LMFX Review

3.368 · 126 REVIEWS
Updated: Nov 19, 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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3.368 · 126 REVIEWS
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Traders Reviews

Nebraska, USA,
Mar 6, 2018,
Registered user

One of the best brokers

I have been with LMFX for about 6 months and they are top notch. If I call the US 800# I get a quick response and helpful service. Withdrawals are easy to do within the connect account on-line once you know how to do (a customer service person walked me through the process). I get good fills even in times of fast moving markets. My connect account # is 32501
 
Nguyen Tuan Anh,
Ho Chi Minh, Viet Nam,
Mar 26, 2018,
Guest

Fast payment and multiple account type to choose

I have tried several forex brokers before coming to this broker and I had a pretty good experience with LMFX, the account verification process is quite prompt and withdrawal within 24 hours. I used CC + Skrill for deposit and withdrawal, all are processed within day with notification email. There are 3 account options for you to choose from, they are variable, fixed and zero spreads. No crypto but their spread of major pairs are quite tight (<1.5 EUR/USD). I highly recommend this broker!
 
USA,
Mar 29, 2018,
Registered user

Stay AWAY. LMFX will STEAL YOUR MONEY

LMFX is borderline, if not, CRIMINAL.

Firstly, to get an idea of the type of broker you're dealing with, take a look at their responses to all these negative reviews. Its a constant "Nothing is our fault" attitude, even after repeated, separate complaints. Even when Maria (LMFX Rep) has no idea who the client is or what the review is involving, she claims that its the clients fault because her "excellent customer support is never wrong".

LMFX downright stole the money out of my account. I trade using MT4, the MT4 that their website provides a link to and that they have smeared their logo all over (which they deny having anything to do with). When I signed up for an account, they offered a deposit matched bonus, so I accepted. I read through the terms of the bonus, where it says that the bonus is meant to used for trading, but cannot be withdrawn or lost, fine. Everything worked ok at first. They're servers are EXTREMELY slow, but I dealt with it. This week I set up multiple large trades, but kept a close eye on my margin levels and calculated my trades to remain above LMFX's 20% margin close-out level. MT4 makes it extremely easy to track your margin automatically, and thats what I relied on. During the trade, prices dipped briefly and then recovered, all the while my account stayed above the required margin % and well above where I set my SL's. The prices ended up hitting my targeted TP's for a very healthy, 50% overall profit. But lo-and-behold, when I checked my account, I had a $0 balance. Apparently when the prices dipped LMFX emptied my entire account balance. When I sent them an email asking what had happened, Maria responded, saying that I had hit the 20% margin, the trades were closed out and that they decided to confiscate the bonus they had offered. I responded that my account never hit 20% margin, I never received a margin call, and my account actually stayed well above 20% margin. I then received a response from some other rep who said that the trades were actually closed out because I had accepted their bonus offer, so they calculated the margin levels based on their own personal whims rather than the numbers that MT4 calculates, or the numbers that LMFX's website show. So the entire time I was trading in MT4, I was watching Balance, Equity, Free Margin, and Margin %'s that were all completely different than what LMFX bases there policies on. The same MT4 that they smeared their logo all over, has unreliable numbers. I've emailed them telling them that providing margin numbers that LMFX has no intention of adhering to is unacceptable, but surprise surprise, I've received no response. Stay far away from these guys. They'll steal your money at the first chance they see.

Now, let me put my fortune telling cap on: Maria will come on here, claim she doesn't know anything about this because I wont post my account information on a public forum and then proceed to call me a liar and deny that they are anything but honest and upstanding brokers.

Seriously, there are much better brokers out there.
 
Reply by Maria LMFX submitted Apr 2, 2018:
Dear R3dk1ngs,

Please allow me to politely disagree.
First of all, while such public platforms as FPA do not provide us much information to start with, and despite the fact that a number of the complaints do not contain client IDs, we still diligently review each and every case individually and address it as such.
As you have also not provided any client number, we have managed to identify you in our system and I will begin addressing your complaints one by one.

1. LMFX does not steal money from its clients. As an STP/ECN broker, we provide a convenient service that traders may use to access FOREX trading. Our NDD model ensures that we have no interest in dissatisfied clients since we profit from traded volume and not net deposits.

2. The MT4 platform is provided by the Metaquotes company for your own convenience as this is, by far, the most popular trading platform, which brings stability, familiarity and connectivity to different types of 3rd party services and add-ons, which have been built by the trading community over the years. Like most brokers, we are allowed to use our own logos and trademarks with said platform, under a lease from the developers.

2.1 I would kindly ask you to state during which periods and trading which currencies or instruments did our MT4 platform perform slowly? We pride ourselves with a very quick and accurate execution, which can be proven by the large size of clients who entrust their trading funds with us on a daily basis.

