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LMFX
Rating: Rated with 1.5 stars
Binary Option Programs Award
Min. Deposit
$50
Min. Investment
N/A
Regulated Broker
No

  1. LMFX

    LMFX is a non-licensed forex and CFDs broker that lets South African traders place trades on indices, Forex, metals, oil, and shares. What we know about this broker is that it is based in North Macedonia (FYROM). LMFX offers over 50 currency pairs to South African traders. While trading conditions and some other options seem attractive, read our review and see the verdict for this unlicensed broker.

    LMFX Special Features

    LMFX offers its traders three different types of trading accounts. We know that traders have different appetites and other ways of trading and therefore LMFX broker offer Premium account, Fixed account, and Zero account.

    Premium Account

    This account, as the broker tells, is predestined for those traders who prefer a lower range of deposit options. Deposit for this account is $50 only and offers competitive spreads and flexible bonus.

    • Minimum deposit: $50
    • Maximum open trades: 100
    • Maximum trade size: 60 lots
    • Maximum leverage: 1:1000
    • Margin: 50%
    • Spreads from 1 pip

    Fixed Account

    This type of account is provided for all traders who like to trade with fixed spreads. This type of account enables all traders to have more control over their decisions, and the software enables different controlled accuracy and additional options

    • Minimum deposit: $250
    • Maximum open trades: 150
    • Maximum trade size: 75 lots
    • Maximum leverage: 1:400
    • Spreads: fixed
    • Margin: 30%

    Zero Account

    This kind of account is recommended to traders who like trading in scalping mode and have a high trading volume.

    • Minimum deposit: $100
    • Maximum leverage: 1:250
    • Maximum open trades: 200
    • Maximum trade size: 100 lots
    • Spreads from 0
    • Margin: 30%

    LMFX Demo Account

    An interesting news for traders with LMFX Brokers is a free demo account. With the help of demo account, traders can test all the features and trading options this broker provides. It is well known that traders are demanding more and more demo accounts to be able to try out all the features the broker provides and thus decide whether to make a final deposit or not.

    LMFX Software

    This broker uses 3 different platforms that allow traders to trade at any time. These are Web-trader, Metatrader4 and Mobile app which is divided into 3 different types of trading. Here is a small review of each of the platforms available:

    Web-trader

    In order to use this type of platform, only a quality Internet connection is required. What makes this platform special is that there are no special requirements to start. Just log in to your web browser and start trading.

    MetaTrader4

    One of the most popular platforms in the world is certainly Metatrader4. What matters is its user-friendly interface, many indicators, popular trading instruments available and advanced charts and graphs available in different world languages. In order to use Metatrader4, it is enough to download it to your desktop and to log in with your own details.

    Mobile App

    With the mobile application, all traders are enabled to trade at any time. What is important while trading is to have a good internet connection. We reviewed mobile apps in 3 different ways and presented them below in this review:

    Android Trader

    The LMFX Android application requires Android OS version 2.1 so traders are available to use it. Also, with this application type, there are 7-time frames available, 5 chart types and 25 different technical indicators.

    iPhone Trader

    This app can be downloaded directly from the App Store and it uses all the capabilities provided by the standard LMFX platform

    iPad Trader

    The iPad application requires iOS 5.1.1 or later version, so traders are available to place a trade. Also, according to the broker, this application is available in the Apple Store and it should be easy and free to download

    Education

    In each review, we will surely cover the education part and let all traders know if there is a chance to progress with a particular broker. With regard to the elementary knowledge and capabilities provided by this broker, we have seen that traders can use only market analysis and economic calendar. What we hope is that the broker will also include eBooks and different trading tutorials to give more information to all potential traders.

    LMFX Support Information

    This broker has customer support available on their website through email, phone or by filling out the customer support contact form. This way traders can get information important for their trading account. On their website, there is also a notice that this is a multilingual broker. However, we were unable to find any way to change the language and talk to customer support agents in any other language other than English.

    LMFX Payment Methods

    LMFX broker is owned and operated by a company called GTP Global Solutions Ltd which is located at Saint Vincent and the Grenadines. As found on their website, this broker accepts different payment methods such as Maestro, Skrill, Vload, Neteller, Visa, Mastercard. Please note that before requesting a withdrawal, South African traders will need to provide valid copies of their passport or ID for verification purposes along with a recent utility bill.

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