LMFX review - Pros, Cons and Traders Ratings.

3.331 • 148 REVIEWS
Updated: Jun 9, 2024
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
* Please check broker website for more information
3.331 • 148 REVIEWS

LMFX Most Helpful Customer Reviews

T
tuyen1008
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!
F
fxtradernick
New York, USA,
Aug 14, 2020,
Registered user

Outstanding Broker Doing The Right Thing By The Client

Service use: Live Length of use: over 1 Year
Been with LMFX for 4 years as a US client, outstanding broker. Lightning fast execution, fair spreads and usually zero commissions. They've held the line while other brokers have fallen out through the years. I've made six figures with the company and have withdrawn it all without any questions besides verifying some information about myself.

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.
5 traders have found this review helpful
A
anhtran007
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
M
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.
B
Begone
Oregon, USA,
Aug 25, 2021,
Registered user

Best service always get my funds quickly

Service use: Live Length of use: over 1 Year
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.

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
C
Chris Vo
HCM, Viet Nam,
Sep 7, 2020,
Guest

Satisfied services and decent payout

Service use: Live Length of use: over 1 Year
Been trading with this broker for about 2 years and totally satisfied. It's a classic broker with decent and swift services. There are not too many advanced services as MT5 or PAMM but I was looking for a broker I can stick to trading mainly. Lucky that my EA works with their trading platform MT4. CS also supports live chat but only Europe time. Withdrawal is possible with Skrill and Neteller and you will get fund in 24 hours except weekend. Reliable broker!
1 trader has found this review helpful

Recent User Reviews of LMFX

M
Mqader56
Toronto, Canada,
Mar 18, 2024,
Registered user

LMFX- I got $11 instead of $29 as profit

Service use: Live Length of use: over 1 Year
I just got cheated out of $18 (-2 commission=16) dollars when I tried to cover one lot of USA500 as the price displayed at 2024.03.19 0037:46 was 5148.1, low 5147.8.but I reeceived $11 instead of $29 as it was on the MT4 screen when I clicked on the "x" to close the trade and the spread was only 6 points. The price at which the trade was closed was 5150 instead of 5148.2, the buy price on the display. I have made a video of the transaction to show exactly what happens since it has happened many time before.. I have attached the screenshot and the video in an email to the backoffice if the size is permitted by their strict email system.

I see my profit to be $29, that's what I expect to get, maybe a dollar or two difference but not whopping $18 dollars. That's to me is cheating, price gouging or over-charging (or under-paying the customer as it was a profit). This is my 2nd review in amonth as I keep on getting less profit or keep getting charged more anywhere between 11 to 18 doollars. LMFX is not a fractional broker when trading indices, it charges $4 to $7 for trading each lot.The two reasons I am with this broker is leverage and super-fast deposits via skrill. They are not even allowed by the Ontario provincial government.

Mar 2, 2024 - No Rating Feb. 21st - Two lots (instead of just one) of USA100 were bought on February 20th at 6:30 PM ET at almost the same time by the expert advisor at the price of 17550 and 17547 but the high at that time was only 17529 (The high at 3.55 PM was 17552). So, I have been over-charged 21 and 19 points or dollars respectively for the two trades. Only one lot is permitted by LMFX platform and the EA is set to trade only one lot at a time and still two lots were bought exactly same time at two different price. Earlier on the same two lots were purchased by the EA. LMFX also does not permit hedging of trades on indices in the same account.

Feb. 28th - The price that I was charged was $18 higher than the high at that time. I saw the price at 5078.7 and I decided to buy, the spread was only 6 points, still the price of the trade was lot more.I attached a screen shot that gives the details on the 1 minute chart showing the low and high on the 1 minute bar at 6:13 PM (1:13 AM your time).
I attached a screen shot that gives the details on the 1 minute chart showing the low and high on the 1 minute bar at 6:13 PM (1:13 AM North Macedonia time). I emailed the backoffice but no reply yet.

