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

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!
Russian Federation,
Dec 28, 2018,
Registered user

This broker illegally lowered the leverage to 1: 10 for my account number 51317 ,so I could no longer trade with them !!!!They do not like profitable traders! This is a Scam!!

Dec 26, 2018 - 5 Stars Very good broker...fast withdrawal 10k$! Very good work support! I recomendate LMFX for big deposit! They professionals!
 
Reply by Maria LMFX submitted Jan 2, 2019:
Hello, Anatoly M.

I fail to understand the quick change of heart from 5 to 1 stars while we have provided the exact same great service to you or any of our other clients.
I would like to point out the following:
We did not “illegally” lower your leverage since a) leverage change is not restricted by law and b) LMFX, the company reserves the right to do so at its’ own discretion per the Account opening agreement and the Terms of Business documents, which I should remind you, are considered as read and understood by you since you have an active account with us.
These documents may be found here:
https://static.lmfx.com/doc/Account_Opening_Agreement.pdf and
https://static.lmfx.com/doc/Terms_of_Business.pdf
More specifically I would like to touch upon these points:

3. Scope of the Account Opening Agreement
3.2 The Company reserves the right, at its sole discretion, to withdraw the whole, or any part of the Services at any time, on a temporary or permanent basis. The Client acknowledges that the Company is not obliged to inform the Client of the reason of such changes.

7. Arbitrage
The Company reserves the right to make the necessary corrections or modifications on the Account involved, without prior notice. Accounts that rely on arbitrage strategies may be subject to the Company’s intervention and the Company’s approval of any Orders. Any conflict arising from such quoting or execution errors will be solved by the Company in their absolute discretion.
7.2 The Company is not obliged to contact the Client and advise upon appropriate action reflecting changes in market conditions

The second point touches upon the reason why we placed a restriction on one of your accounts. We find the method you employed to trade with us predatory and had to thus restrict the leverage to protect the interests of the company and our liquidity providers.
We chose this approach so that we could at least process your withdrawals, which you confirmed as received previously. Otherwise, we would have had to close your account and erase all profits you made using the restricted methods.

Note that despite all of this, you can still trade with us, but you will have to either use the same account with a restricted leverage of 1:10 or simply use of the the other 2 live account types with no added restrictions like everyone else.
As an STP-ECN broker we have no issue with profitable traders. We only have problems when traders try to game the system without any actual market trading.

Lastly, I would ask you first look up the definition for “scam” before using it to describe a broker that just paid out 12,726.00$ to you.

Good day, sir!
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.
James Lord,
VA, USA,
Mar 19, 2019,
Guest

Stay away!! They will process your deposit immediately but when you decide to take your own money out you will get the run around.
Its been 3 days since I requested a withdrawal and I keep getting emails with excuses. They literally told me they needed to know why I wanted to withdraw before they would process it!!! WOW!! Now I'm told they are waiting for a processing "processing slot"??!!!
 
Reply by Maria LMFX submitted Mar 21, 2019:
Dear James Lord,

We are very much aware of your complaints regarding your withdrawal. You have been properly responded to within minutes of each and every request and complaint. In all honesty, we are shocked at your attitude towards your withdrawal, especially considering the fact it has not been delayed a day.

However, you also failed to mention a few details in your review. Allow me to share the missed details for the broader audience.

Your withdrawal experience started when you initiated a Credit/Debit card withdrawal on 15-03-2019. It was rejected due to the fact that the Credit/Debit card withdrawal option is not available for US customers. You were informed of this and instructed how to submit your withdrawal.

Once you resubmitted your withdrawal using the correct method, you were also informed of a mandatory requirement we have – a bank statement submission, in short. You submitted that document on 19-03-2019, four days after the request.

Your document was received and approved. We informed you, however, that because you submitted it outside of processing hours, your withdrawal was scheduled for checking and processing the next business day. That is when you started complaining that we are purposely delaying the withdrawal and we have been for the last week, which, as explained above, is preposterous and untrue. If anything, it is due to your own actions – failing to submit your withdrawal using the correct method and then replying to our withdrawal policy email four days after it was sent. Kindly be reminded we have detailed email correspondence with you and we are very much ready to provide it to prove this is true.

