any forex broker. For starters, LMFX supports commission-free forex trading. However, you might need to pay an opening and closing commission of $4 each for CFDs.

The $4 commission is only paid by the zero account holders, not the fixed and premium account holders.

And while the spreads are as low as 0.2 pips, this only applies to the zero account. For any other account, the lowest spreads can start at 1.1 pips and go as high as 2.6 for pairs like GBP/USD.

Finally, LMFX doesn’t charge anything for deposits and withdrawals. Unlike the low deposit limit of $50 to $5 on LMFX, the withdrawal limit is set to $100.

Security Standards and the State of Customer Support

Finally, like any other forex broker, it is crucial to evaluate the security standards implemented by LMFX for protecting data and user funds. The most crucial ones include:

1. Segregated accounts for client funds
2. Advanced encryption standards, including SSL
3. Advanced data security measures
4. Negative balance protection as part of the risk management setup

Regarding the customer support setup, the live chat interface steals the show. You can promptly start a chat to get prompt replies. Besides that, there is also an international calling number for the more complex queries. Finally, you can even create detailed tickets using the [email protected] email address.

The website also offers multilingual live chat and a detailed contact form for addressing non-English and more detailed queries.

Who Should Onboard LMFX?

LMFX is the right platform for high-leverage, aggressive forex and CFD trading. If you are already familiar with MetaTrader 4, LMFX can provide the best-in-class experience courtesy of negative balance protection, attractive bonuses, and tons of trading tools/ calculators.

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