Does LMFX Offer a Demo Account ( Account Opening Guide 2024)

LMFX is an online forex and CFD broker that offers services worldwide. The broker offers high leverage and restriction-free trading facilities. It is an unregulated forex broker based in Macedonia. The broker has been in operation since 2015. LMFX offers MT4 demo accounts to traders worldwide.

In this blog post, we will discuss the reasons for using the LMFX demo account, Demo account management, Demo vs Live account, and so on. So let’s discuss more about the LMFX demo account.

Does LMFX Offer a Demo Account?

Yes, LMFX allows anyone to create a demo account on its website.

More Blog Post : LMFX Account Types

Why should I trade with an LMFX demo account?

Demo accounts come in handy when a trader wants to test the trading services provided by a broker. It is a practice account loaded with virtual money that simulates the broker’s trading platform and all its features. Most forex and CFD brokers provide a demo account.

With LMFX, a trader can create multiple demo accounts. You can also choose the leverage and, the amount of virtual capital that you need. It is available on all versions of the MT4; desktop, Android, iOS, and WebTrader.

How to Open LMFX Demo Account

Register for LMFX connect

The broker states clearly that you must register with LMFX first before you can open a demo account. So, if you visit the LMFX website and click on ‘open demo account’, the registration form will display.

After completing the form, a thank you message will be displayed. Check your email and click on the link in the email to verify your email. LMFX will send you another email containing your LMFX connect ID and password which is used to log into the personal area reserved for only registered clients.

Open a demo account

Login to the ‘LMFX connect’ using your email and password.

When the LMFX connect dashboard opens, click on “Trading accounts” on the menu bar and click “Open Demo account” from the drop-down menu.

The demo account opening form will be displayed.

Select the amount of virtual capital that you require; from $5,000 to $100,000

Click ‘Submit’.

You will receive a success message on the screen. An email containing your MT4 login user ID, trader’s password, and investor’s password will be sent to you. From the LMFX connect, you can go to ‘accounts management’ to view or change some parameters for the new demo account.

Trading with a demo account

After creating a demo account, the next step is to access the MT4 platform to start trading. If you choose the WebTrader, do the following:

From the LMFX connect, click ‘platforms’ on the menu bar and click ‘WebTrader platform’ from the drop-down menu. The WebTrader screen displays

Click on ‘WebTrader login’

The MT4 WebTrader platform loads on a new tab on the web browser. Log in with the User ID and trader’s password that you earlier received by email. Under server; Choose “LMFX-Demo server” and click ‘OK’.

The MT4 platform home screen displays and trading can commence.

Learn More : Does LMFX Allow Scalping? 

LMFX Demo Account Reviewed

Just like the live LMFX accounts, live market quotes are streamed on the demo account on 24/5. Orders are speedily executed without requotes. If you are trading on the MT4 desktop version, it supports algorithmic trading, multiple order types, and unrestricted trading styles.

The maximum virtual deposit is $100,000. This is unlike most brokers who limit their demo accounts to a virtual capital of $10,000. From the LMFX connect, you can view the trading history for each demo account.

Some drawbacks that I found

LMFX limits the number of demo accounts to 3. This means that you can only have a maximum of 3 demo accounts at the same time. Also, there is no provision for clients to delete their demo accounts if they no longer need them.

When creating a demo account, there is no provision for choosing your account currency. You can only choose either EUR or USD when registering for LMFX connect; after which the currency you choose will apply to all your trading accounts.

Unlike live accounts, the LMFX demo has no account types. So, if you have a live account; that is a premium, fixed spread, or zero account and wish to test out a strategy on a demo account first, you will not get the exact trading fees attached to your account type.

What is the difference between an LMFX demo and a live account?

Though they work on the same platforms and can be opened from the same LMFX connect, there are huge differences between a demo and a live account.

Demo accounts are just for practice purposes and pose no risk to the trader but real accounts involve live forex and CFD trading that come with risks to the trader’s capital.

After creating a real account, you must transfer funds to it from your LMFX wallet before trading can start. But, a demo account is assigned virtual funds when creating the account.

LMFX allows a trader to open only one live account but you can have up to 3 demo accounts.

Before you can fund your live LMFX wallet and MT4 live account, you must have completely verified your account using KYC procedures. But you can start trading with a demo account without verifying your account.

Frequently Asked Questions (FAQs)

Can I trade a real-time forex on a demo account?

No! Demo accounts have their separate demo servers which only simulate live forex trading. Demo trade executions happen within the demo server; it is not forwarded to execution venues or liquidity providers.

Is the LMFX demo account completely free?

Yes, it is completely free. Demo accounts come at no cost and no risks to the trader.

Is there any validity for the LMFX demo account?

Yes, LMFX demo accounts are deleted after 30 days of inactivity. But, the demo account does not expire; it will remain active so long as you log in and continue to trade with it.

Final Verdict

Demo accounts are offered by almost every broker for new clients to check out their platforms and trading services. LMFX offers more than 100 forex and CFDs for trading on its demo and real accounts.

To open an LMFX demo account, first, create an LMFX connect account and then proceed to create a demo account. After creating a demo account, you can proceed to the MT4 platform to log in and trade on the demo server.

The major difference between a real account and a demo account is that demo accounts come with zero risks to the trader. But, the LMFX demo account will be automatically deleted if it is not used for 30 days.