LMFX Review

3.307 · 123 REVIEWS
Updated: Sep 17, 2020 · LMFX.com  · Is this your company?

LMFX is a forex broker. LMFX offers MT4 and Mobile top forex trading platform. LMFX.com offers over 45 currency pairs, indices, commodities, cfds, metals, share and oil for your personal investment and trading options.

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
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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3.307 · 123 REVIEWS
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Traders Reviews

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
Leo P,
Manila, Philippines,
Aug 29, 2019,
Guest

Decent but not perfect

Service use: Live

Length of use: 6-12 Months

lmfx is a pretty decent broker over all, they do offer a good set of account types, but I stick to trading premium. Just to be clear they are not the only broker i trade but here is my experience trading with them for 7 month live or so. Good responsive platform nothing out of the ordenary but to be expected. What i enjoy the most is the spreada. its pretty good and most would agree, eurusd on an average is at 1.3-1.4 which fits mu scalping. Withdrawals are good on my end, bank wire took aprox 3 weeks or so, well they did state 12 working days. another option is through a third party which in my case i ise skrill and it takes roughly 48hrs or sooner, most of the time processed the next day. The down side are skrill fees and a 4% exchange rate to local currency but its faster. Lmfx does offer a good trading experience for those who are in it just to trade forex straight up. Other brokers might offer options from account types to promos but lmfc still gets the job done anyhow. no complaints on my end really but will be looking forward to more growth hopefully in the future
  1 trader has found this review helpful
King Trey,
NV, USA,
Aug 27, 2019,
Guest

Withdrawal issue

Service use: Live

Length of use: 0-3 Months

I do feel like this broker is the worst at withdrawal even after providing my account information I wasnt able to get my withdrawal. I got fed up to the point I told to just close my account with whatever I have earned. I am highly disappointed with this broker but I won't tell you not to use them that's your choice. So easy to deposit but so damn hard to withdraw. Smh
 
Reply by Maria LMFX submitted Aug 29, 2019:
Dear King Trey,

Thank you for your feedback! We highly appreciate it!

I'm afraid we failed to find you in our system because you didn't provide any identification such as Wallet ID, Trading Account ID or your name.
We do have a verification procedure prior to every withdrawal for security reasons.
As long as we have the documents we need, we would process any withdrawal back to the client.
If you provide us with more information, we will check the case in details and get back to you with an update. Feel free to contact our Back office or our Customer Support. We will be happy to assist if there really is an issue with your withdrawal.
Thank you!
NY, USA,
Aug 26, 2019,
Registered user

Manipulated my orders which wiped my account

Service use: Live

Length of use: 3-6 Months

I had pending stop orders for 2 trades that I held over the weekend, when the market opened, it opened with a huge gap, and I thought my trades would be in profits / hit profits, but nope. These trades triggered right where the market opened, rather where I intended for them to trigger them, 30-40 pips above, (sell stop order) and then my entire account was wiped.

I was aware I was using the bonus offering, and I was getting close to losing my original equity, BUT, these trades were intended to save my account, hence I used a larger lot size on them.

Anyways, the markets open in a gap, and I assume I'm in profits, but the trade manually closes, with my entry point NOT where I had it for the stop order, and LMFX took and wiped my account. Another one, just didn't even trigger, it manually closed yet the market opened with it in when it should've been in profits, and it shouldve triggered, and I shouldve been floating in profits, but nope. order was invalidated and i missed a great opportunity.

The same trades I had for stop orders on other trades, which went into profits an hour or so later, never triggered because my account was wiped.

I am furious and demand an explanation and the funds and the profits i have earned to be deposited into my account.

Until then, I will not change my review. They are a good broker, but at the same time, I feel like i can't trust them anymore as my orders were maniuplated and my account wiped.
 
