LMFX review - Pros, Cons and Traders Ratings.
5 star review by Begone, USA
What is LMFX?
LMFX is an unregulated forex broker based in Macedonia. Unlike US or EU based brokers, this allows LMFX to offer significantly higher leverage, all the way up to 1000:1. The company has been in operation since 2015, it only has a few geographic restrictions and gladly accepts traders from US.
LMFX offers MT4 trading platform, including the classic MetaTrader 4 desktop, mobile versions for both Android and iPhone, and MT4 WebTrader.
ECN accounts are available to trade over 45 currency pairs, as well as precious metals, stocks and stock indexes and commodities as CFDs. LMFX broker accepts all trading methods, including EAs, news spike trading, and scalping.
Customer service offers multilingual live chat 24 hours per day, 5 days per week. Support is also available by phone, email, and a contact form.
Please read LMFX Reviews below and share live trading experiences with this broker.
|Minimum Trade Size:||0.01|
|Minimum to Open Live:||$50|
|Address:||28 Koco Racin Blvd., 1000, Skopje, North Macedonia|
|Contact:||email@example.com, +44 2035192105|
|Trading platforms:||MT4, WebTrader|
|Web Trading:||✅ Yes|
|Mobile Trading:||✅ Yes|
|CFD:||(55+) Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Oil, Other Commodities|
|News Trading:||✅ Yes|
|Deposit Methods:||Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, FasaPay, Neteller, Skrill, VLoad|
|Withdrawal Methods:||Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, FasaPay, Neteller, Skrill|
LMFX Most Helpful Customer Reviews
Fix spread account with abnormal of spread
To reduce the volatility of the market, I chose the fix account type, this account type I had to pay 1 fixed spread, and the slippage every time the position was closed was 3-5 pips. But in the last few days we have suffered from another slippage, increasing gradually from 10 pips up to 25-35 pips plus slippage on closing up to 40 pips. For a scalping player like me, the odds of losing as well as hitting a one-way stoploss are easier. When you open 1 lot position you can lose up to 400$ when you are out of order, I think this is an unreliable broker, they may increase the spread to burn your account one day. You should consider carefully because in the past 6 months they have continuously increased the spread like this, one day you will be their victim. We should consider when opening an account of LMFX.
I am very disappointed about the change of the Fix account type of the exchange, or is this just a small error that the exchange has not been able to fix.
As an STP, No dealing desk broker, we do not make profits from the losses of our clients. We profit from the traded volumes, spread markups and commissions applied. We do not intervene in the trading activity of our clients. We merely provide you with access to the market. Thus orders are executed on the "best available price" principle. The orders are taken for market execution straight to our liquidity providers.
We relay the orders to our liquidity providers, who forward them for execution on the marker. The availability of prices is dependent on market conditions, such as liquidity and volatility. Since at that time the desired price was not available, the order was executed on the next best available price. The action of execution of the trade is not failed. The trade was closed, but at a less favorable price for you. This is known as slippage.
Slippage refers to the difference between the expected price of a trade and the price at which the trade is actually executed. Slippage often occurs during periods of higher volatility when market orders are used, and also when large orders are executed when there may not be enough interest at the desired price level to maintain the expected price of trade.
Orders cannot be executed, since there is no such price available on the market, nor we can take the opposite side of the trade since we are a No Dealing Desk broker.
As the market changes rapidly the specific price desired by you was not available as a price on the market, thus the order was filled in on the next best available price.
Given the current volatility and rapid price fluctuations in the markets, we do our best to minimize the effects of slippage and to guarantee fast execution of the trades with our liquidity provider. However, in some cases, despite our best efforts, we are not able to since there are major factors in play over which we do not have control.
You as a trader should be aware of the risks involved in trading and the major factors, which affect the market. In such cases, while trading in a highly volatile market, slippage cannot be avoided nor predicted. The risk of trading in such conditions is the responsibility of the client. During such times discrepancies are expected to happen. Before deciding to trade, you need to ensure that you understand the risks involved taking into account your investment objectives and level of experience.
