This type of account is best suited for Expert Advisors working with fixed spreads. The Zero account provides low trading with no mark-ups and spreads from 0.0 pips. The premium account also provides a personal account manager who may be very useful when there are problems.
LFMX officially says that it takes from 2 to 15 days for the funds to be deposited in your account if you wire it. We found that the minimum wire transfer amount of $250 to be reasonable. One of the great benefits of trading with LMFX is its policy about allowing unlimited usages of the demo accounts. Existing clients can simply open new demo accounts to test their strategies and forward test the viability of expert advisors in real-time. There are 105 assets for trading with this broker, including Forex, commodities, indices, and shares as CFDs.
Regarding the payment gateways they use, LMFX states that the services they employ have been in business for several years, and they use several to spread risk further. Keep in mind that for using Debit/Credit cards as well as third-party payment processors, the minimum deposit amount is $50. While there is no official maximum deposit amount with these instantaneous payment methods, it is better that you use wire transfers to deposit large sums of funds in your LMFX account. LMFX has implemented the time-tested MetaTrader 4 (MT4) trading platform from MetaQuote to run its brokerage operations.
The broker also runs a referral program with bonuses for new client referrals. LMFX’s “Learn and Earn Contest” allows demo account users to compete for real cash prizes without risking their own funds. MFX’s non-trading fees are relatively low compared to many other brokers.
LMFX Basics
LMFX offers a variety of deposit options, including bank wire transfers, credit cards, and popular e-wallets such as Skrill and Neteller. The broker also supports deposits via a wide range of cryptocurrencies, offering flexibility for traders who prefer digital assets. The minimum deposit for most methods lmfx review is $50, making it accessible for retail traders.
While there are commissions involved, we found them to be very low. Other account types have wider spreads, with the Premium account displaying floating values. Average spreads sit at 2.6 pips for GBP/USD, 2.1 pips for EUR/GBP and 1.1 pips for EUR/USD. The Fixed account offers fixed spreads that approximate average values for the Premium account, though they tend to be a little higher.
A Quick Summary of LMFX
Now, let’s compare LMFX’s fees with other brokers to get a clear idea of how the broker’s fee policies work. For the comparison, we picked the Premium account that has no commissions but uses spreads starting from 1 pip. LMFX offers three account types, the Premium Account, the Fixed Account and the Zero Account. All three accounts are broadly accessible but they do differ slightly in features. The broker connects clients to markets around the world, from Europe through to Canada and beyond. Clients can access a range of advanced tools and features through the MetaTrader 4 platform, as well as VPS hosting, trading calculators and direct market analysis.
LMFX Trading Fees
MT4 provides quick access to market quotes, trading instruments, and efficient loading of its charts. The MetaTrade 4 platform is popular and likely already known by experienced traders who have used it on other trading sites. From there, if you wish to do real money trading, you will need to deposit a minimum of $50, and you will be asked the standard compliance question list ensuring you know the risks of trading. LMFX has trading of 9 indices from the U.S. (S&P, DJIA, Nasdaq, and USD), UK, Spain, Germany, France, and Australia. These are in CFD form with leverage and low commissions and no overnight charges.
- LMFX offers the widely recognized MetaTrader 4 (MT4) platform across all devices, including PC, web-based WebTrader, and mobile applications for iOS and Android.
- We’ll discuss the offered assets, trading platforms, customer support, fees, policies, and more.
- Traders might forget to place a stop-loss or take-profit order which can be quickly remedied through the mobile app.
- LMFX requires a minimum deposit of $5 for its Micro and Fixed accounts.
Payment Methods
MT4 does support multiple order types to fit the needs of any trader, and there is a strategy tester for testing an Expert Advisor or a preset/custom indicator. Registration for a free demo account is easy; just put in an email address and LMFX will send you a verification link; once verified, a second email provides you with your login and passwords. A minimum of a $100 deposit is required, and there is a commission starting at $4 per lot, with lot sizes ranging from 0.01 to a total of 100. LMFX also has promotions and competitions for trading to expand their business and traders can test their skills against other LMFX members. Compared to other options, LMFX providing competitive conditions for Forex, CFD index, and share trading is good but not exceptional and they do lack a research section. We, however, found that the office of their parent company is located at 28 Koco Racin Blvd., 1000, Skopje, North Macedonia.
Despite this, LMFX has maintained a strong reputation, with minimal reports of safety issues in the industry. LMFX has structured its services by offering three distinct types of accounts in order to cater to different types of Forex traders. The first account is called a Zero account and the name derives from having zero pips spreads on some of the Forex pairs.
What is the minimum deposit requirement at LMFX?
- The broker only uses reputable payment providers and holds all funds in segregated bank accounts.
- Pricing is Variable with the Premium account; fixed with the Fixed Account and tight spreads plus commission with the Zero Account.
- Encouraging traders to place as many orders as possible to win a contest is not a way to build a reputation.
- We suggest you try the free Demo account and see if it fits your needs; if you like the offering and are comfortable after testing it out, then go for it.
- After the verification is completed, the final step is depositing funds and trading.
Overall, LMFX’s fees remain competitive, providing traders with options that suit their risk tolerance and trading volume. LMFX offers competitive spreads across various account types, catering to different trading preferences. For the Premium and Micro accounts, which are spread-only accounts, the spread on major currency pairs like EUR/USD starts at 1.0 pips. For traders opting for the Zero account, the spreads can be as low as 0.2 pips on EUR/USD, with an additional commission.
Is LMFX Legit Or An Unregulated Broker?
A Fixed Account is the perfect solution for traders who prefer to trade with fixed spreads. LMFX has a wide selection of assets to trade that will fit the needs of most traders, including Forex, commodities, indices, and stocks in CFD form. The service will cost $20/month or is provided free to clients with a trading account balance of over $5,000.
While these all sound like positive things, and LMFX has been in business for over a decade, lacking regulation, there is no certainty that any of the statements are true, so buyer beware. It should be noted that CFDs are considered extremely risky investments due to their high leverage. Yes, LMFX does have Negative Balance Protection for all its accounts. LMFX accepts deposits via Instacoins, Wire Transfer, Skrill, Neteller, FasaPay, Bitcoin, Ethereum, Dash, and over 30 other cryptocurrencies. We were happy to find that LMFX also supports lesser-known payment processors like FasaPay and VLOAD.
LMFX also provides an unparalleled trading experience that offers the most competitive trading conditions to clients, by allowing them to trade Forex and CFDs on Commodities, Indices, and Shares. LMFX is an online forex broker that offers leveraged CFD trading on the MT4 platform. Clients can access free VPS hosting and a range of trading accounts, including a raw-spread ECN Zero Account. This 2025 LMFX review will outline the broker’s fees, assets, platforms, regulatory status, security features and more. LMFX is not a great broker considering the fact that it’s not regulated by any regulatory body.