March 1st - All my positions on S & P 500, DOW and Nasdaq of 1 full lot each were closed by LMFX at 10:40 AM ET or 18:40 PM LMFX server time at the lowest price at a time of extremely high volatility after PCE figures came out at 8:30 AM ET. How is it possible that those positions were closed exactly at the bottom when the price just dropped like a rock? It seemed to me that price just swooped down in a fraction of a second and still my positions were closed. On the screen it just looks like a thin line denoting high volatility and impossible to get that range of price, except for the big banks, hedge funds and institutional investors. I pre-calculated every possible scenario, cancelled a $200 transfer and funded my account to ensure enough margin (including bonus) to avoid being stopped out but still by some magic those positions were closed to wipe out my account at the lowest price! The low for the USA30, USA100 and USA50 were 38804, 17859 and 5061.4 respectively and my positions closed at 38809, 17862 and at 5061.8, only 5, 3 and 4 point from the very bottom. I have been trading over 20 years and never been able to get a price, whether it's a TP or limit order anywhere near 12 pips of the bottom or top during extremely high volatility. Any retail trader knows that it's impossible to get a price that close to the low due to high volatility, only the big narket makers can achieve that kind of price. Those were all fictitious and made-up trades by LMFX to close my account and keep my money including the $19.02 balance left on my account. Anytime there is a stop out, no money is left on the account most of the time even though stop out is supposed to happen automatically at 20% level (except on a Bonus account). LMFX confiscates the balance. I could have had nearly $2500 from those trades, including my equity if those were not illegally closed at those impossible prices.

Even my limit orders get filled about ten to twelve pips away from the set price when there is not much activity during the Asian session. KMFX is also restricting withdrawal through the most recently used means for deposit, for example Skrill and won't allow me to use other methods I have used in the past, like banks transfer, credit cards,or crypto. Skrill is very fast but expensive due to fee and low exchange rates. I trade in USD but I have to convert CAD to USD. Even though I have USD account Skrill does not allow me to deposit directlly into that account.

Aug 24, 2023 - No Rating My TP set at 4443 got hit even though after the gap up at 4:30 PM (23:30 North Macedonia time) the price opened at 4452.1 (low 4451 and high 4452.7) on August 23rd. They made the execution take place even though the price never touched that price and opened at 4452.1 after the market was closed at 4:15 PM and briefely re-opened trading at 4:30 PM. I got cheated for $81. I emailed the back-office with screen shots which were totally ignored and textual message (the same as the account history) as proof of executiion was provided.
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
COMMENT: tp
T/P: 4040.0
S/L: 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
COMMENT: tp
T/P: 14478.0
S/L: 0.0
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.
Thank you!

Reply by Maria LMFX submitted Aug 30, 2023 Thank you for your review.

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.
I
islafue
Pangasinan, Philippines,
Jan 27, 2024,
Registered user

good start for the year

Service use: Live Length of use: 6-12 Months
my trading style is mostly scalping on usd pairs jpy on the tokyo session, platform used are mt4 and mobile, charting is done on a third party app. over all experience is positive, markets generated good withdrawals this month and im very pleased, good execution time, very friendly spreads for scalping. never had any hickups with withdrawals (usually processed the next day). It would've been nice to have some local e-wallet withdrawals for convinience hopefully in the future.
G
Glenny
Lagos , Nigeria,
Dec 21, 2023,
Registered user

Cut my leverage in half and then closed my account for no reason.

Service use: Live Length of use: over 1 Year
Lmfx reduced my leverage to 500 from 1000 and later shut down my account for no reason. I contacted them several times. They told me they can't offer their service to me again, that's all.
I just think they hate it when you gain but are happy with you when you lose trades.
This is my experience with Lmfx but why?
M
Reply by Maria LMFX submitted Dec 28, 2023:
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.

Do keep in mind that each and every case is extremely specific and we do take a great care and look into matters seriously, especially, when they are related to who we are able to offer with our services.

We will be more than happy to assist further with providing more information. We kindly ask you to contact our Customer Support via phone, email or LiveChat through your registration email and we will gladly assist with further information in regards to your inquiries.
S
s_sharma
Lahore, Pakistan,
Dec 13, 2023,
Registered user

Good execution and superb profits

Service use: Live Length of use: over 1 Year
This broker have good execution even on limit orders. Last week trading made me couple of bucks on gold even i am making money shorting since monday. Applied for the withdraw and waiting for it to arrive in my wallet for spending. I hope getting continued service from this broker in future as well. PS. note my trading experience is two years live now.
H
Hoang95
Ho Chi Minh, Viet Nam,
Oct 30, 2023,
Registered user

A good forex broker

Service use: Live Length of use: over 1 Year
I've been using LMFX for more than a year and I'm overall pretty happy with them. They have a wide range of currency pairs to trade, and their spreads are generally competitive. Just one thing I don't like is that they charge a pretty high commission on some pairs. This can add up, especially if you're a frequent trader. However, it's a good broker overall.

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.