LMFX Review: Is LMFX A Good Broker For You?

LMFX Review: Is LMFX A Good Broker For You?

However, its precursor, MetaTrader 4, is provided in every form (desktop client, WebTrader, mobile app) and is one of the industry’s top platforms. Even though the LMFX contest uses virtual money with their demo accounts, the prizes each month are real cash that can then be used to trade on live accounts. Even though there is no agency overseeing the broker, legal documentation and information are provided on the website.

• All research on various indicators, oscillators, smart robots, and artificial intelligence is conducted separately from our advertising department.
• The LMFX Deposit Match Bonus, also known as the 100% Credit Bonus, is designed to boost a trader’s account leverage and trading volume.
• Brokersway is a website that provides unbiased reviews, ratings, and comparisons of online forex and CFD brokers.
• You’ll have to give an identity proof and proof of residency to deposit substantial amounts.
• But while this transparency is usually indicative of a trustworthy broker, we don’t recommend signing up to unlicensed providers.
• Since LMFX complies with AML/KYC requirements, account verification is mandatory.

Does lmfx offer email customer support?

Brokers like LMFX must disclose any inactivity fees as part of their regulations. The type of account and broker you sign up for, will determine whether or not you can be charged an inactivity fee under certain circumstances. We understand that informed decisions with LMFX are the key to successful trading, so we’ve provided this detailed LMFX review. So, take a seat, grab a cup of coffee, and dive in to learn about LMFX and how it can benefit you or if LMFX is not for you.

Deposit and Withdrawal Fees

These include treasuries, currencies, indices, commodities, and shares. When trading via CFDs, you don’t take ownership of the underlying asset, which means you can take advantage of rising and falling markets by going long or short. The difference in price between the start and end of the CFD, is the profit or loss minus any applicable brokerage fees.

Premium Account

It is important to note that LMFX may request additional documents or information to verify your identity or comply with regulations. The account opening process usually takes a few minutes to complete, and you can start exploring the LMFX platform and features immediately. However, you must pass the verification process to start live trading with LMFX, which can take up to a few business days.

• With CopyTrader you copy individual traders, CopyPortfolio on the other hand allows you to invest in a theme or portfolio of top eToro investors.
• Therefore, LMFX leverage magnifies both profits and losses in trading.
• The educational section at lmfx is quite enlightening for new traders as it permits them to have a closer look at the financial markets.
• This process usually takes around 5 minutes, and once you’ve passed compliance, you can start exploring LMFX’s platform.
• This approach can help you gain experience and confidence in LMFX trading decisions.
• Forex, binary options, cryptocurrency, and CFD trading on margin involve high risk and are not suitable for all investors and traders.

Best Forex Robots

The fees are variable via the Premium account, fixed via the Fixed Account, whereas the Zero account offers tight spreads plus commission. Additionally, you can also access metals and oil, and commodities trading with tight spreads. LMFX also supports tons of payment methods including bank wire transfers, e-wallets such as Skrill and Neteller and VLoad, as well as debit cards and credit cards. Depending on the payment method you choose there are varying minimum deposits and withdrawals, but more on this later on. LMFX provides clients with the industry leading MetaTrader 4 (MT4) Platforms.

LMFX Inactivity Fees

Without access to this and a lot of specific stocks, traders do not have greater options to diversify their portfolios. This means you have lesser room for mistakes if you want to protect your equity. You won’t be able to trade options contracts that would give you a big payout if you are right. One nice benefit of being unregulated is that the broker enjoys unmatched flexibility when it comes to the leverage and other trading conditions it can offer its traders. With EU regulations in particular becoming increasingly restrictive, some traders may feel that their opportunities are limited with the traditional onshore, regulated brokers. Launched in 2007, eToro is now home to well over 20 million investors globally and offers 100% commission-free stock and ETF trading, as well as innovative copy trading tools.

That being said, if you just want to follow the markets and trade in comfort, then MT4 will certainly suffice. For those who need institutional trading solutions via FIX API, then FXPIG are worth consideration. LMFX offers competitive spreads across various lmfx review 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.