Reply by Maria LMFX submitted Aug 28, 2019:
Dear liambailey2,
Your complaint regarding the said trades was reviewed thoroughly and you have received multiple replies about the matter. The cause for your experienced losses, was explained to you in great details by different agents of the company in different ways, yet you refuse to understand the matter. We understand that you are frustrated about your losses, as it happens to every trader. We have tried to explain to you the reason behind them, so you can avoid such in the future. However, refusing to understand our explanations is entirely your choice.
As you can see, the entry point you had placed for both trades was met during the weekend, but since the market is closed during at that time, there was no possible way for your positions to be filled. Instead, they were opened at the next best price available at the exact price where the market opened on Monday. Both trades were later Stopped Out, unfortunately, as you did not have enough funds to sustain them. Your real cash equity was not sufficient to hold the trades open and to even cover the spread.
In your case, there was no possible way that your orders could've been filled as the market was closed when they were hit. So instead they were filled at the next best available price. Again, I would like to stress that this is not a fault of the brokerage, but simply how pending orders work.
We are an STP broker. This means that your orders go straight to the market without any interference on our end. Even if we wanted to, we could not manipulate the trades in any way. In fact, it is more beneficial for us for you to be successful as a trader, as that means you are more likely to remain our client and trade more, as we benefit from the traded volumes, not from the losses of our clients.
Bear in mind that the Deposit Match Bonus provided you with the required margin to open a the trades with a total volume of lots. However, you did not have enough funds to sustain the movement of the market and as the market moved against you, it caused for you to lose your Real Cash equity, thus removing the bonus and initiating a Stop out. The other pending order was afterwards deleted as you did not have enough free margin for it to be open.
Please note that you also had the negative balance protection on your account. The amount was almost half of the loss generated from this trades. Should you had not this service enabled, you would have owed the company funds as you have lost more than you have.
Not only does your negative review affect our reputation, we also sustained financial losses, due to the fact we covered the negative balance on your account.
We are sorry that you are frustrated about your losses. You yourself were aware of the risk that you took. However, we cannot be held responsible for them. Unfortunately, taking this matter to the FPA community will not result in these loses being reimbursed.
Janell,
Louisiana, USA,
Aug 16, 2019,
Guest

New Trader

Service use: Live

Length of use: 0-3 Months

Maybe I missed this in the term agreement but lmfx need to make it clear to your members who are just starting that the bonus money you give them is not really theirs and that’s it’s just an illusion to make you think you have more money then what you really have. So what happen to me is that I put 300 in my account and I get a notice saying that lmfx has giving me an extra bonus to my account.. I was super excited about this because this is the first time I’m trading live and I did a lot of demo so I thought I was ready,.. well I notice in my trading account now says it has 600 I’m like wow this is awesome.. this broker is not as bad as everyone say they are but I was wrong. So as I began to trade I jump in this really good setup thinking of course I can handle the market pulling back because of how much money was on my account well soon as I was negative 259 I believe that’s the right amount might have been more but whatever but as soon as it went negative like it was going to go all the way back lmfx took there bonus away and my account zeroed out. I’m looking like what the hell is going on but then I notice on my account that it says lmfx had removed the bonus away from me which zeroed my balance out and the sad part is I went on my demo account got in the same trade and made money on it.. so I’m like maybe there was a mistake so I put 100 on the account and lmfx gave me a 100 and boom soon as the account went negative lmfx took there bonus back again and zeroed out my balance now I’m like s** you and on to a new broker.. lmfx sucks
  1 trader has found this review helpful
Reply by Maria LMFX submitted Aug 21, 2019:
Dear Janell,
I believe you severely misunderstand how our deposit match bonus works. Its purpose is to increase the trading funds you have in your live trading account and help you further leverage your account. The bonus can also be claimed if specific trading conditions are met. Said requirements are outlined in our Deposit match bonus terms and conditions document, available in the Legal documents page on our website.
Note, however, that the bonus funds may not be lost and if the equity of your own account goes below the deposit match amount, the bonus is automatically removed by the system.
The document itself is located here and the the most important parts are marked in bold: https://static.lmfx.com/doc/Deposit_Match_Bonus_Terms_Conditions.pdf
Clients who enter the program are prompted to agree with the bonus terms of service while opening a trading account with said bonus and it is considered that they have read and understood all other acknowledgements regarding the bonus, as well as our account opening agreement and our terms of business.
While it is regrettable that you incurred losses, all necessary documentation is readily available on our web page on demand and you are also welcome to contact us directly regarding any questions or when in need of clarification regarding our services.
Texas, USA,
Aug 12, 2019,
Registered user

I would trust them again with my hard earned money

Service use: Live

Length of use: 0-3 Months

I have been trading FX since 2008 with many US and offshore brokers. I’m only making a one time quick post here, because I recently chose LMFX based on babypips. When I made my first withdraw request, I got big time run around and other stalling nonsense. I have had close contacts with agents in alpha bet soup agencies, and only when I mentioned this to LMFX did their attitude instantly change and all of a sudden the same bank documents already emailed for withdraw wire became “clear”, when they were mysteriously unclear just minutes before. I wanted to really believe they were honest offshore broker, but they dont seem trustworthy based on my experience. You were warned, please pass this on.
 
