LMFX and Plexytrade are two popular offshore forex and CFD brokers that offer online trading services to traders and investors worldwide. Both brokers accept U.S. clients and provide trading facilities with no FIFO rule, high leverage, low fees, and tight spreads without restrictions. Although these brokers offer similar services, each has its strengths and weaknesses.
In this article, we will compare and review LMFX and Plexytrade by exploring their trading conditions, instruments, minimum deposits, fees, features, and customer support. This comparison and research will help you determine which broker is better suited to your trading style and preferences.
LMFX vs Plexytrade: In a Nutshell
LMFX
Founded in 2015, LMFX is a forex and CFD broker that provides online trading services globally. It offers around 100 trading instruments through the MetaTrader 4 (MT4) platform. LMFX provides low spreads and fast execution speeds as an ECN/STP broker. The broker offers three account types: Premium, Fixed, and Zero. The broker offers a demo account for practice. The broker provides trading tools, including multiple calculators, an economic calendar, and a blog featuring market news and trading insights.
LMFX runs a monthly demo contest with a total prize pool of $1,750, awarded as live trading funds. It offers a 100% deposit match bonus for deposits of at least $100 and a Phoenix bonus for first-time deposits. The broker provides a free VPS service for traders who meet specific criteria. LMFX operates without regulation from any major financial authority. It accepts clients from various countries, except the USA and Canada.
LMFX Overview
- Founded In: 2015
- Trading Instruments: 100+ trading instruments including Forex, CFDs (Indices, Commodities, Metals, Shares)
- Minimum Deposit: $50
- Maximum Leverage: 1:1000
- Regulations: None
- Trading platform: MT4 on desktop, web, mobile
- Bonus: Available
- Account Types: Premium, Fixed, Zero, Micor, Islamic
- Payment Options: Crypto, Credit Card,
- Trading Styles: Scalping, hedging, EA Trading, News trading are allowed.
- Trading Tools:Economic calendar, Free VPS, trading calculators
- US Traders: Accepted
Plexytrade
Founded in 2024, Plexytrade is a forex and CFD broker that offers online trading services globally. It is an unregulated offshore broker that offers 100+ instruments ranging from all the major Cryptos, Forex, Commodities, and Global Indices to traders worldwide. The broker allows all trading styles including scalping, hedging, news trading, etc. The maximum leverage of Plexytrade is as high as 1:2000.
Plexytrade at a Glance
- Founded Year: 2024
- Headquarters: Rodney Bay Gros Islet, Saint Lucia
- Minimum Deposit: $50
- Maximum Leverage: 1:2000
- Regulations: None (Unregulated Offshore Broker)
- Trading platform: MT4, MT5, Tradelocker
- Account Types: Micro, Silver, Gold Raw, Platinum VIP
- Trading Style: Scalping, Hedging, Swing Trading, Day Trading, Automated Trading
- Payment Options: Cryptocurrencies, Bitcoin
- US Traders: Accepted
LMFX vs Plexytrade: Side By Side Comparison
LMFX vs Plexytrade: Features
LMFX
- Trading Instruments: Forex, Metals, Oil, Indices, Commodities, Shares Â
- Trading Platforms: Mt4, Web Trading, Mobile
- Minimum Deposit: Â $5
- Maximum Leverage: 1:1000
- Trading Fees: Spreads starting from 1 pips. LMFX charges a fixed commission for every lot traded. A lot is equal to 100,000 units of currency. If you have a zero account, the commission is $4 per lot which means $8 for a round lot.
- Minimum Trade Size: 0.01 lot.Â
- Maximum Trade Size (Lot restriction per Ticket): 50 LotsÂ
- Funding Currencies: USD/EUR
- Trading Style Allowed: Almost all trading styles including Scalping, hedging, copy trading, and EA Trading.Â
- Stop Out Level (retail): 20%
- Margin Call Level: 50%Â
- Negative balance Protection: YesÂ
- Investor Protection:Â No
- Account Opening: Fully Online Account opening. It may take only 5 to 7 Minutes.Â
- KYC Verification: Required
PlexyTrade
- Trading Instruments: 100+ products in FX, Indices, Crypto, Commodities and Stocks
- Trading Platforms: MT4 & MT5 & Mobile
- Minimum Deposit: $50
- Maximum Leverage: 1:2000
- Trading Fees: Trading fees (spreads and commissions) depend on account types. The minimum spread is 0.7 pips for the Micro account, $2 per lot ($4 round turn) for the Gold Raw account, and $1 per lot ($2 round turn) for the Platinum VIP account.
- Minimum Trade Size: 0.01 lot.
- Maximum Trade Size (Lot restriction per Ticket): 5 Lots
- Funding Currencies: USD/EUR
- Trading Style Allowed: Almost all trading styles including scalping, hedging, News trading, copy trading, and EA Trading.
- PAMM/ MAM: Available.
- Stop Out Level (retail): 20%
- Margin Call Level: 50%
- Negative balance Protection: Yes
- Investor Protection: No investor protection is Available.
LMFX vs Plexytrade: Pros and Cons
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
Plexytrade Pros & Cons
- The maximum leverage is as high as 1:2000 ( Leverage may vary based on account types and tradable asset types)
- Allow Crypto CFD Trading
- The maximum lot size is as high as 1000 lot
- Raw spread starting from as low as 0.0 pips
- Offers MT4, and MT5 trading platforms (Desktop, Web, mobile version)
- Demo Accounts are Available
- Higher Leverage for US, and EU clients.
- Allow Scalping, EA Trading, and News Trading
- Plexytrade Accepts Crypto Deposits
- Unregulated offshore forex broker
- Only Crypto Deposit and Withdrawal Option
- A limited number of tradable assets
Final Thoughts:
LMFX and PlexyTrade are unregulated offshore forex and CFD brokers in the industry. They offer similar trading services; they both allow scalping, hedging, EA trading, and Copy trading EA. The minimum order size for both of them is 0.01
However, there are a few areas where you may find some differences. For example, LMFX does not support MetaTrader (MT5) trading platform; instead, it uses the MT4 trading platform. On the other hand, PlexyTrade supports both MT4, MT5 and Tradelocker trading platforms. The minimum deposit for LMFX is $5, whereas the minimum deposit for PlexyTrade is $50. Additionally, the maximum leverage for LMFX is 1000:1, while the maximum leverage for PlexyTrade is 2000:1.
LMFX does not offer any passive investment programs like MAM or PAMM, while PlexyTrade does provide such programs. Our score for LMFX is 3.6, and for Plexytrade, it is 4.5
If you are looking for a high-leverage offshore broker with Metatrader (MT5) trading platform you may choose PlexyTrade. However, if you prefer not to use MT5, you may choose LMFX.
Disclaimer: Trading forex and CFDs comes with the risk of losing your trading capital. Moreover, trading with offshore forex brokers puts your funds at higher risks
