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LMFX Review – is lmfx.com scam or good forex broker?
RECOMMENDED FOREX BROKERS
Trading Accounts and Conditions
| Trading account | Minimum deposit | Maximum leverage | Spread (& Commission) |
| Premium | $50 | 1:1000 | from 1 pips |
| Zero | $100 | 1:250 | 0 pips + $4 per lot |
| Fixed | $250 | 1:400 | Fixed |
LMFX offers its clients a choice of three account types in order to suit the different preferences of traders. While its trading conditions seem attractive, we still would not recommend this unregulated forex and CFD broker. Read on to get all the details.
LMFX Advantages
This broker’s choice of a platform is anything but surprising, as more than 80% of the forex companies we come across offer access to the MetaTrader 4.
The platform is well known to traders and is preferred because it is intuitive and reliable. On top of that, its charting is great and it also allows automated trading via Expert Advisor bots – programmable via the MQL4 scripting language, which is not that complicated. Besides EAs, you can also write down your own technical analysis indicators and run simulations, using historical data.
Seemingly low cost of trading
LMFX indicates a typical spread of 1.2 pips on EUR/USD, which is a competitive pricing.
A lot of traders see the cost per deal as the most important thing to look for in a brokerage. While this is undoubtedly significant, the security of your investment should take priority. In other words, it is always better to trade with a well-regulated broker, instead with an offshore company that promises low spreads, but in the end disappears with your money. Below, you can find the real-time spreads of some reliable and licensed brokers.
Rich product portfolio
LMFX offers trading in many currency pairs, including minor and exotic ones, as well as wide range of CFDs on indices, commodities, shares and precious metals. Although it does not include the popular cryptocurrency CFDs, such product portfolio is quite comprehensive.
LMFX Disadvantages
LMFX is a brand allegedly operated by Global Trade Partners Ltd., a company registered in the Republic of Macedonia. LMFX lists GTP Global Solutions Ltd., a company registered offshore, in Saint Vincent and the Grenadines, as a payment services provider.
As most of you are probably aware, registration in any country does not mean that the broker is licensed, nor supervised by a financial governmental agency. As forex fraud and scams are very common in the forex industry, we don’t recommend doing business with unregulated brokers like LMFX.
No demo accounts?
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We tried to sign up a demo account with LMFX, as we could not find a free downloadable version of the broker’s MT4 on its website. Yet, we could only get as far as accessing LMFX’s client area.
Actually, the message “Your request is being processed” never went away.
Unfavorable provisions in T&C
We would some quite disturbing texts in the broker’s Terms and Conditions uploaded on their website. In order to open an account with LMFX, you have to agree with those T&C, which would authorize the broker to make withdrawals from your account on your behalf.
Be sure to go through these before signing up with any investment company, as sometimes they have certain conditions that are very unfavorable to clients written in small print.
Dangerously high leverage levels
Leverage levels provided by this broker vary by account types, however the ratios offered on its Premium account reach 1:1000. Leverage levels that high may help you score big profits by investing small sums, but they can also bring losses, exceeding your initial investment. To be honest, the second scenario seems a lot more probable, especially if you are an unexperienced trader.
Conclusion
LMFX is a MT4 broker whose offer might seem attractive, but we found a lot of shady aspects to it. First, we could not test its services for free; Second, we found a disturbing clause in LMFX’ T&S. Third, this broker is not regulated.
| Pros | Cons |
| MT4 supported | Not regulated |
| Seemingly low cost of trading | No demo accounts? |
| Many financial instruments | Unfavorable provisions in T&C |
| Dangerously high leverage |
| Broker | Advantages | |||||||||||||||||||||||||||||||
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FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts. XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for. FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion. FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection. FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals. FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions. HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry. One more stepPlease complete the security check to access scambroker.comWhy do I have to complete a CAPTCHA?Completing the CAPTCHA proves you are a human and gives you temporary access to the web property. What can I do to prevent this in the future?If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware. If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices. Another way to prevent getting this page in the future is to use Privacy Pass. You may need to download version 2.0 now from the Chrome Web Store. Cloudflare Ray ID: 57f57f1f0c5a8fcd • Your IP : 188.64.174.65 • Performance & security by Cloudflare LMFX.com Review Visit siteAbout LMFX.comLMFX is a forex broker. LMFX offers MT4 and Mobile top forex trading platform. LMFX.com offers over 45 currency pairs, indices, commodities, cfds, metals, share and oil for your personal investment and trading options.
Broker Details
Live discussionJoin live discussion of LMFX.com on our forum LMFX.com profile provided by Maria LMFX, Nov 27, 2020LMFX is an innovative online foreign exchange broker that offers advanced institutional and retail trading conditions to a global audience. We believe in the importance of building strong, secure foundations and the cornerstone of our mission is to provide the full spectrum of cutting-edge trading tools and services that our clients require to succeed in the world’s most liquid market. Our goal is to deliver an unparalleled trading experience that offers the most competitive trading conditions available to each and every client, allowing them to trade Forex and CFDs on Commodities, Indices and Shares. At LMFX, we know that our clients need to stay close to the markets and we provide a comprehensive range of mobile and desktop MT4 platforms to ensure that they never miss a market movement. In addition to an advanced trading environment, clients also have full access to exceptional educational resources via the LMFX Education Centre and advanced trading tools that have been designed to improve trading performance. LMFX delivers what traders in today’s financial markets need the most! From fast execution and deep liquidity to automated withdrawals of trading profits and ensuring funds are deposited securely in segregated accounts, we are on call 24 hours a day, 5 days a week to help our clients with their trading needs. VideoYour company video here? Contact ad sales Let other traders know if this service is worth checking or should be avoided. Your feedback matters! Consumer ReviewsService use: Live Length of use: over 1 Year Service use: Live Length of use: 0-3 Months Service use: Live Length of use: 6-12 Months Service use: Live Length of use: 0-3 Months Service use: Live Length of use: 0-3 Months Service use: Live Length of use: 3-6 Months Service use: Live Length of use: over 1 Year Deposit/Withdrawal LMFX was quick to respond and request information. My bank did not provide documentation the way they request it but I was able to get the full list of required data and my bank created a document with all pertinent information. The process from request of withdrawal to having the money in my account was around 60 hours. I personally think this is very quick. Support Brokerage Cost and Pairs Conclusion Best Binary Options Brokers 2020:
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