LMFX Review

3.368 · 126 REVIEWS
Updated: Dec 4, 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

USA,
Nov 23, 2017,
Registered user

AN UPDATE ON MY PREVIOUS REVIEW

ALL ISSUES RESOLVED.

LMFX IS SOLID I WOULD RECOMMEND (& D0) THEM TO ANYBODY IN THE U.S. INTERESTED IN FOREX AND LOOKING FOR A BROKER

I STILL HIGHLY ADVISE EVERYONE TO EMAIL THEM PRIOR TO DEPOSITING VIA WIRE TO MAKE SURE YOU HAVE THE CORRECT BANK DETAILS

THANKS.

Nov 20, 2017 - No Rating I have both live & demo accounts w/ this broker.

I've been with them for a little over a yr now and have only had 2 issues 1 reoccurring

1. It took a total of 19 days for my funds to be deposited INTO my account (not withdraw)

I never got a reason as to why - this only happened once so no biggie altho VERY inconvenient

2. I have been unable to log into my demo for almost a month now, no issues logging into my LIVE accounts just demo.

Chat w/ customer service provided me w/ copy paste server names to enter while logging in - this worked for a bit - I am continuously getting a "Account Not Valid" message I even created a whole new account/profile - & still NOTHING

It's frustrating b/c I am getting told that the problem is me, that I am entering the wrong pw etc - really?!? an insult to my intelligence & HOGWASH! I have uninstalled reinstalled and as I said even created a whole new account copied and pasted my login info - you name it, I did it!

I've emailed them and have utilized the chat ft to no avail as they cannot or I should say haven't provided any real assistance regarding the issue except pointing the finger @ me.

N/P I just demo w another broker and continue to trade LIVE w LMFX

That's my only real issue - I've been reading lately that withdraws take a hot minute but I can't attest to that as of right now.

Otherwise they're good to go as far as I'm concerned.

BEFORE YOU MAKE A DEPOSIT BE SURE TO EMAIL THEM AND VERIFY THAT THEY ARE USING THE SAME BANK 

THEY HAVE CHANGED UP 2,3 TIMES within the past 5 months

IT WASNT UNTIL AFTER I MADE A WIRE DEPOSIT THAT I WAS MADE AWARE THAT THEY ARE NOW W ANOTHER BANK --- VERY VERY INCONVENIENT 

LMFX SHOULD SEND A MASS EMAIL OUT OR SOMETHING OF THE SUCH TO NOTIFY CLIENTS OF THESE THINGS
 
Hoang VSG,
Ho Chi Minh, Viet Nam,
Dec 5, 2017,
Guest

Acceptable spreads but quick payment broker

I am in forex for 3 years and I have traded with this broker from 2016 and I mostly trade Gold and majors. Spreads in general are acceptable, eur/usd get quite good spread but gold is just moderate. This broker needs more improvements but payment reliable. I withdrew several times (<5k$) and all are processed within 24 hours to my Skrill account.
 
Maryland, USA,
Dec 8, 2017,
Registered user

Still Observing

This is an update on my review of LMFX on Nov. 17,2017. So I finally got my over $8k funds after a full month and half! What I didn’t get though was a firm assurance or committment from the company that this problem will never happen again. Most brokers who care deeply about their clients would usually make a concrete show of such committment by offering bonuses to affected clients but it appears LMFX does not believe in that. For my part I expected a complete waiver on their bank fees but nope, I was still fully charged. That’s fine, I’m glad I got my money. What I’m not glad about still, though, is their use of slippage to shortchange you. I have stopped documenting the cases because it just happens everyday! I want to close a profitable trade of say, $500.00, the system reminds me the trade will be closed for $500, I hit the button to confirm. I check the amount and it’s $495.00. No, I’m not talking about swap costs! Or I place a buy limit order of GbpUSD at 1.3450. The order gets filled at 1.3452! So what happened there? And this is not a one-off. It always happens. That ladies and gentlemen is horrible. I want to give this broker more time to get it right but of course patience has limits. One more thing you need to worry about LMFX is the response time of the Back office. It’s just terrible. I will see if this broker improves and I hope they do otherwise I don’t see how they deal with competitions.

