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LMFX Review – Learn More About This Broker
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LMFX is an online trading broker lasting on the market for ages. But that doesn’t mean the firm is legitimate. Quite otherwise, actually.
LMFX states that its company is registered in Macedonia by the name Global Trade Partners Ltd, however, it also lists an offshore company in St. Vincent and the Grenadines as its payment provider.
The governments of both countries do not include forex trading within their regulatory framework. And that’s why this LMFX broker review will shine the light onto this forever-going online investment scam.
|Headquarters||St Vincent and Grenadines|
|Review Rating||1 out of 5|
Is LMFX Broker Safe? Regulation and Security
LMFX is a brand of GTP Global Solutions Ltd, registered in Saint Vincent and the Grenadines. As we repeated numerous times throughout our investigation, the official regulator of SVG doesn’t issue Forex licenses. Instead, companies must register with any other license provider, then establish their offices offshore.
Hence, we searched for the LMFX regulation with Tier 1 authorities, such as FCA, ASIC, BaFin, and CONSOB. Our search yielded no results, meaning this is just another scammer on the hunt for victims.
The company onboards the EEA zone residents without complying with some basic rules. For instance, the official EU watchdog ESMA has set a leverage limit of 1:30 for currency pairs due to the high risks involved. At the same time, the LMFX broker offers up to 1:1000, directly violating this policy.
On top of that, they have an official warning from CNMV, CONSOB, and AFM.
What Kinds of Trading Platforms Are Available?
One good thing is the LMFX trading platform since they offer MetaTrader4. This is one of the best software in the industry, along with its successor, MT5.
Both platforms have millions of users due to advanced functionalities. For instance, both support social trading and Expert Advisors, along with many other add-ons. In addition, both are fully customizable, meaning you can set them up according to your trading style.
What Types of Accounts Does LMFX Provide?
The majority of trading terms and a minimum deposit depend on the LMFX account type. You can choose from one of the following options:
- Zero – $50
- Fixed – $100
- Premium – $250
Other than the initial sum, accounts differ in spread, leverage, and trade size. While the minimum deposit is not too high, note that this account includes various commissions, so make your calculations properly.
While you can find the LMFX Demo account advertised, the situation is a bit different. Once you try to connect to a trial account via the MT4 terminal, you will see a message that the request is being processed. However, this process has no end. Therefore, there’s no account access.
The spread mainly depends on the account type. It ranges from 0 to 1 pip, which is quite solid. However, if you choose a Zero account, you will have to pay a commission of $4 per lot. Additionally, the company doesn’t offer an Islamic account, meaning you will also have to pay swaps to keep a position open overnight.
Trading Instruments: A Brief Introduction
Surprisingly, LMFX doesn’t offer crypto trading. Instead, you can find the following instruments:
- Currency pairs – EUR/USD, USD/ZAR, NOK/ILS
- Commodities – gold, silver, crude oil
- Indices – DAX30, ITA40, AU200
- Shares – Amazon, Apple, Alphabet Inc
It’s a pretty limited range considering that some regulated brokers provide access to crypto, ETFs, bonds, and much more.
Funding Methods at LMFX
There are several options available for deposit with the LMFX broker. Those options include the following:
- Visa or Master credit or debit card
- Wire transfer
Each option has its minimum, ranging from $10 to $100. According to the website, receiving your profits takes 2-5 business days. Yet, based on LMFX reviews, we can conclude you won’t see your money back.
For instance, there’s a clause stating that by investing your money, you agree to allow the brokerage to withdraw money from your account and pay third parties who you allegedly owe. Great way to transfer money to themselves.
How Do I Get a Refund if LMFX Stole My Money?
Unfortunately, much of the forex trading world is overshadowed by the huge numbers of scammers. That’s why being well-informed is a necessity. Here are some of the available options for scammed traders:
You may contact your bank or credit card provider and file a chargeback, and that’s in 540 days from the transaction, so you have quite some time. On the other hand, if you have provided the broker with your credit card details, immediately cancel your credit card.
Keep in mind that many so-called “recovery agencies” should not be trusted as well! Such agencies target scammed and vulnerable traders in an attempt to further swindle them into giving away their money. They will require from you an “up-front payment” in order to get your money back, but no such thing will ever happen.
In case you had any negative experience with this or any other fraudulent broker, we would greatly appreciate it if you could share it with us as we can assist you by reporting your scammer.
- LMFX is a scam broker based in Macedonia. They have been in business for a long time, since 2005.
- LMFX allegedly gives its clients the opportunity to invest in forex, commodities, indices, and shares, but in reality, they are just stealing their money.
- This broker has also been issued a warning by AFMA which is Austrian’s regulatory body as well as warnings by CNMV and CONSOB. These warnings should always be taken seriously and never overlooked as they often indicate that the broker is no more than a cheap scam.
- Be sure to always do proper research on the broker you want to work with so you know what you are getting yourself into. Online reviews could also help you get a clearer picture.
FAQs About LMFX Broker
Is LMFX a Legitimate Broker?
No, LMFX is not a legitimate broker you can trust as they have no licenses for providing trading services.
What Funding Methods Does LMFX Accept?
LMFX accepts the following funding methods: Visa or Master credit/debit, wire transfers, and E-wallets.
Is LMFX a Good Broker?
No, LMFX follows no regulation and therefore they cannot be considered a good broker.