LMFX Review 2024

Regulations: Not regulated by major financial authorities

Instruments: Forex, Commodities, Indices, Metals, Energy, Shares

LMFX provides clients with a range of account options to suit different trading needs. These include the commission-free Premium and Fixed accounts, as well as the commission-based Zero Account. The Premium Account requires a minimum deposit of $50, while the Fixed Account starts at $250, and the Zero Account at $100. Leverage options vary, with up to 1:1000 for commission-free accounts and 1:250 for the Zero Account. Additionally, an Islamic Account is available upon request. We will explore each account type, including their features and trading conditions, in more detail in the following sections.

Premium Account

The LMFX Premium Account is designed for traders seeking flexibility with no commissions and competitive trading conditions. A minimum deposit of $50 is required, making it accessible for most traders. This account offers variable spreads starting from 1 pip, with a leverage of up to 1:1000, allowing traders to maximize their market exposure. The minimum trade size is 0.01 lots, and clients can trade up to 60 lots in a single transaction. Additionally, the Premium Account provides access to flexible bonus offerings and includes the support of a personal account manager for more tailored assistance.

Zero Account

The LMFX Zero Account is designed for traders looking for low-cost trading with raw interbank spreads starting from 0.0 pips. Unlike other accounts, the Zero Account offers no mark-ups, making it ideal for scalpers or high-volume traders. A minimum deposit of $100 is required to open this account, and it charges a commission of $4 per standard lot traded. The minimum lot size is 0.01, with a maximum trade size of 100 lots. Leverage of up to 1:250 is available, offering significant market exposure. This account suits traders who prioritize cost-efficient trading strategies.

Fixed Account

The LMFX Fixed Account is ideal for traders using Expert Advisors (EAs) that require consistent, fixed spreads. This account offers fixed spreads across all instruments, providing traders with stable pricing regardless of market conditions. The minimum deposit required is $250, with a minimum lot size of 0.01 and a maximum trade size of 75 lots. Leverage is available up to 1:400, giving traders ample market exposure. In addition to flexible bonus offerings, the Fixed Account also comes with a Personal Account Manager, offering personalized support for traders looking to manage their trades with consistency and precision.

LMFX provides a wide range of deposit and withdrawal methods to accommodate different trader needs, including bank wire transfers, credit cards, e-wallets like Skrill and Neteller, as well as a variety of cryptocurrencies. Except for bank wires and card methods, LMFX processes most deposits instantly without charging any fees. However, it's important to check with your payment provider for any additional costs. The minimum deposit is set at $50, making it accessible to most traders. Withdrawals are available through the same methods, with processing times between 24 to 48 hours. We will explore these options in greater detail in the paragraphs below.

LMFX Deposit Options and Fees

LMFX offers a variety of deposit options, including bank wire transfers, credit cards, and popular e-wallets such as Skrill and Neteller. The broker also supports deposits via a wide range of cryptocurrencies, offering flexibility for traders who prefer digital assets. The minimum deposit for most methods is $50, making it accessible for retail traders. However, the minimum deposit for cryptocurrencies can vary depending on the coin selected. LMFX does not charge any deposit fees, but it’s important to verify if your payment provider may impose their own charges. Most deposits are processed instantly, allowing quick access to trading.

LMFX Withdrawals Options and Fees

LMFX offers several withdrawal methods, including bank wire transfers, e-wallets such as Skrill and Neteller, and a variety of cryptocurrencies. The minimum withdrawal for bank wire transfers is $100, while e-wallet methods require a minimum of $10. For cryptocurrency withdrawals, the minimum amount varies depending on the coin chosen. Bank transfers take 1-3 working days to process, while e-wallet withdrawals are processed on the same business day if requested before 10 A.M. server time. Crypto withdrawals processed between 9:00 and 18:00 Monday to Friday may face additional delays due to blockchain congestion. LMFX does not charge withdrawal fees on wire transfers or e-wallets, but the cryptocurrency fees might vary depending on the blockchain transaction fees.

