LMFX is an online Forex broker and CFD service provider established in 2015 by Global Trade Partners Ltd in Macedonia. It offers their clients a secured online trading with different products and services that are specially made for trading.
The broker is new to the industry but it has proven more than its worth throughout the years in service. It is very much known for its very big bonuses and its generosity to promotions. Despite every single great thing about it, it fails to have a regulator which makes it questionable at that.
LMFX offers only one trading platform for all their client. This is known as the MetaTrader4 or MT4.
With MT4, a client terminal is provided which is equipped with a compiler and built-in editor. The compiler gives access to clients to a wide range of software library and information which can be of great help especially when trading. Expert Advisors are also available for client use through the MQL4/MQL5. The most prominent feature of MT4 is the algorithmic trading in as much as it is also known as a stand alone system. This means that positions are manually managed by brokers. On the other side, there are also third party developers who have created software bridges in order to automatically hedge positions.
Traders can enjoy trading in the comfort of their mobile phones as LMFX makes their trading platform available on iOS and Android devices. Traders no longer have to stay in front of their desktop or laptop just to trade as trading is made available on their mobile phones.
There are three trading accounts which are available for all their LMFX clients.
1. Premium Account
This account type requires a minimum initial deposit of $50 with a maximum leverage of 1:1000. The margin call is 50% and the spread starts at 1 pip.
2. Fixed Account
This account type requires a minimum initial deposit of $250 with a maximum leverage of 1:4000. The margin call is 30% and the spread is fixed.
3. Zero Account
This account type requires a minimum initial deposit of $100 with a maximum leverage of 1:250. The margin call is 30% and spreads start at 0 pip.
A demo account is provided to LMFX clients in order for the to try or practice trading before finally opening up a live trading account. The demo account does not a charge any amount before you can use it. Using the demo account will give you the option to switch into a live trading account later on.
A minimum deposit of $50 is needed in order for someone to open a live trading account with LMFX. With just $50, a client can already start trading and earn when the account he has opened is maximized.
Payments with LMFX is accepted through credit or debit card, wire transfer, and other online payment methods. The minimum deposit amount required is $50 while the minimum amount for withdrawal is $10.
A maximum leverage of 1:4000 is offered to LMFX clients. With such leverage, traders are able to trade with higher gains with minimal risk when executed properly. Traders should as well have a proper risk management strategy as trading with such leverage can be highly risky.
Spreads and Commission
LMFX does not offer commissions to their traders, but the average spread is 0 pip. This is considerably a tight spread on the asset that a client is trading with.
Regulation and License
LMFX is not under the regulation of any regulatory body which makes it security and reliability questionable at that.
LMFX offer their clients 24/5 customer support in multiple languages. They can be reached via telephone and email during the trading days.
Benefits of Trading With LMFX
Clients of LMFX enjoy a lot of benefits which include a free demo account, low minimum deposit, and a wide range of trading assets. These are only some of the wide range of benefits which LMFX offer to their clients.
- Low initial deposit
- Multiple trading account types
- Demo account available
- Not regulated
LMFX is a new yet popular broker among traders with an attractive number of trading accounts and a demo account that is available for use. It provides almost everything that a trader needs except for a regulatory body which ensures safety and security.