LMFX review and test for new investors

Min. deposit:
Minimum spread:
5 out of 5 stars (5 / 5)
No regulation
From 0.0 pips

Choosing the right broker is one of the most critical decisions a trader or investor must make. With that said, there are a lot of factors that you should consider when choosing which company to invest in. One of the most significant factors that you should look out for is their credibility. Are they trustworthy? Are they regulated or registered businesses? Most importantly, what do you have to gain if you decide to work with them?

LMFX has its fair share of pros and cons. Keep reading to find out if this company has all the factors mentioned above and if they suit your trading needs. In our review below, you will find all the products and services offered by LMFX. You will also find the pros and cons of the company to help you make an informed decision.

Official website of LMFX

Get to know the company

LMFX has been around since the year 2015. This company operates under Global Trade Partners Ltd based in North Macedonia. Their main goal is to establish a global presence with their top-tier trading kits and services. They don’t only cater to big institutions, but they also offer their services to small retail traders.

Is LMFX regulated?

Despite operating as a broker for more than five years, LMFX is not regulated. Very little information is given about their parent company, Global Trade Partners Ltd. However, they are registered as a broker in North Macedonia. Their registration number is 7020600.

Despite being a registered company, the CNMV, or Comisión Nacional del Mercado de Valores, suggest traders to be wary of brokers that this Spanish financial regulator does not regulate. However, this does not mean that LMFX is a scam. This only means that LMFX is not under close monitoring by any financial regulator.

What can I trade with LMFX?

There are five markets available on the LMFX platform. These are forex, indices, commodities, metals and oil, and stocks. Their assets are pretty limited, but they do have the seven major pairs, which is probably good enough for some traders. However, suppose you are looking to trade major indices, specifically the Hang Seng index of Hong Kong, the Shanghai SE Composite index or China, or Nikkei 225 of Japan. In that case, you are better off with a different broker that offers these products. They also lack lumber, cotton, cocoa, wheat, and soybean in their tradable commodities list. For metals offered, they do not have aluminum, nickel, lead, and iron. As much as they offer shares of listed companies from the United States of America and the United Kingdom, these do not include a lot of stocks. This limits the trader’s options and would significantly lower their opportunities in trading more volatile issues. It is worth noting that access to markets such as the Hang Seng index is a big disadvantage.

LMFX does not offer ETFs or exchange-traded funds, either. Trading ETFs gives the capability to invest or trade in a particular sector. Without access to this and a lot of specific stocks, traders do not have greater options to diversify their portfolios. The company doesn’t cater to option traders as well. Without this, there are limited options for hedging your account. This means you have lesser room for mistakes if you want to protect your equity. You won’t be able to trade options contracts that would give you a big payout if you are right.


LMFX, as the name suggests, specializes in foreign exchange. They have 48 currency pairs to choose from. Among these are seven of the major currency pairs: EUR/USD, USD/JPY, GBP/USD, USD/CHF, USD/CAD, AUD/USD, and NZD/USD.

Spreads when trading this asset class can reach as low as 0.0 pips when using their Zero account. Non-zero accounts, however, can only reach as low as 0.7 pip. Leverage starts at 1:1 and can go as high as 1:1000. The used margin for trading forex is around 1000 USD depending on which forex pairs you choose. It can go up to 50,000 USD when tradings exotic pairs. It’s important to note that for some pairs, volume limitation applies.

Generally, trading hours start every Monday at 5:00 AM GMT +2 until Friday at 11:59 PM GMT +2. However, some forex pairs don’t follow this timeline. For pairs EURDKK, EURNOK, USDDKK, and USDNOK, trading starts at 4:00 AM to 12:00MN. For USDRUB, the trading session is open from 10:00 AM to 5:55 PM.


Using LMFX’s platforms gives you the option to invest in six different country’s stock market indices. These are countries are Australia, France, Germany, Spain, the United Kingdom, and the United States of America. Spreads start at 0.5, and the minimum lot that can be purchased is one. The used margin for indices begins at 50 and can go up to 200. This amount depends on which indices you’re trading.

Below is the list of available indices on LMFX and their corresponding trading hours. Keep in mind that the server time used is GMT +2:

  • AUS200 – 12:50 MN to 11:00 PM everyday
  • FRA40 – 9:00 AM to11:00 PM everyday
  • GER30 – 9:00 AM to11:00 PM everyday
  • SPA35 – 10:00 AM to 6:30 PM everyday
  • SUI30 – 8:50 AM to 6:25 PM everyday
  • UK100 – 09:00 AM to 11:00 PM everyday
  • USA100 – Monday from 1:00 AM to Friday at 11:15 PM
  • USA30 – Monday from 1:00 AM to Friday 11:15 PM
  • USA500 – Monday from 1:00 AM to Friday at 11:15 PM


Trading commodities is quite simple with LMFX. All you have to do is purchase your desired contracts of a commodity and decide whether to go long or short. There are five tradeable assets that consist of both soft and hard commodities.