Despite your toxic attitude and language in your emails, you were properly responded to within minutes.

While you found our policy to call and email our customers annoying, it is done out of good intentions and concern, nothing more. Let me assure you, here and now, that whether you responded to that call or not, it would not have affected your withdrawal in the slightest.

Let me also assure you that the withdrawal is on its way to you, it was processed yesterday. We also sent you an email regarding the matter. All in all, it was sent to you in an expedited manner, considering the date of submission.

As per our Terms and Conditions, which were provided to you on several occasions, a withdrawal processing may take up to three Business Days. Yours was done in one. Not because of your toxic attitude, but because we felt your urgency.

Kindly correct the review to reflect the truth. As you can see, the blame, if any, is on you. And we have the logs to prove it. Please tell us whether or not you wish them posted in front of the broader audience of the FPA forums.
USA,
Mar 29, 2017,
Registered user

STAY AWAY!!!!

LMFX was good until we had to withdraw money from the account. It's supposed to be 2-10 days for a withdrawal to come through to your account. First they said someone screwed up and had to resubmit it. Then the second time at the 10 day mark they said someone called trying to change the bank information. So we sent everything needed for identification again. Once given they said we would be given our money in the account. Suddenly today when we called all our money is gone and our account doesn't exist. LMFX is a scam. And for anyone looking for a broke so not use them! They will steal your money. They have been reported many times and now will have a Investigation placed on them. Be careful when getting a broker. They have stole over 18k from us and now we are broke, no income, and have to figure out how to pay our bills and pay for our newborns medical bills. STAY AWAY!
 
Reply by Maria LMFX submitted Mar 31, 2017:
Thank you for your feedback!

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.

First of all, let me say that we at LMFX take each case seriously and responsibly and we will do the same in this particular situation.

Usually we do not respond to such manipulative tactics, but since you decided to post this fraudulent information here, we will do anything possible to investigate the case in detail.

Regarding your first comment: “First they said someone screwed up and had to resubmit it” - this is a standard procedure because the client must withdraw via the same funding method, he/she used to deposit and in cases where the client chose a different withdrawal method, we cancel the withdrawal and ask the client to resubmit it.

“Suddenly today when we call all our money is gone and our account doesn't exist” - Please provide us with any piece of information that could be used to help your case. Send us proof that you made a deposit with LMFX and that you requested a withdrawal with LMFX because even after an investigation we couldn't find a client matching your profile.

You also mentioned that we have been reported many times as a SCAM. Could you please provide us with the website or the review or the comments where LMFX was reported as a SCAM broker because we fail to find such information?

Could you please also provide us with your LMFXconnect ID, live trading account number, Demo account number or name (any of those would be sufficient) so we can find you in our system and investigate the case that you explained here because we again fail to find a client of LMFX with an issue that even remotely resembles your own. Any information will be highly appreciated!

Thank you!
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!
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.
thomas nash,
South Carolina, USA,
Jul 19, 2016,
Guest

Don't use these brokers they are a scam & scammed me out of my money they kept taking my money off my card due to losses but then when I catch a good bid in my demo account and try to go to my live account to place the same bid to catch the profit it's my bank rejecting my card if that was the case it would've rejected it from the jump not after y'all have gotten me out of $500 now it's wait 24hrs then its wait on your bank they blocking it then it's the payment processor I mean really straight run around I 've talked to my bank and they say it's not them so basically they scammed me take your money elsewhere
 
USA,
Sep 6, 2018,
Registered user

49 Days and STILL waiting on my withdrawal!

My withdrawal request was processed in mid-July for a rather small amount of money so I figured it would come quickly. It's now September 6th and I STILL have not received my money. At this point I've been waiting 49 days for this.

I've been in communication with the backoffice, but the responses have not been very satisfactory. There is no clear answer about where the money actually is, but it seems to be floating in an abyss. It may reach me eventually, or simply return to them. When that happens, no one seems to know...That's very dissapointing. There's no sort of time frame on any of this.

Reading the other reviews this seems like a continuing trend with LMFX. Now I'm heavily reconsidering returning to trade with them in the future....mostly because the withdrawal process seems to be a big mess. Hoping to get my funds soon, but thinking they might actually be lost.
 
