LMFX Review 2023 - Is it a Reliable Overseas Forex Broker?
In this LMFX Review 2023, you will gain insights into the key features, account types, trading instruments, platforms, spreads and commissions, deposits/withdrawals options, customer support, regulation and fund security, as well as the pros and cons of LMFX forex broker.
By the end of this review, you’ll have an in-depth understanding of everything LMFX has to offer and if it aligns with your trading goals. Stay informed and make an informed decision when considering LMFX as your forex trading partner in 2023.
Table of Contents
- LMFX Highlights
- LMFX Pros and Cons
- LMFX Key Features
- LMFX Trading Products / Instruments
- LMFX Account Types
- LMFX Spread Commission, and Swaps
- LMFX Trading Platforms
- LMFX Deposit and Withdrawal
- LMFX Regulation and Fund Security
- LMFX Customer Support
- Client’s Feedback and Review
- LMFX Comparison with other Overseas Forex brokers
- LMFX Summary
- LMFX FAQ
LMFX is a Forex brokerage company established in 2015 and operated by Global Trade Partners Ltd. Their headquarter is located at 28 Koco Racin Blvd., 1000, Skopje, North Macedonia. LMFX provides online trading services in various financial markets, including Forex, Indices, Commodities, Metals and Oils, and Stock CFDs.
Despite not being regulated in major financial markets, LMFX’s payment processor is based in St. Vincent and the Grenadines, falling under the jurisdiction of the Financial Services Authority (FSA) in that state. While LMFX lacks supervision from recognized regulatory bodies, customer funds are kept separate from the company’s operating funds, ensuring their protection.
In comparison to other overseas forex brokers, LMFX has certainly been a good overall experience. Whether it’s their 1:1000 leverage, swift live chat response, fixed spread account, automated withdrawals within 2 hours, trading tools, or $1750 monthly demo contest, everything has had a significant impact on how I review overseas forex brokers.
Based on my experience with LMFX, I am now excited to share this LMFX review with fellow traders, revealing the ins and outs of LMFX’s forex brokerage service in 2023.
2. LMFX Highlights
- Foundation Year: 2015
- Execution Type: ECN/STP
- Clients Accepted: Globally, except US & UK.
- Maximum Leverage: 1:1000
- Spread: Fixed and Variable
- Commission: $4 per side
- Minimum Deposit: $50
- Withdrawal Time: 2 hours
- Products: Forex, Indices, Commodities, Metals and Oils, Share CFDs.
- Platforms: MT4 desktop, Mobile and Web.
- EA/Scalping/Hedging: Allowed
3. LMFX Pros and Cons
Before we get into an in-depth LMFX Review 2023, let’s go through the key pros and cons I discovered during my research.
- Flexible leverage from 1:1 to 1:1000.
- Win $1750/month on a Learn and Earn contest.
- ForexPeaceArmy reviews – 3.2 rating and 144 reviews.
- Automated withdrawals within 2 hours during working hours.
- ECN/STP execution model.
- Swift Live Chat response within a minute.
- Negative balance protection.
- Fixed and Variable Spreads.
- No MT4 or cTrader platform.
- No Cryptocurrencies for trading.
- No Islamic account.
4. LMFX Key Features
Upon diving into the LMFX broker, I discovered an array of valuable features designed to benefit traders:
1. High LMFX Leverage
LMFX is one the two overseas forex broker that offers a high leverage ratio of up to 1:1000. This allows traders to control a much larger position size, speed up their account growth, and reduce the drawback of low volatility, while keeping the required margin at a minimum.
Although this could first seem appealing, always keep in mind that trading on high leverage involves specific risks that shouldn’t be taken lightly.
2. $1750 Monthly Contest
The LMFX “Learn & Earn” contest is intended for both beginner and expert forex traders via demo accounts. As the name suggests, traders can practice their trading skills on a demo account with no monetary risk while competing for a real cash reward of $1750 each month.
3. Automatic Withdrawals
LMFX withdrawal process is fully automated and usually completes within 2 hours during working day. This means there will be no phone calls or emails from the finance department to validate your withdrawal request, which can take anywhere from 48 hours to a week with many other forex brokers.