LMFX offers a fee structure that varies depending on the account type, providing traders with the option to choose between spread-only and commission-based accounts. For example, on EUR/USD, spreads can start from 1.0 pips for spread-only accounts, while commission-based accounts offer spreads as low as 0.2 pips with an additional commission charge. Swap rates apply for holding positions overnight, and the commission on EUR/USD can range around $4 per round turn. The overall fees align with industry norms. In the following sections, we will explore LMFX’s fees, including trading and non-trading costs, in detail.

LMFX Trading Fees

LMFX offers a range of trading fees that differ based on the account type selected by traders. For spread-only accounts, such as the Premium or Micro accounts, the spread on major currency pairs like EUR/USD starts from 1.0 pips. On the other hand, LMFX's Zero account, which operates on a commission-based structure, offers spreads as low as 0.2 pips for EUR/USD, with an additional commission of $4 per round turn. These varied fee structures provide flexibility for different trading strategies. Overall, LMFX’s fees remain competitive, providing traders with options that suit their risk tolerance and trading volume.

LMFX Spreads

LMFX offers competitive spreads across various account types, catering to different trading preferences. For the Premium and Micro accounts, which are spread-only accounts, the spread on major currency pairs like EUR/USD starts at 1.0 pips. For traders opting for the Zero account, the spreads can be as low as 0.2 pips on EUR/USD, with an additional commission. Additionally, LMFX offers a Fixed Account, providing fixed spreads for traders who prefer stability in their trading costs. These flexible spread options make LMFX appealing to traders focused on cost-effective trading, particularly for scalping and high-frequency strategies.

LMFX Non-Trading Fees

MFX’s non-trading fees are relatively low compared to many other brokers. The broker does not charge any fees for deposits, regardless of the payment method used. However, withdrawal fees can vary based on the method selected. For instance, bank wire transfers may incur a fee, while e-wallet options such as Skrill or Neteller are often free. Additionally, LMFX imposes an inactivity fee if an account remains dormant for 90 days or more, though this fee is minimal when compared to other brokers. These non-trading costs contribute to LMFX’s overall cost-efficiency for traders.

LMFX offers a variety of bonuses and promotions designed to enhance the trading experience for its clients. A notable promotion is the 100% credit bonus on deposits between $100 and $30,000, though traders must trade 100 lots before they can withdraw the bonus. Additionally, LMFX offers a 15% recovery bonus, which can be both traded and withdrawn, providing extra support in case of losses. The broker also runs a referral program with bonuses for new client referrals. LMFX’s "Learn and Earn Contest" allows demo account users to compete for real cash prizes without risking their own funds.

Phoenix Bonus

The LMFX Phoenix Bonus is designed to help traders recover from losses by providing additional funds to continue trading. When you make your first deposit into a Phoenix Bonus Account, a percentage of your deposit is set aside as ‘pending’ funds. If your trading capital is depleted, these pending funds will be credited to your account upon making your next deposit, no matter how small. This unique bonus is aimed at giving traders a second chance, allowing them to rise again after a setback, making it a valuable safety net for high-risk strategies.

Deposit Match Bonus

The LMFX Deposit Match Bonus, also known as the 100% Credit Bonus, is designed to boost a trader's account leverage and trading volume. When clients deposit funds, LMFX matches the deposit with a 100% bonus, effectively doubling the available trading capital. This bonus can significantly increase trading opportunities, and if all volume requirements are met, the bonus amount can be withdrawn without any restrictions. To unlock the bonus, traders must meet specific trading volume conditions, making it a valuable incentive for active traders seeking to maximize their market exposure.

LMFX claims to offer comprehensive educational materials and daily market analysis as part of its services. However, the reality is less impressive. The educational content redirects users to the "Why Choose LMFX" page, while the market analysis section leads to a blog that hasn’t been updated since June 2020. The existing content offers only brief market commentary, with no in-depth analysis available. Additionally, LMFX provides seven trading calculators, but they offer limited benefits in their current form and are not integrated into the MT4 platform. Overall, LMFX falls short in delivering meaningful education and research resources.