LMFX review - Pros, Cons and Traders Ratings.

3.265 · 134 REVIEWS
Updated: Jan 18, 2022 · LMFX.com  · Is this your company?

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.
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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.

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 (Bank Transfer), VISA, MasterCard, FasaPay, Neteller, Skrill, VLoad
Withdrawal Methods: Bank Wire (Bank Transfer), 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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3.265 · 134 REVIEWS
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Traders Reviews

ILLINOIS, USA,
Mar 2, 2021,
Registered user

BUYER BEWARE!!!

Service use: Live

Length of use: 6-12 Months

I submitted my buy order and it was registered as a sell order by the system. I lost over $2000 dollars. I contacted customer service to resolve the issue with the logs from the system. They acknowledge that it was their mistake but never returned my money!
DONT WASTE YOUR MONEY! GO TO THEIR COMPETITOR!
  1 trader has found this review helpful
Reply by Maria LMFX submitted Mar 5, 2021:
Dear PWALKER,
Thank you for your review! We understand your frustration probably caused by confusion but I will try to explain the situation once more even though it was explained to you already in great detail.
First of all, claiming that you submitted a BUY order which was treated as a SELL order is impossible. But just to be on the safe side we asked you to provide us with screenshots and MT4 logs which you did and it is greatly appreciated. After checking the screenshots, the logs, and our internal system, we confirmed that your BUY order is actually a BUY order as it should be.
As explained in multiple back and forth emails, the fact that the market moved against you, does not mean that the system registered it as a SELL order. The movement of the price and the market does not change the type of the order. When you place a Buy order, you profit from the rising of the price. In your case, however, the trade was opened at 13101 and closed at 13056. This resulted in a loss.
My colleagues provided you with a detailed explanation and even a visual representation of a market movement so you can see the concept of a downward market.
But even after all these explanations on our side, you continue to claim that we scammed you 2000 USD, which is again a false accusation. You did have an unprofitable trade, a BUY order which was in fact a BUY order, and due to the market going down, you experienced a loss of -225 USD (not 2000 USD as stated in the comment above).
The last email we received from you contains threats, swear words, and a refund request (with more swear words than necessary) and we once more explained that a refund is not possible since there wasn't a mistake on our end. Shortly after that, you requested a withdrawal which was processed right away.
We're deeply sorry for the way you feel but I'm afraid my colleagues were more than kind to you and explained everything in great detail. In case there is still something unclear regarding the situation, please feel free to contact our Customer Support again and we will do our best to provide the information you require!
Thank you!
Duy Huynh,
Ho Chi Minh, Viet Nam,
Feb 2, 2021,
Guest

Reliable broker for me

Service use: Live

Length of use: 6-12 Months

I am based in Asia and attemped many brokers from local to international. I came accross this broker on Facebook and decided to opened up a small account. After 8 months, I made some withdrawals and this broker is reliable, no hassles with my withdrawal and deposit ofc. Quick support and swift payout processing but you won't find many advanced things here, only good spread and MT4 platform trading.
  1 trader has found this review helpful
John,
Doe, USA,
Dec 4, 2020,
Guest

Give them your money if you do not want to see it again.

Service use: Other

Length of use: 0-3 Months

I tried the service at the recommendation of associate, and it started out good. Bait and switch with bonuses thinking they were on my side, and I noticed my trades were losing more than gains. Make $5 and lose $10 and as this continues your account is slowly drained and siphoned down to nothing. Expert Advisor-I think not.
  2 traders have found this review helpful
Reply by Maria LMFX submitted Dec 7, 2020:
Dear John,

Thank you for your review!
Please note that as per our Company policy, all complaints regarding trading activity must be submitted via email.
If you have any issues regarding a particular trade you will have to send us an email to support@lmfx.com with your trading account ID, the ID of the trades themselves, along with a detailed description of the exact issue.
Any relevant screenshots will be appreciated as well. After we receive your email, we will investigate the matter.
Thank you!
Louisville, Kentucky, USA,
Nov 12, 2020,
Registered user

New client for LMFX

Service use: Live

Length of use: 0-3 Months

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.

For all of the complainers you need to adjust your expectations. This broker does not deserve any less than four stars for any of the very minor issues I have seen posted. Stop whining and start trading.
  1 trader has found this review helpful
tampa, USA,
Oct 28, 2020,
Registered user

Hidden Fees with depositing with mastercard.

