LMFX Minimum Deposit 2024| Guides, Fees, and More !

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One of the factors to consider before choosing a forex broker is the account funding options accepted by the broker. Otherwise, you may have to spend a lot of money on conversion fees and transaction fees. LMFX has a variety of payment options to cater for the needs of a wide range of traders.

In this article, we will deploy a step-to-step approach to explain all the methods of depositing your trading capital with LMFX. Note that before you can make a deposit, you must have created an LMFX account and the account must be verified by uploading your KYC documents.

LMFX at a Glance

LMFX is an online broker that offers more than 100 forex and CFD assets for trading on the MT4 platform. Being an ECN broker, its spreads are tight, client orders are processed swiftly without requotes. You can start trading with a paltry sum of $10 and choose leverages from 1:100 up to a maximum of 1:1000. The support desk is available 24/7.

LMFX Minimum Deposit

The minimum deposit is $10 but it is only possible if you deposit via PayRedeem eCards. For all other payment methods, the minimum deposit is $50 or its equivalent.

LMFX Deposit Methods

You can fund your LMFX account through any of the following methods:

Bitcoin (BTC): This option is for direct deposit of BTC from your wallet to LMFX’s wallet.

Instacoins: This method is used to purchase BTC through credit/debit cards or wire transfers. After payment, the BTC is sent directly to LMFX’s BTC address. 

PayRedeem: This method is used to fund LMFX accounts through a 16-digit eCard PIN issued by PayRedeem. Clients can purchase eCards from PayRedeem’s website.

Neteller: This is an e-wallet service available on the Internet.

Skrill: This is a digital wallet service that has been around for over 20 years. It is available in 131 countries and 40 languages.

FasaPay: This is an online payment service used by merchants to receive payments from all over the world.

Deposit Currencies

LMFX accepts direct deposits in USD, EUR, and BTC. However, payment processing platforms like Skrill, PayRedeem, Neteller, etc accept payments in multiple currencies and internally convert them to the appropriate LMFX’s account currency.  

LMFX Deposit Fees

LMFX does not charge any deposit fees but the client will be responsible for any fees charged by the payment processor.

For example, when depositing via BTC, network charges apply. PayRedeem charges transaction fees when you are buying eCards. If you pay through debit/credit cards, the processing fee is 4.5% of the transaction amount while bank transfers are charged 2%.

LMFX Deposit turnaround time

After completing a deposit, the processing time depends on the method used. Online payments like Skrill, FasaPay, and Neteller are processed immediately. Sometimes, there may be a delay but they are generally resolved within an hour.

BTC payments will reflect in the trader’s account after 3 network confirmations. Normally, this takes 1-6 hours. BTC from Instacoins depends on the payment method used in purchasing the BTC. If you pay using credit or debit cards, the BTC purchase will be instant, so it will reflect your LMFX account in 1-6 hours.

But, if you did a bank transfer, then you will have to wait for 1-3 days before your money reaches Instacoins, then, they will release the BTC to LMFX’s BTC wallet before your account can be credited.

For PayRedeem, once the correct eCard’s PIN is entered, the account is credited within 30 minutes provided it is on a working day. If you have no eCard, the time it takes to get one depends on your payment method. Paying with BTC or credit/debit cards is fast because the eCard will be issued within an hour but paying via bank transfer will take 2-5 working days before your eCard will be issued.

Deposit Time Method Fees Comparison Table

Deposit method

Fees

Completion time

  BTC

None

1-6 hours

  BTC via Instacoins

None

1-6 hours

BTC via bank transfer

None

1-3 days

PayRedeem

None

30 minutes

Skrill

None

Instantly

FasaPay

None

Instantly

Neteller

None

Instantly

How to Make a Deposit (Step-by-Step Guide) 

(1) BTC direct deposit

  • Visit the LMFX website, click on “open live account” and fill out the form that ensues.
  • Activate your profile by clicking a link sent to your email address. Once activated, you will receive a welcome email with your LMFX connect ID and connect password.
  • Log into your account with your LMFX connect ID and password.
  • From the dashboard that displays, click on ‘deposit’ under the wallet section.
  • The fund management screen will be displayed. Select BTC; enter $50 or more as the deposit amount and click on ‘Generate address’.
  • A BTC address is automatically generated for the deposit. You can copy the address or scan the QR code with your mobile phone. Remember, the generated BTC address cannot be reused.
  • Once LMFX receives the BTC deposit, it will reflect in your account.

(2) BTC via instacoins

This option is for clients who do not have Bitcoins. Follow the steps below to buy BTC from Instacoins and deposit it to your LMFX account:

  • Login to your LMFX connect, click deposit and select ‘Bitcoin via instacoins’.
  • Input your name, amount, currency and click on ‘Deposit’.
  • You will be routed to the Instacoins website. Login if you already have an account but if not, click on “create an account” and complete the form that will be displayed.
  • On the next screen, the payment details are automatically updated from LMFX. Select a payment method such as cards, bank transfers, Skrill, or Neteller.

