LMFX is this a scam? Review and Customers Reviews

LMFX – is a product of Global Trade Partners Limited, a company opened in 2015 and registered in Macedonia. Forex broker offers a medium-sized package of assets and a good bonus program. The target audience is residents of European countries (the site is in English and has no other language versions).

Is the resource suitable for users from Russia? Is LMFX a scam or a serious representative of the market? We will try to answer these questions in the review.

 

LMFX trading conditions

LMFX clients are offered a choice of 3 trading accounts:

• Premium – With a minimum deposit of $50, leverage up to 1:1,000, limit on the number of open trades to 100 units. (up to 60 lots), Margin Call 50% and Stop Out 20%.
• Fixed – with a minimum deposit of $250, leverage up to 1:400, limit the number of open trades to 150 units. (up to 75 lots), Margin Call 30% and Stop Out 15%.
• Zero – with $4 commission per lot, minimum deposit of $100, leverage up to 1:250, limit the number of open trades of 200 units. (up to 100 lots), Margin Call 30% and Stop Out 15%.

All subsequent refills, except the first, must be at least $50.
Accounts are opened in U.S. dollars and euros (all other currencies are converted with a transaction fee). Spreads start at 0.2 pips for the EUR/USD pair. PAMM accounts, as far as we could estimate, are not opened. Automated trading (robot trading) is not supported either.

The only trading tools available are calculators and economic calendar. For training you can use a demo account (free account, which uses virtual currency) and a selection of videos, as well as individual consultations by representatives of the company (Forex Trading Training). Contact the support team by phone (only a dedicated UK line, which is considered international), email, feedback form and online chat on the website lmfx.com.

 

Platform lmfx.com

LMFX works with MetaTrader 4 and WebTrader platforms. Their interfaces are similar, but MT4 is more popular among traders thanks to its functionality: 9 timeframes, 50+ advanced indicators and other analytical tools, 3 formats (offline, online for PC and mobile application), sound and PUSH-notifications, interactive options, possibility to upload additional templates and plugins. For security purposes, client accounts are separated from company accounts. Funds are kept with European banks. All transactions are conducted over a secure 128-bit SSL encryption protocol.

Broker quotes

About 50 currency pairs are available in LMFX: CAD/CHF, AUD/CAD, EUR/USD, EUR/DKK, etc. Trading on Forex is conducted according to the STP model, so the broker has all possibilities to correct the displayed data. We did not manage to compare the provider’s quotes with the indicators on other websites at the same time interval to evaluate their accuracy. However, among the moderated reviews on the official sites there were those whose authors spoke about the discrepancies in the figures in the interface of the terminal and the real chart.

 

LMFH demo account

LMFX demo account is not limited in time of use. In order to use the free MetaTrader 4 terminal without any investments, you need to register on the website lmfx.comThe following information will be sent to you by entering your last name, first name, contact mobile number, email, date of birth and currency type, and confirming that you are not a robot, using a simple example. Login and password to enter the training terminal will be sent to the specified e-mail address.

 

Mobile application

LMFX does not have its own mobile application – the broker uses MT4 mobile. Software is supported by Android (from 5.0 and newer) and iOS (no older than 9.0) devices. Functions are the same as on the desktop:

• Viewing Quotes.
• Creating orders (all types, including pending orders).
• Trade history, analytics, report generation.
• Templates and additional plugins.
• Online chat for communicating with other users and support.

The software is rated 4.6-4.7 out of 5 depending on the resource. Downloadable for free from Google Play Market and App Store.

 

Bonuses at LMFX

The bonus program at LMFX is not bad. The welcome bonus is a cashback of 15% to the account at the first deposit in the amount from $200, and also credit in 100% for trading. However, you can withdraw the funds received only after meeting the trading conditions: closing volumes of 1,000 more than each lot earned.

It is also offered to participate in contests and drawings: on demo accounts (Learn & Earn), for the biggest profit (LMFX Ultimate Traders), etc. There is also an affiliate program (earnings of $3 for each lot of trades of users who came by your recommendation/link).

 

Deposit and withdrawal

There are only 7 ways to deposit money into your LMFX account: credit or Debit Cards VISA, MasterCard, electronic wallets Skrill, Neteller, VLoad, international (FasaPay) and domestic bank transfers. Minimum, as we have already written, is deposited from 50 c.u. (taking into account the type of account). Funds are credited immediately almost always (exception: bank cards and transfers, where processing takes 30 minutes and 2-15 working days respectively).