Service use: Live

Length of use: 0-3 Months

I have used my check card (mastercard) to deposit 499.99$ and it was deducted 538.27$ that is about 7.8% (there is an other riview with the capital one for 99 his was withdrawn 107$) and there is an international fee from the bank that was around 5$. The other 38$ has been said bank fee or 3rd party processing fee which is nothing to do with the broker.
I don't know is that a cash processing fee by the bank or etc but it showed as a withdrawn by
"FULANDOK cheng du shi CNCN "
international conversion fee is from the bank which is 4.31.
So in their web site under the mastercard they should inform the customer that there will be a 7.8% hidden processing fee by the bank or the processing company than it would be fair. for the customer
  1 trader has found this review helpful
Reply by Maria LMFX submitted Oct 30, 2020:
Dear omerayyer,
Thank you for your review!
As mentioned previously, 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 them, thus we can't post any official information on our website.
As this is not a domestic acquirer, issuing banks charge a fee for any international transactions and currency conversion (if any). The charges vary from card issuer to card issuer and the real-time FX rate, around 1%-7%.
Should you have any further questions, we kindly ask you to contact our Customer Support!
Thank you!
Annie Dela,
San Pedro, Philippines,
Oct 2, 2020,
Guest

get the job done

Service use: Live

Length of use: 3-6 Months

I've almost done 4 months of live trading, here are some thoughts, lmfx gets the job done, pretty much a straight forward broker, very good spreads, execution is pretty quick, might be a good idea to add more withdrawal options, but for the most part, usually withdrawals are processed with in 48 hrs.
  1 trader has found this review helpful
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
arizona, USA,
Aug 28, 2020,
Registered user

Scammer , scammer

Service use: Live

Length of use: 0-3 Months

Scammer scammer scammer , they stole my money 4600 $ .
they suddenly removed the bonus from my account to make my margin to reach to zero then close all my open position and stole 4600 $ .
i had on my account at this time 2600 Margin with 250 % . but they removed the bonus and closed all open position and stole my money ., keep away from them
 
Reply by Maria LMFX submitted Aug 31, 2020:
Dear Loay Atef,
Thank you for your review! We investigated your case once again, and we can assure you that the Deposit Match Bonus works as it should so we cannot accept your statement as plausible.
You have been informed by two of our agents - on live chat and via email - about the Deposit Match Bonus and its Terms and Conditions.
We always advise our clients to read the ToS carefully before choosing any bonus and agreeing upon it.
The document clearly states the following:
The funds attached to the trading account as Deposit Match Bonus are available to increase the trading funds available and help in leveraging the account. They may not be lost.
This means that if your account is being stopped out, the bonus is being removed.
And also:
If the Client's account goes below the Deposit Match bonus amount, then the bonus is removed automatically by the system. In other words, if the Cash Equity (Equity - Credit Bonus) becomes zero or less, all previously awarded Credit Bonuses will be canceled and withdrawn from the respective Client's account. In this case, the Company is not responsible for any consequences of the bonus cancellation, including, but not limited to, order(s) closure by Stop Out.
You made two deposits of 1000 USD, so 2000 USD in total. Hence, you received the same amount matching in your account as per the Deposit Match Bonus.
Unfortunately, you experienced some losses + swap fees, and your account was stopped out.
Following the Deposit Match Bonus ToS, the bonus was automatically removed shortly after that.
Should you have any more questions, please contact us via phone, email, or Livechat.
Thank you!
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
Texas, USA,
Jul 22, 2020,
Registered user

Decent Broker. More Withdrawal Options Would Be Great

Service use: Live

Length of use: 6-12 Months

I trade higher time frame charts 4hr, Daily and Weekly. So the complaints others have about a slightly higher spread is irrelevant for me. LMFX has quickly responded to my issues via email and were polite about everything. The only reason I did not give them 5 Stars is because they do not have more Withdrawal Options. For me, Wire Transfer is the only option. And it cost me about $40 to withdrawal money. Not too bad. But the good news is the money hit my bank account in about 36 hours. That's fast for a wire transfer! Also I cannot Deposit money with Visa cards. Only MasterCard. If Withdrawal & Deposit options were easier and more robust, LMFX would be worth 5 Stars easily. But this is just my experience so far. Thanks guys!
  4 traders have 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.