LMFX is a trading platform based in Eastern Europe, which means that there a lot of restricted countries on its list. Some of those include the United States, the United Kingdom and Japan. It was established back in 2009 in Macedonia and has since aimed to build a trusting and reliable image for itself on the market. However, the lack of regulation and sketchy customer support are just some of the many downsides that this company needs to work on before acquiring a wider group of clients.
This LMFX review was created to present to you both the good and the bad sides of this broker company. We aim to cover a wide variety of features that make this broker stand out, so you can make a smart trading decision for yourself and your portfolio.
Quality of Service
LMFX trading platform is MT4, which is unusual for unregulated brokers. It provides a modest selection of assets including stocks, currency pairs, indices and commodities including metals and oil. Spreads can be both fixed and variable, depending on the account type. They can go anywhere from 0 to 25 pips if you are willing to take that chance. The leverage is also quite high at 1:1000, especially compared to the European industry standard which is only 1:30.
The overall appearance of the platform is quite admirable and enjoyable. It is user friendly and loads instantly, helping you find what you are looking for quite easily. The platform is also adjustable to all devices and operating systems, which means that you can use it whenever and wherever you are.
Speed of Response
The LMFX customer support agents can be reached through many channels, including live chat, phone, email or the online form on the website. However, we were disappointed to find that they are not always easy to reach, despite listing that they are available 24/7. Many clients have complained about this, claiming that the agents are impossible to reach even on the live chat, which is strange considering that this option usually takes around a few minutes to get connected.
At LMFX, there is quite a lot of payment options to use for your deposits and withdrawals. Each one takes different times to process your request, from a few seconds to several business days. You can find the details about this section on their page. We have provided you with the screenshot directly from their website, which you can find below:
As you can see, e-wallets are able to process your requests instantly, while the credit and debit cards take a bit longer – up to 30 minutes. Still, this is quite efficient. Lastly, the bank wire transfer option can take from 2 to 15 business days, which requires quite a lot of patience!
Similar to the majority of other big companies on the market, LMFX has decided to create their commissions and fees scale structure according to the account types of your choosing. In addition, it is important to note that the deposits do not require any additional fees, no matter which payment method you decide on. There are no hidden or inexplicable costs here as well, which is a great feature.
LMFX is an unregulated company, which implies that there is no safety net that you can rely on in case anything goes bad. Not to mention that the company has been present for 12 years, so you would think they had plenty of time to get a proper licencing. However, LMFX team has made sure to include some regulatory policies and important documents that provide a functioning frame for the clients and the company.
Variety of Payment Options
Lastly, we should give our attention to the variety of banking options that the LMFX team has provided for their clients. They include some of the traditional ones such as bank wire transfer and credit cards, as well as e-wallets that are able to instantly process your payments. They include Skrill, Neteller and other advanced options that easy to apply and make a deposit or a withdrawal.