Also, do keep in mind that the account type is applied only on Forex pairs, which means that other products such as Indices are not offered with Fixed spreads.
We take complaints regarding trading activity with utmost care. Each one is investigated and reviewed individually. If you wish to file a formal complaint, for us to file an official investigation with our MT4 department, please send us an email with as many details as you can. Trade IDs and screenshots will also be greatly appreciated. This information may be submitted directly via email to firstname.lastname@example.org
Please note that we also provide a VPS service free of charge that will greatly increase the execution speed and will help you minimize the effects of slippage.
Quick support team
Thank you LMFX support team
Nov 1, 2021 - 1 Star I started trading from mid-September to present. It's okay when I lose. When I started making profits, they said I broke the policy and banned me. They did not give me the right to speak. They like to ban is to ban. A bad broker. 2021/11/02
Reply by Maria LMFX submitted Nov 3, 2021 Dear tuyen1008,
Thank you for your review.
Please be aware that your account with us was suspended after a signal by our Liquidity provider in regards to your trading activity with our brokerage. We have since been communicating with you via email regarding this matter and have found a solution that will allow you to continue using our services.
We wish to stress that we never “ban” clients just because they make a profit. As a non-dealing desk broker, it is in our best interest to keep our customers trading with us for as long as possible. We are happy to say that have many clients who have made profits on their initial investments and are continuing to trade with us.
Your account with us was, in fact, restored before this review even went Live and we are happy to see you using our services once again. Rest assured that we take such cases very seriously and always do our best to be on the side of the customer.
Thank you very much!
Best service always get my funds quickly
Mar 6, 2018 - 5 Stars I have been with LMFX for about 6 months and they are top notch. If I call the US 800# I get a quick response and helpful service. Withdrawals are easy to do within the connect account on-line once you know how to do (a customer service person walked me through the process). I get good fills even in times of fast moving markets. My connect account # is 32501
Satisfied services and decent payout
Outstanding Broker Doing The Right Thing By The Client
For an offshore broker they've got an amazing reputation and have come a very long way in the past few years and should honestly be a top tier broker - regulated or not.
Many of you might notice there are a few bad reviews. The biggest criticism that LMFX has is their withdrawal process. Yes, in the past I've experienced a slow withdrawal but since then I've wired huge amounts in excess of $40,000 and they've made it to my bank account within just a few business days. Don't be discouraged, they pay out timely and deposits are quick as well. Deposit methods could be optimized, but throughout time you'll notice they are constantly adding in new ways to deposit.
Recent User Reviews of LMFX
A good forex broker
Good first impression
On July 10th, for 15778 and 1001822 my short trades for USA100 (NASDAQ futures) were set for TP at 15026 but the trades closed at 15045 and 15038 respectively both at exactly the same time 1.08.26. on 2023.07.10. The difference is $31 on two accounts that I got deprived of.
For 17254 TP was set at 15025 but it was closed at 15041 at 1.08.42 on 2023.07.10, I got cheated out of $15. Basically price closed at three different prices on three different accounts on the same MT4 platform on the same server. That is totally impossible. Communicating with the LMFX was not fruitful.
I can provide more examples of price set (SL) and not executing if there is a gap up or spike. But if the TP is set and the price moves suddenly (after a favorable news) or gap-up after the weekend it will always get hit (if there is positive difference between the TP and the opening price)
Dec 7, 2022 - 2 Stars GER40 gapped down to 14438-14439 at 2:00 AM ET (9.00 AM North Macedonia time) on Dec. 2 but my TP set at 14478 got executed at 14479, which seems impossible. Despite complaining the issue did not get resolved.
After a high-impact event, namely NFP, on Dec. 2 my USA500 TP set at 4040 was executed at 4040.3 but the 5M price bar clearly shows the price to be between 4012 and 4014 at 8:30 AM.
