US TRADERS WELCOME!
LMFX Broker is a relatively new international online retail broker founded in 2015 and belongs to the group of ‘Fastest-Growing’ forex brokers. They also accept US traders which is not all that common and traders from all regions including USA can take advantages from this broker.
LMFX.com is one of the ‘Rising Forex brokers’ with almost no negative reviews at all and has lots of choices, both in regards to account types and trading platforms. This broker is a very typical broker and works as a Market Maker with the variable spreads that go with it. LMFX is one of the industry’s top forex brokers that have chosen to stay “Unregulated” with the confidence that this would be the finest way to provide the best deals, promotions and trading conditions to their beloved traders.
With the belief in mind “Commitment to Excellence” LMFX belongs to the group of major Forex Brokers. They have had very strong growth since they were founded. In my opinion they cater mostly to Discretionary Traders or so called Position Traders, who trade daily or 4H charts. However, if you are a High Frequency Trader or Scalper this broker offers exclusive trading features for you too. No matter which kind of trader you are, this broker is a great broker since they are pretty straight forward, offer good support and training through their dedicated education center. If you are new to the Forex trading market, then LMFX.com can be a good choice since they will help you with the basics until you can stand on your own legs.
The trading conditions with LMFX.com are typical for a Market Maker although they offer both fixed and variable spreads. LMFX offers a different approach in terms of spreads of the individual products. In order to make this clear and transparent to all traders, they have listed them up in a table so that at a glance you can compare the structure of each.
If you are a trader with a strategy that explicitly avoids major market events, then a variable spread is better since your profit will be larger (and losses smaller). For a beginner, fixed spreads can be better due to the problem with keeping track of everything that is happening in the markets, and you can also trade with a Zero Spread account if you prefer to skip the strain of ‘spread terms’ and go with fixed commissions on the major and minors.
The spreads are at 1.2 for the EUR/USD on ‘Premium Spread’, 1.8 on ‘Fixed Spread’ accounts which are fairly competitive. They also claim as low as 0.2 spread on ‘Zero Spread’ account but since this is a new platform that remains to be seen if it really that good. If it is then the LMFX Trade platform might be one of the better choices for a Position Trader.
What is more important in order to consider this broker as good is quick execution and as we have been able to check it, the execution is great. LMFX is simple and easy to use and if your trading strategy allows, it is the preferred choice for a newbie trader. To make money trading Forex doesn’t mean it has to be complicated, simplicity is usually the better option and then this broker is a good choice.
With LMFX.com you can choose between three different platforms:
• Premium account
• Fixed account, and
• Zero account
The premium account has been wisely designed to meet the trading requirements of individual forex traders and with the tiniest trade size starting at 0.01 lots, and comes with Competitive Spreads feature. You can open a premium account with as little as a $50 and be allowed to trade with the MetaTrader, WebTrader and Mobile Trading platforms.
LMFX fixed account is the ideal solution for traders who wish to trade with fixed spread conditions. Since you are aware of the spreads prior to executing an order, this account lets you have better control over your trading and increase trading accuracy when calculating positions. You can open an account to grab these features with a minimum deposit of only $250.
LMFX zero account is a low-cost trading account that offers NO hikes but comes with super-tight spreads starting from 0.0 pips! With a minimum deposit of $100 only, you can trade on Interbank spreads with this zero spread account and decrease the cost of your trading. This account type is absolutely suitable for the scalper and high frequency trader.
LMFX offers two different types of trading platforms for its traders. The most popular and worldwide recognized MT4 (MetaTrader 4) which is the industry standard and the LMFX WebTrader, which is a web based trading interface. Personally, I don’t like MT4 and you would understand it if you have tested and traded with as many trading platforms as I have. The amount of learning involved to use MT4 properly is massive, not including learning to program your own EAs (Expert Advisers). LMFX, on the other hand, might not have all the bells and whistles but offers an ultra-modern web based interface that is intuitive to use. If you are a novice trader go with the WebTrader which is easier to learn and spend more time developing your trading strategy and learning it well. That’s the way to make money, not through some fancy program.
LMFX.com also offers mobile trading platforms for traders to trade the forex market while on the move. The iPhone Trader, iPad Trader, and Android Trader will let you take full advantage of forex market and make money from anywhere with internet access on your device.
Since this is an ‘Emerging Forex broker’ with many positive reviews in the industry, it is pretty easy to get an impression of this Forex broker. There are minimal negative reviews of this broker, showing the security and customer service of the broker to be of the highest level. The execution is ‘Top Notch’ and there are no other issues with this broker that will decreases your trading experience.
There are a number of reasons why this broker became so renowned and successful, but perhaps the most significant one is the fact that your trading experience with LMFX broker will be totally safe and astonishing.
This has been made possible by the company’s cutting-edge Pro platform with a multitude of trading assets and tools, exclusively tailored account packages, secure deposit and withdrawal options, and dedicated account managers.
Banking – Deposit and Withdrawals
LMFX is dedicated to the highest level of security when sending out your payments. In addition, deposits can be done through a wide selection of safe and trusted payment methods, in a selection of different currencies. When you request for a withdrawal, funds are simply transferred to your preferred account in the currency of your preference and through the process most suitable to you. This makes the process safe, simple, and quick.
• Deposit: minimum deposit amount for wire transfers is 250 USD/EUR and it takes 2-7 working days to get your funds deposited into your account.
• Withdrawal: minimum withdrawal amount is 100 USD/EUR and through this process, it takes 2-7 working days
(depending on your bank) to get your funds deposited into your bank account.
VISA / MasterCard:
• Deposit: you can make a minimum deposit of 50 USD/EUR using your card to start trading with LMFX. This takes maximum of 30 minutes to be credited to your account.
• Withdraw: 10 USD/EUR is the minimum required amount to make a withdrawal from your trading account to your card. Depending on your card provider, this will take 2-10 business days to complete the process.
Skrill / Neteller / FasaPay:
• Deposit: Deposits are done instantly with this method and the minimum amount required is 50 USD/EUR.
• Withdraw: Same business day withdrawals are possible using these methods and minimum withdrawal amount is $10 USD/EUR. Withdrawal requests before 10:00 AM server time, are handled on the same business day, otherwise, you’ll have to wait for the next business day.
On this part, LMFX.com is good. We can neither fault the training provided or the support. Since training is important, emerging brokers like LMFX.com have the resources to create a complete educational library catering to the needs of their clients. Support is also very good and it is easy to get hold of someone for questions. This broker is a very reliable.
One of the strong points with this broker is the training and support. The training is extensive and is indicative of a well-established broker. There are video tutorials, trading tools, an economic calendar, and an extensive section of market analysis with in-depth market updates. Support is also top-notch and available in many languages with well-educated personnel. You can have your support in many methods that include; contact through web form, call them from your mobile, direct email to CSR, sales or PAMM department and the US Toll Free Line dedicated for traders from USA. We recommend the phone since they don’t put you on hold for long and if you are a trader from USA; you can easily use the toll-free number.
In the conclusion, we believe LMFX to be a great broker, especially in today’s marketplace, with most new brokers trying to scam traders. LMFX’s features speak for themself. If you are new to Forex trading this could be a great broker to start with since they have exceptional training and support. It’s a straightforward broker and although they do offer an ECN alternative, it’s not viable for most aspiring traders.