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 |
| 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 |
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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Traders Reviews
Good broker overall - Not perfect
Service use: Live
Length of use: over 1 Year
I have been with LMFX for at least the past two years. I'll try and break down my entire experience so far by categories. Hopefully this helps. 1) Safety: I've never had an issue with withdrawals. I have been lucky/blessed enough to be able to withdraw on several occasions with them, well in the 5 figures over my time with them. I have, however, never withdrawn more than $3k at once. LMFX is unregulated and the sole concern that I would have is that being unregulated, they have no regulation whatsoever to respect my withdrawals requests. So far however, it has been spotless. Nothing shady has ever happened to my withdrawals (or deposits). I am hesitant to Withdraw larger amounts due to the fact that they are unregulated. If I ever do, I will post an update. 2) Customer Service: Spotless. Absolutely spotless. I have on multiple occasions contacted them for anything from general information about one of their products, procedures, etc. I have loved it. The chat is what I use myself and it's sharp. 3) Registration Process: Easy. ID and Bank Statement. Simple stuff. Generally done within a day or two. 4): Slippage: No brokers perfect. They have Slippage. In over 2 years of being with them, I suffered slippage 3 times I believe. It does hurt every single time and it sucks. Brokers should prevent slippage at all costs but it is what it is. For that, I cannot give them a full 5 stars review. They are not perfect. 5): Accounts: I use Premium myself with 1:1000 leverage. Spreads vary from 1.5 Pips (EURUSD) to 5-8 Pips on GBPNZD and such pairs. There is no commission on trades, they do charge wider spreads so of course, brokers always win. I've never felt that they traded against me. I've never felt like they were illegitimate. I do recommend them. I have been with them for over 2 years coming from a different broker (which was a horrendous experience) and I'm not looking back. I don't particularly recommend using their welcome bonuses as the added capital won't be yours until your trade an absurd amount of lots. If your margin drops below YOUR own capital, their bonus will vanish and you will end back to zero. LMFX is not a bad broker at all.
1 trader has found this review helpful
Ran right through my stop losses
Service use: Live
I reached out to the company because i had a 200 pip stop loss that got totally ignored now the entire account balance is blown and there telling me I have to wait 21 days for a response for something that’s not even my fault. They should issue a refund for the balance of what would be there after it hit the stop loss I feel like I just got finessed out of my money and honestly it’s unfair
Dear Jkash,
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 faster.
Your complaint regarding the said trades was reviewed thoroughly, and you have received multiple replies about the matter on the very same day. The cause for your experienced losses was explained to you in great detail by different agents of the company in different ways.
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!
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 faster.
Your complaint regarding the said trades was reviewed thoroughly, and you have received multiple replies about the matter on the very same day. The cause for your experienced losses was explained to you in great detail by different agents of the company in different ways.
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!
Horrible customer service
Service use: Live
Length of use: 0-3 Months
Every time I chat in or email I get horrible customer service. The agents are very unhelpful and unwilling to give you a straight answer. Leo Jefferson in particular is THE WORST. I chat in with an issue, he then lets me know to email support which I do only to have Leo, the same agent I was chatting with, email me back and tell me that he can’t help me because it’s been over 24hrs. Why not be more helpful in the chat before quickly brushing my problem off and hoping I don’t email in so he won’t have to help me. Has he even taken the slightest concern in my issue he wouldn’t have been so eager to have me email support when he could have helped in the chat. I dread having to reach out to lmfx because this hasn’t been my first bad experience with their customer service.
Dear Val,
Thank you for your review!
Please note that we pride ourselves with extraordinary Customer Service and each case is reviewed with great attention.
Your case is no different and when you contacted our agent regarding a trade complaint he kindly asked you to send detailed information to support@lmfx.com as per Company Policy. We require this step in order to investigate the case and forward it to the proper department if necessary.
We received your email about 30 hours later and you demanded an explanation about your trade.
After a short investigation on our end, you received an update and a detailed explanation about your trade which you can find in your mailbox.
I checked and I see that you only contacted our Customer Support twice and both times you received a detailed answer in a timely manner.
Should you have any questions, feel free to contact us and we will gladly assist you!
Thank you for your review!
Please note that we pride ourselves with extraordinary Customer Service and each case is reviewed with great attention.
Your case is no different and when you contacted our agent regarding a trade complaint he kindly asked you to send detailed information to support@lmfx.com as per Company Policy. We require this step in order to investigate the case and forward it to the proper department if necessary.
We received your email about 30 hours later and you demanded an explanation about your trade.
After a short investigation on our end, you received an update and a detailed explanation about your trade which you can find in your mailbox.
I checked and I see that you only contacted our Customer Support twice and both times you received a detailed answer in a timely manner.
Should you have any questions, feel free to contact us and we will gladly assist you!
Service use: Live
Length of use: 0-3 Months
I funded my account using a capital one credit card for $99.99 but lmfx charged me $107.98. I contacted them and they said that my credit card company added an $8 fee, but when I called capital one they said that they do not charge fees for international transactions.
LMFX are liars, yes they come here and try to act professionally by responding to customers, but trust me, this is a scam website. And please note that many of the positive reviews are fake.
