LMFX Review

3.292 · 130 REVIEWS
Updated: Jun 15, 2021 · LMFX.com  · Is this your company?

LMFX is a 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.

For platforms, LMFX has multiple variations of MetaTrader 4 available, including the classic MT4 desktop, MT4 mobile for Android and iPhone, MT4 for iPad, and MT4 WebTrader. ECN accounts are available. EAs, news spike trading, and scalping are all supported.

LMFX support offers multilingual live chat 24 hours per day, 5 days per week. Support is also available by phone, email, and a contact form.

Although it is unregulated, LMFX has been in operation providing services for forex traders since 2015.

LMFX

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
Currencies: (45+)
Cryptocurrencies:
CFD: (55+) Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Oil, Other Commodities
EAs/Robots: Yes
News Spike Trading: Yes
Scalping: Yes
Deposit Methods: Bank Wire, VISA, MasterCard, FasaPay, Neteller, Skrill, VLoad
Withdrawal Methods: Bank Wire, VISA, MasterCard, FasaPay, Neteller, Skrill

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LMFX.com profile provided by Maria LMFX, Nov 27, 2015


LMFX is an innovative online foreign exchange broker that offers advanced institutional and retail trading conditions to a global audience. We believe in the importance of building strong, secure foundations and the cornerstone of our mission is to provide the full spectrum of cutting-edge trading tools and services that our clients require to succeed in the world’s most liquid market.



Our goal is to deliver an unparalleled trading experience that offers the most competitive trading conditions available to each and every client, allowing them to trade Forex and CFDs on Commodities, Indices and Shares.



At LMFX, we know that our clients need to stay close to the markets and we provide a comprehensive range of mobile and desktop MT4 platforms to ensure that they never miss a market movement. In addition to an advanced trading environment, clients also have full access to exceptional educational resources via the LMFX Education Centre and advanced trading tools that have been designed to improve trading performance.



LMFX delivers what traders in today’s financial markets need the most! From fast execution and deep liquidity to automated withdrawals of trading profits and ensuring funds are deposited securely in segregated accounts, we are on call 24 hours a day, 5 days a week to help our clients with their trading needs.


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3.292 · 130 REVIEWS
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Traders Reviews

Jacob Mendoza,
Cebu, Philippines,
Apr 9, 2020,
Guest

My first withrawal

Service use: Live

Length of use: 0-3 Months

I have submitted a withdrawal a week or so ago via bank wire, and im glad to say that I have received it in my bank account, I was looking into faster methods and skrill seems to be popular which i have to talk to support just to make sure that everything is in check ( or maybe im just that kind of a trader). anyway, lmfx has one of the better spreads ive seen in a while, they offer a good number of currencies to trade. though the totality of my live trading is a mere two months but just to be fair im liking what im experiencing with them. Ill try to come and update this review after another withdrawal. but for now. they have done a good job.

Jacob Mendoza
 
Robert,
Atl, USA,
Apr 7, 2020,
Guest

Will not refund your money

Service use: Live

Length of use: 6-12 Months

I deposited money then was told I can’t have an active live account for some reason. I asked for a refund and they said I won’t get the refund for weeks. Yet to see it. They take your money and won’t refund you yet can withdraw and wire transfer money within days if you had a live account. Horrible customer service.
 
Reply by Maria LMFX submitted Apr 9, 2020:
Dear Robert,
Thank you for your review!
However, you haven't provided us with any kind of identification such as Wallet ID, trading account ID or at least your full name.
Please note that every withdrawal is processed in a timely manner and it takes a while for the money to reach your account.
The Customer support team is available at all times while the brokerage operates 24/5. You can reach us via email, Live chat or phone.
As you open up the web-page, you will notice the Live chat window in the lower right. Feel free to contact us regarding any issue and we will be glad to assist you.
It would be appreciated if you could provide us with further details as to why you are not satisfied from your experience with us.
Thank you!
Vienna, Austria,
Apr 6, 2020,
Registered user

