7 Best LMFX Alternatives (2024)

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Ryan Hardy sitting before his forex trading desk
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LMFX is an online broker that has been around since 2015. The broker provides platforms on which traders can speculate on the price movement of more than 100 forex and CFD instruments. It is not regulated by any regulatory authority.

One of the major advantages of unregulated brokers is that they offer high leverage and accept clients from all over the world including restricted jurisdictions like the USA, Canada, Belgium, etc.

If for any reason, you do not find the services rendered by LMFX appealing, other brokers offer similar services and operate at the same level as LMFX. This article will explore in detail the services provided by these other brokers that are alternatives to LMFX.

LMFX Overview

LMFX has been around for several years and has been growing in size, revenue, and client base. The broker has been providing forex and CFD trading services over the internet since 2015. More than 100 instruments can be traded on its MT4 trading platforms.

LMFX services apply to both beginners and professionals. Its demo accounts, trading articles, and monthly ‘learn and trade’ contests are enough to encourage beginners. Pro traders can enjoy raw spreads, low commissions, and free VPS.

A list of Top Alternatives of LMFX for 2024

  • Hugosway | Best for ECN trading
  • LQDFX | Best for beginner traders
  • KOT4X | KOT4X | Best for Charts and Indicators
  • Prosperity4X | Best for trading crypto CFDs
  • Hankotrade | Best for low trading fees
  • OspreyFX | Tradelocker Trading Platform
  • EagleFX | Best for STP Execution

7 Best Alternatives to LMFX 2024

Our research team has compiled a list of brokers that can serve as alternatives to LMFX. Just like LMFX, these are mostly offshore brokers that are unregulated and also offer MT4 trading platforms. They usually allow low deposits, and high leverage and do not restrict trading styles.

The table below compares the services provided by the LMFX alternative brokers.

ImageProductFeaturesPrice
Hugosway Features
Hugosway

Hugosway

  • Founded In:  2018
  • Minimum Deposit: $10
  • Maximum Leverage: 1:500
  • Regulations : None
  • Trading Platforms : MT4
  • Trading Instruments: Forex, cryptos, commodities, indices and stocks CFDs
Trade NowRead More
Kot4x Features
Kot4x

Kot4x

  • Founded In:  2019
  • Minimum Deposit: $10
  • Maximum Leverage: 1:5
  • Regulations : None
  • Trading Platforms : MT4
  • Trading Instruments: FX Pairs, Indices, Commodities, Metals, Stocks, Cryptos.
Trade NowRead More
LMFX Features
LMFX

LMFX

  • Founded In:  2015
  • Minimum Deposit: $50
  • Maximum Leverage: 1:1000
  • Regulations : 
  • Trading Platforms : MT4, WebTrader, Mobile Trader
  • Trading Instruments: Forex, Indices, Commodities, Metals, Energy,Shares 
Trade NowRead More
Eaglefx Features
Eaglefx

Eaglefx

  • Founded In:  2019
  • Minimum Deposit: $20
  • Maximum Leverage: 1:500
  • Regulations : None
  • Trading Platforms : 
  • Trading Instruments: forex, cryptos, commodities, indices and stocks CFDs
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OspreyFX Features
OspreyFX

OspreyFX

  • Founded In:  2019
  • Minimum Deposit: $50
  • Maximum Leverage: 1:500
  • Regulations : None
  • Trading Platforms : MT4, MT5
  • Trading Instruments: Forex, cryptos, indices, energies, Metals, stocks
Trade NowRead More
LQDFX Features
LQDfx

LQDfx

  • Founded In:  2015
  • Minimum Deposit: $20
  • Maximum Leverage: 1:500
  • Regulations : MT4
  • Trading Platforms : 
  • Trading Instruments: BTC, BCH, LTC, XRP, USDT, debit cards, PayRedeem, Confirmo
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ProsperityFX Features
ProsperityFX

ProsperityFX

  • Founded In:  2020
  • Minimum Deposit: $25
  • Maximum Leverage: 1:500
  • Regulations : None
  • Trading Platforms : MT4
  • Trading Instruments: Forex, Indices, Energies, Cryptos, stocks CFDs, and Metals.
Trade NowRead More
Hankotrade Features
Hankotrade

Hankotrade

  • Founded In: 2018
  • Minimum Deposit: $10
  • Maximum Leverage: 1:500
  • Regulations : None
  • Trading Platforms :Act Trader
  • Trading Instruments: Forex , Indices, Commodities, Crypto
Trade NowRead More

Hugosway

Hugosway facilitates the trading of over 150 forex and CFD assets on its MT4 trading platforms which are available on the web, windows desktop, and mobile apps; iOS and android. The broker asserts that its liquidity pool is powered by over 25 top banks thereby ensuring tight spreads and lightning-speed executions.

