Does LMFX Accept US Clients?

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The United States has strict regulations when it comes to trading the financial markets. Consequently, the majority of online forex brokers do not accept US clients because they are unable to meet the tough regulatory requirements of the US authorities.

Even the few brokers that have been able to meet the requirements are subjected to limitations that do not augur well with many forex traders. For example, CFD trading is outrightly forbidden and the maximum leverage on forex trades is restricted to 1:50.

LMFX is an online offshore forex broker that is not authorized or regulated by any authority anywhere; so, it is not under any obligation to abide by the rules guiding US-regulated brokers. This favors US traders provided the broker is genuine, fair, and honest.

LMFX Overview

LMFX was established in 2015 as a broker that allows its clients to speculate on the prices of forex and CFDs through software trading platforms. Its forex quotes are sourced from renowned banks and liquidity providers; which explains why its spreads are tight, commissions are low and executions are very fast.

The broker supports multiple payment methods, high leverage; up to 1:1000, and trading on the popular MT4 trading platform. LMFX has tools to help its traders; such as free VPS, trading calculators, and an economic calendar. Beginners can practice with a demo account and learn with the trading articles provided.

Can US traders trade with LMFX Broker?

Yes! LMFX accept US Traders. So US traders can register for an account and trade forex and CFDs with LMFX. Since the broker is online and unregulated, there are no restrictions by any authority.

Why Do US Citizens Use LMFX?

Below are some of the reasons why a US trader will choose to trade with LMFX:

CFD trading

Contracts for differences (CFDs) are financial contracts between a broker and a trader which allows the trader to take positions on the broker’s platform and speculate on the price direction of underlying financial assets without ownership. For example, with CFDs, a trader can make money by predicting the price direction of stock market shares of a company without owning the company shares.

Unfortunately, US traders are officially prohibited from trading CFDs by the regulators. However, LMFX gives US traders opportunities to trade CFDs from stocks, indices, and commodities.

High leverage

Leverage is a tool that multiplies a trader’s market exposure in relation to his deposit. US traders are mandated to restrict forex leverage to 1:50 but LMFX offers up to 1: 1000. This means that with a deposit of $500; you can open positions worth $100,000.

With higher leverage, there is a higher chance of making more profits provided that the market moves in favor of your position.

Low trading capital

With LMFX, US traders can start trading with $50 but US-regulated brokers demand a higher minimum deposit. Also, the trading fees and commissions are much lower with LMFX than with the US-regulated brokers. Perhaps, because obtaining and maintaining a US forex broker license is very expensive.

Tax

The United States has stringent tax laws which are almost impossible to evade. Forex traders are required to pay taxes on their profits. Trading with unregulated brokers like LMFX makes it easier to pay reduced taxes especially if BTC is used to fund and withdraw from the trading account.

Deposit and Withdrawal for US Clients

LMFX does not charge deposit or withdrawal fees. The broker processes withdrawal requests on the same day if it is received early on a business day. You can fund and withdraw from your LMFX account through any of the following methods:

Bitcoin

The minimum deposit is $50 worth of BTC and it takes a few minutes up to a maximum of 6 hours to process payments. The minimum withdrawal is $10.

Instacoins

This option is for clients that want to buy BTC with their credit or debit cards, bank transfers, or Skrill. Once Instacoins receive your payment, they will send the BTC to LMFX’s BTC address and your account is credited. If you pay with a debit or credit card, the BTC is sent instantly, Skrill takes a few minutes but bank transfers take 1-3 days. You cannot withdraw through Instacoins.

PayRedeem

You can fund your LMFX account with eCards issued by PayRedeem. The minimum acceptable eCard amount is $10. Loading your eCard PIN on the LMFX website credits the amount instantly to your LMFX account.

You can buy eCards from the PayRedeem website. The eCards can be purchased via cards, BTC, or bank transfer. When PayRedeem withdrawals are processed, the trader is issued a payout eCard. The minimum PayRedeem withdrawal is $100.

