LMFX Broker Review – Is This Broker Right For Your Trading?

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By Anthony Gallagher

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Lmfx Review

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LMFX Broker Review

  • Commissions & Fees
  • Investment Offerings
  • Trading Platforms
  • Customer Service
  • Education and Research
  • Trustworthiness


Founded in 2015, LMFX is a brokerage based in Macedonia. LMFX has many tools and features that could peak the interest of any stock trader. Read our review to learn more about LMFX and if it is the broker for you.


  • Offering of a low-spread account with direct intermarket trading may be very attractive to more high-volume traders.
  • The focus of MT4 trading, allows the broker to perfect their offering to both new and experienced traders.
  • Zero fees for both deposits and withdrawals.


  • Lack of regulation may foster a lack of trust among potential traders.
  • Spreads on all of the account types offered are marginally higher than those of similar level competitors.
  • Traders may be put off by LMFX being a relatively new broker in the industry.

About LMFX

LMFX is a forex broker that was founded in 2015. The company is based in Macedonia. The broker appears to be registered in the country under the name of Global Trade Partners Ltd. The company also has offices based in Saint Vincent and the Grenadines. According to a company support team member, they are not regulated by any external financial authority. Should you work with LMFX? Read our review to find out.

Lmfx Landing Page Promo

Account Opening for LMFX

When opening an account with LMFX, users are offered a selection of three live account types. These are, premium, fixed, and zero accounts. The characteristics of each account type differs slightly in terms of spreads, and functionality.

Premium account holders work with a variable spread, whilst fixed account holders can receive a fixed spread across the board. Zero account holders can benefit from accessing interbank markets directly, with correspondingly lower spreads.

Minimum Deposit

Lmfx Deposit Screen

The minimum deposit allowed by LMFX is also variable depending upon the account type.

Premium account holders have a minimum deposit of $50 for a first-time deposit, and $25 thereafter.

Fixed account holders should deposit a minimum of $250 to get started, and $50 minimum deposit for each subsequent deposit.

Zero account holders must abide by a minimum deposit amount of $100, and $50 for each deposit thereafter.

Availability and Ease of Opening

Opening of an account is relatively easy and there are few restrictions on who can trade with this broker. Only residents of Macedonia, and Bulgaria are not permitted to open accounts.

As for the account opening process itself, demo accounts are readily available after confirmation of your email address and some basic personal information. This enables you to download and trade freely with a virtual balance up to $100,000 which can be replenished, on the MT4 platform.

In the case of a live trading account, you can deposit immediately and begin trading with a wire transfer deposit, although to make any withdrawals, you should confirm both your identity and your address with official documents such as a passport, driver’s license, utility bill, and others. This confirmation process should be completed within 24-48hrs, and you will be free to trade without restriction.

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LMFX Product Offerings

LMFX offers trading in a total of 47 currency pairs through its three account types. These include all of the major market pairs, combined with a variety of other major and minor pairs.

In terms of other products, the broker offers trading in CFDs based on the following breakdown:

  • Indices: 12
  • Commodities: 7
  • Metals/Oils: 7
  • Stocks: 36

When comparing with other brokers of a similar stature, this is quite a healthy number of products for a relatively new broker to offer its traders.

LMFX Commissions and Fees

Lmfx Spreads

Of the three accounts which LMFX offers to traders, both the premium and fixed account holders are not subject to additional commission on trades. This is due to the fact that the broker commission is already built into the spread for these traders. That spread shows an average between 1.2 – 2.0 pips on the most commonly traded forex market pairs.

With the zero account, this is subject to a $4 commission per lot of 100,000 currency units. This can be considered slightly higher than other brokers of a similar level in the sector.

Non-trading Fees

When it comes to non-trading fees, the brokers swap fee is similar to that of most other brokers, and dependent upon market conditions at that time. The broker does apply three days of interest on positions held over Wednesday after 9pm GMT.

There are no fees on inactive accounts, nor on any of the deposit methods offered. These include, bank transfer, Visa, MasterCard, Skrill, Neteller, FasaPay, and V-Load.  

