- 23 de December de 2022
- Posted by: optehub
- Category: Forex Trading
A margin means that it is the amount of money essential in your account to open a place. Margin is planned based on the current price of the base currency against USD, the size (volume) of the position, and the leverage applied to your trading account. There are 105 assets for trading with this broker, including Forex, commodities, indices, and shares as CFDs. There are no cryptocurrencies or physical shares available and the number of assets is limited. CFD trading is great in case you are looking for short to medium-term speculating opportunities. For investing long-term, physical assets such as physical shares, precious metals, and physical crypto tokens are a better option.
- This is largely due to the fact that LMFX is unregulated by any official financial authority.
- The broker does apply three days of interest on positions held over Wednesday after 9pm GMT.
- This margin level is the amount a trader needs to maintain to keep a position open.
- When traders make their first deposit into their Phoenix Bonus Account, they receive funds that are “pending” on their account.
- Besides the ability to trade with high margins, LMFX’s selection of tradable assets is their best feature.
In the event of a loss of trading capital, the Phoenix Bonus is placed into the trading account on the next deposit, helping traders rise again. LMFX provides a seamless and secure process for deposits and withdrawals, ensuring that traders can easily manage their funds. The minimum deposit requirements vary depending on the account type. For the Premium Account, a minimum deposit of $50 is required, while the FIX Account requires a minimum deposit of $250, and the Zero Spread Account requires a minimum deposit of $100.
LMFX Fees and Spreads
LMFX offers its custom trading platform developed and tested in-house. The LMFX trading platform allows traders to
track their portfolios and the current markets, locate trade ideas and place trades. However, it’s important to note that depending https://forex-review.net/ on your trading account type, some brokers may require a higher minimum deposit of up to 10,000 GBP/USD. Therefore, it’s essential to research and compares different brokers to determine which best suits your trading needs and budget.
Trading Futures and Options on Futures involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. Opinions, market data, and recommendations are subject to change at any time. The financial products offered by the promoted companies carry a high level of risk and can result in the loss of all your funds. But the client will have to cover any fees charged by the bank or any other third-party payment platform.
LMFX Types of Accounts and their Features
It should be noted that CFDs are considered extremely risky investments due to their high leverage. See how LMFX compares to the leading Forex brokers by reading one of the reviews below. You will be able to explore the platform immediately, but you will not be able to make any trades until you get approved, which can take around 3 working days depending on your individual circumstance. The email support are more helpful and could respond anywhere from a few hours to a working week. Phone support tends to answer quickly and are more helpful when responding to questions.
Review Methodology
In addition, currency conversion fees may apply if the LMFX withdrawal and receiving currencies differ, adding to the overall transaction costs. The currency conversion fee depends on your base currency, receiving currency, and the 3rd party payment provider that is separate from LMFX. Awareness of these LMFX fees and policies can help you plan and budget accordingly and avoid any unpleasant surprises when transferring your LMFX funds. The online broker LMFX is not regulated by well-known bodies, although it may seem legitimate. Limited financial regulation is common for new brokers or those operating under offshore licenses to save costs. However, trading with regulated brokers is highly recommended as they may provide protection and assistance in difficult situations.
Traders are recommended to enter positions only if C i.e., the current price is close to 0.382 Fibonacci level. On the other hand, if the reward-to-risk ratio is less than 2, it is better not to enter a trade. It is not recommended to enter a trade if the reward-to-risk ratio is less than 2.
Customer Support
The Web Trader platform offers the convenience of trading directly from a web browser without the need to download any software. The Mobile Trader platform enables traders to trade on the go using their smartphones or tablets, providing flexibility and convenience. LMFX has a wide selection of assets to trade that will fit the needs of most traders, including Forex, commodities, indices, and stocks in CFD form. Offering several account types means that different traders can usually find what they are looking for with LMFX. If you are looking for an FX trading platform with high trade volume, offering several assets, with low fees but lacks regulation, LMFX may be for you.
LMFX offers traders access to a global economic calendar which is posted on their website. It also estimates how much influence the events will have on the global economic markets. In the case of LMFX, clients can reach the customer services support team via their website, for a live chat option, or by email or their customer services telephone number. The customer services support team is available 24 hours, five days per week.
At the current time, LMFX is not regulated by any financial regulator, although it has been operational as a broker for more than five years. But in North Macedonia, it is registered and owned by a company named Global Trade Partners Ltd. Although it is a registered broker, the CNMV advises traders to be cautious of such brokers that are not regulated, but this does not prove that LMFX is a fraud. Still, it only proves that it is not closely monitored by a regulator. LMFX was established way back in 2015 by a North Macedonian company named Global Trade Partners Ltd. They aim to provide excellent quality trading kits and services globally and want to make a name for their company worldwide.
Especially when traders use LMFX’s leveraged accounts, they should maintain a sufficient margin level to sustain their positions. A lot of the low reviews seem to stem from misunderstandings, and you really do have to read through the boring stuff to understand how the bonuses work, etc. This is a pretty good forex https://forex-review.net/lmfx/ provider, their odd deposit options seem to have improved since last I tried it months ago. When a broker is regulated by a governing regulatory organization, the risk is lowered for traders. Usually, to attract new business from traders, Forex brokers normally lure them with eye-catching deposit bonuses.
LMFX processes withdrawal requests received before 10 am (server time) on the same day. Processing times depend on the payment provider and generally range between instant to 15 business days. Forex traders have access to just 48 currency pairs, and no cryptocurrencies, but an acceptable 12 commodity CFDs.
LMFX also offer mobile apps for Android and iOS trading apps help you stay on top of your trades and execute them on the go. We aim to provide you with all the information in this LMFX review you need to determine if LMFX is the right fit for you. But we don’t stop there – we also offer valuable insights into other great alternatives to LMFX, so you can make a more informed decision and compare other brokers against LMFX. LMFX only provides the core MT4 trading platform and not seven, as stated on the homepage.
Other LMFX Reviews
In addition, MT4 enables you to automate trading using bots called Expert Advisors (EAs). Besides lots of currency pair,
LMFX also offers some instruments you would like to trade on, such as
Forex, Gold & silver, Oil, Stocks and Indexes for your best choice. Premium Account is carefully tailored to meet the trading needs of retail FX traders and with the minimum trade size at 0.01 lots. MetaTrader4 (MT4) is a popular choice among traders due to its robust features and extensive range of technical indicators. It allows traders to execute trades, analyze market trends, and manage their positions effectively.