LMFX has a horrible history of disappointing its clients from the last few years. It is rendering its service in the market for the previous few years, but it hasn’t improved the way it operates.
LMFX is a worldwide online monetary exchange stage and multi-resource specialist. It was established in 2008. More than 12 years have passed, but the broker has developed just in the field of a retail financial broker, share exchanging, forex exchanging, CFD exchanging, Spread Betting exchanging, Social exchange. The company headquarter is in Macedonia.
About LMFX
It was established in 2008; LMFX is an online broker who is not regulated by governing bodies. The unfamiliar trade’s merchant offers clients exchanging tradable products such as CFDs on the share, CFDs forex and CFDs on products, but there is a huge risk of spending money with this firm tradable assets.
It is managed by unauthorised Global Trade Partners Ltd, enrolled and governed by the regulation of the Republic of Macedonia. The agent offers both fixed and variable spreads; however, spreads are liable to change, and they charge a high amount on them.
There are various account types, encouraging the various requirements and styles of dealers, but all the accounts have similar kinds of features, which make them worthless for the users.
The broker has an outdated MetaTrader 4 trading platform, which does not provide a good working platform and versatile access to the users. LMFX’s is not a useful broker to increase profit margin.
Is LMFX Scam or Safe?
When it comes to scam and safety of the broker, always search about their regulation and licence number; when you pick a broker like LMFX, their managerial body and administrative status of the merchant are vital.
The broker who directs exchanges without the oversight of an administrative body does as such at their circumspection or caginess. Any capital you invest in such a company is risky.
LMFX, Set up in 2008 and is rendering its service for a very long time. But it isn’t controlled by any regulatory body. This clearly states that the broker is not managed by any administrative bodies. Capital investment in LMFX is always in danger. It is not regulated with any of the government recognised regulatory bodies such as ASIC, FCA and CySEC.
Trading platform
The broker offers MT4 platform, whereas the world has shifted to the MT5 platform, which is more advanced. The MT4 platform is more complex, which creates lots of difficulties and problems for its users. It is outdated and conventional. The platform offers 50 technical indicators, but that does not allow feasible analysis charts and customised indicators to its users.
The platform is cheapest. So when an account lacks essential services and features. The broker is not taking any steps towards the convenience of traders.
LMFX: Account opening
To open an account at LMFX is difficult. It takes a massive amount of time to complete the rigid procedures. While opening the account company asks to do unnecessary formalities, which is time-consuming; not only that company also asks for the personal details.
The process is quite tedious, and it is also not secure and encrypted with SSL passwords. During the time of the account opening process, they also ask about the financial conditions, which most of the clients are not comfortable to provide.
The verification process takes time as well as many days to verify the client account, so due to its unnecessary and slow service, the client has to wait for a trading account.
Due to its poor account opening service, the trader sometimes misses out on trading opportunities at another reputed platform in which they could have made a good profit.
Research
LMFX provides research modules, but they are not up to the mark. Though they give the clients few research tools, they are not of much use. The broker research tool doesn’t empower the client to know more about the market and tradable assets.
Education
LMFX provides a few modules and resources, but they are outdated and lack vital information. The educational tutorial, resources, video and modules are not up to they are not up to the mark as well as a broker does not update them on a regular basis.
LMFX: Account Type
LMFX offers its customers three types of accounts to suit their various needs according to their inclinations and budget. While its exchanging conditions appear to be alluring sometimes, we would not suggest you invest in this unregulated forex and CFD broker. Read subtleties as following regarding the accounts offered by the broker.
- The firm offers three accounts- Premium, Fixed and Zero account to its clients with a minimum deposit of $50, $100 and $250 accordingly, which are not same in all the three accounts as compared to the other broker, where they provide the same deposit fee in all types of account.
- On the contradictory side, all three accounts have similar features. Which doesn’t make any sense for the users to use accounts as well; it does not allow them to expand their portfolio.
Premium Trading Account
- It has limited features available, and there is not much difference between it and fixed trading accounts.
