de | cn | ru

LMFX Review - is it scam or safe?

LMFX Review - is lmfx.com scam or good forex broker?

RATING: 1 / 4 REVIEWS LMFX
LMFX is an offshore broker. Your money is not safe.

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

 

MT4 supported

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. 

 

 

>> Find a better MT4 broker <<

 

 

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.

 

 

>> Compare the spreads of top-tier 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

 

Not regulated

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?

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

 

 

Latest news about LMFX
No news about LMFX . Check back later.
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website
UK, Cyprus, Dubai FCA, CySEC, DFSA MT4, MT5, Web,
PrimeTrader
$100 Review Website

Traders` reviews for LMFX

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Not Good

I have had an account with LMFX for over a year now, I funded the the account after a few months of being away from the forex for awhile. LMFX funded my account but the transaction never posted to my account. I later contacted LMFX to find out about the delay, they requested that I provide a picture of me holding the card I used to fund the account with the last four digits of the card along with my name to be seen. I later corresponded with a number of representatives about this method and decided to just close the account. LMFX stated that it would take a few weeks before they could send me funds back. Since we live in the age of ecommerce and it is the business of the internet and the norm for how we conduct business nowadays, the picture of me holding my card while you already have my picture and other documents to determine who I am when I establish the account over a year ago should be suffice evidence of who I am already. Reading these comments about LMFX now really has me nervous about me ever seeing my funds again. It saddens me that I have to wait weeks for a return of my funds when it only took a matter of minutes when I sent it over to fund my account.

Isaac Jackson 08/19/2019

Hmmm

to be honest, i have been using them for almost 1 year (11 months to be exact) made a total withdrawal of 1300usd using skrill, in 6-7 separate withdrawals, and not once did i encounter an issue, they can be strict with documentation which is understandable but everything is fine on my end and actually they deliver really good service.

John Paseo 03/17/2019

Steal my money

I submit my documents passport and bank statements for prof of founds , after my documents was approved they open my acount and accept 1000 dolars , after see that iml academy was a scam , I lost half of my acount , now I wanna widraw the other half of my money and they asking me to explain why my physical adress is in USA is not the same as my Argentinian passport , which is from Argentina and they are not giving me my money back, but they accepted before ..

Roxana 03/05/2019

LMFX Deposits-Withdrawals

It is very difficult to withdrawal or deposit money here. It used to be much slimple but that is no longer the case.

J 09/20/2018
de | cn | ru