For card payments

  • Click on cards, check to agree with terms and conditions, and on your card type; either Visa or Mastercard.
  • Input your card details and click on ‘Pay Securely’.
  • The payment is processed instantly and Instacoins transfer the purchased BTC into LMFX and it is reflected in your LMFX connect.

For Wire transfers

  • Click on wire transfer, and the payment amount updates to $100 if you had inputted a lesser amount.
  • Check the box to agree with the terms, then click on ‘show instructions’.
  • You will be prompted to verify your account. It entails uploading your government-issued ID card and a recent utility bill.
  • Upon successful verification, you will be issued with instructions on how to make the bank transfers.
  • Your LMFX account will be credited when Instacoins receive the payment.

(3) PayRedeem

  • Log into your LMFX connect and click deposit and select the ‘PayRedeem’ option.
  • If you already have an eCard, input the eCard PIN, enter your email address, eCard amount, and click ‘Deposit’.
  • If your eCard is valid, the amount is credited to your LMFX account.

But if you do not have an eCard: 

  • Click on ‘Buy an eCard’ and the PayRedeem website will open on a new tab.
  • Click on “BUY ECARDS” to display the sign-in page. Click on “Create account”
  • Complete the account opening form and click “Create account”
  • Verify your email address by clicking on the link sent to your email.
  • Log in with your email and password.
  • From the PayRedeem dashboard, click on “BUY ECARD” and type LMFX in the merchant name. Select the LMFX and click “Continue”
  • Choose the eCard currency and the amount of choice. You can also enter a custom value for the eCard. In the example, we choose €75 eCard.
  • Click “Go to checkout”.

Choose a payment method

  • If you choose card payment: then you have to add the card first by clicking ‘add’. Next, input the card details to save it for future use.
  • Select the card, enter its CVV digit and click “Pay”.
  • For bank transfer: just click on the option and then click on “continue with bank transfer”. The order details will be displayed. You will receive an email with bank payment instructions.
  • For BTC payments: click on ‘Bitcoin’ and accept the Bitcoin payment terms and conditions.
  • Click on ‘Continue with Bitcoin’
  • A Bitcoin wallet address and QR code are displayed for you to make payment.

Irrespective of the payment option used, once your payment is successful, your eCard will be issued immediately. You can view it by clicking ‘Purchased eCards’ on the left-hand menu.

(4) Skrill

  • Login to LMFX connect, click on deposit and select Skrill.
  • Select the amount, choose a currency and click ‘Deposit’. You will be directed to the login page of the Skrill website.
  • Login to your Skrill account with your email and password.
  • Click on ‘Pay now’ and authenticate the payment.
  • When the payment is completed, you will be returned to the LMFX website and your account will be credited.

(5) FasaPay

Log in, choose FasaPay, enter an amount, currency, and click ‘deposit’.

You will be directed to the FasaPay website. Enter your account number and password to log in to your FasaPay account to authorize the payment.

Your LMFX account will be credited. 

(6) Neteller

This option is for clients that already have money in their Neteller e-wallet.

  • Login to LMFX connect and select deposit
  • Click on ‘Neteller’
  • Input the deposit amount, currency, email, and click on ‘deposit’.
  • You will be routed to the Neteller website where you will be prompted to log in and complete the payment.
  • If the payment is completed successfully, the money will reflect in your LMFX connect

Frequently Asked Questions (FAQs)

What is the Minimum Deposit of LMFX?

$10 is the minimum deposit; it can only be accepted via a $10 PayRedeem eCard. For other payment options, $50 is the minimum. 

What is the Maximum Deposit of LMFX?

For BTC direct deposits, the maximum payment is $100,000 worth of BTC. $100,000 is also the maximum deposit for PayRedeem eCards.

Other payment methods have their limits; buying BTC via Instacoins is capped at $50,000 via bank transfer. The max deposit for Neteller is $10,000; Skrill is $10,000 while FasaPay is $5,000.

How long may it take to complete the transaction?

It all depends on the payment method used. If you choose Skrill, Neteller, or FasaPay; the payment is instant or at most 30 minutes. PayRedeem eCards are instantly loaded if you already have an eCard. BTC payments only take a few minutes.

The payment that takes the longest time is when you opt to buy BTC via Instacoins bank transfer. It may take 1-3 working days. 

Final verdict

LMFX has done a great job by making it easy for its clients to fund their accounts without hassles. Payments are only enabled when your account verification is complete. The fastest payment methods are direct BTC deposit, FasaPay, Skrill, and Neteller. If you have none of the e-wallets or cryptos, you can quickly buy BTC through instacoins and make payments with debit or credit cards.

PayRedeem eCards are also used for fast deposits if you had earlier purchased an eCard. Otherwise, buying an eCard is fast if you pay through debit/credit cards or BTC. Bank transfers are the slowest payment methods; whether you are buying PayRedeem eCards or buying BTC via Instacoins.

LMFX does not impose deposit commissions on traders but you will pay transaction fees to payment processors like acquiring banks and card processors.

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.

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