Accounts can be maintained in multiple currencies while funding is via Bitcoin or PayRedeem’s eCards. You can either open a real account or a demo account as there are no multiple account types. Spreads start from 0.4 pips while the commission is $8 per lot.

Pros

  • You can start trading with as little as $10
  • The client support desk is available on a 24/7 basis.
  • No restrictions on trading strategies or style.
  • The maximum leverage is up to 1: 500
  • Multiple payment options via third-party partners. 

Cons

  • Only one ECN real account is available to all traders.
  • No choice of other platforms.
  • No social trading or daily analysis is provided.

KOT4X

KOT4X refers to itself as the “kings of transparency” because of its honesty and lack of hidden fees. The broker offers ECN/STP trading of over 250 forex and CFDs on its MT4 trading platforms.

Traders can choose from mini, VAR, PRO, and standard pairs accounts depending on their experience, capital, and preferences. Commissions of $7 per lot are charged on trades except for mini pairs account which is $1 per lot. No commissions are charged from VAR pairs accounts but spreads start from 1.2 pips.

Pros

  • You can fund your account with multiple cryptos like BTC, ETH, LTC, USDT, etc.
  • Trading can start with a deposit of $10 while a maximum leverage of 1:500 will multiply the capital.
  • Expert traders who can prove their competency can get funded accounts up to $200,000. The reward is 80% of their profits.
  • Multiple account types: including mini, pro, var and standard accounts. 
  • Investors can benefit from PAMM accounts and earn without even knowing how to trade.

Cons

  • No trading tools like the daily market analysis.
  • Limited deposit options; no e-wallets like Skrill, Neteller, PayPal, etc.
  • No other trading platforms apart from the MT4.

LQDFX

LQDFX is a global broker that operates the STP brokerage model, enabling forex and CFD traders to speculate on the price movements of the underlying markets. The minimum deposit is $20 while the maximum leverage is 1:500.

LQDFX has made adequate provisions for new traders. There are more than 30 videos aimed at training a newbie to become knowledgeable. Risk-free demo accounts and micro accounts are also provided to assist newbies. Pro traders are offered low spreads and low commissions.

Pros

  • PAMM accounts for investors and money managers.
  • Training resources in the form of video lessons.
  • Several payment options: BTC, altcoins, eCard from PayRedeem,
  • Multiple account types which give traders opportunities to choose whether to pay through the spread or commissions.
  • 100% deposit bonus up to $20,000.

Cons

  • No social trading packages
  • No regulation by any authority.

OspreyFX

OspreyFX gives its clients access to trade more than 120 forex and CFD instruments on the MetaTrader platforms. Accounts can be easily funded via BTC, bank transfers, or debit/credit cards. Spreads are tight courtesy of a large liquidity pool and executions are very fast.

The broker supports its traders with various educational articles classified as Beginner, intermediate, advanced, and affiliates-referrals. OspreyFX clients can trade on the MT4 or MT5 trading platforms.

Pros

  • Trading starts from $50 while the max leverage is 1:500.
  • Pro traders who can prove their expertise in demo accounts receive real accounts funded with a minimum of $25,000 up to $200,000.
  • Training articles are provided for new traders.
  • Traders can choose between the MT4 and MT5 trading platforms.
  • The support team is available 24/7.

Cons

  • Unregulated forex broker
  • No managed accounts or social trading.
  • Inadequate trading tools or market research.

EagleFX

EagleFX is an ECN/STP forex and CFD broker that enables the trading of more than 150 instruments on the MT4 trading platform. Registered in the Commonwealth of Dominica, the broker provides tight spreads and swift trade execution of clients’ orders.  

