LMFX deposit-Withdrawal

One of the notorious attributes of unregulated scam brokers is to come up with frivolous excuses when a trader requests to withdraw his earnings. Some of them ban the account, impose outrageous charges, or request unnecessary documentation. But, genuine brokers like LMFX do not delay withdrawal requests. It is processed and paid within a business day.

In this article, we are going to explain the methods of withdrawing your earnings with LMFX. We will also discuss the speed and requirements of each withdrawal method. Finally, we will round off with likely problems and their solutions.

LMFX Overview

LMFX is an online forex and CFD broker that began operations in 2015 and has established itself as a reputable broker. It is an ECN/STP broker that offers tight spreads, lightning-speed executions, multilingual client support, and high leverage; up to 1:1000.

The broker supports its clients with trading tools such as an Economic Calendar, trading calculators, free VPS hosting and educational resources, etc. Traders can also partake in contests and bonuses that are afforded by LMFX.

Withdrawal Options

Generally, LMFX states that clients are required to use the same deposit method for withdrawals. Below are the withdrawal options:

Bitcoin

All BTC deposits must be withdrawn via BTC. This includes all BTC bought and deposited via Instacoins. Note that Instacoins only sell BTC but do not buy, so it cannot be used as a withdrawal option.

Online payments

If you deposited through FasaPay, Skrill, or Neteller; you can withdraw from the same online payment option.

Bank transfer

You can withdraw your profits from your LMFX wallet through bank transfer. LMFX transfers your withdrawal amount directly to your local bank account.

PayRedeem

When PayRedeem withdrawals are successfully processed, LMFX issues payout eCards which can be redeemed on the PayRedeem website.

Withdrawal Fees

LMFX states it conspicuously that it does not impose withdrawal commissions or any fees on withdrawals.

However, payment processors like acquiring banks, PayRedeem, etc may charge the client for their services.

Withdrawal Policy

All clients must be properly identified through KYC verification before deposits or withdrawals can be activated on the LMFX connect, which is the personal area of the website for registered clients.

In compliance with the Anti-money laundering (AML) statement, funds must be returned to the initial source of funding. Withdrawal requests made before 7:00 am GMT on a working day are usually processed on the same day. Generally, all withdrawals are processed within 24 hours on business days.

Withdrawal Amount (Minimum and Maximum)

The minimum withdrawal amount depends on the withdrawal method used. Below are the withdrawal ranges for the available withdrawal methods:

Bitcoin: The minimum withdrawal is $10; there is no maximum limit.

Wire transfer: The least withdrawal amount is $100; there is no maximum amount.

PayRedeem: The minimum withdrawal is $100 while the maximum withdrawal is $25,000.

Neteller: The minimum is $10 while the maximum withdrawal is $5,000.

Skrill: The least amount that can be withdrawn is $10 while the max is $10,000.

FasaPay: Just like Skrill, the minimum is $10 and the maximum is $10,000.

Withdrawal Time: How long to Withdraw the fund?

After withdrawal requests are approved and processed by LMFX, the length of time it takes before the client receives the money depends on the withdrawal method used.

For BTC direct withdrawals, it takes about 2 hours on a business day. Skrill, FasaPay, and Neteller withdrawals are approved and processed on the same business day. So, clients can receive the payments immediately after it is processed.

LMFX states that Bank transfers may take 2-15 working days which depends on your bank. PayReedem payout eCards are issued within 24 hours; cashing out the card from PayRedeem’s website will definitely take more time since it is mostly processed via bank transfers.

How to Withdraw Funds from LMFX

BTC withdrawal

Follow the steps below to create a BTC withdrawal request:

• Login to your ‘LMFX connect’ with your ID and password.
• From the dashboard, click on ‘Withdraw’

• Select ‘BTC’ and click ‘Start withdraw’

• Complete the withdrawal form and click on ‘withdraw’.

Your request is logged and sent to the accounts department for approval and processing.

Wire transfer

• Login to LMFX connect, click withdraw and select ‘wire transfer’
• Click on ‘start withdraw’
• Complete the withdrawal form accurately.

• Click on ‘Withdraw’.
• Wait for approval and payment.

PayRedeem

• Login to your LMFX account, click on withdrawal and choose the PayRedeem option.
• Click on ‘Start withdrawal’.

• Complete the form that displays and click ‘Withdraw’.

• If your withdrawal is successful, your payout eCard will be issued. You will have to visit PayRedeem’s website to cashout the eCard.

Neteller

• Log into your ‘LMFX connect’ and choose the Neteller withdrawal option.
• Click on ‘start withdraw’.
• Fill the form that displays and click ‘withdraw’.

• If the withdrawal is approved, you will get the refund in your Neteller wallet.

Skrill

• From the LMFX connect, click withdrawal and select Skrill.
• Click ‘start withdraw’.
• Enter the withdrawal details in the form that displays.
• Click ‘Withdraw’.

• The request is logged as it waits for approval and payment.

FasaPay

• From the withdrawal section of the LMFX connect, select the FasaPay option.
• Select ‘Start withdraw’
• Complete the details on the form and click ‘withdraw’.

• The request will be logged; just wait for approval and payment.

How to Cancel Withdrawal Request on LMFX

A withdrawal request can only be canceled if it has not been approved. To cancel a pending request, contact the customer support team. 

Withdrawal Problems and Solutions

Problem: LMFX does not charge withdrawal fees, but the amount I got was less than what I requested. 

Solution: The payment processor will always charge a fee for their services. For example, when you choose bank transfer, the two banks involved will charge their fees resulting in less amount received by the trader.

Problem: My withdrawal request was not approved. 

Solution: Check to see if you are withdrawing the funds using the same deposit method that you used earlier. Also, check if the information you provided in the withdrawal request form is all correct. If you have open positions, ensure that you have enough balance for the withdrawal amount that you initiated. 

Final Verdict

LMFX is a genuine broker that allows its clients to withdraw their profits anytime they wish. The least amount that can be withdrawn is $10 but it grossly depends on the payment method chosen by the trader.

The withdrawal methods available to LMFX traders are: bank transfers, Skrill, Neteller, FasaPay, BTC and PayRedeem. Withdrawals are processed within 24 hours if the request was created on a business day. Bank transfer is the slowest as it takes 2-15 days while the other methods are faster.