3. Regarding your main complaint, I will restate again everything that I, as well as a few of my colleagues, have told you via email already.
As you personally stated, you chose to use our deposit match bonus. This action has to be consciously done as you have to manually select said 100% bonus during your live account opening process and you specifically need to agree to the Terms and Conditions that are also readily included in that page. The bonus itself is very straightforward, but you need to pay attention to a few important points: The bonus funds are immediately added to your account when you deposit funds into it as extra leverage for your trades, but the bonus funds themselves cannot be lost in trading. In other words, if the equity of your own account goes below the match bonus, the bonus is removed automatically by the system and we may not be liable for the consequences of this removal, including any stop outs. Furthermore, in the case of selecting the 100% Credit Bonus there is no margin call alert.
I feel that I need to restate what the bonus is for and is not for: the bonus is for leveraging your account and it allows you to trade more that you would normally be able to with your own funds. The bonus, however, does not provide additional equity and it will not maintain your open positions without additional funds.

Lastly, I would like to state publicly that we have replied to each and every one of your emails, despite the fact that a lot of your messages contain profanity.
You are right about one thing, I am replying to this message right now because communication and honesty are what our company is founded on.
Moscow, Russian Federation,
Apr 5, 2018,
Registered user

Withdrawal of funds (via Wire Transfer) takes took long, but good broker in general.

Finally receive my funds today (3 April 2017). Oh boy, that was one long nerve-wracking anticipation, but at least money really reached my bank account. Therefore… I reckon, that'd be fair to change my review rating. As it was mentioned before, LMFX (in my opinion) actually has nice service and trading conditions, although 1-month anticipation for withdrawal (via Wire Transfer) is still too much...

Mar 30, 2018 - 1 Star I'll try to make it short.

02 March 2018: LMFX confirmed (by email), that my withdrawal request has been proceeded and my funds (2000 USD) have been sent (via wire transfer) to my bank account.

30 March 2018: Almost one month passed (20 working days). No incoming transactions from LMFX so far. I'm still waiting for my money like Hachiko.

Epilogue: LMFX support says they've sent money. My bank says they haven't received money. Money just went and vanished somewhere like ninja.

Seems like representative of LMFX takes into consideration, what people post here. Seems like some FPA members and guests (with same issues) who left a review here, got their money back afterwards. Maybe this will help me get mine too... that would be wonderful.

Overall, LMFX actually has nice service and trading conditions, but I think it doesn't really matter much, if you can't get your funds back.

I'll keep you updated.

My LMFXconnect ID - 30542.
 
USA,
Apr 7, 2018,
Registered user

Great Company

This is an amazing broker, i withdraw on Friday's and receive my withdraw by Tuesday(due to the weekend) they have great customer support and reply almost immediately, I see here people leaving awful comments about the company because they obviously do not understand the concept of investing and trading the forex market or do not have patience either way I have been a client at LMFX since 2016 and have never had any issues, I highly recommend this broker. -Joseph Smilie
 
Trung Tin,
Can Tho, Viet Nam,
May 4, 2018,
Guest

Good forex broker

I opened live account with this broker 2 years ago ( 2016), there were some struggles with my verification process, I didn't have a utility bill at that time and had to asked cable company for a copy so it took 2 weeks to complete the process, but on a positive note i think its a proper security measure. Fast execution and tight spread with major pairs. Good support with Live chat on-site. Withdraw request is processed in 24 hours (request today afternoon and get fund next day at lunch). LMFX is quite reliable to trade. highly Recommended.
 
US, USA,
May 12, 2018,
Registered user

STAY AWAY

MAY 1ST wire transfer started . Received Transaction Completed Email but NO WIRE TRANSFER TRANSACTION NUMBER. THEY CLAIMED THE BANK THEY USED TO COMPLETE THE TRANSFER TAKES 3 -4 DAYS TO PROVIDE THE TRANSACTION NUMBER. Never received it OR MY MONEY. ITS MAY 11. I DONT EXPECT IT EITHER. SO GLAD IT WAS A SMALL AMOUNT.
 
Reply by Maria LMFX submitted May 14, 2018:
Dear Mardun,

Allow me to disagree.

Yes, your Wire Transfer withdrawal was processed from our end on the 1st of May and our backoffice department did in fact inform you regarding this matter accordingly.

I would like to remind you: the website clearly states that withdrawals via Wire Transfer take between two and fifteen business days. The Back Office department also informed you of this in their confirmation email. From that point, you requested the Wire Transfer transaction number on 08.05.2018 (you conveniently failed to mention when you requested the Wire Transfer transaction number), despite the fact that you were, and still are, for that matter, within the „fifteen business days“ time frame. We agreed and informed you that it would take three to four business days to retreive the information you requested from the bank. Despite that, not three business days later, you wrote a negative FPA review without allowing us the chance to get back to you with the requested information.