- The company provide only 30 trading instruments
- This account service is abysmal.
- There is no high leverage available.
- The company offers an outdated platform for trading.
- It also charges high spread.
- No Islamic account is available.
Fixed Trading Account
- It charges a high minimum deposit.
- It provides limited features to the clients.
- The client can do trading with minimum instruments.
- It offers low customer services.
- There is no high leverage available.
- It gives an outdated platform trading platform which makes it difficult for the user to do trading.
- It charges high spread.
- The account doesn’t have an Islamic account.
Zero Trading Account
- This account offers a low trading cost.
- The account has few features available.
- The spreads are as low.
- This account requires a minimum deposit of $100.
- It has a variable spread from $4 per standard lot.
- They charge a commission that starts from $4 per standard lot, which is high for beginners.
- The minimum size of the lot is 0.01, and the maximum total trade size is 100, which is low as compared to other traders.
- No Islamic account is available.
Customer care Services
LMFX has poor customer care service. The broker does not hold an outstanding rating because occasionally, the reaction by the support system was moderate, and most of the times query raised by the customer were not solved on time.
It also provides service 24 hours 5 days a week, in which most of the time the contact details found to be unreachable or customers were not able to use the live chat function because of it offline. It also comes to notice that LMFX has bad consumer support service as compared to the other broker.
Email, the toll-free number, is restricted to a few languages only. Live Chat is also not up to the mark as it is also limited to few languages.
The company’s overall customer service is not right, and it has disappointed the client.
Withdrawals and Deposit
The company provides limited withdrawals and deposit mode of payments. The withdrawal cycle takes a lot of time, and the agent takes 5 to 20 days to handle tedious withdrawal. On withdrawals, they charge an extra fee, and sometimes their page shows error. This movement looks dubious and left users in trouble.
Commission and fee
LMFX’s fees depend upon the account type and the current market, and it also depends upon the payment method, which charges convenience fees. These are always high.
The broker also charges a commission and several other expenses such as The withdrawal fees, the inactivity fees, high deposit fees. The company also charges a commission on CFD sharesTradable products.
Cons of investing in LMFX
- It does not allow its clients with hedging facilities.
- It is not regulated by the Financial control administration.
- No demo account is available for the beginners.
- It does not provide a user-friendly interface.
- They do not offer Expert Advisors.
- The company has an inferior customer service available.
- Multiple language options are not available.
- The company is not regulated under any statutory body, which makes it risky for the client to invest their money with this broker.
- The company also provides unfavourable provision in terms and conditions and insecure high leverages.
Bottom line
LMFX is an ineffectively firm, which is hazardous for trading. It charges a high commission and spreads. The firm does not provide free service to its customer, and it was also founded that it has a disturbing clause in LMFX. Above all, it is not a regulated broker.
There is no supervision of regulated surveillance. It aims to expand its benefit. If you are sufficiently insightful to consider your advantage and misfortune, then you won’t hazard your well-deserved cash with these fraudsters.
The company provides unfavourable provision in its terms and conditions and unpredictable high leverages. They do not offer free access to a demo account for the users. It has also not mentioned any regulated number on its official website, and there is no accurate information available on it.
The company has not taken any initiative in providing information to its client, so it is an unsafe and insecure place to invest money.
After considering various things, we prescribe you to go with some dependable and well-reputed trading firms such as T1markets, Global TradeATF, ROinvesting, 101investing, PrimeFin.
Frequently Asked Questions
Is LMFX a safe place to invest money?
No, LMFX is not a safe place to invest your money. Any legal regulatory authority does not regulate the company. Moreover, the company has nowhere on its website has mentioned their registration and licence number.
Who looks after the company?
It is managed by unauthorised Global Trade Partners Ltd, enrolled in the Republic of Macedonia
Where is the company headquartered situated?
The company headquarter is located at 28 Koco Racin Blvd, 1000 Skopje, Macedonia and their support services are located in Bulgaria.
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