LMFX Review 2024 | Pros, Cons, Feature, and More!

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The global forex market is unregulated, so there are numerous online brokers offering forex trading services to the public. Some are regulated by financial regulatory authorities operating within a defined region while others are not regulated by any authority. The search for a reliable, affordable, and efficient broker is often a herculean task for most traders.

Almost every broker is unique in its trading services; trading tools, account types, and other features. This makes it difficult for forex traders to find a broker that meets their exact specifications and requirements. In this article, we will review the broker services offered by LMFX; an unregulated forex and CFD broker that offers its trading services over the Internet.  


  • Experienced ECN/STP broker that has been around for 7 years and still counting.
  • Trading can commence with a deposit of only $50.
  • High leverage; up to a maximum of 1:1000. 
  • Free monthly VPS to traders that maintain an account balance of $5,000 and above.
  • Bonuses like deposit match bonus and Phoenix recovery bonus can be used to boost trading capital.
  • Traders can win real cash in the monthly “Learn and earn” demo contest.


  • The broker is not regulated by any authority.
  • Traders have no other choice of platform except MT4.
  • Tradable assets are limited; no cryptos, ETFs, bonds, etc.

LMFX Overview

LMFX is an online offshore broker that enables traders from all over the world to speculate on the price movement of forex and CFDs. The broker is owned and operated by “Global Trade Partners Ltd” which is a company that was registered in the “Republic of North Macedonia” in 2015.

LMFX offers more than 100 forex and CFDs on the popular and powerful MT4 trading platform. Being an ECN/STP broker, all price quotes are sourced from its liquidity providers. Consequently, spreads are tight and executions are fast. Traders are supported with various tools and educational resources.  

Regulations and Safety of Funds

LMFX did not provide any regulatory information on its website or on any of its legal documents. But, the broker maintains that clients’ funds are safe as they are kept in segregated bank accounts which it does not touch for its internal operations. Assuming an unforeseen circumstance occurs and forces LMFX into liquidation, clients’ funds will still be refunded to them.

LMFX complies with all the standard security practices which are normally enforced on regulated brokers by their regulatory authorities. For example, KYC is required from every new client that signs up for its services. So, you must submit your ID card and utility bill for scrutiny before your account is fully activated.

LMFX account types review

After registering with LMFX, you will be given access to the personal area known as “LMFX connect”. This is where registered clients can create their real and demo accounts, upload verification documents, make deposits, request withdrawals, and manage their accounts.

LMFX offers 3 account types that can be created from the LMFX connect. Accounts can be maintained in either USD or EUR. Below are the account types:

Premium account

If you are a regular trader who is looking for competitive spreads, low account deposits, and high leverage, then this account suits your preferences. The minimum deposit is $50 and the maximum leverage is 1:000. Spreads start from 1.0 pip on the major currency pairs and no commissions are charged.

Fixed account

If you do not appreciate the widening of spreads in volatile markets and prefer fixed spreads, then this is the perfect account for you. Your trading fees will be calculated via the fixed spreads no matter the market conditions.

At least $250 is needed to open this account. The maximum leverage is 1:400; spreads start from 1.8 pips and no commissions are charged.

Zero account

Professional traders, money managers, and other traders who trade large volumes will find this account appropriate for their needs. It comes with raw spreads which start from 0.0 pips and a commission of about $8 per round lot. You only need $100 to open this account and the maximum leverage is 1:250.

Trading Options and Facilities

LMFX only allows its clients to trade forex and CFDs on its platforms. Just like any other broker, the trade size is expressed in lots. For example, forex lots are as follows:

1 lot = 100,000 units of currency

1 mini lots = 10,000 units

1 micro lot = 1,000 units

Unlike some brokers, LMFX welcomes every trader to use his strategies and trading styles. Scalping, hedging, news trading, and the use of algorithmic trading are all allowed. Social traders can subscribe to any signal of their choice via the ‘signals’ tab on the MT4 trading platform.

You can also buy or rent trading robots from the MetaTrader market which can also be accessed from the MT4.

Leverage and Margin

Leverage is a tool used by traders to open large trade positions that are much bigger than their invested capital. It is expressed as the ratio of a trader’s deposit to the broker’s funds. Margin is the down payment required from the trader by the broker before he can open large trade positions.

LMFX gives its traders the choice of choosing their leverage ratio for any account. The leverage ranges from 1:50 up to 1:1000 depending on the account type.

For premium accounts, the leverage range is from 1:100 to 1:000 and the maximum trade size is 60 lots. You can open a total of 100 trades simultaneously. The margin call is at 50% while the stop-out is at 20%.

The leverage on fixed accounts ranges from 1:50 to 1:400. Traders can open up to 150 trades at a time with a total volume of 75 lots. The margin call is at 30% while the stop-out is at 15%.

For zero accounts, traders can choose leverages from 1:50 up to 1:250. The total trade size is 100 lots while a client can open a max of 200 trades at the same time. The margin call is at 30% while the stop-out is 15%.

Spread and Commission

If you have a zero account, a commission will be charged on all your trades. The amount is $4 per lot per side. Spread charges apply to fixed and premium accounts.