Nov 17, 2017 - 1 Star More than anything, the thing that endears clients to any broker is the ease of deposits and withdrawal but of course most especially . This company has no understanding of that. After close to one month of back and forth with them, I’m still waiting for at least 4 backlogs of withdrawals and they keep giving endless excuses to a point you cannot help but feel they are either unviable or not here for the long run or both! I have never, after many years of trading, been put through the shitshow that I’m currently experiencing. Their customer service can be ok when it involves you depositing your money but suddenly appear clueless when questions about their withdrawal process start coming. I didn’t want to rate them at all but had to give 1 star to emphasize just how terrible their withdraw system is. They will pin it all on their bank but will not tell you it will take them a whole week to even process your order. I should think that any business worth its name would throw a bank that won’t process clients orders in timely manner out but not LMFX. I’m still waiting for them to show me a track of my funds, which is over $8000.00. I don’t count on them to reply any soon but will count on them to come over here to try counter my post. My account number is 21839 so I’m real. They gotta be the worst of the worst when it involves sending you your money. I will do whatever it takes to get my money but am frustrated to death that I have to be put through this long wait. For the amount of negative reviews I have read here about them, you’d think they would do whatever it takes to resolve concerns about them but it looks obvious they are not interested in that. It also looks to me that they use treating a few clients right as a way to rope the rest of us in otherwise I cannot believe all their customers are not having this problem. This broker has a big question mark from me and I’m trying so hard to remain fair and professional in my review.
 
Jersey City, USA,
Dec 9, 2017,
Registered user

My 3rd Update - Finally got my 2nd withdrawal after 17 days. If you can deal with long waits on withdrawals then this broker is perfect.

Dec 1, 2017 - 1 Star AN UPDATE TO MY 2nd WITHDRAWAL


DO NOT OPEN AN ACCOUNT WITH THIS COMPANY.

So the first withdrawal took 4 days after I requested it by the way of refund. Since then I have been very profitable and requested a 2nd withdrawal in the amount of $5K and one of the customer service reps gave me a call the following day leaving a message asking me "is there any reason for your withdrawal"? which I thought was very suspicious. I called him back and told him my reasons and he said okay. Then a few days later they emailed me wanting to verify my wire by me sending in a bank statement just to verify my account number which I thought was fine. Took another 3-4 days and finally I got the email saying my withdrawal has been sent out give me it 2-10 business days. So I waited at least 7 days and then called because my wire still has not hit. Spoke to several different reps and one is saying 2-10 business days and the other is saying 2-15 business days. I wrote an email regarding my concern, went back and forth with them and requested a bank swift confirmation code for the wire and they told me to wait 4 days. It's been about 6-7 days now and I still have not received anything. Everytime I call about the wire they tell me the same thing just wait and they will contact the back office. Today is the 15th day and I have yet to receive the wire. Called them again and same thing. I wrote them another email asking where is the wire and if this is a scam please don't waste my time.


DO NOT OPEN AN ACCOUNT WITH THIS COMPANY. YOU HAVE BEEN WARNED.



Oct 28, 2017 - 4 Stars I opened an account with this broker about a month ago and so far so good but my only one complaint is the withdrawal process which has been confusing at first and a bit different than what I'm used to. They have a different process on how they do things and at first I must admit I was worried that I won't get my funds but now that I have received and it's only been 4 days after my request, I'm more comfortable to put more money in and trade.
 
USA,
Dec 20, 2017,
Registered user

Be VERY cautious

I have been a happy member of LMFX since March, and up until this point the experience has been great. In fact, I have recommended them many times to others.

However, I am now extremely concerned about this broker. I have been waiting almost a month for a withdrawal, and all their recurring estimates of 2-3 days continually come and go. Backoffice response is decent, but ultimately they can/will do nothing. They will not provide me with wire tracking numbers, and their latest email responses are in all caps. I am sure they have reason to be frustrated with me as well since I am emailing them constantly, but I want some damn answers or at least a wire number. A month of nothing is very hard to handle.
 
Reply by Maria LMFX submitted Dec 28, 2017:
I am an official representative of LMFX and it is my job to ensure that our clients receive the very best services and the most accurate information.

Please understand that when it comes to withdrawals, we use intermediary services, which can cause delays, which are simply out of our hands. We process the withdrawals on the same business day or the next, depending on the time you initiated your withdrawal request. This means that we send the funds your way within 24 hours (excluding weekends and official Holidays).

We checked our emails and we are certain beyond doubt that no Back Office agent wrote to you in all caps. I would kindly ask you to correct this statement, as it is simply untrue. Rest assured that no agent has been frustrated with you, as these situations are handled with utmost care. We have detailed logs of your correspondence with us which can prove that this is indeed the case.

