LMFX review - Pros, Cons and Traders Ratings.

3.184 • 139 REVIEWS
Updated: Nov 9, 2022
LMFX.com

5 star review by Begone, USA

LMFX has always been at the top of my list as the best FX broker out there. Being in the USA I appreciate their kind and friendly service but especially their high leverage account. I've been a customer of LMFX for about 7 years so I know of which I speak. I can guarantee you your money is safe with LMFX.

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.

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 1000:1
Minimum to Open Live: $50
Established: 2015
Address: 28 Koco Racin Blvd., 1000, Skopje, North Macedonia
Contact: support@lmfx.com, +44 2035192105
Regional offices:
Regulators:
Prohibited countries:
Trading platforms: MT4, WebTrader
Web Trading: ✅ Yes
Mobile Trading: ✅ Yes
ECN: ✅ Yes

Trading Instruments

Currencies: (45+)
Cryptocurrencies:
CFD: (55+) Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Oil, Other Commodities

Trading Conditions

EAs/Robots: ✅ Yes
News Trading: ✅ Yes
Scalping: ✅ Yes

Managed Accounts & Social Trading

Deposit Methods: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, FasaPay, Neteller, Skrill, VLoad
Withdrawal Methods: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, FasaPay, Neteller, Skrill
3.184 • 139 REVIEWS

Traders Reviews

M
Michael
Florida, USA,
Sep 7, 2022,
Guest

LMFX is not satisfactorily answering my questions

Service use: Demo Length of use: over 1 Year
I've currently been demo trading using LMFX with the intention of opening up a live account with them by the end of this calendar year. Over the past month, I've had several concerns regarding their trading account on mt4, and each time I've spoken with a support agent via live chat, I've gotten incomplete responses, unclear explanations or been pushed off with no answer at all.
I've then tried emailing support regarding these issues, only to receive no responses back, or that I didn't ask the question in the right format - where I've then had to research for my answer elsewhere online.
On top of this, I'm now also reading FROM SEVERAL DIFFERENT SOURCES (including FPA) where several live account holders have been having problems withdrawing funds from their account. Again, I can never seem to get any clear-cut answers from LMFX regarding this particular issue as well, and am now seriously questioning whether I even want to do business with them at all. LMFX needs to realize that this is not the proper way to treat their customers & potential clientele, and unless they can now satisfactorily respond back to me either thru my email address or this website, I refuse to give them any of my hard-earned money and will go use another brokerage firm instead.
M
Reply by Maria LMFX submitted Sep 8, 2022:
Dear Michael,

Thank you for your review.

Kindly be advised that we take great care when it comes to assisting our clients.

We have looked into the matter and have reviewed all your Live chat and email communication with our Support team. Based on what we have seen in our records our agents have done their best to provide you with detailed information in limited form of communication such as live chat. In fact, it is very surprising to hear that you have had a negative experience since every chat you have had with out agents has been rated as helpful, and you have also left comments suggesting that you were happy with the service provided.

We would also like to point out that some matters take longer to be reviewed and it is not entirely out of the question that our support might not have the detailed information at the time you request it. In such cases they need to consult with the appropriated department to acquire the needed information, which unfortunately can take some time. The inquiry submitted by you in your email to our Support department has been forwarded to the responsible department and once the information is gathered it would be forwarded to you.
Also note, that we have had no issues or delays in regards to withdrawal processing. Withdrawals are always processed in a timely manner in accordance with company policy.

We will be more than happy to assist further with providing more information. If you still have any questions, we kindly ask you to contact our Customer Support via phone, email or LiveChat and we will gladly assist you.
F
Kentucky, USA,
Jul 8, 2022,
Registered user

Deserve higher ratings

Service use: Live Length of use: over 1 Year
I have had zero issues all around for the 1-2 years I have been with them. I have traded very frequently.

Nov 12, 2020 - 5 Stars No problems whatsoever. They do what they say and say what they do. As a US resident this is the best offshore broker experience I have had. Very consistent. I received everything they commit to.
C
Cris
C, Costa Rica,
Jun 14, 2022,
Guest

Dont use this broker

Service use: Live Length of use: 3-6 Months
When you make the deposit everything will be perfect, but at the time of withdrawal it is torture, 2 weeks ago I made the request and it still does not seem like my money. I fear I have been scammed
2 traders have found this review helpful
C
Reply by Maria LMFX submitted Jun 17, 2022:
Dear Cris,

Thank you for your review!

We would have appreciated if you included your trading account ID or your Wallet ID so we could have found you in the system.

We offer a variety of withdrawal and deposit options to our clients and each and every option has its own time frame to be processed.
We can guarantee that not a single correctly requested withdrawal by our clients is denied by our Financial department, as we do take such requests very seriously.
Withdrawals are always processed as it is stated on our website and there are no delays of any sort coming from our end.

As our clients are our top priority we will be more than happy to assist further with providing more information. If you still have any questions, we kindly ask you to contact our Customer Support via phone, email or LiveChat and we will gladly assist you.
M
hawaii, USA,
Jun 2, 2022,
Registered user

Unregulated Scam Broker

Service use: Live Length of use: over 1 Year
DO NOT USE THIS BROKER!!! They will jump the spread from normal to hundreds in a split second... They tempt you with a high leverage 1:1000 and minimum deposit of 50 then you go into your high probability set up.. boom spread jumps 300 points... Its almost laughable that anyone would think this kind of practice is somehow ethical... Unregulated company... SCAM SCAM SCAM!
1 trader has found this review helpful
M
Reply by Maria LMFX submitted Jun 3, 2022:
Thank you for your review!

