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LMFX is a MetaTrader-only broker based in Macedonia (FYROM), whose business entity, Global Trade Partners Ltd, lacks formal regulation, making it an unfit option for demanding traders.

By Steven Hatzakis / July 23rd, 2018 / Updated: June 10th, 2019

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Trust Score
Dislikes
  • Not regulated anywhere
  • Status of Macedonian business entity unclear
  • Payments provider based in BVI

Review Sections:

Please Note: LMFX was not included in the 2019 annual review. As a result, this broker's ratings may be outdated. Read our Best Forex Brokers 2019 guide for a look at the top rated forex and CFDs brokers.

LMFX was founded in 2015 and is the brand used by Global Trade Partners Ltd., which is listed as a Macedonian (FYROM) entity according to LMFX’s customer agreement. LMFX is a MetaTrader-only broker offering the popular MetaTrader4 (MT4) platform developed by MetaQuotes Software Corporation. LMFX lists GTP Global Solutions Ltd as a payment services provider it uses based in St. Vincent and the Grenadines.

Trust Score

Trading with a forex broker traders can trust is crucial to success. Unfortunately, forex fraud and scams are common in the industry.

Here at ForexBrokers.com, we maintain the largest independent regulatory database available on the web. Using 28 different variables, we have created a proprietary 1-100 score (the higher the better) of overall trustworthiness, which we call the Trust Score. Here is our trust summary of LMFX.

FeatureLMFXIGSaxo BankCMC Markets
Year Founded2015197419921989
Publicly-Traded Company (Listed) No Yes No Yes
Regulated in Major Hub No Yes Yes Yes
Regulated in Emerging Hub No Yes Yes Yes
Authorised in the European Union No Yes Yes Yes
Trust Score39979490

Offering of Investments

The following table summarizes the different investment products available to LMFX clients.

FeatureLMFXIGSaxo BankCMC Markets
Currency Pairs (Total Forex pairs)4791182183
CFDs - Total Offered10915000329999959
Cryptocurrency traded as actual No No No No
Cryptocurrency traded as CFD No Yes No Yes
Offering of Investments 2.5 Stars 4.5 Stars 4.5 Stars 4 Stars

Commissions & Fees

LMFX offers three account types: the Zero, Fixed, and Premium accounts. On the Fixed account, which requires a minimum deposit of $250, spreads are fixed, compared to the Zero and Premium accounts, in which spreads are variable. LMFX’s spreads are high across all account types compared to most forex brokers we’ve reviewed.

LMFX spreads account

The Zero account boasts zero pip spreads but charges a round turn commission of $4 per lot, and can be established with a minimum deposit of $100. The Premium account has a lower limit on the maximum trade size, which is capped at 60 lots, compared to the Zero account, which permits up to 100 lots.  All in all, the account offering LMFX provides is mixed, and competitive spreads are not the broker’s strong point.   

FeatureLMFXIGSaxo BankCMC Markets
Minimum Initial Deposit$50£250.00$2,000.00$0.00
Average Spread EUR/USD - Standard1.200.7500.9000.744
All-in Cost EUR/USD - ActiveN/A0.3630.6000.744
Active Trader or VIP Discounts No Yes Yes Yes
Commissions & Fees 2 Stars 4.5 Stars 4.5 Stars 5 Stars

Research

LMFX provides an economic calendar powered by MTE-Media, which also powers its educational content that includes videos; however, during the tests I conducted, the economic calendar module would not load on Google Chrome but did work on the Safari browser.

LMFX economic calendar

LMFX offers several trade calculators, but its research offering is very limited. For example, the last post on the LMFX blog was dated March 2017. Aside from the third party educational content offered from MTE-Media, LMFX’s research offering is poor.