Reply by Maria LMFX submitted Aug 14, 2019:
Dear rynobarker,

We have checked your case and are fully aware of your particular situation.
Allow us to state some facts in regards to your withdrawal process:
- Your deposit was received on the 18th of July
- In less than 5 hours ( around 3:00 am GMT) you have requested a withdrawal - without even transferring the funds to your Live trading account and trading. Thus, we deemed necessary to reach you and check if there were any issues or problems.
- You have stated that you wish to test the withdrawal procedure and we have complied with your request.
- On the same business day ( less than 6 hours ) your withdrawal request was reviewed and you were requested a Bank Statement in order to verify the bank account details and to comply with the Anti-Money laundering and security of funds policies.
- After 9 minutes of you providing the BS, you received a reply. It would have served in the best interest of both parties if the document provided from you was in the highest quality ( so it can be reviewed from the Compliance department ). Yet, you failed to do so and our compliance agents had to work with a document of lesser than the usual quality. Still, your document was accepted.
- The second reply to your email took only about 5 mins
- You can find information about withdrawals everywhere on our website. It clearly states that international wire transfer takes 2 to 15 business days, depending on your Bank .
- Your withdrawal was processed on the 19th of July around 12 am GMT
- It took 33 hours for your withdrawal request to be processed on our end
Given the circumstances and the above mentioned facts, we fail to understand how the withdrawal procedure was “ big time run around and other stalling nonsense”
Your mention of close relations with “alpha bet soup agencies” has nothing to do with the processing of your withdrawal request. With or without them, we would have followed the same verification procedures that ensure the security of your funds.
We did our best to provide you with fast and reliable services and hassle free payment process, as we do with all of our customers .
We hope that you would change your mind in the future and at least try our trading platform and the rest of our services first.
Thank you!
Nick,
Jones, USA,
Aug 9, 2019,
Guest

Difficult to withdraw funds

Service use: Live

Length of use: 6-12 Months

This broker is easy to use until you want to get your money back. They make you go through an extensive process to get your funds back. The process makes you feel like they are prolonging a scam.
 
Reply by Maria LMFX submitted Aug 12, 2019:
Dear Nick,
We are sorry to hear that you had a bad experience with our brokerage. We are doing our best to improve our services and we do appreciate all constructive feedback!
I'm afraid we didn't manage to find you in our system and in order to give you more specific information we require some identifiable information from you.
Allow me to add several details that might be helpful regarding your case.
LMFX has specific verification procedures prior to any withdrawal that are only designed to ensure the security of your funds.
Let me also emphasize that we only use reputable payment methods, but they also work within certain time frames which could also add to any possible time delays.
Furthermore, our Back Office is in constant communication with our clients and they would be happy to answer any questions you might have concerning your withdrawal so feel free to send them an email at your convenience.
Since we didn't get any particulars from you we are not able to provide more assistance, but if you are willing to get back to us or join in on this conversation I am certain we can find a satisfactory resolution for you and our company.
Thank you!
Newmarket, Canada,
Jul 1, 2019,
Registered user

Review

Service use: Live

Length of use: Have not used

i just found out the process these guys follow are what what all the brokers follow i did get my payment via skrill from them so i take back my old reviews.

Jun 28, 2019 - 1 Star im wrinthing this as a second review i requested a 50 dollars skrill withdraw and my skrill account isnt the same one as 2018 due to skrill locking it. so i told tell and let them know i have no longer access to that email and they asked for screenshots of my skrill account with my name on it.so thats what i did i took a screenshot and these guys told me this its not clear which was clearly clear to me when i took it and i have the files to proof it i send them many times and they still denied it how do i get my money back? can i sue them? please help my screenshots are what they asked me for and are clear and they are still denying and making excesue

Jun 27, 2019 - 1 Star so i made my first deposit via debit which was 50 dollars and i lost that money all of it second deposit was from skrill for 50 dollars which i also lost it and 3rd deposit was from vload for 50 dollars which i made it to 84 dollars so i tried to withdraw this money via wire tranfer and they told me it would cost around 35 dollars fee to get my money so i said ok what other way of withdraw i have they said i can deposit via skrill with no fees so i contatced skrill and got my account back and went to withdraw and guess what they told me i can only withdraw 50 usd because i deposit via skrill (deposited via skrill 2018- deposited via vload 2019) on 2018,at this point i lost it how they say that when last time i deposited was via vload and then they told me that if i deposit 50 dollars i have to withdraw atleast 50 dollars via that methhod. i deposited via vload and they say no we have no optin to withdraw via vload so they say i can withdraw 50 dollars and the rest of 34 i cant and have to do it via wire tranfer with 35 dollars charge fee. i feel like what ever methhod i was gonna use they were gonna do that .also i have deposited via both vload and debit card so my deposit from skrill shoudnt count since i lost that and won when i deposited via vload. can anyone advice on what i can do to get my money back?