LMFX are liars, yes they come here and try to act professionally by responding to customers, but trust me, this is a scam website. And please note that many of the positive reviews are fake.
Dear Kai999,
Thank you for your review!
We always act professional, not only here, but also when helping our customers. As an extension to that I kindly ask you to provide us with any kind of identification - Live account ID, Wallet ID or at least your name. It would be much easier for us to consider your case plausible and investigate it if necessary having that information.
Please note that we as a brokerage do not have fees on deposits. Any fees applied come from third party payment processing companies/banks.
The transaction is international, thus the banks and payment processors may charge you a small amount, as it is expected in most cases from such transaction.
We cannot be held responsible for such fees, as we are not the ones who impose said fees.
I would like to emphasize that your review went through the same screening for fakes as any other review posted here. Most clients have a different experience than yours and they are well aware that any payment service has a fee that has to be paid.
Thank you!
Thank you for your review!
We always act professional, not only here, but also when helping our customers. As an extension to that I kindly ask you to provide us with any kind of identification - Live account ID, Wallet ID or at least your name. It would be much easier for us to consider your case plausible and investigate it if necessary having that information.
Please note that we as a brokerage do not have fees on deposits. Any fees applied come from third party payment processing companies/banks.
The transaction is international, thus the banks and payment processors may charge you a small amount, as it is expected in most cases from such transaction.
We cannot be held responsible for such fees, as we are not the ones who impose said fees.
I would like to emphasize that your review went through the same screening for fakes as any other review posted here. Most clients have a different experience than yours and they are well aware that any payment service has a fee that has to be paid.
Thank you!
Getting crushed on spreads now that I started profiting.
Service use: Live
Length of use: 3-6 Months
They are filling me way above or below the market price to where its immediately at a $12-$15 loss.
Apr 9, 2020 - 4 Stars You get charged $70 in withdrawal fees. $55 from there bank and $15 from yours. This is a concern for smaller accounts which most people probably have. For example I withdrew $350 and received $280. But the pro in this is that this is fixed regardless of the amount. I just wish there was a Bitcoin wallet withdrawal addition. Where fees are much cheaper for smaller accounts. Also there's a premium on spreads and your commissions are higher. You have to be correct right out the gate to overcome these fees. There customer service is great, deposits are fast and withdrawals take only 2 days. So that $70 fee is the main concern and I recommend they add a Bitcoin withdrawal method.
Apr 9, 2020 - 4 Stars You get charged $70 in withdrawal fees. $55 from there bank and $15 from yours. This is a concern for smaller accounts which most people probably have. For example I withdrew $350 and received $280. But the pro in this is that this is fixed regardless of the amount. I just wish there was a Bitcoin wallet withdrawal addition. Where fees are much cheaper for smaller accounts. Also there's a premium on spreads and your commissions are higher. You have to be correct right out the gate to overcome these fees. There customer service is great, deposits are fast and withdrawals take only 2 days. So that $70 fee is the main concern and I recommend they add a Bitcoin withdrawal method.
Dear Jjsupreme23,
Please bear in mind that depending on the market execution the Buy and Sell orders are opened at different prices. Buy orders are opened at the Ask Price and closed on the Bid Price, while the Sell orders are are opened on the Bid price and closed on the Ask price, where the spread has to be taken into account.
This is the reason why every trade starts at a loss at the moment of opening. Simply due to the fact that the spread is taken into consideration.
As you have grew your account, we would assume you started trading with larger volumes and lot sizes. This increases the absolute pip value represented in USD. Thus, a trade with a larger lot size will start at a higher loss.
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 and commissions applied. We do not intervene with the trading activity of our clients. We merely provide you with access to the market. Thus order are executed on the "best available price" principle. The orders are taken for market execution straight to our liquidity providers.
We take complaints regarding trading activity with utmost care. Each one is investigated and reviewed individually.
If you wish to file a formal complaint, in order for us to file an official investigation with our MT4 department, please send us an email with as much 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
Thank you!
Please bear in mind that depending on the market execution the Buy and Sell orders are opened at different prices. Buy orders are opened at the Ask Price and closed on the Bid Price, while the Sell orders are are opened on the Bid price and closed on the Ask price, where the spread has to be taken into account.
This is the reason why every trade starts at a loss at the moment of opening. Simply due to the fact that the spread is taken into consideration.
As you have grew your account, we would assume you started trading with larger volumes and lot sizes. This increases the absolute pip value represented in USD. Thus, a trade with a larger lot size will start at a higher loss.
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 and commissions applied. We do not intervene with the trading activity of our clients. We merely provide you with access to the market. Thus order are executed on the "best available price" principle. The orders are taken for market execution straight to our liquidity providers.
We take complaints regarding trading activity with utmost care. Each one is investigated and reviewed individually.
If you wish to file a formal complaint, in order for us to file an official investigation with our MT4 department, please send us an email with as much 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
Thank you!
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
Jacob Mendoza
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.
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!
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!
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.
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!
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!
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!
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!
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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.
Service use: Live
Length of use: over 1 Year
They have variety of offerings like currency pairs etc with reasonable spreads. The staff is quite helpful in addressing queries. Mostly I found out them using the chatbox while logging in. The only cons is they should add digital currencies for payments processing and trading purpose. Rest I does not have any issues with them.