LMFX offers two kinds of bonuses: a 100% Deposit Match bonus and a 15% Phoenix Recovery Bonus. Through the Deposit Match bonus, LMFX clients receives a 100% bonus on their first deposit of at least $100. Additionally, the Phoenix bonus provided a safety net, offering a 15% bonus on subsequent deposit after experiencing losses. If volume requirements are fulfilled, both bonuses are withdrawable/tradable.
5. LMFX Trading Products Review
After opening an account with LMFX to better understand their full range of trading instruments, spreads, margins and swap rates, I was pleased to discover during LMFX Review 2023 that the range of trading instruments offered by LMFX is truly impressive, with a total 84 instruments to choose from:
- 45+ FX pairs
- 9 Indices CFDs
- 5 Commodity CFDs
- 7 Metal and Oil CFDs
- 15 Shares CFDs
All instruments are available in all account types.
On the LMFX website, you can also check trade variables including swap rates, typical spreads, limit and stop levels, margins, contract size and pip values for all available trading instruments.
6. LMFX Review: Account Types
Whatever your trading requirements, risk tolerance, and available capital, LMFX has an account for you. In this review, let’s quickly go over the various LMFX account types:
LMFX Accounts Types - Comparison Table
|Account Types||Premium Account||Fixed Account||Zero Account|
|Spread||1.0 pip||Fixed||0.1 pip|
|Min. Lot Size||0.01||0.01||0.01|
|Max. Lot Size||60||75||100|
|Max. Open Traders||100||150||200|
|Margin Call/Stop Out||50/20||30/15||30/15|
|Best Suited for||Beginner||EA/Scalper||High-Volume|
1. LMFX Premium Account
While evaluation LMFX for this review, I discovered that their Premium Account is suitable for swing or day traders who prefer hassle-free trading without the need to calculate spreads and ECN commissions separately.
This account type offers spreads starting from 1.0 pip, allowing traders to easily assess their trading costs. The high leverage of 1:1000 provides opportunities for substantial market exposure, while the absence of commissions streamlines the trading process.
2. LMFX Fixed Account
The Fixed account is recommended for traders who are scalper traders or use expert advisors (EA) in their trading strategies.
The account offers fixed spreads, which are beneficial for traders who rely on precise spread calculations for their scalping or EA strategies.
With zero commissions and a leverage of 1:400, this account provides stability and consistency for traders who require fixed spreads to optimize their trading performance.
3. LMFX Zero Account
The Zero account is best suited for traders who are position traders and prefer keeping their trades open for more extended periods, typically more than a week.
It is ideal for those who engage in high-volume trading and prioritize raw spreads without any mark-ups. The account offers a competitive leverage of 1:250 and the flexibility of bonuses, allowing traders to maximize their trading opportunities.
7. LMFX Review: Spread, Commission and Swaps
I’d read that some foreign forex brokers charged excessive brokerage fees and commissions after account opening. LMFX, on the other hand, is transparent about their brokerage costs and discloses them on their website and MT4 trading platform, demonstrating openness in this LMFX Review 2023. So I wanted to discover if their trading expenses were reasonable.
1. LMFX Review: Spread
The spreads offered by a forex broker are critical to the success of any trading strategy. Each LMFX trading account has its own approach to spreads. I have put few trading instruments side by side to make this clear and transparent, so traders can compare the spread structure in each LMFX account in the table below:
LMFX Spread - Account Wise Comparison
|Spread (Pips)||Premium Account||Fixed Account||Zero Account|
2. LMFX Review: Commission
My experience with the trading commission offered by LMFX has been positive. As someone who wanted to minimize ECN commission fees, I discovered that both the Premium and Fixed accounts didn’t charge any commission fees at all.
This was a huge benefit because it meant traders could open multiple trading orders without having to worry about paying additional commission fees to the broker for each order.
The ECN commission on Zero account is $8.0 round turn for a standard lot.
3. LMFX Review: Swap Rates
Swap rates can vary from broker to broker. LMFX has swap charges, if you hold an open position overnight.
LMFX Swaps Comparison
|Short||- 4.0||-1.0||- 21.1||- 1.5||- 11.92|
|Long||- 9.7||- 4.2||- 12.2||- 5.6||- 26.1|
8. LMFX Trading Platforms Review
LMFX offers three robust trading platforms: MetaTrader 4 (MT4) desktop terminal, MT4 Web Trader and Mobile Trader. These platforms are highly regarded in the industry for their stability, extensive charting capabilities, and advanced trading tools.