Reply by Maria LMFX submitted Jul 2, 2019 Dear Alireza Khosravi,



Firstly, allow me to offer sympathies for the experience and troubles you have had. But I assure you they are not ground. Please allow me to elaborate.



We rejected you initial withdrawal attempts, that is correct. The reason was the fact that you violated our Anti-Money Laundering policies by attempting to withdraw funds to a Skrill Account other than the account you used to deposit funds with.



During our investigation into your case, you provided us with a screenshot by Skrill, showing at least three other accounts under your name which were deactivated. You also claimed the Skrill you used to deposit funds with is also inactive.



Being the understanding people that we are, we immediately initiated a verification procedure for a new Skrill account that you can withdraw funds to. At which point we requested screenshots to verify that, firstly, the account you will use is active and under your name. Given what is stated above, I am sure you, and the FPA community, would understand the necessity of this verification.



Some of your screenshots were, in fact, unclear. Need I remind you that these documents are considered Official Withdrawal Documents. Documents used for withdrawals and account verification are to be in pristine condition as per our and international Anti-Money Laundering and account verification policies. All the information on every single document requested must be clearly visible.



By this time you were frustrated, and we sympathize with that, but we did have agents assisting you at all times, and in the end, when you kept your emotions and frustrations at bay, your screenshots were approved and your withdrawal – successfully processed.



We would like to also remind you that your behavior was less than civil – you refused to comply with procedures and used foul language. We have screenshots of our own and of every single document you sent our way and are absolutely ready yo provide them here in front of the FPA community.



We respectfully ask that you correct your review so that it reflects the truth. We never withheld funds from you. We always tried to assist you as best as possible. The fact of the matter is you were treated with respect, every single process was transparent and you have received your funds, just like every Customer we ever had.
 
USA,
May 23, 2019,
Registered user

Third Party Bank card processing issues for 3 days in a row now...trader beware.

2 stars: Performance is significantly below expectations. Major problems encountered.

I am giving two stars because I have encountered what I consider a major problem.

The visa/debit "Third Party Processor" is under maintenance for the 3rd day in a row. They have other options for deposit/withdraw but I do not like using these other third party services because they charge fee's. Furthermore, I do not want to give out my private info to another third party company.

I signed up with LMFX because they had the FREE visa/debit "deposit only" option. This works for me because I do not mind using bank wire for withdraws. I only make them a few times a year but I need to be able to make deposits on the fly (with no fees) in case of drawdown purposes.

The fact that their visa/debit processor is down for 3 days is unsettling to me. This simply does not happen with my other brokers.

When I ask them what is wrong, they tell me it is down for maintenance purposes and will be back up asap but in the meantime you can sign up your bank information over here to this other/another "third Party Processing" company and we will gladly process your money... for a nominal fee ;)

I have never had a deposit/withdraw issue with my other two brokers for 11 years now. I will change my review to 1 star if this problem is not corrected soon.
  1 trader has found this review helpful
Reply by Maria LMFX submitted May 24, 2019:
Dear robrobby,

While we appreciate your feedback, we must inform you that companies do go in maintenance all the time. It is something quite normal and ensures faster services in the future. We would much rather give the processor the necessary time to complete their maintenance than the possibility of a larger issue in the future.

We completely understand your position – it is the best method for you, it is normal to experience displeasure due to the fact you desired method is temporarily unavailable.

However, as you mentioned, we have provided alternatives. Yes, they do have a fee for processing deposits, but you are, essentially, complaining that you have options to deposit, which is inadequate.

You also present the situation as if LMFX has a say in the maintenance of the Visa/MasterCard processor. Let me assure you that we do not. We are in constant communication with them and they assure us the issue is being professionally handled and it will be resolved as soon as possible.

We kindly and respectfully ask that you have some patience until the issue is being resolved. We are aware this is an issue for our customers – it is being handled with care.
USA,
May 18, 2019,
Registered user

Good for U.S. clients

They have CC deposits again! Love the bonus and the leverage levels.

I also appreciate the addresses by the broker for issues that other traders have experienced.
 

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.