lmfx Forex Broker Review | Is lmfx a Scam?
LMFX is a MetaTrader-only broker based in Macedonia (FYROM), whose business entity, Global Trade Partners Ltd, lacks formal regulation, making it an unfit option for demanding traders.
MFX 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.
The Premium Account at LMFX has been tailored to meet the trading needs of retail FX traders. The minimum trade size starts at 0.01 lots, and traders can trade up to 60 lots in a single trade. A $50 deposit is required to open the account and traders are offered competitive spreads and leverage of 1:1000. All Premium account holders are assigned a Personal Account Manager.
The FIX Account is the perfect solution for traders who prefer to trade with fixed spreads. Traders are informed of the spreads in advance, giving them greater control over their trading along with improved accuracy when calculating positions.
This account is ideal for Expert Advisors (EAs) that operate with fixed spreads. It comes with a Personal Account Manager and Flexible Bonus Offerings. A deposit of $250 is needed to open this account and leverage is 1:400.
The Zero Spread Account is a low cost trading account that boasts no markups and super-tight spreads starting from 0.0 pips. Traders can trade on Interbank spreads for lower costs. A minimum deposit of $100 is needed to open this account. Leverage is 1:250 and commissions start from 1k lot. Scalping and high-volume trading are allowed.
LMFX Account Types
The LMFX PAMM is for those who are successfully involved in the foreign exchange markets and for those who wish to participate but lack either the knowledge, confidence or time to immerse themselves in the markets.
What is PAMM
It’s always nice when doing a broker review to find information about a demo account. At LMFX the demo account lets traders test their strategies and experience with the LMFX trading platform with zero cost. It offers unlimited usage and the ability to trade from any of the LMFX platforms. In addition, traders can use to demo account to test expert advisors and strategies and mirror as closely as possible actual market conditions.
Bonuses and Promotions
LMFX is really big on bonuses and promotions.
The Phoenix Bonus which is actually a recovery bonus works like this: When a trader makes their first time deposit into their Phoenix Bonus Account, they will receive an amount of funds ‘pending’ on the account. These funds reflect a known percentage of the FTD and in the event that all the trading capital is lost, the Phoenix Bonus, no matter how small, will be placed into the trading account on the next deposit. The bonus is applicable on first time deposit and is withdrawable or tradable when the bonus has been applied to the trading account.
The Deposit Bonus matches the trader’s deposits with 100% credit. The bonus can be withdrawn once volume requirements are met.
In addition to the above, LMFX offers traders several generous contests. The LMFX Crystal Ball Contest gives traders the opportunity to correctly predict the most accurate future exchange rate of the currency pair of the week and the three closest estimates to the closing price will win first, second and third place with rewards up to $1000.
Traders who feel they have mastered the art of FX trading can join the ranks of LMFX’s Ultimate Traders. If they make it to the top they have the chance of winning $1000 every month!
The LMFX ‘Learn & Earn’ Contest only held on demo accounts. There is absolutely no monetary risk involved – only gain and traders can practice and master their trading skills while competing for real cash prizes every month.
Traders who manage their PAMM accounts successfully and generate revenue for their investors and themselves can make it to the Top Ten and win cash prizes and rewards up to $1000.
LMFX provides traders with several educational tools. An economic calendar is posted on the site which lists upcoming events planned throughout the world. It also forecasts how much impact the event will have.
Several essential forex calculators enable traders to have comprehensive statistics on their trades. These include the Fibonacci, Pivots Point, Position Size and Pip Value calculators. Using these tools, a trader can estimate profit and losses on his trades, evaluate margin requirements for secure trading and calculate the impact of taking specific positions with different sizes.