1. MT4 Desktop Terminal
The MetaTrader4 (MT4) platform offered by LMFX provides quick trade execution, one click trading, strong liquidity, and a powerful interface. The platform’s extensive features, such as various charting options, technical analysis tools, and automated trading capabilities, has empowered traders to make informed trading decisions and maximize their success.
2. MT4 Web Trader
LMFX’s Web Trader, as the name suggests, is available via any web browser. It is as efficient, reliable, and secure as the MT4 desktop terminal. When not connected to a desktop, Web Trader provides access to practically all of the features and operations of a desktop terminal.
3. LMFX Mobile Trader Review
Furthermore in this review, LMFX’s mobile trading platforms/apps, including the LMFX iPhone Trader, iPad Trader and Android Trader app, have provided traders with unparalleled convenience.
The Mobile Trader App allow traders to access many of the MT4 features on their mobile phones, ensuring fast and reliable trading at any time and from any location. These apps offers a simple, user-friendly interface, enabling traders traders to seize opportunities as they arise, regardless of their physical location.
Please keep in mind that if you are looking for automatic trading using expert advisors (EA/Robot), this functionality is not available on any MT4 mobile app provided by any FX broker.
9. LMFX Deposit and Withdraw Analysis
Unlike other overseas forex brokers where I had to wait anxiously for more than 48 hours for my withdrawals to be processed, during this LMFX Review 2023, broker surprised me with their quick and automated withdrawal system. Automated withdrawal means you will not receive an email or phone call to validate your withdrawal request.
During working days, my withdrawals were processed within a remarkable 2-hour timeframe. This swift turnaround time has significantly boosted my confidence in the broker.
What impressed me during this review, even more, was the diverse range of payment options offered by LMFX. They provided me with a wide selection including:
- Wire Transfer via Instacoins,
- Master and JCB Cards,
- and online payment processors: Skrill, Neteller, Fasapay, and PayRedeem.
This variety made depositing and withdrawing funds a convenient and hassle-free experience for forex traders around the globe.
Furthermore, what made the experience even better was the fact that LMFX did not charge any fees for deposits and withdrawals. This transparent approach eliminated any additional costs, allowing me to fully enjoy my withdrawals without any deductions by LMFX.
10. LMFX Regulation and Fund Security
In this LMFX Review 2023, I am not hesitant to share that this overseas forex broker is not regulated by a financial regulator, which is why it is able to provide global clients with restriction-free forex brokerage services. Despite its lack of regulation, LMFX has been in business for 8 years and has over 10,000 clients, more than 70% of whom are from US, who find trading with LMFX to be both stress-free and beneficial.
LMFX also prioritizes the safety and security of their clients’ funds and personal information. To protect traders fund, the broker applies a number of safeguards, including:
1. Client fund Segregation and Protection
LMFX adheres to strong protocols to keep customer funds separate from the company’s operational funds. This approach helps in the protection of clients’ funds in the event of unanticipated situations or financial difficulties experienced by the broker.
2. LMFX Encryption and Data Security Measures
In this review, I would like to reveal that LMFX uses strong encryption technology to safeguard communication and protect the personal information of its clients. This includes encrypting data transmission with Secure Socket Layer (SSL) and establishing strong security measures to prevent unwanted access to customer accounts and critical information.
3. Risk Management and Negative Balance Protection
LMFX uses risk management methods to reduce the impact of market volatility on traders’ accounts. They have set up negative balance protection, which ensures that traders’ account balances cannot fall below zero, protecting them from losses more than their account balance.
11. LMFX Customer Support
While collecting information about LMFX Review 2023, I had an urgent need to contact their live chat support late at night, and I was pleasantly surprised by their quick availability and responsiveness. The live chat feature was easily accessible on their website, and within just a couple of minutes, I was connected with a support representative. From the start, they exhibited a high level of patience and professionalism.
One of the things that stood out to me was the speed at which they replied to my queries. Their responses were prompt, and I didn’t have to wait long to receive the assistance I needed. Furthermore, I was impressed by the representative’s ability to handle even the most difficult questions with professionalism. They seemed well-informed and knowledgeable about their products and trading in general.