Spreads begin at as low as 0.006 and can reach 3.60. You will need at least $700 up to $1500 per lot, depending on which commodity you want to trade. The trading schedule and available commodities are listed below:

  • Coffee – 11:15 PM to 8:30 PM every day
  • Sugar no.11 – 10:30 AM to 8:00 PM every day
  • Copper – Monday from 1:00 AM to Friday midnight 
  • Palladium – Monday from 1:00 AM to Friday midnight 
  • Platinum – Monday from 1:00 AM to Friday midnight 

Metals and Oil

As a client of LMFX, you will have the option to invest in precious metals as well as oil using different denominations. These denominations are USD and EUR. The leverage for their metal products is at a fixed 1:100. Spreads reach as low as 0.2 and can go as high as 4.5.

Refer to the list below for the tradable metals and oils on LMFX.


Trading hours:

Trading hours start on Monday at 1:00 AM and end on Friday at 11:45 PM. Trading UKOIL, however, begins at 3:00 AM instead of 1:00 AM.


The great thing about LMFX is that you can trade stocks from both the US and United Kingdom markets. The stocks available are from NYSE (New York Stock Exchange), NASDAQ (Nasdaq Stock Market), and LSE (London Stock Exchange).

Since LMFX offers these shares as single stock CMDs, you can trade these either long or short with leverage. Here is a list of all the available stocks on LMFX’s platform.


  • Vodafone
  • Tesco Plc
  • Royal Bank of Scotland Group Plc.
  • Rio Tinto Group
  • Lloyds TSB Group Plc.
  • HSBC Holdings
  • British Airways
  • BP Plc
  • Barclays
  • Anglo American


  • Teva Pharmaceutical
  • Qualcomm Inc.
  • Microsoft
  • Intel
  • Illumina Inc
  • Google
  • Facebook Inc
  • eBay
  • Cisco Systems
  • Apple
  • Amazon


  • Twitter
  • Pfizer
  • McDonalds
  • MasterCard
  • IBM
  • Hilton
  • Goldman Sachs
  • General Electric
  • Coca Cola Inc.
  • Chevron Corp
  • Boeing Co
  • Bank Of America
  • American Express
  • Alcoa

Trading hours for the US-listed stocks is 4:31 PM until 10:55 PM GMT +2 from Monday to Friday. The stocks listed in the London Stock Exchange start at 10:01 AM until 6:25 PM GMT +2 on weekdays.

Trading with LMFX

LMFX uses the MetaTrader 4 or MT4 platform for trading. This software is well known because of its simple interface and helpful tools. Trading using the MetaTrader 4 platform gives clients the ability to trade accurately because of how fast their servers are. Aside from this, MT4 also has a lot of other features, such as built-in indicators and the ability to use and produce your EAs.

The MT4 software is available on Mac as well as on Apple and Android mobile devices.


LMFX offers five account types, Premium, Fixed, Zero, Demo, and an Islamic account. Each of these accounts has its own corresponding fees and spreads. Denominations for all accounts are USD and EUR only. Spreads, as well as commissions, vary depending on each account.

You don’t have to worry about the exclusivity of the markets they offer because these are all tradeable using any of their account types.

Premium Accounts

Premium accounts are ideal for regular retail traders as well as newbies. The minimum required deposit is only $50. After your first deposit, the amount necessary goes down to only $25. Premium account holders are allowed up to 100 open trades, and each trade can be as small as 0.01 lot or as big as 60 lots. This type of account’s margin call is 50%, while the stop out is 20%. The maximum leverage that premium account holders can use is 1:1000.

Signing up to their Premium account entitles you to your own account manager, and you will have access to all their trading platforms. To register, you will be asked to input your full name, contact number, date of birth, email address, and your desired currency. You will also need to send them a copy of a government-issued ID and a Proof of address.

Fixed Accounts

LMFX’s fixed accounts, as the name suggests, is ideal for clients who would rather trade with fixed spreads and no added commission. The minimum required first deposit is $250. After your first deposit, the amount necessary goes down to $50. Fixed account holders can use up to 1:400 leverage.

Zero Accounts

The Zero Account was made with scalpers and high-volume traders in mind. With as low as 0 spreads, they can trade with ease. They won’t have to pay attention to the fluctuating spreads, and would just trade to their heart’s content. However, every transaction would incur $4 per lot. According to their website, commissions are even better when trading more than 1000 lots. 

For zero account holders, they are entitled to up to 1:250 leverage. The minimum initial deposit is $100. After that, the minimum deposit decreases to $50.

Demo Accounts

Signing up for a demo account with LMFX gives you access to MetaTrader 4. This allows you to practice your trading strategy and for you to get used to market conditions without having to spend real cash.

Once newbies are comfortable with their performance in their demo accounts, they could confidently move on to trading with real cash and gaining real profits. All features found in live accounts are also available in this account.

Islamic Accounts

To acquire an Islamic account, which does not charge fees for swaps and interests, you will need to send LMFX an email.

How can I fund my account?

LMFX provides lots of avenues for you to make a deposit. LMFX allows bank wires, e-payments such as Skrill, Neteller, Fasapay, and Vload. They also support Visa and MasterCard debit and credit cards. LMFX does not charge a depositing fee. However, if the bank or funding method you choose to have fees, you will have to shoulder those.