Reply by Maria LMFX submitted Sep 12, 2018:
Dear Jjr07f,
You have chosen not to provide us with any details regarding your complaint.
If you have contacted our Back Office department – the department, responsible for payments, they would have provided you with all the necessary information about your bank wire transfer. Any complaints regarding missing or undelivered funds are taken very seriously and we work hard to rectify them if confirmed.
It is very unfortunate that this issue has spoilt the otherwise good impression you had for our company.
I can also assure you that we have no interest in holding your withdrawal request for a prolonged period of time
As mentioned in the previous posts, all current delays are due to implementing new banking solutions. This is necessary for the sole reason of ensuring a more smooth and overall better withdrawal experience for our customers.
For any financial related issues, do not hesitate to contact our Back Office department via email: backoffice@lmfx.com
Fayetteville, NC, USA,
Feb 16, 2018,
Registered user

Ok so I want to give an update of my review I received my withdrawal on the 12th day I’m leaving my rating at 2 stars because of the amount of wait of withdrawals



Feb 15, 2018 - 2 Stars Currently on 11th day of wire transfer withdrawal lol these guys are a joke I do not know why I went back to them after what happened to me last time I have never had to wait for withdrawals for this long I will give it 4 more days until I give my final review since their site says 2-15 days for wire transfer but my gut is telling me I will have to wait even longer anyone new to trading and has found this broker I would stay the heck away from these guys especially if you have responsibilities to take care of these guys take a month for wire transfer. And what makes it sad is not one of their representatives has responded to my review yet which is a red flag

Feb 8, 2018 - 2 Stars Once again problem with withdrawal how come a wire transfer took 5 days to complete last time I got one but now I’m on my 6th day and still nothing. I know the site states 2-15 days but waiting that long for a wire transfer is unheard of and by the way my connectID is 20370 and how come my deposit withdrawals came like clockwork within 3 days like it should? This is my second time with an issue with these guys may just leave them altogether giving 2 stars because they offer very low spreads but their withdrawal system sucks

Jul 24, 2017 - 3 Stars I want to revise my review I posted about LMFX I did end up receiving my payments the backoffice had to send the money owed through wire transfer because of some issue with EZPay but since I still had to wait 2 months for my payments I was owed I'm giving 3 stars and only because I received my payments. I will continue doing business because they are a great company that offer competitive spreads with great customer service.

Jul 5, 2017 - 2 Stars Since I'm skeptical of reviews I'm here to tell everyone I'm a real trader account number 19526 I requested a withdrawal for $800 June 1st,2017 on June 9th I received only $400 today its July 4, 2017 and am still waiting on the other half to get to me This waiting time exceeds the waiting time for withdrawals which on their site states 2-15 business days and way past that deadline in fact its going on 24 days. They blame it on the card processor and they too have yet to contact me back. I also withdrew $500 on June 16 and am still waiting on that to go through as well this Friday July 7th will make 15 days waiting on that withdrawal for now I'm giving them 2 stars because I love the spread and customer service but until the resolve my withdrawal problems I have to leave them at 2 stars

Reply by Maria LMFX submitted Feb 16, 2018 Dear CLIENT'S FAMILY NAME REMOVED, - FPA Review Moderation Team Note:
Posting private client information this way is unethical and may also be illegal.



We are sorry that you feel unsatisfied with the time it takes for the funds to be transferred.



Please keep in mind that in your particular case, the transaction is a transcontinental one, which requires the use of intermediary services. In the current case, those would be intermediary banks. Each bank involved has a mandatory processing time for each monetary transfer and strict financial policies, which, unfortunately, we have no control over. We process withdrawals on our end within three business days.



Which is exactly why we are in constant search of new bank services to reduce the number of intermediaries, which would lead to shorter processing time. We are sorry that you have experienced these issues, but trust us when we say that we are doing our best to improve our services.



As you may see in the corrected reviews below, even in the unlikely event that there are delays, we always find ways to send the funds anew using alternative, fast and reliable methods, all of which are at our own expenses. Regardless of the issues or circumstances, our clients always receive their funds.

In summary, the lengthy processing time you are experiencing is not due to our "withdrawal system". We would highly appreciate that you correct that statement, as it is misleading to the community.
 

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.