LMFX Platforms and Tools

Lmfx Back Office

LMFX keeps it simple in terms of trading platforms which it offers. These are all focused on the different variants of Metatrader 4 from MetaQuotes Software.  This includes a webtrader, desktop platform, and mobile trading on both Android, and iOS.

Desktop Platform

Lmfx Mt4

MT4 is well-known and highly respected throughout the trading community. Testament to this fact is that the platform has been around for more than a decade since its original launch back in 2005.

The MT4 desktop terminal offered by LMFX carries on the same vein as those used by other MT4 brokers. It provides an accessible, easy to understand layout designed to promote functionality as opposed to being merely eye-catching.

Everything a trader needs is available within a few clicks of the opening screen which shows a cascaded central window of customizable markets, complete with any indicators you wish to apply. From the upper left side you can choose your markets to display, as well as consulting the handy navigator on the lower left side. This aptly named function will assist you in navigating your way through the hundreds of available analytical tools and indicators. These have become a trademark of MT4, and something which is heavily favored, especially by experienced traders.

The MT4 platform has lost none of its trade execution power over the years either. You can easily place a basic market trade with one-click. If you require more detailed trades, including setting stop losses and expirations, you can do so in just a few more clicks through the order screen.

Mobile Trading Platform

Lmfx Mt4 Mobile Chart

Lmfx Mobile Menu

The mobile trading platform version of MT4 offers all of the same comprehensive charting capabilities, combined with the improved accessibility of being available on the go. It is similarly easy to navigate, and understand for novice traders.

Although all MT4 platforms broadly offer the same functionality across the range of brokers who utilize the platform, there can be a few customizations from broker to broker. This is something which we see with LMFX who have chosen to integrate the Tradays economic calendar with their mobile platform. There also appears to be no live news provider integrated with the LMFX version of the Metatrader platforms.  

LMFX Differentiators

In terms of differentiation, paradoxically, LMFX have managed to set themselves apart from most other brokers, by utilizing the same popular trading platforms which have been used in the industry for more than a decade. The difference being, LMFX have decided to focus solely on these platforms and thus, tailored their educational material specifically towards creating the best MT4 trader experience possible. This also arms potential traders with excellent transferrable skill, since the platform is used industry wide.

The offering of a no-spread account, although not that uncommon, is still a brave move for a relatively new broker in the sector and is bound to appeal to the experienced, high-volume traders in particular, who desire the most competitive spreads.

LMFX Customer Service

Lmfx Customer Support

Customer service is available from LMFX on a 24/5 basis. That is, 24 hours a day, 5 days per week. This is available through a UK based telephone service which answers quickly, within a few minutes, e-mail, and website-based live chat.

When tested, the website based live chat was helpful and fast to respond to all questions with the necessary information, and the e-mail support team responded with similarly helpful instructions in under 3 hours.


Although the broker is based in Macedonia, a nation which is continuing its progress with joining the EU after talks had stalled for many years, the lack of regulation will still trouble many potential traders.

Regulation by a recognized global body such as CySEC, or FCA is something which many traders have come to expect. This factor, combined with the relatively new nature of the broker, having only been established for a few years, may well have a negative impact on credibility in the eyes of users.

With the lack of regulation taken into consideration however, it should be noted that there have been no clear events to indicate a lack of trust with LMFX. They have been transparent in all communications engaged for the purposes of this review.


Overall, LMFX presents as would be expected for a relatively new broker trying to establish in the highly competitive industry. They provide an offering which is light on official regulation, but also welcomingly so on elements such as deposit and withdrawal fees.

Combining this fee-friendly environment with their utilization of video tutorials and market analysis to assist new and experienced brokers, as well as their focus on the highly-regarded MT4 trading platforms, may well help traders see beyond their regulatory concerns and begin trading with LMFX.

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Anthony Gallagher

Anthony Gallagher is a financial journalist and forex expert with years of experience in the industry. Anthony's writing is informed by personal trading experience, which he uses to help other forex traders improve their results. Anthony has tested dozens of forex trading tools and written hundreds of articles for many well-known sites in the industry. He is recognized for his insightful analyses of global markets and data-driven trade ideas.

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