For wire transfer, the minimum deposit is 250 EUR/USD. It may take two up to 15 working days to process your fund transfer. For Visa and MasterCard, you will have to deposit no less than 50 EUR/USD. The amount deposited will reflect on your account after a couple of minutes, but it won’t take longer than half an hour.

For Skrill, Neteller, Fasapay, and Vload, the minimum deposit is 50 EUR/USD and transferring your funds are usually instant.

How can I withdraw my funds?

All platforms mentioned above are available for withdrawals except for Vload. Withdrawing via wire transfer usually takes 2 to 15 business days, and you will have to withdraw no less than 100 EUR/USD. However, Visa, MasterCard, Skrill, Neteller, and Fasapay only have a minimum withdrawal of 10 EUR/USD. The fund you withdraw using these methods will be credited to your account on the same day, except for Visa and MasterCard. These usually take 2 to 15 business days, depending on your card provider.

Fees and leverage

Their fees vary depending on which market you’re trading as well as which type of account you own. Overnight swap fees also apply to all asset classes that LMFX has to offer. LMFX won’t charge a deposit or withdrawal fee. However, third-party transaction fees may apply.

For stocks, there is a minimal commission of 0.10% of the total traded value.

The maximum leverage that LMFX offers is 1:1000. This is for premium account holders only. Usually, traders using the leverage of 1:1000 end up losing their capital. Because LMFX does not offer tutorials or guides, there is a bigger chance that the client will lose due to a lack of knowledge about proper risk management and portfolio allocation.

LMFX’s Customer support

LMFX has a dedicated chat support system on its website. Their customer service representatives are knowledgeable enough to answer all your queries regarding their website, services, or other trading information. You can rest assured that your questions will be answered without delay. You can also contact them via their international phone number, which can be found on their website. Email support is also an option if you prefer that. All these services are available 24 hours every Monday to Friday.

It’s important to note that their website operates in four languages only. These are English, Japanese, Portuguese, and Spanish. However, their CSR agents only support English.

What other features does LMFX have to offer?

LMFX does not offer tutorial services or any educational guides. However, they do have an economic calendar on their website. You can use this to check for important events happening in the trading world. Some of the critical events may include announcements regarding employment rates, payrolls, jobless claims, and FOMC meetings.

They also have a unique trading calculator. This helps traders compute risk and reward, risk percentage, pip values, as well as position size. More advanced traders can even use their built-in Fibonacci Calculator and Pivot Points Calculator. Moreover, the broker LMFX has the following things to offer:

  • VPS hosting: LMFX provides clients with the opportunity to have their own VPS or virtual private server for faster transaction time. It only costs $20 per month to maintain but is free for clients whose accounts reach $5000.
  • Bonuses: This broker has what you call a Phoenix Recovery Bonus and Deposit Match Bonus. For both of these bonuses, their terms and conditions apply. Visit their website for additional information regarding their terms and conditions.
  • Phoenix Recovery Bonus: If you lose all your trading capital for whatever reason, this bonus entitles you to 15% of your initial deposit. However, to withdraw the said 15%, you will have to add funds to your account again.
  • Deposit Match Bonus: This bonus is very enticing because of the “100% credit bonus” that clients could receive by simply trading. But keep in mind that you will need to meet their volume requirements to avail of this bonus. Once completed, you can freely withdraw without having to add funds to your account. Keep in mind that the minimum deposit to avail of this bonus is $100 and the maximum amount that you can get from this bonus is $30,000.
  • Learn and Earn Contest: Every month, LMFX hosts a contest for demo account users. Anyone can join, and it’s absolutely free. The mechanics are pretty simple. Have the highest gain by the end of the month, and you win $1000. You will have to sign up for a live account to claim this prize, and your winning will be deposited there.


Despite having an “Education” tab on their website, LMFX is not the right broker for you if you’re looking for a company that can teach you and guide you on your trading journey. They don’t have mentors, educational programs, or any other learning materials.

They claim to provide webinars hosted by professional traders. But once you click on that advertisement, you’ll only be directed to their education page, which only has trading tools and an economic calendar. These are not enough to provide knowledge to newbie traders. Unlike other brokers, LMFX does not give daily, weekly, or general updates on market conditions and specific assets.

At best, they only offer training grounds for newbie traders, which is their demo account.

Conclusion: This broker is not recommendable

At first glance, LMFX might seem like the type of broker that you would fully trust your money with. Unlike most financial institutions, their website does not mention that they are not regulated. They cover this fact with all these enticing promos, bonuses, and supposedly cutting-edge service and tools that they offer. But in reality, their service is quite underwhelming if you know your way around the market and are familiar with other brokers. An example of this is their spreads. Despite what they say about it, it doesn’t really live up to being competitive.

In conclusion, LMFX is ideal if you’re willing to take the risk and if you’re confident enough to trade without asking for their help. If you’re looking to trade and learn simultaneously, you’re better off signing up with a different broker.

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LMFX is not a reputable and thus, not a recommendable broker.


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