IC Markets vs LMFX Compared in 2024

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Forex traders always look for trading with brokers that suit their trading needs and preferences. IC Markets and LMFX are online forex brokers that offer their trading services to traders and investors. IC Markets is a highly regulated and trusted forex broker. It is regulated in two Tier-1, one Tier-2, and two Tier-4 jurisdictions. On the other hand, LMFX is an offshore forex broker which is not regulated by any regulatory bodies. 

In this article, we will review and compare the brokerage services offered by IC Markets and LMFX. We will explore options such as regulations, reputations, fees, features, leverage, and more. Additionally, we will analyze and rate the brokers based on macro and micro categories and options. By reviewing these aspects, you will get a clear idea of which broker suits you best for your trading journey. 

ICMarkets vs LMFX: In a Nutshell

ICMarkets

Andrew Budzinksi founded IC Markets in 2007 with the aim of using superior technology to provide forex and CFD trading services to both institutional and retail traders. Over the years, the broker has improved in quality and services. It offers true ECN trading with low spreads, high leverage, and fast executions to a global clientele.

Risk warning: 70.81% of retail investor accounts lose money.

ICMarkets Overview
  • Founded In: 2007
  • Minimum Deposit: $200
  • Maximum Leverage: 1:500
  • Regulations: ASIC, CySEC, SCB, and FSA
  • Trading platform: MT4, MT5 and cTrader
  • Account Types: Standard, cTrader raw spread, MetaTrader raw spread , Islamic
  • Payment Options: bank / wire transfer, Paypal, credit card, Skrill, Neteller, UnionPay, Bpay, FasaPay and Poli.
  • US Traders: Not Accept

LMFX

Traders who desire high leverage, multiple payment options, or even fixed spreads should consider trading with LMFX. Founded in 2015, the broker has successfully operated without hitches while growing its client base through the delivery of excellent services. Trading fees are low and there is an account type for every broker. 

LMFX Overview
  •             Founded In: 2015 
  •             Minimum Deposit: $50
  •            Maximum Leverage: 1:1000
  •            Regulations: None 
  •           Trading platform: MT4 
  •            Account Types: Premium, Micor, Fixed, Zero, 
  •           Payment Options: Crypto, Credit Card, 
  •            US Traders: Accepted 

           

IC Markets vs LMFX: Pros and Cons

IC Markets Pros & Cons

Pros
  • Fully Regulated broker, ( One tire-1 , jurisdiction, one tire-2 jurisdiction) 
  • Super fast trade execution speed 
  • Straightforward registration process 
  • Low spread, starting from 0 pips. 
  • Easy and Fast Account Opening 
  • Free deposit and withdrawal 
  • Offers standard and raw spread account
  • Trading EA is Allowed 
  • Ability to trade from a mobile device 
  • A demo Account is available
Cons
  • Higher minimum deposit 
  • No investor protection for non-EU Clients 
  • Limited Product Selection 
  • No weekend Trading 
  • US Traders are not accepted

LMFX Pros & Cons

Pros
  • The maximum leverage is as high as 1:1000.
  • Tight Spread Starting from 0  pips 
  • Free VPS for high-volume traders.
  •  Allow Scalping, News Trading, EA Trading
  • Does not have any FIFO Restrictions 
  • Deposit bonus and other bonuses.
  • Due to the absence of regulatory restrictions, the broker is open to clients worldwide
  • Multiple payment options including crypto and e-wallets.
  • 4 Types of accounts available ( Premium, Micro, Fixed Zero)
  • Traders are supported with trading tools like calculators, economic calendars, etc.
Cons
  • Not Regulated by Any Authority 
  • Crypto CFDs are not available to Trade 
  • No Investor Protection Scheme 
  •  No access to MetaTrader 5. Only MT4 and Webtrader are available. 
  • The minimum deposit for bank wire transfers is $250
  • Managed Accounts and Social Trading (MAM, PAMM Accounts) are not Available

IC Markets vs LMFX: Side-by-Side Comparison

ICMarkets
LMFX
Product
Founded In
Founded In
2007
2015
Founded By
Founded By
Andrew Budzinksi
Carter Anthony Smith
Headquarters
Headquarters
Sydney, Australia
Skopje, North Macedonia
Regulations
Regulations
ASIC, CySEC, FSA, and SCB
None
Min Deposit
Min Deposit
$200
$50
Max Leverage
Max Leverage
1:500
1:1000
Tradable Assets
Tradable Assets
Over 2100 forex, CFDs in stocks, indices, commodities, cryptos, and Bonds.
Forex, stocks, indices, and commodities.
Fees
Fees
Spreads from 0.6 pips, Commissions $7/round lot
Spread from
Platforms and Tools
Platforms and Tools
MT4, MT5, and cTrader
MT4
US Traders
US Traders
Not Allowed
Allowed

IC Markets Vs LMFX: Our Scores and Ratings

We rated both brokers, IC Markets and LMFX, on a scale of 1 to 10, with 0.1 increments. To achieve a comprehensive rating, we broadly grouped all services offered by brokers into 6 macro categories and assigned percentage weights to them. Each macro category is subdivided into several data points which contributes to the total score of 1.0-10.0 assigned to each macro category. Since all categories are not equally important, our weight percentage plays a significant role in assessing the broker accurately. For example, Regulation and Security contributes a total weight of 40% to the whole ratings because this is the most important rating category. To learn more, read our methodology.

IC Markets :

9.3
IC Markets Scores
Regulation and Security (40%)9.5
Fees and Commissions (20%)9.5
Trading (15%)8.5
Trading tools (10%)9
Customer Support (10%)9.6
Trading Education (5%)9.4

LMFX:

3.6
LMFX Scores
Regulation and Security (40%)1.5
Fees and Commissions (20%)6.5
Trading (15%)6
Trading tools (10%)1
Customer Support (10%)5
Trading Education (5%)3

Final Verdict :

Both IC Markets and LMFX offer similar trading services worldwide. However, there are differences in their regulations, reputation, and operation. IC Markets is a highly regulated and trusted forex broker. It is regulated by top-tier regulatory authorities, including ASIC, CySEC, SCB, FSA-S, and FSCA. On the other hand, LMFX is an unregulated offshore forex broker. IC Markets provides Multiple trading platforms including MT4, MT5, cTrader, and TradingView. On the other hand, LMFX offers MT4, Webtrader, Mobile Trader. 

As IC Markets is not licensed in the USA, it cannot accept US clients. Being an unregulated offshore forex broker, LMFX can onboard clients from anywhere in the world, including the USA. Therefore, non-US traders may opt for IC Markets, while US traders looking for offshore forex brokers may consider LMFX. Trading with offshore forex brokers is risky and not recommended.

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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