LMFX is a legally registered forex broker located in Saint Vincent and the Grenadines, but not regulated by any government agency.
LMFX accepts clients from all over the world, excluding some jurisdictions where restrictions apply.
Forex broker offers the following underlying assets for trading.
|45+ Currency Pairs||Based on major and minor world currencies.|
|12 Indice CFDs||Based on baskets of different blue-chip stocks and US Dollar Index.|
|4 Metal Spot CFDs||Based on Gold and Silver.|
|3 Metal Futures||Based on Platinum, Palladium and Copper.|
|3 Energy Futures||Based on Crude Oil (WTI, Brent) and Natural Gas.|
|4 Soft Futures||Based on Coffee, Corn, Sugar and Wheat.|
|35+ Stock CFDs||Based on shares of US and UK companies.|
LMFX is a broker operated by Global Trade Partners Ltd. and GTP Global Solutions Ltd, incorporated in Saint Vincent and the Grenadines. As an offshore entity, the broker is not regulated by any financial regulator, and therefore carries certain risks that traders should be aware of.
First of all, investor protection mechanisms that are normally in place for regulated brokers will not apply to clients of LMFX in the event of insolvency or any type of disputes with the broker. Secondly, most regulated brokers are required to keep clients’ funds in accounts at only top tier banks, segregated from the broker’s own funds. Although LMFX says on its website that it does so, we have no guarantee that this is true and will just have to take the broker’s word for it.
With that said, however, we are not aware of any reports of misconduct from this broker, and feedback from traders in online forums seem generally good.
One nice benefit of being unregulated is that the broker enjoys unmatched flexibility when it comes to the leverage and other trading conditions it can offer its traders. With EU regulations in particular becoming increasingly restrictive, some traders may feel that their opportunities are limited with the traditional onshore, regulated brokers.
With LMFX, traders who qualify for the broker’s Premium Account can enjoy a leverage of up to 1:1,000 – enough to get significant results even with a small amount of capital to start with.
As mentioned, LMFX’s top-tier trading account – the Premium Account – offers the most flexible trading conditions and highest leverage. Still, other account types may be more suitable depending on the trader’s individual trading style and volume.
In total, LMFX offers 3 account types to choose from:
– Premium Account – very high leverage at USD 50 minimum deposit
– Fixed Account – fixed spreads and commission-free trading
– Zero Account – ideal account for scalpers and large traders with tight spreads
All accounts offer trading in popular currency pairs, precious metals, oil, equity indices, individual stock CFDs, and commodity CFDs. The selection of currency pairs is fairly good as compared with many other offshore-registered forex brokers, with even most of the more exotic currencies available for trading.
LMFX also has a fairly good offering when it comes to bonuses and promotions, with a “Phoenix Recovery Bonus” offered as a sort of emergency relief to a trader who has blown his or her trading account. An amount that equals 15% of his or her initial account balance will be saved up and made available to the trader the next time an amount (no matter how small) is deposited into the trading account.
In addition, the broker offers a “Deposit Match Bonus” which is a 100% credit bonus that essentially increases the leverage a trader has available. The bonus amount can be withdrawn as long as certain requirements pertaining to trading volume are met.
Switching over to trading platforms, LMFX is a MetaTrader-only broker which relies on the still-trusted MT4 platform, the classic retail trading platform developed by MetaQuotes Software Corporation. The platform is available both in its classic downloadable version, as well as the new web-based version that can run in the Internet browser of any computer. Mobile apps for iPhone, iPad, and Android devices are also available.