Please Note: LMFX was not included in the 2020 annual review. As a result, this broker's ratings may be outdated. Read our Best Forex Brokers 2020 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.
Is LMFX Safe?
LMFX is considered high-risk, with an overall Trust Score of 38 out of 99. LMFX is not publicly traded and does not operate a bank. LMFX is authorised by zero tier-1 regulators (high trust), zero tier-2 regulators (average trust), and zero tier-3 regulators (low trust). Learn more about Trust Score.
|Publicly Traded (Listed)||No|
Offering of Investments
The following table summarizes the different investment products available to LMFX clients.
|Forex: Spot Trading||Yes|
|Currency Pairs (Total Forex pairs)||47|
|CFDs - Total Offered||109|
|Social Trading / Copy-Trading||Yes|
|Cryptocurrency traded as actual||No|
|Cryptocurrency traded as CFD||No|
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.
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.
|Minimum Initial Deposit||$50|
|Average Spread EUR/USD - Standard||1.2 (as of Jul 18)|
|All-in Cost EUR/USD - Active||N/A|
|Active Trader or VIP Discounts||No|
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 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.
|Daily Market Commentary||No|
|Forex News (Top-Tier Sources)||No|
|Trading Central (Recognia)||No|
|Social Sentiment - Currency Pairs||No|
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.
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
|Virtual Trading (Demo)||Yes|
|Desktop Platform (Windows)||Yes|
|Social Trading / Copy-Trading||Yes|
|MetaTrader 4 (MT4)||Yes|
|MetaTrader 5 (MT5)||No|
|Charting - Indicators / Studies (Total)||51|
|Charting - Drawing Tools (Total)||31|
|Charting - Trade From Chart||Yes|
|Watchlists - Total Fields||7|
|Order Type - Trailing Stop||Yes|
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.
|Apple iOS App||Yes|
|Trading - Forex||Yes|
|Trading - CFDs||Yes|
|Alerts - Basic Fields||Yes|
|Watch List Syncing||No|
|Charting - Indicators / Studies||30|
|Charting - Draw Trend Lines||Yes|
|Charting - Trend Lines Moveable||No|
|Charting - Multiple Time Frames||Yes|
|Charting - Drawings Autosave||Yes|
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.
About the author: 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.