Whereas, on Nov. 10th after CPI report, my SL won't get hit at the set price of 3872 and got executed at 3796.3, and I was told that due to slippage my order got filled at a difference of 24 points causing me to lose approximately $340 instead of just $100. Complaining did not produce any satisfactory result as I was told that during a high-impact event I may trades won't be executed at my set price (TP).
In other words, if a trade would cause me to lose money, it will be made to happen but any trade that can be profitable won't happen. That's the way LMFX system is designed.
I attached two screenshots to prove my point but the response was in text from lmfx claiming that the trades were executed at those improbable prices. GER40 opened between 14438-14439 at 2:30 AM ET but my TP got executed at 14479. USA500 dropped to 4010.5 to 4008.8 at 8:30 AM on Dec. 2nd after NFP but my TP got executed at 4040.3. Here is the textual response from LMFX backoffice which gave the time of execution of the trades but no screenshots or graphic demonstration of the time of the trade and corresponding price.
22875867 USA500 Sell 1.0 2022-12-02 02:06:10 2022-12-02 15:30:16 274.0 -2.0 0.0
OPEN PRICE: 4067.7
CLOSE PRICE: 4040.3
22874715 GER40 Sell 1.0 2022-12-01 21:41:08 2022-12-02 09:00:01 14.74 -2.0 -0.5
OPEN PRICE: 14492.0
CLOSE PRICE: 14478.0
Reply by Maria LMFX submitted Dec 12, 2022 Thank you for your review!
Kindly be advised that we take matters such as trade complaints very seriously. We always take the necessary time to investigate client's inquiries and forward them to the appropriate department if needed. These procedures may take time, depending on each and every case individually, but we always strive to provide the best assistance as possible.
During the ongoing investigation, your case has been forwarded to and re-reviewed by our Liquidity providers as we wanted to make sure that it reaches a successful resolution.
We have sent you an email as soon as we have received an update from our Liquidity providers and we have informed you that the case has been resolved.
If you still have any questions, we kindly ask you to contact our Customer Support via phone, email or Live Chat and we will gladly assist you.
As we do understand your frustration, we as a Broker take trade complaints extremely seriously and we always make sure to investigate such matters in a timely manner and with the appropriate departments.
By being an STP broker we merely provide you with access to the financial market. We do work with Liquidity providers and we do not interfere with the market in any way.
That being said, we have made sure to provide you with additional information regarding each and every trade question you had by explaining how our services and the Meta trader 4 work. We made sure to investigate all the screenshots you have provided and we have checked the cases straight with our MT4 department more than once to be sure that we are providing the most accurate information along with logs, explanations and detailed information regarding your trades.
You can refer to the email communication we had and you are more than welcome to contact our Customer Support via phone, email or Live Chat at any time. We can assure you that we will continue to engage with every inquiry you have with the same commitment as always.
Problem was solved, all is well
Great broker,.been with them for 6 years, no problems.
Mar 5, 2023 - 1 Star I have had an account with LMFX since 2017 and have never had any issues logging on to the terminal to pull up my tax information. Now all of a sudden I can't get on the server from my laptop, but my phone terminal works just fine. I'm ver upset with LMFX. This is unacceptable.
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Frequently Asked Questions
Is LMFX regulated and a good broker?
In another word, there is no designated government or non-government body to supervise the activities of LMFX or to resolve complaints.
To understand if LMFX is a good broker, the best way is to read the unbiased traders reviews on ForexPeaceArmy. https://www.forexpeacearmy.com/forex-reviews/12111/lmfx-forex-brokers.
Additionally, we'd recommend to check recent LMFX community discussions: https://www.forexpeacearmy.com/community/tags/lmfx.
Please come back often as broker services are very dynamic and can improve or deteriorate rapidly.
Is LMFX an ECN broker?
The LMFX's Zero account has below certain features.
- Minimum deposit of 100 USD
- Leverage up to 1:250
- Spreads starting from 0.2 pips EURUSD
- Commission 8 USD per lot traded
Where is LMFX located?
LMFX is registered in the Republic of North Macedonia in the name of Global Trade Partners Ltd.