For the withdrawal are already used 5 methods: MasterCard, VISA, WebMoney, Neteller, Skrill and bank transfer. Banking takes up to 15 transaction days, in other cases, as the provider promises, about a day. In all cases the broker does not charge any commission, but does not compensate for the fees collected by third parties (payment systems). Your withdrawal request will only be approved after verification: you will be asked to provide proof of identity (scanned passport/driving license/ID-card) and address (photo of utility bill). Withdrawal of funds is carried out in the same way as the deposit was made. If you made a deposit through, say, the payment system Skrill, then to get paid to a bank card will first need to make at least one credit and through it.

 

Complaints about LMFH

There are many complaints about LMFX – they are published on international forums. Users are unhappy about cheating on bonuses (company managers offer cashback/insurance, which is difficult to win back), transactions (unprofitable strategies are offered) and manipulation of quotes.

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LMFX broker regulator

Global Trade Partners Limited, the owner of LMFX, is regulated by Macedonian legislation and is registered in the state register under the number 6034443. However, the broker does not provide information about the availability of the license, there is no information on the official resources of the jurisdiction. Therefore, we have to admit that the service provider is offshore. And all legal issues are resolved only within the framework of the user agreement.

Read the LMFX User Agreement on the broker’s website

lmfx.com User Agreement

User Agreement defines rights and duties of LMFX administration and clients of the service to each other. Let’s look at examples. For example, clause 3.2 says that the company may suspend the user’s access to any services temporarily or permanently. No one is obliged to explain the reasons.

For losses incurred by you as a result of the actions or “omissions” of the broker’s representatives, the latter is not responsible (clause 9.4).

After sending an order to open a position, it is cancelled at the provider’s discretion: it cannot be mandatorily requested. However, LMFX is entitled to cancel any of your orders. If you have not cancelled in writing, the company has the right to have your funds managed by a third party (stock exchange, counter board, broker’s partner). In that case, all transactions are made through that person. An account that you do not use within 90 calendar days is archived (clause 14.6): no one can use it, but the account is not deleted and is restored upon request to the support service. Transaction reports must be verified by the client. If within 2 days from the moment of their receipt no claims have been declared, all data is considered reliable.

When trading with the help of LMFX representative (member of the affiliate program), you waive in advance any claims against the broker, no matter what happens (clause 18.1).

You must also reimburse the service provider for any costs incurred as a result of your breach of the agreement or simply as a result of your cooperation (clause 21.1). This rule will remain in effect even after the termination of the document/termination of the site lmfx.com (п. 21.2).

All information provided on the site (quotes, news, analytics, etc.) is purely indicative in nature. The company is not responsible for their veracity (clause 29.3.a-b).

If you decide to withdraw your deposit, you will be charged $150 as part of your anti-corruption investigation (Section 30.1). Or even $300 if there is evidence of fraudulent activity.

 

Is LMFX a scam?

LMFX – is an average broker with its own advantages and disadvantages. On the one hand: the lack of license, trading conditions, creating risks (high leverage, the ability to open a large number of transactions simultaneously), complaints about the discrepancy quotes in the interface with the market. On the other hand: relatively small minimum deposit, tight spreads, loyal attitude to scalping and a wide range of affiliate and bonus offers (by the way, it is difficult to waggle bonuses).

The reviews show that the company representatives start recommending losing deals and terms as soon as the client deposits a substantial amount into the account. And we remember that, according to the offer agreement on the website lmfx.com, the service provider is not responsible for their actions. That is, it all comes down to the fact that the trader goes to someone who is not even obliged to share his risks and compensate for losses. LMFX is not a scam in the literal sense of the word, but we cannot call the operator decent.

 

Conclusion

LMFX offers, at first glance, favorable terms of cooperation and does not impose territorial restrictions on the use of its resources. Only a closer look reveals the broker’s flaws:

• Risky trading conditions.
• Commissions, fees (not only from transactions, but also for deposits/withdrawals, because the administration does not compensate for forfeits withdrawn by payment services), fines (for example, for deposit withdrawal) – you pay LMFX in any case, even if you do not trade.
• Lack of competent support for beginner traders.

Visitors to official forums, dissatisfied with the manipulation of orders and quotes, also voice their dissatisfaction. As a result the reputation of the provider is spoiled. At the moment we do not recommend the broker. Perhaps in the future our opinion of it will change.