LMFX Broker Review
LMFX broker provides MT4 and WebTrader trading platforms. It claims to provide 24/5 customer support. However, I never received any response to my calls or emails. The other connecting methods were slow. The deposit and withdrawal process was also time-consuming and had hidden charges. If you want to join a broker that offers high-quality service, LMFX is not the right choice.
There are three basic account types at LMFX, each designed to cater to the trading needs of different types of users. The Fixed account offers competitive fixed spreads for FX trading and features a Personal Account Manager and multiple flexible offerings. Each account type offers a different level of leverage, maximum trade size, and several open trades.
In addition to trading the major currency pairs, LMFX offers CFDs for commodities, equity indices, and individual stocks. Its account types also provide a wide range of options for depositing funds. The broker accepts various payment methods, including wire transfers, Visa, MasterCard, FasaPay, and Neteller.
There are several account types at LMFX, each with a different level of commission fees. Some of these fees are commission-free, while others include inactivity fees. You should also pay attention to the variable spreads that may go up and down. Some are as low as 0, while others can go up to 25. This will depend on market volatility.
Traders looking to enter the forex markets may be interested in the LMFX broker trading platforms. These platforms are designed to allow you to trade with a high degree of flexibility. However, the high leverage of these platforms is not always suitable for all traders. Traders with smaller capital may want to consider the premium account. This account allows traders to trade with leverages of 1:1,000 and can achieve significant results using small initial capital.
The LMFX broker trading platforms are compatible with iOS and Android devices and feature a user-friendly interface and advanced features. In addition, they have a One-Click Trading option that ensures fast trading execution. The platform also meets the highest security standards. LMFX offers live chat and email support 24 hours a day. This is an advantage for those who prefer using the internet rather than talking to someone on the phone.
Another feature of LMFX broker trading platforms is a multilingual customer support team. They provide email and phone support, and there is also a dedicated affiliate department. A multi-lingual live chat option can help you with any issues or questions. If you’re new to the forex market, LMFX will be able to help you in several ways.
The customer support at LMFX is a bit lacking. It is available through email and live chat five days a week but is not very helpful or friendly. There are some good resources online, but the course material isn’t exciting and could do with more effort. Nonetheless, LMFX has a large number of satisfied clients.
LMFX is not regulated by any government bodies but is owned and operated by Global Trade Partners Ltd, a company registered in the Republic of Macedonia. This broker uses a strict anti-money laundering policy and segregated accounts to ensure client funds are safe and sound. Traders can also benefit from a 100% deposit bonus of up to $30 000. Many brokers also offer sign-up and deposit bonuses, which offer a percentage of money back depending on the initial deposit.
The LMFX broker is an offshore Forex broker that accepts US clients. It does not offer cryptocurrency trading, but it does offer a broad selection of assets to trade. It is important to note that LMFX is not regulated by any authority and has high-risk potential. However, it offers competitive trading fees and spreads.
Generally, the longer a brokerage firm operates, the more regulated it is. However, the process of obtaining a license can be expensive and time-consuming. The costs can easily reach six figures, a substantial barrier to new broker companies. For this reason, many brokers choose to remain unregulated. To avoid these high costs, these firms must first collect enough cash and satisfy enough clients to justify their existence.
Traders who are hesitant to risk their money with unregulated brokers should consider the advantages of regulated brokerages. These brokerages offer a wide range of trading platforms and high leverage. Furthermore, they claim to abide by the laws of Macedonia. However, traders should remember that unregulated brokerages may lack regulatory oversight.
Another factor to consider is the customer support offered by these brokers. While LMFX’s website offers some customer support, it lacks quality. While the company’s customer service representatives are available five days a week, they are not friendly or helpful. In addition, there is limited customer support by email and phone.