LMFX does not charge inactivity charges. Swap fees are charged for every trade left overnight, the fee varies according to the interest rate of the currencies involved.

Learn More: What are LMFX Fees?

Deposit and Withdrawal

Deposits can only be received from verified accounts. LMFX does not charge deposit or withdrawal fees. Withdrawal requests are processed on the same day if it was received early on a working day; otherwise, it will be processed on the next working day. The following payment options are available:

Bitcoin (BTC)

Accounts can be funded through BTC deposits from your BTC wallet to that of LMFX. A BTC payment is confirmed after 3 blockchain confirmations which take around 1-6 hours before it is completed. The minimum deposit is $50 while the maximum is $100,000 equivalent to BTC. For withdrawals, the minimum is $10 and there is no maximum.


LMFX clients who do not have Bitcoins can buy Bitcoins via Instacoins and have the cryptos deposited directly to LMFX. The payment method used in Instacoins determines how long it takes before the BTC is deposited. If you pay with credit or debit cards, it is processed immediately but if you pay with a bank transfer, it will take 1-3 days.

The minimum deposit is $50 and the maximum is $3,000 if you pay with cards but the bank transfer maximum is $50,000. ‘Instacoins’ is only used for deposits and cannot be used for withdrawals.


This is a brand that issues eCards for anonymous online payments on partner websites. You can buy PayRedeem eCards of various denominations. The minimum eCard that can be loaded on LMFX is $10 while the max is $100,000. eCards can be purchased through debit/credit cards, bank transfers, and Bitcoin.

The amount on a PayRedeem eCard is credited to your account balance immediately after you enter the card PIN; at most, it can take up to 30 minutes. For withdrawals, the minimum is $100 while the maximum is $25,000. LMFX issues payout eCards which can be redeemed via the PayRedeem website.


If you have money in your Neteller e-Wallet, then you can easily fund your LMFX account directly. The minimum deposit is $50 while the maximum is $50,000. Deposits are processed instantly. For withdrawals, the minimum is $10 while the maximum amount is $5,000. Withdrawal requests submitted before 7:00 am on a working day are processed and completed on the same day.


This is a popular e-wallet that is available in over 130 countries worldwide. LMFX accepts direct Skrill deposits from $50 to $10,000 and withdrawals range from $10 to $10,000. Payments are instantly processed and withdrawals are processed and paid on the same working day.


You can also fund your LMFX account via FasaPay. The least accepted amount is $50 while the highest acceptable deposit is $5,000. Deposits are processed instantly. Withdrawals are processed within 24 hours; the least amount is $10 while it is capped at $10,000.

Platforms and Trading Tools

LMFX provides the MT4 trading platform as the only platform available to all traders. The platform is very popular as it is very fast, stable, free, and comes with powerful tools for trading and analyses. It supports both manual and automated trading. 

Expert Advisors (EAs) are software robots that are used to automate trades. Traders can create their own EAs, rent or outright buy them. When you download and install the MT4 desktop version, all the tools required to create EAs, indicators and trading tools come with it. 

Learn More: How to Open an MT4 Trading Account on LMFX?

Traders can choose to trade with any of the following versions of MT4:

MT4 desktop version

This is the flagship version that can be downloaded and installed on a Windows PC. Plug-in apps that extend the functions of the platform can only be installed on this version. If you have a MAC computer, you can download the macOS version but it works with “wine” or other compatibility layer apps.

Mobile trading

LMFX supports mobile trading through MT4 mobile apps; which are available on Android and iOS devices. You can download and install each mobile version from its app store. With the MT4 mobile apps, traders can check price quotes anytime, place orders, and analyze the markets.

Web trading

This is the MT4 platform that works on all operating systems. All you need to do is to click the link from the LMFX website and the platform loads on any updated web browser. No downloads or installations are required but the platform works fine.

Markets and Products

LMFX Clients can trade the following assets:

Forex: Traders can speculate on the prices of about 48 currency pairs which includes the major, minor and exotic pairs.

Indices: 9 indices from the world stock exchanges can be traded on LMFX’s MT4 platforms.

Metals and Oil: 7 hard commodities which include precious metals and oils are available for trading.

Commodities: You can trade about 5 soft commodity CFDs.

Stocks: On LMFX platforms, you can trade about 36 CFDs from 3 stock exchanges: the London Stock Exchange, the New York Stock Exchange, and the NASDAQ.

Education and Research

New traders can benefit from the ‘Education’ section of the LMFX website. The broker provides 5 articles specifically designed for beginner traders. The first article starts by introducing the basics of forex theory, the second article teaches the basics of forex trading. Other articles show newbies how to interpret charts, use popular trading strategies and trading psychology.

The economic calendar is mainly used by fundamental analysts and traders to know the dates and times when important events that usually affect the markets will take place. LMFX provides this calendar on its website.

LMFX provides 6 trading calculators for its traders. The calculators are Fibonacci, Pivot points, Position size, Pip value, Risk and reward, and Risk percentage calculators.