Online payments

The online payments accepted are Skrill, Neteller, and FasaPay. For each online payment, the minimum deposit is $50 while the minimum withdrawal is $10. Online transactions are processed within 24 hours and the money is instantly reflected in the trader’s account.

Learn More: What are the different types of accounts in LMFX?

Fees and Commissions for US Traders

The fees you pay as a US trader depend on the type of account you have. Zero account holders pay $8 for each round lot traded. Premium account holders are charged from the floating spreads; it typically starts from 1.0 pip on currency pairs. Fixed spread account holders are charged via the fixed spreads irrespective of market conditions. Typically, the fixed spreads start from 1.8 pips.

What financial instruments can I find?

LMFX US clients can trade over 100 tradable assets; they are as follows:

  • 48 currency pairs comprising major, minor and exotic pairs.
  • 9 world indices
  • 5 commodities
  • 7 metals and oils
  • 36 Stocks CFDs as traded on the NYSE, NASDAQ, and London stock exchanges.

What trading platform will I find as a US trader?

The platform provided by LMFX for all its clients is the MT4 trading platform. US traders that have Windows computers will be able to download and install the MT4 Windows desktop version. Users of other operating systems can trade via MT4 web trader which works on all modern web browsers.

Mobile trading is via MT4 Android and iOS apps which can be downloaded and installed from the respective app stores. The MT4 mobile enables traders to monitor market prices, carry out technical analysis as well as open and close trade positions while on the move. 

MT4 is a very popular third-party trading platform that comes with sophisticated trading tools. You can extend the in-built features of the platform through plug-in apps. You can trade manually or use trading robots known as expert advisors (EAs) to automate your strategies.  

How to sign up for an account if I am from the USA?

If you are a resident or citizen of the United States and wish to trade forex and CFDs with LMFX, follow the steps below: 

  • Visit the LMFX official website
  • Click the “open live account” button found at the top of the page. The Registration form loads and displays. 
  • Complete the registration form and click on “Register now”. 
  • You will receive a thank you message and you will be asked to check your email address. 

Immediately, you will receive an email with a link to activate your account. Clicking on the link verifies your email and you will receive an email containing your LMFX connect login and password. 

  • Login to your “LMFX connect”. 
  • The next step is to verify your account by uploading a valid ID card and a recent utility bill.
  • Make a deposit using any convenient method. 
  • Download the MT4 trading platform and start trading. 

Most asked questions about LMFX in the US?

Is LMFX a US Regulated Broker?

No, LMFX is not regulated by any authority. But, that does not mean that it is not a good broker. It has been in operation since 2015 and has clients from all over the world.

Is LMFX an American Broker?

No, LMFX operates from the Republic of North Macedonia. But, it accepts traders from all over the world including traders from America.

Is Scalping allowed in LMFX?

Yes, Scalping is allowed on LMFX. You can try different trading styles like hedging, day trading, and so on.

Is LMFX good for Beginners in the USA?

Though it has no detailed trading academy or training resources, it has about 5 articles created for beginner traders. It also has a demo account for practice purposes. New traders can also participate in demo trading contests to win funded real trading accounts. So, LMFX is good for beginners in the USA. 

Does LMFX offer any Bonus in the USA?

Yes, US traders can enjoy any of the following bonuses: Phoenix Recovery bonus which pays 15% on first-time deposits, and Deposit Match bonus which credits 100% of your deposit into your account. This doubles your trading capital thereby increasing your chances of making more profits.

Final Verdict

LMFX allows US residents and citizens to enjoy forex trading services on their own terms. If you like fixed spreads, it is available; if you prefer to trade raw spreads with commissions, the LMFX zero account is for you. Unlike US-regulated brokers, LMFX offers spreads up to 1:1000, trading contests, and bonuses.

You only need a deposit of $50 to start trading with LMFX. Pro traders are offered free VPS and low spreads. They are also allowed to use any strategy without restrictions. New traders are introduced to forex trading through training articles. The provided MT4 platform is versatile, user-friendly, and extensible.  

Though LMFX is an unlicensed broker which translates to higher risks, it is certainly a great broker for any US trader.

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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