FeatureLMFXIGSaxo BankCMC Markets
Daily Market Commentary No Yes Yes Yes
Forex News (Top-Tier Sources) No Yes Yes Yes
Weekly Webinars No Yes Yes Yes
AutoChartist No Yes Yes No
Trading Central (Recognia) No No No Yes
Delkos Research No No No No
Acuity Trading No No No No
Social Trading / Copy-Trading Yes Yes Yes Yes
Social Sentiment - Currency Pairs No Yes Yes Yes
Economic Calendar Yes Yes Yes Yes
Research 1.5 Stars 4.5 Stars 4.5 Stars 4.5 Stars

Platforms & Tools

LMFX is a MetaTrader-only broker, offering from the suite of platforms developed by MetaQuotes Software Corporation, including the MetaTrader 4 (MT4) platform. To learn more about MT4, read our MetaTrader guide.

MetaTrader4 Desktop Forex Brokers

While MT4 comes standard, with little variation in functionality from broker to broker, there can be significant differences in how the platform is set up for trading spreads and commissions, execution, and other tools, features, and administrative areas.

Besides spreads, the range of instruments, and account types, here is a summary of the differences in features between LMFX’s available MT4 offering and the default MetaTrader experience:

    • Not clear who the news provider is in MT4
    FeatureLMFXIGSaxo BankCMC Markets
    Virtual Trading (Demo) Yes Yes Yes Yes
    Proprietary Platform No Yes Yes Yes
    Desktop Platform (Windows) Yes Yes Yes Yes
    Web Platform Yes Yes Yes Yes
    Social Trading / Copy-Trading Yes Yes Yes Yes
    MetaTrader 4 (MT4) Yes Yes No Yes
    MetaTrader 5 (MT5) No No No No
    cTrader No No No No
    Charting - Indicators / Studies (Total)51224781
    Charting - Drawing Tools (Total)31171724
    Charting - Trade From Chart Yes Yes Yes Yes
    Watchlists - Total Fields712128
    Order Type - Trailing Stop Yes Yes Yes Yes
    Platform & Tools 2 Stars 4.5 Stars 4.5 Stars 4.5 Stars

    Mobile Trading

    LMFX offers iOS and Android mobile trading applications for its MetaTrader platforms, available directly from the developers on the iTunes Store and Google Play. To learn more about MT4, read our guide to MetaTrader. 

    Metatrader4 mobile watchlist

    FeatureLMFXIGSaxo BankCMC Markets
    Android App Yes Yes Yes Yes
    Apple iOS App Yes Yes Yes Yes
    Trading - Forex Yes Yes Yes Yes
    Trading - CFDs Yes Yes Yes Yes
    Alerts - Basic Fields Yes Yes Yes Yes
    Watch List Yes Yes Yes Yes
    Watch List Syncing No Yes Yes Yes
    Charting - Indicators / Studies30264123
    Charting - Draw Trend Lines Yes Yes Yes Yes
    Charting - Trend Lines Moveable No Yes Yes Yes
    Charting - Multiple Time Frames Yes Yes Yes Yes
    Charting - Drawings Autosave Yes Yes Yes Yes
    Forex Calendar No Yes Yes Yes
    Mobile Trading 2 Stars 4 Stars 4.5 Stars 4 Stars

    Final Thoughts

    LMFX offers the popular MT4 platform, but the broker is not regulated and its entity is domiciled in a politically unstable jurisdiction.

    While the FYROM has not been accepted into the European Union as a member, progress has been made since the PRESPA agreement was signed in June 2018, as Greece was the country that originally blocked its application over a naming dispute.

    However, while attempting to confirm the status of Global Trade Partners Ltd, the only similar result that appeared was for a company named Global Trade, whose entity had expired, according to CRM.com.mk/NameReservation, where Macedonian company name checks can be performed.

    Given the broker’s lack of regulatory status, LMFX ranks poorly amongst brokers based within continental Europe.

    Forex Risk Disclaimer

    "There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.


    Steven Hatzakis

    Reviewed by Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

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Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 02/18/2019 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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