Customer Support

Anyone; an enquirer or a registered client can contact the LMFX client support team anytime 24/5. The team can be reached by sending an email, calling the support phone number, or by initiating a web chat from any page on the LMFX website. 

Can I trust LMFX?

Not really, dealing with LMFX is at your own risk. Being an unregulated broker means that there is no superior authority controlling the activities of LMFX. For example, if there is a dispute; there is no one to report to. This further increases the risk of trading with unregulated brokers like LMFX.

Alternatives of LMFX

What if there are some things you do not like about LMFX and wish to check out other alternative brokers? Do not worry; other forex and CFD brokers are equally unregulated and offer MT4 platforms, high leverage, and virtually similar services to LMFX. Some of them are:


This online forex/CFD broker was founded in the Marshall Islands in 2015. You can start trading with only $20 and a max leverage of 1:500. Traders can choose from multiple account types including Islamic accounts, VIP, Gold, and micro-accounts.

PAMM accounts are available for Investors as well as money managers. Expert traders who can prove their proficiency can be provided with funded accounts to earn about 80% in profits. Training videos are provided for beginner traders.  Up to 100% bonus is provided to interested clients.


KOT4X was founded in 2019 in St. Vincent and the Grenadines (SVG) as an online STP broker offering more than 250 forex and CFDs for trading on the MT4 trading platforms. $10 is the least amount required to start trading while 1:500 is the maximum leverage.

PAMM accounts are available for investors and money managers. Funded accounts up to $200,000 are available for proficient traders.


This is a forex and CFD broker that started in SVG in 2017. Trading can start with a deposit of $10 and the max leverage is 1:500. More than 170 assets can be traded on its MT4 platforms.

Frequently Asked Questions (FAQs)

What type of broker is LMFX?

LMFX is an ECN/STP broker that offers the trading of forex and CFDs via the MT4 trading platform. Its services are not regulated by any authority, so it accepts traders from the USA, Canada, and other countries. Some of the strengths of the broker include; tight spreads, high leverage, low startup capital, and multiple trading tools.

Is LMFX an ECN Broker?

Yes, LMFX is an Electronics Communication Network (ECN) broker that obtains its price quotes from licensed liquidity providers (LPs), aggregates the quotes, and then presents them to the traders on the platforms. This explains why its spreads are competitive and start from 0.0 pips.

Furthermore, the broker routes all client orders to the same LPs for execution at the best market prices. So, there is no conflict of interest as the broker only acts as an agent.  

Is LMFX regulated?

LMFX is not regulated by any recognized regulatory authority in any country. However, the broker has been in operation since 2015 without any major complaints or negative reviews. It has equally implemented the security and standard practices imposed by most regulatory authorities.

For instance, all clients are properly verified through the “Know your customer” (KYC) procedure. This means that before you can make deposits and begin trading, you must have submitted a government-issued ID card and a recent utility bill. These documents are reviewed and approved by the client support team before your account is activated.

Is LMFX Legit?

Most times, legitimate brokers are qualified as regulated brokers that are honest, safe and reliable. LMFX is not regulated; meaning that they are not accountable to any higher authority in any country. But, the broker has done its best to ensure safety, consistency and integrity.

Is LMFX Insured?

LMFX did not specifically state that it has taken out an insurance policy to protect client funds; rather the industry standard practices have been implemented. For example, it states clearly that clients’ funds are held in segregated accounts which it maintains with reliable and trusted financial institutions.

The broker equally states that even if LMFX goes into liquidation, all clients’ deposits will be returned to them. The only reduction will be the costs of administration and the cost of disbursement of funds. So, to an extent, funds deposited with LMFX are safe.

What is the Minimum Deposit of LMFX?

You only need $50 to start trading with LMFX. You can make deposits via BTC, Skrill, FasaPay, Neteller, PayRedeem eCard, or buy BTC through Instacoins.

Does LMFX support MT5?

No, at the moment, MT4 only supports trading on the MT4 trading platform. You can trade via web browser, windows desktop, macOS, Android, and iOS devices.

Does LMFX Accept US Clients?

Yes, LMFX accepts US Clients. Since they are not regulated under any jurisdiction, they can accept clients from all over the world.  

Final Impression

LMFX is an online broker that has stood the test of time. Founded in 2015, the broker has implemented all the security and industry standards applicable to regulated brokers. As an ECN broker, raw spreads from 0.0 pips are available to zero account holders.

The broker is characterized by high leverage, low trading capital, competitive fees, and multiple payment options. The trading platform chosen by the broker is the powerful MT4; which is cross-platform and extensible via plug-in apps. The broker provides bonuses and monthly demo contests as well as trading tools to support and encourage its clients.

However, LMFX is an unregulated broker, and many forex experts, analysts and pro traders do not recommend brokers that are not regulated by reputable authorities. But, LMFX has been in the business long enough to attract the patronage and trust of many traders from all over the world. We believe that the future is bright for LMFX as it continues to soar higher.

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.

DisclosureAt Brokersway we're committed to delivering unbiased information. our opinions are our own and are not influenced by the payment we receive from our advertising partners. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation of how we make money.

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