The big question mark against this company is the fact that because they are based in North Macedonia they do not hold a financial licence. The popular MT4 trading platform is utilised on this site, offering more than 50 advanced tools and indicators to help traders to analyse the markets and calculate when to buy and sell. MetaTrader 4 is the most popular trading tool in the world today and so will be very familiar to anyone with previous online trading experience.
Premium account holders have a minimum deposit of $50 for a first-time deposit, and $25 thereafter. forex LMFX has many tools and features that could peak the interest of any stock trader.
Is Lmfx A Regulated Broker?
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If you are making a deposit in a currency different to that of your account base currency, there may be a conversion fee involved. You simply complete the short online registration form and verify your email address.
MT4 has become a standard in the forex industry due to its reliability, charting tools, indicators and other free features. A company named Global Trade Partners Ltd. owns LMFX and the parent company is located in North Macedonia according to Terms of Business file. Besides, there is another company called GTP Global Solutions Ltdw which is based in Sts Vincent and Grenadines that provides payment services for LMFX. Thus, LMFX is associated with two different entities of which one is located in North Macedonia and other is located in St. Vincent and Granedines. Demo accounts are a great way to explore a broker’s services, assets and trading platforms. LMFX offers a demo account with unlimited usage, allowing traders to trial new strategies and test new algorithms and EAs.
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The premium and fixed accounts have the commission included within the spread via a spread mark-up. The zero account has the lowest spreads with a small commission fee of $4 per side or $8 per round turn. This is a very reasonable charge compared to the many brokers that we have reviewed who do charge a commission. LMFX offer trading LMFX Forex Broker Review on major, minor and exotic FX currency pairs with variable or fixed spreads and competitive commissions. 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.
As this is not a domestic acquirer, issuing banks charge a fee for any international transactions and currency conversion . The charges vary from card issuer to card issuer and the real-time FX rate, around 1%-7%. For all of the complainers you need to adjust your expectations. This broker does not deserve any less than four stars for any of the very minor issues I have seen posted. As a US resident this is the best offshore broker experience I have had. I tried the service at the recommendation of associate, and it started out good.
Where Is Lmfx Located?
The contacts are shown at the bottom of the website on most pages. The company also has accounts on social media but they seem to be completely forgotten by it. There also are regular contests that increase the activity of traders on the platform. For instance, the most recent competition involved trading on the demo account with prizes that were up to $1000. These, on first sight, minor details can significantly boost your profits if used correctly.
- Also, you have an option to create a demo account and use it for unlimited time in order to test your strategies and to see how the MT4 platform works.
- Trading or investing in cryptocurrencies carries with it potential risks.
- Secondly, most regulated brokers are required to keep clients’ funds in accounts at only top tier banks, segregated from the broker’s own funds.
- So it should be noted that the company was not refused a licence because of some irregularities, they just did not have the option to get one in the country they are registered.
- The LMFX Zero Account offers the best trading conditions, just outside of the competitive range.
- However, those who are swing trading and holding positions for days, weeks or even months, may not be too concerned about the spreads and would rather save on the commission.
In operation for over five years and without confirmed claims of misconduct and fraud, LMFX relies on generous bonuses, low minimum deposits, and high leverage to attract and retain clients. Given its history, this broker appears to execute its business plan well enough to compete as a profitable operation. LMFX lists a UK phone number, e-mail, and webform as contact methods, together with live chat. The last choice presents the most convenient option to get in touch with a support representative. An FAQ section is not available, adding to the growing list of missing items. Forex traders have access to just 48 currency pairs, and no cryptocurrencies, but an acceptable 12 commodity CFDs.
LMFX provides clients with multilingual customer support that responds very promptly to requests. No, LMFX is not a regulated broker but a duly registered and compliant company based in North Macedonia. The LMFX Zero Account offers the best trading conditions, just outside of the competitive range. The other 38$ has been said bank fee or 3rd party processing fee which is nothing to do with the broker. You can check their minimum and maximum deposit requirements in your Wallet. There are deposit methods that do not use cryptocurrency to facilitate the payment and are just as swift and secure.
Those accounts are Premium Account, Zero Account and Fixed Account. LMFX offers online forex and stock trading with low fees Foreign exchange autotrading and high leverage. No, the broker does not hold any licenses and does not fall under regulation by a financial agency.
Before deciding to trade, you need to ensure that you understand the risks involved taking into account your investment objectives and level of experience. One nice benefit of being unregulated is that the broker enjoys unmatched flexibility when it comes to the leverage and other trading conditions it can offer its traders. With EU regulations in particular becoming increasingly restrictive, some traders may feel that their opportunities are limited with the traditional onshore, regulated brokers. Foreign exchange market Forex trading carries a high level of risk and may not be suitable for all investors. CFDs are complex instruments, due to leverage retail accounts lose money. Before you engage in trading foreign exchange, please make yourself acquainted with its specifics and all the risks associated with it. For clients making their first deposit into the Phoenix account, they will receive a 15% bonus in the form of pending funds, which will be released should all of your initial investment be lost.
The LMFX web platform can be launched directly from the brokers website without needing to download or install any additional software. Unfortunately, LMFX do not offer Islamic accounts that are swap-free at this time.
Therefore, Highway Media Group doesn’t bear any responsibility for any trading losses you might incur as a result of using this data. Highway Media Group may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers. Currency trading on margin involves high risk, and is not suitable for all investors. Trading or investing in cryptocurrencies carries with it potential risks. There are some plus points and some minuses with regards to talking about the security or otherwise of LMFX.
Author Of This Review
They have a variety of options – Skrill, Neteller, fasspay, CC and wire. MetaTrader 4 is provided for both desktop & mobile and on web browser.
The LMFX gold and silver contracts give you access to the precious metals markets 24 hours a day, 5 days a week. Keep in mind that for using Debit/Credit cards as well as third-party payment processors, the minimum deposit amount is $50. While there is no official maximum deposit amount with these instantaneous payment methods, it is better that you use wire transfers to deposit large sums of funds in your LMFX account. A large percentage of retail investor accounts lose money when trading CFDs with this provider. You may also wish to view my best forex brokers based on countless hours that I have spent researching and testing hundreds of brokers, all of which you can see in my forex broker reviews.
LMFX has positioned itself to leverage its lack of regulatory oversight to offer its services to a broader range of Forex traders, including traders from the United States. If you are a beginner trader and somehow managed to lose all of your invested capital, you will get a 15% bonus on the subsequent deposit into your LMFX account. While the Premium account offers insanely high leverage, there is a catch. And, the catch is that it has a margin call threshold of 50%, much higher compared to the other two accounts, where the margin call threshold is set at 30%. So, if you use high leverage, you will likely get a margin call much faster with the Premium account. While LMFX is currently not regulated in major financial markets, their payment processor is based in the St. Vincent and the Grenadines. Hence, part of their operation is regulated by the Financial Services Authority in that country.