We have also received information that you have, indeed, already received your funds. We apologize for any delays that may have happened, but please understand that they did not originate from us. We do our best to thoroughly investigate each similar case and will happily provide our clients with any information that we have. We also take all the necessary measures available to us to speed withdrawals up as much as possible, but on some occasions the matter simply does not depend on us, but on some third party that we have no control over. As seen in the corrected reviews, withdrawals always reach our clients. There has never been a case where a client has not received their funds after cooperating with us.
USA,
Dec 22, 2017,
Registered user

I tested the withdrawal process after 2 months by removing $100. After, I could no longer use my card to fund my account. I contacted customer service

DO NOT OPEN AN ACCOUNT WITH THIS BROKER. This company has very poor customer service.
 
Reply by Maria LMFX submitted Dec 28, 2017:
I am an official representative of LMFX and it is my job to ensure that our clients receive the very best services and the most accurate information.

We are aware of your case and we would very much like to disagree with your evaluation.

Here are the facts regarding your case:

You made a deposit with us, but ended up withdrawing all of your funds after a short period of time, having barely traded anything. We as a broker are generous enough to reimburse any fees for deposits via Visa/Mastercard that originate on our end and such behaviour is damaging to the company. To prevent such an occurrence in the future and to safeguard our own interests, a limitation was placed on your account, restricting your access to deposits via credit/debit cards.

You contacted us on chat regarding the matter and a Support agent answered in a matter of seconds. My colleague tried to explain the situation to you and was about to advise you that a simple request would be enough to lift this restriction, but your behaviour was, mildly put, unreasonable and uncooperative, and you terminated the chat session before my colleague was able to advise you on how to proceed.

After this occurrence you proceeded to email us regarding the matter and were given an adequate reply within 25 minutes, in spite of your frankly rude, impatient and condescending manner of conduct. We do not discriminate between our clients and genuinely try to assist them as quickly as we can, even if they sometimes make this difficult for us.

We have detailed logs of your correspondence with us and can readily provide them to prove what we have stated above. Rest assured that the matter that you initially contacted us about can be easily rectified, as long as you can muster at least a modicum of patience and understanding, and allow us to help you.
rick,
chicago, USA,
Dec 26, 2017,
Guest

hey guys. i live in the U.S. and deal with their nanny-state regulations. this is why i was drawn to lmfx. i have been trading live with them since june 18th and so far everything has been perfect.

the account set-up was easy, my wire transfer deposit was smooth, and the trading has been excellent- in that my account balance reflects my skill or lack of on a trade-by-trade basis. no issues out of my control.

the customer service has been prompt, polite, and professional.

the only thing that i haven't done yet is withdraw money; so i can't comment on that experience. time will tell. i actually did, however, live chat with them about some of the withdrawal issues posted here, and the representative did put my mind at ease. but again, i'll know first-hand someday.

in summary, i love these guys. so far it's been great. i just wanted to post that because it may be helpful to somebody on the fence choosing lmfx or not to hear comments other than people complaining. i hope to deposit more money soon and trade heavier volume
 
USA,
Jan 5, 2018,
Registered user

LMFX rocks!

I made my first withdrawal request on LMFX 2 days ago. I gotta admit, I was worried and scared. I just gave them the benefit of doubt and crossed my fingers. Yesterday, I got an email that my withdrawal request has been processed and that my account will be credited within 2 to 10 working days. But barely 12 hours later, I checked my account balance and saw my money right there looking at me. Nothing gives more joy than trading and getting profit and withdrawing the profits and actually getting the money.
LMFX is for real. I can now say that confidently. Now, I can relax and trade. They should keep this quality of service up and they'll go places. Peace out!!
 
USA,
Jan 6, 2018,
Registered user

I been with trading for LMFX for a few months now and haven't had much problems with the platform or trade execution , but I did experience some level rudeness from customer service which made me want to stop dealing with LMFX, but continue to trade because of the leverage.

I decided to stop trading with this company due to recent complaints about the long withdraw times and a few traders complaining about not receiving there funds within the time specified.

Nov 17, 2017 - 4 Stars I been trading with LMFX for about month or two and for the most part, things have been good. I do have a problem with their customer service... It sucks! They do absolutely nothing besides tell you to e-mail support.

I'm giving them 4 stars for the products/platform.