Withdrawal problems with LMFX

Service use: Live

Length of use: 0-3 Months

I am very disappointed with the Broker LMFX as it comes to the point withdrawal. As investing from a European country the funding is already very limited and reduced only to two providers Instacoins and Fasapay. As Instacoins seemed for me the quicker way, I have chosen that. I was informed that withdrawal is only possible with wire transfer. After doing that I providing all necessary data´s from my renowned housebank in Vienna for the withdrawal through wire transfer. I got the informations that is was denied from my bank. I called my bank, from there I got the information that no broker bank had contacted them for a wire transfer to my account. I provided them again with the details of my home bank for wire transfer. Within a short time period I was informed that this bank is not possible and I should provide them with details of another bank. I said I don´t have any other bank details. Then I asked for another possibility for withdrawing in favour to Fasapay. First it was confirmed, then another customer support said it is not possible, only wire transfer. I said to the customer support, that I have provided all of my detailed bank data for the wire transfer. But if that does not work out then I pleased them to give a name of a bank where it works without any complications. To that they never give any informations and are also not willing to.. This would be my business. The broker is not acting customerfriendly when it comes to withdrawal, they try every excuse to delay the withdrawal and they also do not provide the customer with informations to solve the problem quickly. I cannot recommend this broker especially because of withdrawal problems. It does not make sense for me to cooperate with a broker who doesn´t help the customers especially when it comes to withdrawal. Can anybody give me an advice which bank I can use for withdrawal purposes. Thanks for your help. It is no problem for me to provide the chatting and communication history which I have done with the broker.
 
Reply by Maria LMFX submitted Apr 9, 2020:
Dear GPMathaeus,

Thank you for your review! We apologize for the inconvenience you experienced.
We have contacted our bank for detailed explanation about your case and we will notify as soon as we have any update.
I can assure you that we are ready to cooperate and help you resolve this situation.
Rest assured that you will receive your funds and we don't have any intention to delay your withdrawal or not process it at all.
Our Customer Support tried to reach you earlier today to discuss the details further but we were unable to reach you.
We stay at your disposal should you need any further information!
Thank you!
Shauna,
Tennesee, USA,
Mar 15, 2020,
Guest

Fairly good Broker

Service use: Live

Length of use: over 1 Year

LMFX is alright for me. Their main communication is via email and they do respond to my email. For anyone trading- DO NOT ACCEPT BONUS feature from ANY BROKER not just Lmfx. The bonus feature is literally a scam and I notice almost all these brokers offer it. DO NOT TAKE THEIR BONUS MONEY- pick an account that does NOT offer bonus. IF you do , you are in for an headache and feeling like you have been scammed. I had experience this bonus feature with another broker and it was horrible. They explained it to me as if what they were saying made sense, complete rip-off and when I was looking at other brokers including LMFX and now reading the fine prints- it was the same thing. If you have read a few other reviews, their main issues were the bonus feature.
Lmfx- for depositing and withdrawal verification documents are needed. My only problem with LMFX is their deposit feature. I have to go thru a third party or wire transfer-seriously annoying!!!!!!!
CONCLUSION:
So they are an ok broker to trade with and I have been trading with them for at least a 2 yrs now. And remember never take the bonus feature. NEVER!
 
USA, USA,
Mar 8, 2020,
Registered user

Lack of support

Service use: Live

Length of use: 0-3 Months

I’ve tried quite a few different brokers in the passed and this is by far the worse I’ve used so far. There is no customer support and they will not reach out to you either.
  1 trader has found this review helpful
Reply by Maria LMFX submitted Mar 13, 2020:
It's probably not necessary for me to say that we cannot investigate your case and therefore we cannot accept it as plausible because you haven't provided us with any kind of identification such as Wallet ID, trading account ID or at least your name.
The Customer support team is available at all times while the brokerage operates 24/5. You can reach us via email, Live chat or phone.
As you open up the web-page, you will notice the Live chat window in the lower right. Feel free to contact us regarding any issue and we will be glad to assist you.
It would be appreciated if you could provide us with further details as to why you are not satisfied from your experience with us.
We are looking forward to hear from you.
Aftab,
Rawalpindi, Pakistan,
Jan 15, 2020,
Guest

