The email support are more helpful and could respond anywhere from a few hours to a working week. Phone support tends to answer quickly and are more helpful when responding to questions. Despite LMFX’s subpar reputation, the platform boasts over 10,000 users across the globe. Please come back often as broker services are very dynamic and can improve or deteriorate rapidly.
The customer services support team is available 24 hours, five days per week. CFD trades on different markets have no commission but do wrap a spread around the market price of a certain instrument. There are, however, execution-only brokers, they do not get involved with any direct personal investment guidance.
One of MT4’s most attractive features is that you can customize the terminal and charts to suit your trading preferences and needs. Moreover, it can be used for automated trading, which uses sophisticated trading algorithms to open and close positions based on predetermined parameters. Funds must be transferred in the same currency as the bank account to which they are sending them, to prevent currency conversion fees from being charged. There are no internal withdrawal fees, but payment processors may levy charges. High leverage and bonuses aid this broker in executing their business plan successfully.
With the zero account, this is subject to a $4 commission per lot of 100,000 currency units. This can be considered slightly higher than other brokers of a similar level in the sector. Zero account holders must abide by a minimum deposit amount of $100, and $50 for each deposit thereafter.
As such, traders will either have to accept a sub-standard trading platform or invest their own capital to gain a competitive edge. The limited asset selection and above-average trading costs at LMFX do not warrant an upgrade, but traders can use any MT4 plug-in at all MT4 brokers. Mobile trading allows traders to manage their accounts from portable devices like smartphones, pocket and tablet PCs.
Both offline and Online programs for affiliates are available for traders that pay top commissions for referred clients to the LMFX platform. Then there is an exciting promotional offering offered to LMFX traders called, ‘Learn and Earn Contest’. However, this contest is only available for LMFX demo account holders. There is no https://forex-review.net/ monetary risk warning involved in it; traders earn while they learn the various trading strategies. They have to master their trading skills while competing for cash prizes every month. According to the LMFX review, it allows traders to make deposits and withdrawals using any payment method from a variety of payment options.
You should consider whether you can afford to take the high risk of losing your money. But why is the MetaTrader 4 platform so popular amongst the investing community? MT4 is a trading platform that was created by MetaQuotes in 2005.
Types of LMFX Accounts
Help traders to analyze the various price dynamics of varied financial trading instruments across 9-time frames per instrument. The maximum number of open trades allowed on the web platform is 100. Premium account holders can trade Share CFDs, commodities, indices, Forex pairs, Oil, and precious metals like gold and silver with EUR USD effectively on LMFX. After verification of the email address is done, Users need to upload some identification proof and address proof like passport and utility bill respectively. As soon as the trader’s account is verified with all these documents, users can add funds to their respective accounts and start trading. New Clients must register with LMFX first in order to open a demo account whilst existing clients may log in to their Wallet and open the trading account directly from there.
- Depending on what type of account a client has, will depend on the spreads charged by LMFX.
- In the following table we take the main parts of any good broker and compare lmfx with freetrade, and easyMarkets.
- We would have appreciated if you included your trading account ID or your Wallet ID so we could have found you in the system.
- This is largely due to the fact that LMFX is unregulated by any official financial authority.
The cost of $20 per month is acceptable, but this broker does not provide full details of its provider. Traders with a minimum deposit of $5,000 will get the benefit of free VPS hosting, but the product and services portfolios at this unregulated broker do not create conditions to warrant such a capital commitment. Although the broker has a history of years in the industry, it has failed to get a license from any government regulatory body worldwide. However, they have all the necessary legal documentation available on their website. The lack of regulation does mean that they can offer some trading products and services that a regulated broker cannot. In addition, the broker does not hold a banking license and is not traded on any stock exchange in the world.
Although you did not mention your wallet ID or live trading account ID in your review, we were able to locate the case and re-review it carefully as we do take our client’s complaints seriously. Through the broker, you can trade commodities including softs; wheat, sugar, coffee, corn and metals; palladium, copper and platinum. LMFX contract for differences on commodities allows traders to speculate on the fluctuating prices of the commodity without needing to physically own it. Yes, an LMFX broker is a market maker that profits directly from clients’ trading losses where it acts as the counter- third party.
Premium account holders work with a variable spread, whilst fixed account holders can receive a fixed spread across the board. Zero account holders can benefit from accessing interbank markets directly, with correspondingly lower spreads. Account holders can send or receive funds via an ewallet, virtual bank account number in local currency, or a reloadable prepaid MasterCard debitcard.
Can you make money with lmfx?
You can trade with zero commissions and reasonable spreads starting from 1.0 pip on a premium account with a minimal deposit. You can also choose to trade on a fixed account and enjoy fixed spreads as low as 1.2 pip with zero commissions. You can get access to better conditions with a regulated broker and a $5 deposit in XM Group. On the other hand, if you are a day trader or short-term trader, you can enjoy spreads starting from 0.0 pip and a commission of $4 per standard lot on a zero account. While trading Shares CFDs, LMFX charges a fixed 0.10% commission.
Depending on what type of account a client has, will depend on the spreads charged by LMFX. For Premium account holders, the minimum trade size begins at 0.01 lots, and traders can trade up to 60 lots in a single trade. LMFX makes mobile trading easy with access to the MT4 mobile trading app.
Traders can get in touch with the customer support team of the broker from the website under the “About” Tab on the top right-hand corner of the page. There they will find a list where they can click on the “Contact Us” which will direct the traders to the customer support page. LMFX broker clients have access to the multilingual customer support team 24/5. There is a dedicated email and UK phone number for the customer service department, Sales department, and the Affiliate department. In the event that they are unavailable, you can contact the 24-hour Support Team online and using the Live Chat option.
Help traders to identify the latest price trends, access the latest market news, and calculate the entry and exit points. For any order types remaining at the time of the stock market closure, the limit orders will be automatically deleted according to the exchange rules. Overnight financing charges will apply to all Single Stock CFDs transactions and forex, without any charges incurred for holding Intraday positions. All oil and metal contracts are charged an Overnight SWAP and triple SWAPS are charged on the positions held on any Wednesday. All contracts on the LMFX trading platform are factored in USD, whereas the metal SWAPS are factored on the basis of pips/lot. LMFX also has the latest client area, which uses all the latest technologies, in order to provide users the easiest and efficient way to handle their accounts.
MetaTrader 4 is the most popular trading tool in the world today and so will be very familiar to anyone with previous online trading experience. LMFX states that it allows customers to ‘trade everything everywhere’ offering Equity CFDs and Forex markets on its site across 7 platforms. This site lmfx review is secure and with client segregated accounts they emphasise this aspect of the site, although the absence of a license is something of a concern. Trading with tight spreads is another positive feature, while the range of bonuses and promotions on offer will be certain to attract interest.