JP Markets and LMFX are online forex brokers that offer their trading services to traders and investors. JP Markets is a regulated and trusted forex broker. It is regulated by FSCA, FSB. On the other hand, LMFX is an offshore forex broker which is not regulated by any regulatory bodies. Both the brokers have their own strengths and weaknesses.
In this article, we will review and compare the brokerage services offered by JP 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.
JP Markets vs LMFX: In a Nutshell
JP Markets
Founded in 2006, JP Markets is a South Africa-based forex and CFD broker that offers online trading services. The platform provides access to the MetaTrader 4 and Mobile forex trading platforms. JP Markets.co.za offers over 25 forex currency pairs, CFDs, stocks, gold, silver, oil, bitcoin, and other cryptocurrencies for investment and trading options. However, the broker lacks regulation from other top-tier regulatory authorities like ASIC, CySEC, FCA, etc. To learn more, you can read our review about JP Markets.
JP Markets Overview
- Founded In: 2016
- Minimum Deposit: $1
- Maximum Leverage: 500:1
- Regulations: FSCA
- Trading platform: MT5
- Account Types: Standard, Premium, VIP, Islamic
- Payment Options: VISA, MasterCard, iPay, Local Bank Transfers, M-Pesa, PayFast, Skrill, SnapScan
- 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.
JP Markets vs LMFX : Side By Side Comparison
JP Markets vs: LMFX Features
JP Markets
- Trading Instruments: A variety of trading instruments including, forex, 25 forex currency pairs, CFDs, stocks, gold, silver, oil, bitcoin, and other cryptocurrencies
- Maximum Leverage: The maximum leverage of JP Markets is 3000:1. However, leverage may vary based on account type, tradable assets, or jurisdiction.
- Minimum Deposit: The minimum deposit of JP Markets is R100
- Account Types: Five Account Types ( Premium, VIP, Islamic, Zero Stop Out, ZPM Bonus 300)
- Trading Fees: spreads starting from 0.5 pips for VIP Account, 1 Pip for Premium Account, 1.5 pips for Islamic Account, 3 pips for Zero Stop Out Account, and 2 Pips for JPM Bonus Account.
- PAMM/ MAM: Not available
- Scalping: Allowed
- News Trading: Allowed
- EA/ Robot Trading: Allowed
LMFX
- Trading Instruments: Forex, CFDs (Indices, Commodities, Metals, Shares) Â
- Maximum leverage: 1000:1
- Minimum Deposit: $5
- Account Types: Four ( Premium, Micro, Fixed, Zero Account)Â
- Trading Fees: Spread starting from 1 pips or commission $4Â
- PAMM/ MAM:Â Not Available
- Scalping: AllowedÂ
- News Trading: Allowed
- EA/ Robot Trading: Allowed
JP Markets vs LMFX: Pros and Cons
JP Markets Pros & Cons
- Regulated by FSB, South Africa.
- The maximum leverage is as high as 2000:1.
- The minimum deposit is as low as $1.
- Offers MT5 Trading platforms.
- 5000+ Trading Instruments including Forex, Stocks, Indices, Commodities, and Cryptos.
- Same Day Deposits and Withdrawals.
- Offers Bonus based on account Types.
- Demo accounts are available.
- Free courses and webinars are available.
- Not regulated by top-tier regulatory authorities such as FCA, ASIC, CySEC, etc.
- Lack of Transparency
- Mainly aimed at South African clients
- Scalping, hedging, and automated trading are not permitted
- Limited choice of trading platforms (Only Metatrader)
- Spreads are sometimes wide
- Requires the monitoring of functionality
LMFX Pros & Cons
- 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.
- 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
JP Markets Vs LMFX: Our Scores and Ratings
We rated both brokers, JP 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.
JP Markets:
LMFX
Final Verdict :
Both JP Markets and LMFX offer similar trading services worldwide. However, there are differences in their regulations, reputation, and operation. JP Markets is a regulated and trusted forex broker. On the other hand, LMFX is an unregulated offshore forex broker. JP Markets provides Multiple trading platforms including MT4, MT5, MobileTrader (MobileApp). On the Contrary, LMFX does not offer MT4/MT5. It uses only TradeLocker as its trading platform.
As JP 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 JP Markets, while US traders looking for offshore forex brokers may consider LMFX. Trading with offshore forex brokers is always risky