 
Reply by Maria LMFX submitted Jan 9, 2018:
Let me assure you that we handle client feedback very seriously. If you can, could you specify exactly how our support team was rude to you? Keep in mind that we keep logs of out correspondence with our clients and can provide them if you so wish.

Keep in mind that our Live Chat and Phone support team is meant to answer client queries regarding the broker and assist them in matters that can be quickly resolved. If they deemed that your case was beyond their authority or control, they would have indeed advised you to send an email. This allows our other colleagues would be able to examine the case in detail and take the necessary actions in order to assist you.

We pride ourselves on our quick response times. We strive to answer all queries via email within 24 hours at the latest, with our average response time being about 1-2 hours, depending on the case. If you provide us with your LMFXconnect ID we will be able to tell you exactly how long it took us to send you a reply. We believe the results will speak for themselves.
Chicago, Illinois, USA,
Jan 13, 2018,
Registered user

$6K loss from failure to execute order

I opened an account with LMFX on 1/2/2018, account 46237 if that helps anyone confirm my review. I have been trading currencies for some time and have other accounts with larger firms as well as one large firm in Canada.

After opening my account I proceeded to make sure all of my information was confirmed and uploaded all needed documents to make sure to avoid any issues with wire transfers. I then proceeded to make a wire transfer to fund my account for $10,000 which is a nice amount to start with, I was also planning to make another wire for the same amount to help keep my overall account equity above needed minimums.

So the wire transfer went through and I received the confirmation on 1/11/18. So I began trading and at first was fairly happy with the results, I made a nice tidy profit within the first couple trades and all was going great.

Until I placed an order for EURJPY on the short side, all was going well up until I tried to close the order. After trying multiple times to press the close order button as well as other methods to close out the order I was unsuccessful. I did almost everything in my power to try to close the order but the darn order wouldn't go through. I even placed other orders in the same pair to try to see if it was a constant problem, but all other orders executed and closed without a problem.

fast forward 2 1/2 hours and I was finally able to close the order, the only problem is that the had gone from being a break even trade to a $6k loss. So I am left with nearly half of my original deposit wiped due to a single issue with the broker.

I reached out to support and this is the email they responded with,

"Thank you for your request.

We investigated your case and everything appears to be OK with the execution of your trade. Keep in mind that you were trading very large volumes in a period of very low liquidity. You were trading EURJPY during a time when neither EUR nor JPY were in session and you were trading very large volumes. It is likely that there wasn't enough liquidity to fill your orders.

Keep in mind that LMFX is a No Dealing Desk broker. This means that trades our clients make are sent directly to the market without any intervention on our end. Thus, we cannot take any responsibility for the conditions of the market and the effect that adverse trading conditions may have on our clients' open trades.

In conclusion, we have determined that the situation that you are describing is due to the extremely low liquidity at the time and the large volume of the trades you were trying to close."

While I understand their explanation, it seems like a long stretch to say that selling only 25 lots near the end of premarket hours could not execute due to liquidity. Also keep in mind I made a few other trades while this "liquidity" issue was going on for the same amount of lots (25 lots each) without a single issue.

To be honest I was really looking forward to dealing with this broker and also requested to have another $10K - $20K wire sent over after a few weeks of trading.
Unfortunately with orders that do not allow me to exit a trade I cannot stay with a broker that allows that to happen to their clients. I tried my best to hopefully come to an agreement with LMFX to remedy the situation but unfortunately as stated in the email I was unsuccessful in doing so.

While I do not wish to bad mouth any broker, my best advice would be to avoid any broker that allows something as blatant and drastic as this to happen to their clientele.
 
Reply by Maria LMFX submitted Jan 17, 2018:
We are sorry for your losses, but as stated in the message that my colleague sent you, they are not due to something that we as a broker did or did not do. The matter of fact is that you were trying to trade large volumes of currency (25 lots is considered quite large a volume by most standards) at a time when the liquidity was at its absolute lowest- between the New York and Sidney sessions. We at LMFX are a No Dealing Desk broker. This means that any trade our clients make are sent directly to the marker for execution without any interference on our end. You had other trades indeed, but all of them were opened during market hours when the Tokyo session was open, providing enough liquidity for your JPY trades.

To summarize, you were trying to scalp with large volumes during unfavorable market conditions and suffered losses as a result of your trading activity. While we sympathize with the situation, we as a broker cannot take any responsibility for your choices as a trader.

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.