The forex market is the biggest market in the world and many people want to get some share of the money in the market. This explains why forex trading is popular. Unfortunately, most brokers state conspicuously on their websites that a large percentage of retail forex traders end up losing part or all their capital to forex trading.
A good way of limiting losses is to invest less money and then find a way of boosting the trading capital. Brokers like LMFX come to the rescue with high leverage, low deposit, and bonuses. This way, a trader can multiply his trading capital and market exposure, thereby giving himself a greater chance of making more profits.
LMFX at a glance
LMFX is an online forex and CFD broker that allow a trader to speculate on the prices of more than 100 assets on its MT4 platforms. It is an ECN/STP broker that features tight spreads, lightning-speed executions, and competitive trading fees.
Below are some of LMFX’s features
Broker name
LMFX
Year founded
2015
Trading Platforms
MT4 on desktop, web, Mobile; android and iOS
Regulations
None
Minimum Deposit
$50
Maximum Leverage
1:1000
Scalping and hedging
Allowed
Algorithmic trading
Allowed
Instruments offered
Forex, stocks, indices, and commodities.
Trading tools
Economic calendar, Free VPS, trading calculators
Bonus and Promotions Offered by LMFX
LMFX offers its traders the following bonuses and promos
Deposit match bonus
This bonus doubles the account balance of new traders who are making a first-time deposit of at least $100. It is a 100% bonus for interested newcomers and it is capped at $30,000. You can withdraw this bonus if you meet its trading volume requirements.
The trading volume requirement is calculated as (Bonus amount/2) lots. So, if a new trader makes a deposit of $500 and indicates interest in receiving the deposit match bonus, LMFX gives him another $500 bringing his balance to $1,000.
The trading requirements = 500/2 = 250 lots. If the trader opens and closes up to 250 lots of trades, then he can withdraw the $500 bonus. In calculating the lots, only trades in which the trader gained or lost at least 3 pips will be counted. Once the trading requirements are met, the trader will send an email to LMFX support to release the bonus. If it is released, the trader must claim the bonus within 3 months, or else it will be repealed.
Phoenix recovery bonus
This bonus is also for first-time deposits and gives a reward of 15%. Phoenix recovery bonus is designed to help beginner traders to rise again in case they lose their trading capital. It works as follows:
If a client makes a first-time deposit of $500 and indicates that he is interested in the Phoenix recovery bonus, he will get an additional 15% which is $75 in this case. This amount will be pending on some conditions.
When the client places trades and loses until his account equals zero or is below the specified account reload amount. The pending 15% Phoenix recovery bonus will be activated once he makes a second deposit.
Learn and earn contest
This is a monthly demo account trading contest organized by LMFX for its traders. It is designed for traders who feel that they need more training before they start live trading or for traders who lack trading funds.
When creating a demo account, you can choose to open a normal demo account or to open a special demo account for the ‘learn and earn’ contest. The account comes with a fixed leverage of 1:400 and a virtual capital of $100,000. The contest runs from the first working day of the month to the last day of the month when all positions are closed and winners are determined.
Only clients that have completed KYC can participate in the contest. Accounts are automatically forwarded to the next month to continue the next round of the competition until the client decides to stop participating. He can then send an email to the support team to remove him from the contest.
At all times within the contest period, traders with the highest profits are published on the contest page of the LMFX website. When the contest ends, 3 prizes are given to the top performers as follows:
1st prize is $1,000; 2nd prize is $500 and the third price is $250. The amount is credited to the winners’ real trading account within 48 hours.
Key takeaways
LMFX is a broker that is committed to helping its clients to succeed in the world of trading forex and CFDs. The broker helps its clients to increase their market exposure and potential profits by offering high leverage, bonuses, and facilitating trading contests.
New traders can double their invested capital by opting to receive a 100% deposit match bonus. If you need help to rise again when you lose part or all of your invested capital, then the Phoenix recovery bonus can give you 15% of your initial deposit when you make another deposit.
Traders can participate in the monthly learn and earn demo trading contest to win a part of the $1,750 that LMFX splashes on 3 winning traders every month. The contest is transparent as the top 10 traders are always updated on the website.
