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

Live discussion

Join live discussion of LMFX.com on our forum

Go to forums

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.


Video

Your company video here? Contact ad sales

3.307 · 123 REVIEWS
Forex Peace Army
DO YOU RECOMMEND THIS COMPANY?

Let other traders know if this service is worth checking or should be avoided.

Your feedback matters!

Traders Reviews

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!
 
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.
  3 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!
  2 traders have found this review helpful
Dai Thanh,
Ho Chi Minh, Viet Nam,
Jun 25, 2020,
Guest

Good broker

Service use: Live

Length of use: 6-12 Months

I have been trading for about a year with this broker. Not an advanced broker but stable service and I am totally satisfied and the execution is good on major pairs (not tested on exotics). About spread, it is good on majors as Sterling and Fiber pairs. And LMFX also has 3 account types fixed/float/micro spreads that I recommend float or micro. For payout, Skrill/Neteller payment that are swift so you can trust this broker.
  2 traders have found this review helpful
Dina, Pakistan,
May 29, 2020,
Registered user

Long trading experience

Service use: Live

Length of use: over 1 Year

Found out this link so i stopped for a while writing some of my own trading remarks i had experienced with this broker. I opened account in 2018 yes a long time ago. I still trading the same account though i had to deposit multiple times. Same is the case with the withdraws as well. I withdraw some of the profits to pay myself first. The rest is being accumulated in my equity.

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.
 
Richard,
Canada, Canada,
May 26, 2020,
Guest

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
Michigan, USA,
May 19, 2020,
Registered user

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
 
Reply by Maria LMFX submitted May 21, 2020:
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!
Val,
Utah, USA,
Apr 25, 2020,
Guest

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.
 
Reply by Maria LMFX submitted Apr 27, 2020:
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!
Fort Lauderdale, Florida, USA,
Apr 20, 2020,
Registered user

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.
 
Reply by Maria LMFX submitted Apr 22, 2020:
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!
Nyc, USA,
Apr 19, 2020,
Registered user

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.
 
Reply by Maria LMFX submitted Apr 21, 2020:
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!
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
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.

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.