LMFX Review

Review

LMFX is a financial broker domiciled in Macedonia offering secure online trading for commodities, indices and Forex.

Accounts

The Premium Account at LMFX has been tailored to meet the trading needs of retail FX traders. The minimum trade size starts at 0.01 lots, and traders can trade up to 60 lots in a single trade. A $50 deposit is required to open the account and traders are offered competitive spreads and leverage of 1:1000. All Premium account holders are assigned a Personal  Account Manager.

The FIX Account is the perfect solution for traders who prefer to trade with fixed spreads. Traders are informed of the spreads in advance, giving them greater control over their trading along with improved accuracy when calculating positions.

This account is ideal for Expert Advisors (EAs) that operate with fixed spreads. It comes with a Personal Account Manager and Flexible Bonus Offerings. A deposit of $250 is needed to open this account and leverage is 1:400.

The Zero Spread Account is a low cost trading account that boasts no markups and super-tight spreads starting from 0.0 pips. Traders can trade on Interbank spreads for lower costs. A minimum deposit of $100 is needed to open this account. Leverage is 1:250 and commissions start from 1k lot. Scalping and high-volume trading are allowed.

LMFX Account Types

The LMFX PAMM is for those who are successfully involved in the foreign exchange markets and for those who wish to participate but lack either the knowledge, confidence or time to immerse themselves in the markets.

What is PAMM

It’s always nice when doing a broker review to find information about a demo account. At LMFX the demo account lets traders test their strategies and experience with the LMFX trading platform with zero cost. It offers unlimited usage and the ability to trade from any of the LMFX platforms. In addition, traders can use to demo account to test expert advisors and strategies and mirror as closely as possible actual market conditions.

Bonuses and Promotions

LMFX is really big on bonuses and promotions.

The Phoenix Bonus which is actually a recovery bonus works like this: When a trader makes their first time deposit into their Phoenix Bonus Account, they will receive an amount of funds 'pending' on the  account. These funds reflect a known percentage of the FTD and in the event that all the trading capital is lost, the Phoenix Bonus, no matter how small, will be placed into the trading account on the next deposit.  The bonus is applicable on first time deposit and is withdrawable or tradable when the bonus has been applied to the trading account.

The Deposit Bonus matches the trader’s deposits with 100% credit. The bonus can be withdrawn once volume requirements are met.

In addition to the above,  LMFX offers traders several generous contests. The  LMFX Crystal Ball Contest gives traders the opportunity to correctly predict the most accurate future exchange rate of the currency pair of the week and the three closest estimates to the closing price will win first, second and third place with rewards up to $1000.

Traders who feel they have mastered the art of FX trading can join the ranks of LMFX’s Ultimate Traders. If they make it to the top they have the chance of winning $1000 every month!

The LMFX ‘Learn & Earn’ Contest only held on demo accounts. There is absolutely no monetary risk involved - only gain and traders can practice and master their trading skills while competing for real cash prizes every month.

Traders who manage their PAMM accounts successfully and generate revenue for their investors and themselves can make it to the Top Ten and win cash prizes and rewards up to $1000.

Education

LMFX provides traders with several educational tools. An economic calendar is posted on the site which lists upcoming events planned throughout the world. It also forecasts how much impact the event will have.

Several essential forex calculators enable  traders to have comprehensive statistics on their trades. These include the Fibonacci, Pivots Point, Position Size and Pip Value calculators. Using these tools, a trader can estimate profit and losses on his trades, evaluate margin requirements for secure trading and calculate the impact of taking specific positions with different sizes.

LMFX Fibonacci Calculator

Animated video lessons for both beginner traders as well as MT4 tutorials are available and are both enlightening and fun to watch.

LMFX Educational Videos

Market analysis is posted on a daily basis.

LMFX Blog

Deposits/Withdrawals

Funding to accounts can be done via wire transfers, credit and debit cards and online payment plans such as Neteller, Skrill and FastPay. The minimum deposit amount is 50 USD/EUR. Minimum withdrawal amount is 10 USD/EUR.

Withdrawals use the same methods.

Customer Support

Traders can contact a LMFX representative  by telephone to a UK number and email.  Live Chat is available 24/5. Customer feedback is encouraged.

Conclusion

LMFX is relatively new on the Forex and CFD scene and is already a popular choice among Forex traders. The choice of different trading accounts is attractive and the addition of a demo account and a PAMM account seems to cover most of the range of accounts that a trader would look for. Surprisingly there  is no regulation which would have added to the appeal.

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Features

The features at LMFX are quite standard. The LMFX website is clear and uncluttered and is generally user friendly. I found some difficulties opening some pages and needed to click several times before the material appeared. The website and the platforms are available in English only as is customer service. The choice of different trading platforms which include the popular MT4 platform and the selection of different trading accounts are definitely the strongest features.

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Platforms

MT4 Terminal

The LMFX MT4 Platform gives easy access to fast trade execution, deep liquidity and the highly intuitive, powerful interface that has made MetaTrader 4 the most popular trading platform in the world.

With LMFX MT4, traders have more than 50 advanced indicators and tools available to help them to analyze the price dynamics of financial instruments across nine time frames, identify trends and calculate entry and exit points, etc.

Traders have a user-friendly interface, 9 time frames per instrument, more than 50 built-in indicators and functionality to layer indicators. They have access to market news directly, advanced charting and analysis, multiple language options, daily account statements,  trailing Stop Loss functionality, alerts and use of EAs.

iPad Trader

The iPad Trader allows traders to trade from anywhere in the world and experience the same advanced MT4 functionality that comes as standard on LMFX trading platforms combined with cutting-edge Apple iOS technology.

The platform provides a user-friendly interface where traders can trade directly on chart (iPad)Toolbox window and access orders, history, emails, news and journal4 charts in one window. It offers  interactive, customizable price charts, 30 popular technical indicators, 3 types of chart: Bar, Candlestick, and Line and 9 time frames per instrument.

iPhone Trader/Android Trader

The iPhone Trader and the Android Trader givetraders the opportunity to trade on-the-go while experiencing the same advanced MT4 functionality that comes as standard on LMFX trading platforms combined with cutting-edge Apple iOS and Android technologies.

MetaTrader 4 for Android

WebTrader

According to the LMFX website, the WebTrader is due out shortly. 

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User Reviews

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