I have been trading live for more than six months now

Service use: Live

Length of use: 6-12 Months

I have been trading live for more than six months now. The initial capital was blown away coz I wasn't aware of the news release right ahead of me. So i did deposited another amount after two months of losing my account balance. Since then i also learned while watching youtube videos that the best trading days are not monday and friday. That's why i trade between these two days and try collecting small pips and i had noticed that this broker is very helpful for small account holders like me. The execution is Okay and other required tools are also Okay.
  1 trader has found this review helpful
Finally Harris,
USA, USA,
Jan 4, 2020,
Guest

Stay away

Service use: Live

Length of use: 0-3 Months

At you own risk. I will leave it at that. I traded earned profits they swiped them from my account and zeroed my account while it was open. Stay away!!!!!!!!
 
Reply by Maria LMFX submitted Jan 6, 2020:
Thank you for your review!
It's probably not necessary for me to say that we cannot investigate your case and therefore we cannot accept it as plausible because you haven't provided us with any kind of identification such as Wallet ID, trading account ID or at least your name.
We would be happy to check the profits that you claim have been wiped of your account once we have the information mentioned above. Each and every complaint regarding trading is reviewed individually. It must be submitted in writing. In the event that the complaint is regarding a particular trade, the complaint must be submitted no later than 24 hours after the reason for the complaint has materialized.
Thank you!
Georgia, USA,
Dec 24, 2019,
Registered user

Everything is perfect

Service use: Live

Length of use: 0-3 Months

I just wanted to come here and say I’m so happy about lmfx. I originally chose because I saw pretty good reviews here at forex peace army. My leverage is 1:1000 and I sent a withdrawal request for 500. It costed me $55 but I received the transfer in one day! That was awesome!
  1 trader has found this review helpful
Ian,
New Jersey, USA,
Oct 2, 2019,
Guest

Decent broker for US trader

Service use: Live

Length of use: 3-6 Months

The broker is legit, gets the job done and most importantly lets US traders trade forex. I do have to note that the fastest method to withdraw on my end was Skrill if you don't mind the fees that comes with third party money transfers, another option is netteller, bank wire does take some time as stated it does take up to 3 weeks or so. Overall LMFX is pretty straight forward good spreads and a stable connection, they are strict with verification doc, be sure to sort it out first before depositing. Total live trading is close to 90 days with three withdrawals made. experience based on a premium account with a starting balance of $1000. Will do an update in the future if anything comes up.
  3 traders have found this review helpful
USA, USA,
Sep 20, 2019,
Registered user

Easy minimum deposit for US traders, standard international $ for withdraw

Service use: Live

Length of use: over 1 Year

Deposit/Withdrawal
It is easy to deposit a very small amount of money but understand that in order to get your profits out it will cost you $30 to $100 possibly more. This isn't LMFX, it is international wire transfers and your banks fees. I have read another review that tested this and the cost was over $60. Personally my first withdrawal cost me a little over $40. The process was not without some difficulty but I feel it is expected. When you open a bank account you have to provide ID and address and prove who you are. This is more difficult being separated by an ocean.

LMFX was quick to respond and request information. My bank did not provide documentation the way they request it but I was able to get the full list of required data and my bank created a document with all pertinent information. The process from request of withdrawal to having the money in my account was around 60 hours. I personally think this is very quick.

Support
I would like to be able to speak to a back office employee instead of being told by their support number that I can not and can only communicate via email. This causes concern for me as not many brokers limit your contact or if they do they don't make it obvious and provide you with a dedicated account manager.

Brokerage
I must admit that I am concerned with the lack of a regulating body but it is also why I chose to trade with them. Also not sure about the security of the account but how sure was everyone of their Lehman Brothers account? I can say that LMFX has not given me reason for concern about their stability and the segregated funds model helps.

Cost and Pairs
The cost is slightly high. They offer a lot more pairs and options than I trade and it is nice to have the options in the future. Crypto isn't my wheel house so I don't mind the lack of them.

Conclusion
Good broker that works with its clients and offers a service to US traders that is very difficult to find. Do not try and use them to move money out that is less than $100 usd as it will likely be very little returned to you if any after international fees.
  1 trader has found this review helpful

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.