- Types of accounts
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LMFX is a legally registered Forex broker founded in 2015 in Northern Macedonia, but not regulated by any government agencies. LMFX accepts clients from all over the world, with the exception of the United States, Great Britain, Japan and other countries where restrictions apply.
Is LMFX a regulated broker?
LMFX is an offshore broker operated by Global Trade Partners Ltd. and GTP Global Solutions Ltd, registered in Northern Macedonia. As an offshore company, the broker is not regulated by any financial regulator and therefore carries certain risks that traders should be aware of.
First of all, the investor protection mechanisms that usually exist for regulated brokerswill not apply to LMFX clients in the event of insolvency or any disputes with the broker. Secondly, most regulated brokers are required to keep customer funds in accounts only with leading banks, separately from the broker's own funds. Although LMFX reports on its website about segregated accounts, there is no guarantee that this is the case.
However, we are not aware of any reports of illegal actions on the part of this broker, and the feedback from traders on the forums is generally good.
One of the advantages of the lack of regulation is that the broker has flexibility when it comes to leverage and other trading conditions that it can offer to its traders. In particular, the EU rules limit leverage to 1: 30. With LMFX, traders are entitled to a premium broker account, they can use a leverage of up to 1:1000, sufficient to obtain significant results even with a small initial capital.
What types of accounts does LMFX offer?
In total, LMFX offers a choice of 3 types of accounts:
- Premium – high leverage up to 1:1000 with a minimum deposit of $ 50.
- Fixed-fixed spreads and trading without commission.
- Zero is an ideal account for scalpers and large traders with narrow spreads and a commission of$ 4 per lot.
LMFX Trading Platforms
The LMFX broker works only with the popular MT4 trading platform. The platform is available both in the classic downloadable version, in the web version, and in mobile applications for iPhone, iPad and Android devices.
LMFX provides a free VPS server for the smooth operation of the trading terminal, even when you do not have Internet or electricity, which is extremely important for trading Expert Advisors. This service is available to clients with an account balance above $ 5000, other traders can activate it for$ 20 per month.
All accounts offer trading in popular currency pairs, precious metals, oil, stock indices, CFDs on individual stocks and commodities.
Bonuses and promotions
LMFX also offers a pretty good "Phoenix Recovery"bonus. If you completely lose your funds on the account, you will be refunded 15% of the original balance.
In addition, the broker offers a "Deposit Match" bonus, which is a 100% credit bonus that significantly increases the leverage available to the trader. The bonus amount can be withdrawn if certain requirements regarding the trading volume are met.
What is the minimum deposit in LMFX?
The minimum deposit in LMFX ist $ 50. You can top up your deposit and withdraw funds by international bank transfer, debit and credit cards, as well as through the Skrill, Neteller and FasaPay payment systems without commissions.
Thus, LMFX is an unregulated offshore broker located in Northern Macedonia. Among the advantages, it provides a high leverage of up to 1:1000, favorable trading conditions, a wide selection of trading instruments and interesting bonuses.
Before choosing a broker, we recommend that you read the reviews of LMFX, as well as see our rating of Forex brokers.
|General information of LMFX|
|Year of foundation||2015|
|EURUSD Spread||1.2 pips|
|Base currencies||USD, EUR|
|Assets||Currency pairs, metals, indices, stocks|
|Deposit replenishment||BankTransfer, Visa/MasterCard, Skrill, Neteller, FasaPay|
|Payment for inaction||—|
- The year of Foundation 2015
- Head office address 28 Koco Racin Blvd., 1000, Skopje, North Macedonia
- Maximum leverage 1:1000
- Min. Deposit $50
- Trading platform
- Payment system to enter Bank Transfers, Debit/Credit Cards , Skrill, Neleller, FasaPay
- Payment system for withdrawal Bank Transfers, Debit/Credit Cards , Skrill, Neleller, FasaPay
- Number of trading instruments 48
- The number of CFD instruments 50
- The number of metals 2