LMFX should, instead, offer them as MT4 plug-ins, where traders can effectively deploy them. That would also upgrade the core trading platform and display a commitment to providing a competitive trading environment. For a broker in operation for more than five years, there is no excuse for the absence of either.
I also withdrew about 5 times and no fee attached, Skrill is the best available payment method for my region. LMFX provides three account types aimed at day traders with different approaches and capital requirements. The Premium account is best suited to standard investment strategies and less-experienced traders. The Fixed version is suitable for automated trading using expert advisors, and the Zero account is best for scalping and high-volume trading. The trading site is not regulated by any tier financial body, and thus, the safety of client funds can’t be assured.
In operation for over five years and without confirmed claims of misconduct and fraud, LMFX Review relies on generous bonuses, low minimum deposits, and high leverage to attract and retain clients. Given its history, this broker appears to execute its business plan well enough to compete as a profitable operation. Per its own account, the segregation of client deposits from corporate funds exist, negative balance protection is in place, and the legal section indicates the broker’s compliance with AML regulations. AML compliance is a requirement to maintain a corporate bank account in North Macedonia, and a bank account with a domestic bank is a necessity to operate a business.
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It also doesn’t have any restrictions on trading strategies, you are free to install any Expert Advisors, Indicators or Plugins of your choice. You can get the Forex VPS for just $20 per month or you can get it for free with any deposit equal to or greater than $5,000. There is also the MT4 mobile platform for iOS and Android devices, which is very useful for clients who need to access their trading account from anywhere in the world, while on the go.
The broker also offers a 15% recovery bonus, should you lose some of your initial capital. There are also referral bonuses available, the details of which are on the website. Withdrawals can be made using the same methods, except for the Vload e-wallet. There are no withdrawal fees and payments are processed the same business day for e-wallets. With that said, it can take 2-15 business days for payment cards and wire transfers. There are no commissions charged for Premium and Fixed account holders, but Zero accounts come with a $4 per lot commission.
Forex traders have access to just 48 currency pairs, and no cryptocurrencies, but an acceptable 12 commodity CFDs. Completing the list are 36 equity CFDs and nine equity CFDs for a total of 105 assets. While this may be enough for new retail traders with smaller portfolios, LMFX fails to provide broad choices for more demanding clients. To reduce the volatility of the market, I chose the fix account type, this account type I had to pay 1 fixed spread, and the slippage every time the position was closed was 3-5 pips.
The Deposit Match Bonus is a 100% credit offer intended to increase clients’ trading volume. While the next one, Phoenix Recovery Bonus, as the name implies, is intended to pay back the clients any funds pending on their LMFX account. Apart from this, LMFX offer, Phone Validation for clients who validate their LMFX account with their mobile number.
Investors should be careful to avoid LMFX to avoid the risk of losing their money. Mobile trading allows traders to manage their accounts from portable devices like smartphones, pocket and tablet PCs. As we have already mentioned there are no fees when depositing or withdrawing funds from LMFX. You can choose from wire transfers, credit cards and debit cards, e-wallets including Skrill, Neteller, FasaPay, and VLoad. Alternatively, there is also a demo account available for you to practice your trading in a risk-free online environment with $100,000 worth of paper funds. Paper trading is a great tool for beginner and advanced traders to familiarize themselves with the trading platform but also to practice trading without having to worry about risk tolerance and potential losses.
Furthermore, the broker uses single sockets layer encryptions on all website traffic and holds all client capital in segregated bank accounts. The spreads offered by the broker are not very competitive, coming in slightly higher than the industry average. For Premium accounts, the typical spread for GBP/USD is 2.3 pips, for EUR/GBP it is 1.8 pips, and for EUR/USD it is 1.2 pips.