Although you did not mention your wallet ID or live trading account ID in your review, we were able to locate the case and re-review it carefully as we do take our client's complaints seriously.

During your email communication with us, we made sure to explain in great details that our MT4 department has been able to confirm that these are the spreads supplied by our Liquidity providers and they are based on the existing market conditions at that time.
We also made sure to provide you with a file which contains the spreads for the currency pair in question at the time your trades were made with an added spread graph to help you further visualize it and additional images with the traded volume chart helping you see the liquidity demands at that time.
We have also explained that the provided prices were within the market bounds and were not distorted on our end only, so the trades were valid and are not subject to any refunds.

As we understand your frustration we made sure to explain that two of the trades in question were closed by the Stop loss you set for both, while the third was stopped out due to lack of margin. We also provided you with details regarding those trades.

We cannot intervene in the trading activity of our clients. As an STP broker, 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.
You as a trader should be aware of the risks involved in trading. Before deciding to trade, you need to ensure you understand them.
A
Lâm Đồng, Viet Nam,
May 16, 2022,
Registered user

Fix spread account with abnormal of spread

Service use: Live Length of use: 3-6 Months
I have believed and thought that LMFX is a reliable and excellent broker until recently.
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.
4 traders have found this review helpful
A
Reply by Maria LMFX submitted May 17, 2022:
Thank you for your review!

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 support@lmfx.com
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.
K
Koy
USA, USA,
Mar 29, 2022,
Guest

Service use: Live Length of use: 0-3 Months
Official spread for EUR/USD is 1.5 pups. I have never gotten this, ever. They have always slipperige of few more pips (yes, my internet connection is fast)
1 trader has found this review helpful
K
Reply by Maria LMFX submitted Mar 31, 2022:
Dear Koy,

Thank you for your review!
We would have appreciated if you included your trading account ID or your Wallet ID so we could have found you in the system.
Our spread on EUR/USD starts from 1.2 pips on the Premium account and it is variable. Do keep in mind that during news or major economic events slippage may occur but it is not something that we can control as a Broker.
That is why we provide to our customers the option to choose between 3 types of live accounts and the option to trade with demo accounts so they can test how their strategies work.
If you still have any questions, we kindly ask you to contact our Customer Support via phone, email or LiveChat and we will gladly assist you.
Thank you!
N
Vietnam and Toyama, Japan,
Dec 15, 2021,
Registered user

Account verification documents are considered fake documents.

Service use: Live Length of use: 0-3 Months
This is an exchange that has problems with identity verification. I am a trader living in both Vietnam and Japan. When I register with my address in Vietnam. They said their company discriminated against people from Vietnam to use. Then I used the address I am living in Japan to send back the documents, the company made it difficult for me and said my documents were forged. While I was in Japan working and living. so stupid. Please be careful with this broker.
N
Reply by Maria LMFX submitted Dec 16, 2021:
Thank you for your review.

Kindly be advised that we take great care when it comes to account approval and revision of document. Each and every document is carefully reviewed and evaluated to determine if it is acceptable and if it matches the requirements. In your case, the since the documents are in Japanese, they were reviewed by a Japanese speaking representative, who determined that there is a mismatch between the information on one of the verification documents and the information on the account in our system.

That being said, your case has been re-reviewed and we have sent you an email so that we can work with you in order to reach a successful resolution of this situation. If we determined that the documentation provided meets our KYC requirements we would be more than happy to allow the approval of the account.

Please note that the Company reserves the right to impose additional due diligence requirements in order to accept clients residing in specific countries. Also note, that from time to time the company may be forced to suspend provision of services to certain countries or regions, due to regulations, restrictions or due to the request of 3rd party service providers. As an STP broker we are obliged to comply with any and all such requests.
C
Chris C
Tanauan, Philippines,
Nov 3, 2021,
Guest

took my first pure profit

Service use: Live Length of use: 6-12 Months
In dec of 2020 I started trading with lmfx mainly focusing on jpy and aud pairs, trading the asian market, started with a mid sized premium account I. over all I would describe trading with lmfx as simple and easy, in July I hit my ROI and made my first pure profit by the end of OCT 2021, I am a part time trader still learning, most trades done on mt4, I use different charting software, stable servers, good execution time, I dont scalp much but so far I'm satisfied with the results
T
Ha Noi, Viet Nam,
Nov 3, 2021,
Registered user

Quick support team

Service use: Live Length of use: 0-3 Months
I have had some account issues during the transaction, my emails are usually answered within the same day. I appreciate this issue.
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!
T
Puerto Rico, USA,
Oct 22, 2021,
Registered user

A+ Would lose money due to terrible trading knowledge again

Service use: Live Length of use: 0-3 Months
A lot of the low reviews seem to stem from misunderstandings, and you really do have to read through the boring stuff to understand how the bonuses work etc. This is a pretty good forex provider, their odd deposit options seem to have improved since last I tried it months ago.

I've yet to make any profit, I've only lost money, but I never felt it was due to LMFX or shady practices (Other than markets being rigged which everyone knows), I'm just a terrible trader lol. Don't bet against the trend like I did :P
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Frequently Asked Questions

Is LMFX regulated and a good broker?

LMFX is not regulated by any regulator.

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?

LMFX's Zero account is considered as an ECN type of account.

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 located at 28 Koco Racin Blvd., 1000, Skopje, North Macedonia.

LMFX is registered in the Republic of North Macedonia in the name of Global Trade Partners Ltd.