Traders can only maintain either a real account or a demo account as there are no different account types. Accounts can only be funded via BTC and the commission on trades is about $6 per lot.

Pros

  • More than 160 instruments can be traded on its platforms.
  • The customer support desk is always open to attend to clients’ challenges 24/7.
  • The minimum deposit is $10 while the max leverage is 1:500.
  • No deposit or withdrawal fees.

Cons

  • No provision for investors or social trading.
  • The broker did not provide any educational resources.
  • You can only withdraw to a BTC wallet address.

ProsperityFX

ProsperityFX is a new broker that offers more than 200 forex and CFD assets for trading on its MT4 platforms. It boasts of deep liquidity which brings about low spreads and lightning-speed trade executions. Trading starts from $50 and leverage is capped at 1:500.

The broker has 4 account types which include mini accounts for beginners and PRO accounts with spreads from 0.4 pips and commissions of $8 per lot. Demo accounts are also available with up to $100,000 in virtual funds.

Pros

  • Investors and expert traders can benefit from PAMM accounts.
  • Funded accounts are provided for expert traders. The funding ranges from $25,000 to $200,000.
  • Accounts can be funded with multiple cryptos like BTC, ETH, DOGE, USDT, etc.
  • 24/7 client support via instant chat, email or you can schedule a callback on the website.  

Cons

  • Not regulated by any authority.
  • No in-house team that researches and publishes market news and analysis.

Hankotrade

This broker was registered in SVG in 2019 and has been enabling its clients to trade forex and CFDs on its MT4 and MT5 trading platforms. The broker guarantees tight spreads starting from 0.0 pips and lightning-fast executions powered by its premium liquidity providers.

Hankotrade is a true ECN broker that offers very competitive trading fees and no charges on deposits and withdrawals. Its ECN plus account holders pay just $2 per round lot traded. Its STP account spreads start from 0.7 pips and no commissions are charged.

Pros

  • Traders can choose from two powerful and popular platforms; MT4 and MT5.
  • Leverage is capped at 1:500
  • Multiple account types including Islamic, STP, ECN, and ECN Plus accounts.
  • PAMM/MAM accounts are available for interested investors and fund managers.
  • A 100% bonus is available to traders who deposit from $100 up to a max of $25,000.
  • Tools like the Economic Calendar, trading calculators, and VPS are provided.

Cons

  • No research tools like market news, expert analysis, or trading signals.
  • No provision for training of new traders.
  • The assets index is limited. 

Final Impression

Though no two brokers are exactly the same, LMFX has several brokers that can effectively substitute as its alternatives. These alternative brokers have their strengths and weaknesses. All of them offer the MT4 platform but only FXChoice and OspreyFX have added the MT5.

LMFX, FXChoice, OspreyFX, and LQDFX have training resources to help newbies with trading education. Social traders should register with FXChoice while PAMM/MAM investors can choose from KOT4X, LQDFX, and ProsperityFX. You only need $10 to start trading with KOT4X and Hugosway.

Irrespective of the choice you make, it is important to remember that forex trading is risky as you can lose all or part of your trading capital. Finally, trading with an unregulated broker further increases the risk associated with forex and CFD trading.

Written by

Jason Paine is a forex trader, researcher, and tech enthusiast. He is passionate about financial markets and cutting-edge technology. With a dynamic 16-year trading career, he's on a mission to guide fellow traders. Having navigated diverse forex brokers, Jason shares his insights at Brokersway to bridge the gap between traders and the right brokerage.

Fact Checked by
Ryan Hardy is a Content Writer, Researcher, and Fact Checker at Brokersway. Specializing in forex trading, he focuses on ensuring accuracy in information related to broker regulations, scams, and safety measures. With a commitment to transparency, Ryan plays a vital role in providing traders with reliable insights into the world  of forex brokers
Edited by

Richard Walz, a seasoned content writer and broker’s research specialist, is your go-to authority for decoding online forex brokers and trading platforms. As an editor, he ensures precision and clarity, offering traders valuable insights on Brokersway, a trusted resource for informed decision-making in the dynamic world of currency trading. Richard's role as an editor ensures that the information presented is not only accurate but also presented in a manner that resonates with traders seeking clarity in making better decision.

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