Beyond their expertise, what made my chat experience truly enjoyable was the friendly and personable nature of the support representative. Despite being a faceless interaction over a chat window, I felt like I was chatting with a friend who genuinely cared about helping me.
In addition to 24/5 live chat support, LMFX also provides email and phone support at email@example.com and +44 2035192105.
12. LMFX Client's Feedback and Review
Some clients have also expressed their discontent and want them to offer more financial instruments, such as cryptocurrencies, swap-free account and a desire for advanced trading analysis.
However, LMFX continues to enhance its services based on client’s feedback.
13. LMFX Comparison Review with other Overseas Forex Brokers that Accept Global Clients
LMFX Comparison with other overseas Forex brokers
|ECN Commission (per side)||$4||$2.5||$3||$3||$3|
|Trading Instruments||Forex, Indices, Commodities, Metals and Oils, Stock CFDs||Forex, Indices, Commodities, Metals, Cryptos||Forex, Indices, Commodities, Cryptos, Stock CFDs, Futures||Forex, Indices, Commodities, Metals, Stock CFDs, Binary Options||Forex, Indices, Commodities, Cryptos, Stock CFDs, Futures|
|Trading Platforms||MT4 (Desktop, Web Trader, Mobile)||MT4 (Desktop, Web Trader, Mobile)||MT4 (Desktop, Web Trader, Mobile)||Mobius7||MT4 (Desktop, Web Trader, Mobile)|
|Bonuses||100% & 15% Bonus||100% Bonus||No Bonus Offer||120% Loyalty Bonus, 25% Crypto Bonus and more..||No Bonus offer|
|VPS Hosting offer||Yes||Yes||No||Yes||No|
|Live Chat Support||24/5||24/5||24/7||No||24/7|
|Visit LMFX Website||Visit LQDFX Website||Visit EagleFX Website||Visit AzaForex Website||Visit CryptoRocket|
14. LMFX Summary
To summarise, given the limited number of foreign forex brokers available for offering restriction-free trading for global clients, my overall experience with LMFX broker has been positive.
As an overseas forex broker, LMFX has a long history and reputation for providing advanced institutional and retail trading conditions to US and global forex traders. It is evident from the positive reviews and ratings they have earned on the Forex Peace Army.
The broker’s standout features, such as the 1:1000 leverage, generous 100% and 15% bonuses, Learn and Earn Contest with a chance to win $1750, fixed and variable spreads, automatic withdrawal within 2 hours, 24/5 experienced live chat support, free VPS, and No FIFO or PDT rule, will truly impress US and global forex traders searching for a restriction-free trading environment.
I conclude the LMFX review 2023, and wish you good luck in Forex trading!
15. LMFX FAQ
Where is LMFX located?
LMFX owned by Global Trade Partners Ltd. is located in 28 Koco Racin Blvd, 1000, Skopje, Macedonia. Registration number 7020600.
Is LMFX a good broker?
There are over 1200 online forex brokers available to traders all around the world. However, out of these 1200 brokers only few overseas forex brokers offers restriction-free trading. Yes, compared to these few overseas forex broker, LMFX is a good broker, in fact it is among the top 3 overseas broker.
Does LMFX accepts US Clients?
No, LMFX does not accept clients from US and UK. LMFX website clearly says that their website does not target soliciting traders from any jurisdiction that would be contrary to local law or regulation.
Is LMFX Regulated?
LMFX is not regulated by any regulatory body around the globe. However it is a duly registered and compliant forex broker based in Macedonia.
How can I open an Account with LMFX?
To open a demo or live account:
- Go to LMFX official website and click on “Open Live Account” or “Open Demo Account“.
- Fill the Registration form.
- Check your registered email for a link form LMFX to “Activate Your LMFXconnect (Client Area) Profile“
- After you activate the link, you will receive another “Welcome email” with your “LMFXconnect ID and Password”
- Log in to the LMFXconnect Portal and create a demo or live account.
What is the minimum deposit for LMFX?
The minimum deposit for LMFX’s Premium account is $50, Fixed accounts is $250, and Zero account is $100.
Does LMFX allows Hedging, Scalping and EA trading?
Yes, LMFX allows all types of trading strategies, including hedging, scalping and EA trading.
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