As it stands, your statement on this public forum is untrue and it was posted in spite of our willingness to cooperate with you. We will still be providing you with information and services as quickly and as professionally as possible, but we ask you to collaborate with us in return. We would also like to remind you that we have detailed logs of our communication with you and will readily provide them to back up everything we have stated in this reply.

Please note that a „business day“ is considered every official work day of the week (excluding holidays and weekends). Another common term would be „work day“.

Given the above statements, we kindly ask that you correct this review as soon as you receive your funds in order to cease and desist any defamatory statements, as well as the preserve our good client-company relations.
Calvon,
Texas, USA,
May 15, 2018,
Guest

Honest LMFX Review

Acct#25996
LMFX isn’t a bad broker. They have their pros and cons like every other broker out there. Deposits are extremely quick but withdrawals are EXTREMELY slow. Before they removed the credit/debit card withdrawal option, withdrawals took anywhere between 3-5 days. So if you withdrew funds at the beginning of the week, your funds were sure to hit your bank account by the end of the week. The wire transfer withdrawal is a completely different ball game. Takes FOREVER. I made a withdrawal via wire transfer sometime in April, my withdrawal was processed and approved on May 2nd. Today is the May 15th and I’m still waiting(as “they say” 2-15 “business days”). But whatever, I just don’t understand how LMFX so readily accepts our deposit but are SO SLOW with our withdrawals. Just seems a little one sided if you ask me. I still trade with them because at least they don’t downright steal your money. So yea, that’s my honest review of LMFX.
 
Reply by Maria LMFX submitted May 17, 2018:
Dear Calvon,

Firstly, we would like to thank you for your honest review of our Brokerage and services. Such reviews always lead to improvements.

That being said, I would like to discuss the Wire Transfer withdrawal timers with you (and our customers reading this forum), so that you are informed and to explain the situation in detail.

We do understand the frustration and concern in regards to the „fifteen business days“ time frame on withdrawals. This is not due to our Brokerage firm, however, but due to a variety of factors – mainly the withdrawal amount and the processing time of the intermediaries. By all means, this is not a direct transfer.
Also keep in mind that during that period, the banks which took part in the transaction itself had holidays, which also affected the processing time.
I would also like to add that we have not removed the card option for funding. We are simply under extensive maintenance which is expected to end very soon.

Trust us when we say that we are looking for improvements on a daily basis. The Wire Transfer service will gradually improve, over time.
Abdul Basit,
Rawalpindi, Pakistan,
May 16, 2018,
Guest

Last six months consecutive trading experience approximately and everything seems to be working fine

I had opened account last December and it's been pleasure trading with lmfx broker's trading platform. The trading is smooth and easy to execute trades.

Spreads plus leverage combo is also acceptable which can yield higher profits even if used for scalping.

Documents which they required were easy to provide. The withdrawal process will not work until ID account is verified. I made few withdrawals so far and they were always on time.
 
John,
New Jersey, USA,
May 18, 2018,
Guest

Withdrawal and Deposit concerns.

I've been with LMFX since November. Their deposits enter the system and your LMFX wallet extremely quick!!! I just hope that the zoompay/debit card/credit card comes back soon! And when it does, deposit and withdrawal via zoompay. I withdrawal with my debit card, when the option was available, and it hit my bank within 2 days. I'm VERY skeptical on the wire transfer method via deposit/withdrawal. I've heard from many friends that they've screwed up the withdrawal process via wire transfer. Let's hope they keep on improving!!!
  1 trader has found this review helpful

Frequently Asked Questions

Is LMFX regulated and a good broker?

LMFX is not regulated by any regulator.

In another word, there is no designated government or non-government body to supervise the activities of LMFX or to resolve complaints.

To understand if LMFX is a good broker, the best way is to read the unbiased traders reviews on ForexPeaceArmy. https://www.forexpeacearmy.com/forex-reviews/12111/lmfx-forex-brokers.

Additionally, we'd recommend to check recent LMFX community discussions: https://www.forexpeacearmy.com/community/tags/lmfx.

Please come back often as broker services are very dynamic and can improve or deteriorate rapidly.

Is LMFX an ECN broker?

LMFX's Zero account is considered as an ECN type of account.

The LMFX's Zero account has below certain features.

  • Minimum deposit of 100 USD
  • Leverage up to 1:250
  • Spreads starting from 0.2 pips EURUSD
  • Commission 8 USD per lot traded

Where is LMFX located?

LMFX is located at 28 Koco Racin Blvd., 1000, Skopje, North Macedonia.

LMFX is registered in the Republic of North Macedonia in the name of Global Trade Partners Ltd.