LMFX broker review: is it good?
LMFX is a cryptocurrency broker that works with various assets. According to the information on its official website, the company has been working for more than 10 years and positions itself as one of the best choices in the industry. However, there are some points that make it suspicious. What might be wrong here? Read our LMFX review to find out!
The company was established in 2008 and currently has its headquarters in the Republic of Macedonia. There isn’t much information about the company on the web, so it is hard to say something useful. It is known that LMFX has around 10,000 customers and it is not regulated by any authorities. This is a red flag that enhances our suspicions.
Although some brokers work under offshore licenses to save money, this does not seem to be the case. If you look at the trading terms, they might even seem to be too good to be true. Low deposits, fixed spreads, minimum fees? Yes, this is the issue.
What can you trade with LMFX?
The company provides a large variety of assets to work with. These include many popular things like:
If you need to know more about spreads and fees for these products, they can be found on the broker’s official website. The number of assets is quite big and you could even say that it is much better than with other companies.
Payment options at LMFX
With LMFX, there are different ways to top-up your account.. These include many popular methods that are used by many customers:
- Bank cards
- Wire transfers
The fees depend on what method is used. They are not very high, so it shouldn’t be a problem for you. It is important to note that the minimum deposit at LMFX is $50.
Account types at LMFX
The broker has three account types with various trading terms. These, on first sight, minor details can significantly boost your profits if used correctly.
- Premium: has spreads that start at 1 pip, maximum leverage of 1:1000, the stops are at 20%, and the margin call is 50%.
- Fixed: has fixed spreads, maximum leverage at 1:400, the stops are at 15%, and the margin call is 30%.
- Zero: the last account type has spreads that start at 0 pips, 4 USD commission per lot, maximum leverage of 1:250, the stops are at 15%, and the margin call is 30%.
As you can see, there also are some additional features that differ from each other. You can find them on the screenshot above. The difference between each type is not that big, but they add up to the general picture.
LMFX often has various promotions that can be found on the its website. For instance, currently, there are several bonus offerings which include up to 100% of the deposit sum. The first deposit gets a 15% bonus which can be withdrawn.
There also are regular contests that increase the activity of traders on the platform. These contests are held with various terms. For instance, the most recent competition involved trading on the demo account with prizes that were up to $1000.
The company does not have a good education section with materials on trading and similar topics. This is a drawback for many newcomers because they will have to look for information in other sources. However, there are several calculators that involve the Fibonacci, Pivot Points, Position Size, and other tools. In addition, there is an economic calendar that can include forecasts and actual results. It is a good thing to plan your trades ahead.
The customer support at LMFX can be contacted through a call to a British phone number or email. The contacts are shown at the bottom of the website on most pages. Also, there is a live chatbox where you can get help asap. The company also has accounts on social media but they seem to be completely forgotten by it.
The LMFX brokerage service uses several different trading platforms that are suitable for all kinds of devices.
First of all, there is the MT4 platform which is the most popular choice among all customers. This software is the best in the industry and has the leading positions for many years. It includes more than 50 indicators, analysis tools, and a user-friendly interface.
Second, there is the iPad Trader software. It is as functional as the MetaTrader program and works on iOS devices. The interface is tuned for iPads, so it is very comfortable to use.
Finally, there is the mobile application for iPhones and Android devices that lets users trade in any place around the world. The features and tools are enough for efficient trading from your phone.
User opinions on LMFX
There are not many reviews about LMFX on the web. However, when you find them, you get a mixed opinion about the service. People leave positive and negative reviews.
Here is what a user with a nickname Stacy thinks of the service.
She states that the broker is a very bad choice because their servers are regularly down and the customer support is very rude. There are several other similar commentaries that write about something similar.
Here is what another trader, Lili, thinks of the company.
She says that her experience with LMFX was positive and she has been trading with the broker for more than 2 years. Lili likes the availability of many assets and dislikes the absence of digital currencies as deposit methods.
The LMFX broker is a suspicious choice because it is not regulated and has mixed reviews on the web. Although there are services that are regulated and still deceive users, the absence of regulation sets a risk on your investment. Think twice before working with this company.
The fees are very competitive and the terms seem to be quite alright. The three account types let you tune your trading experience and the mobile applications provide access to the platforms from any place. What do you think of this broker?
Author: Jack Matias