Shoofar

1-2 years

Is LMFX safe and legit?

WikiFX Reply

In my experience, LMFX is not entirely safe due to its lack of regulation. While the broker offers popular trading platforms like MT4, the absence of oversight by a recognized regulatory authority makes it difficult for me to consider it completely legitimate. I prefer trading with brokers who are regulated by top-tier authorities because it provides an extra layer of safety for my funds and ensures the broker operates with transparency. The LMFX broker review clearly points out the risks involved with trading with an unregulated entity, and for me, the absence of regulatory protection is a significant issue. Even though the broker offers various assets such as forex, indices, commodities, and metals, these offerings don't outweigh the potential risks that come with trading with a broker that lacks proper oversight. While LMFX login and platform access are easy to use, I remain cautious because the lack of regulation could leave me vulnerable to various risks, including fund mismanagement and potential difficulties with withdrawals. It’s always better to choose a regulated broker that can offer me more security, and for me, is LMFX legit remains questionable until they address this lack of regulation.

Broker Issues

LMFX

Regulation

08-02

United States

maseko

1-2 years

Trading

WikiFX Reply

LMFX has a very low minimum deposit requirement of just $5, which is incredibly appealing to me as a new trader. I appreciate that the low deposit requirement makes it accessible to anyone who wants to start trading without committing large amounts of capital upfront. This is especially important for traders like me who are just testing the waters or don’t want to risk too much money initially. The LMFX demo account is also a great feature for me to practice and familiarize myself with the platform without putting any real money on the line. The low deposit is ideal for beginners like me, and it allows for flexibility in how much I want to risk in the early stages of my trading journey. Compared to other brokers who often require a minimum of $100 or more to start, LMFX makes it much easier for anyone to get involved in the market. For someone like me who values cost-effective options, the LMFX minimum deposit of just $5 is a significant advantage.

Broker Issues

LMFX

Account

Leverage

Instruments

Platform

07-20

United States

Wahab

1-2 years

Are there LMFX commissions?

WikiFX Reply

Yes, LMFX charges commissions for the Zero account, where the commission is $4 per lot per side, totalling $8 for a round-turn trade. For me, this is a reasonable commission considering the tight spreads (starting from 0 pips) on the Zero account. However, if I don’t want to deal with commissions, the Premium and Micro accounts don’t charge any commissions, but they come with wider spreads starting from 1 pip and 2 pips, respectively. As a trader who is more focused on keeping my trading costs low, I’d likely opt for the Zero account if I trade larger volumes, as it offers lower spreads despite the commission charge. Overall, the choice of whether to go with a commission-based or spread-based account depends on my trading style. For me, a combination of low spreads and reasonable commissions is preferable, and that’s why I would lean towards the Zero account.

Broker Issues

LMFX

Fees and Spreads

06-17

United States

LoukiaCharilaou

1-2 years

How long does LMFX withdrawal take?

WikiFX Reply

LMFX withdrawal times vary depending on the method I use. For payments made through PayRedeem, Skrill, Fasapay, and Neteller, withdrawals are typically processed instantly, which is great for me when I need to access my funds quickly. However, when using traditional methods like bank wire transfers, the process can take anywhere from 2 to 15 working days, which is a lot slower than I’m used to with e-wallets. As someone who values quick access to my funds, I find that e-wallet withdrawals are the best option for me because they’re processed so quickly. For bank wire transfers, the lengthy processing time is a major inconvenience, especially when I’m in need of my funds quickly. The speed of the withdrawal process is important to me, and while LMFX offers fast processing for some methods, I would prefer faster bank transfer withdrawals. Overall, I would opt for the faster payment methods like Skrill or Neteller if I want to avoid waiting for an extended period.

Broker Issues

LMFX

Deposit

Withdrawal

05-31

United States