Archives: Brokers

Is LMFX Scam or Legit Broker?

It is not safe to trade with LMFX, because it is an unregulated broker. In addition, the company has been suspected to be a fraud. While we checked the company there is no authorization or registration of the address, therefore the company seems to be highly suspicious and might operate its services from an absolutely different location.

• Global Trade Partners Ltd. is an investment firm that operates as a global broker under the name LMFX. LMFX is governed and supervised by the Saint Vincent Finance Service Authority (FSA). The fact is that St. Vincent and the Grenadines is an offshore zone, which does register the financial investment firm, but provides very poor if none requirements for the company operation. That means, the broker is not regulated, not overseen, and does not comply with strict international rules that provide protective measures to the traders. 

What is LMFX?

LMFX is an innovative online foreign exchange broker that offers advanced institutional and retail trading conditions to a global audience. This broker provides the full spectrum of cutting-edge trading tools and services that its clients require to succeed in the world’s most liquid market. It also provides a comprehensive range of mobile and desktop MT4 platforms so that traders never miss a market movement. According to the website, LMFX offers leverage from 1:1 to 1:1000 (Check best forex brokers with high leverage).

• LMFX offering, the company is not officially registered with any industry authority to offer trading services, and its performance is not overseen or supervised by anyone. In any case, we never advise trading with an offshore or non-licensed broker, since the financial investment service they deliver is not trustable. 

Overall LMFX Ranking 

Based on our revelations about the safety of LMFX, we do not rank positively LMFX , based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• LMFX Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.

LMFX Alternative Brokers

Due to our finds and issues with the safety of LMFX, here are much better Alternatives to LMFX with good regulations and excellent conditions. We select Good Brokers and trustworthy options for your comparison below: 

• eToro – Good for CopyTrading and Cryptocurrency Trading
• Dukascopy – Excellent for Shares, Futures Trading
• BlackBull Markets – Good for High Leverage Trading

LMFX in India

LMFX allows Indian traders to open accounts and trade. However, LMFX has no mention of complying with any Indian regulators on its website.  The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

LMFX in the USA

The US is among the (See Best Forex Broker for US Clients) countries that cannot register with LMFX, along with the United Kingdom, Japan, or any other jurisdiction that would be contrary to local law or regulation. 

LMFX Deposit & Withdrawal

The minimum deposit is USD/EUR 50 for a Premium Account that has been carefully tailored to meet the trading needs of retail FX traders and with the minimum trade size starting at 0.01 lots, this competitive account offers you the flexibility to trade up to 60 lots in a single trade.

• Deposits (Also check Alpari's Deposit & Withdrawals) can be made via Visa or Mastercard payment cards, bank wire transfer or Skrill, Neteller, FasaPay, and Load e-wallets.

Apps

LMFX offers a mobile trading app for traders' convenience. Mobile trading allows traders to manage their accounts from portable devices like smartphones, pockets, and tablet PCs. In MetaTrader 4, mobile trading offers a great variety of analytical options and a graphical display of quotes in addition to complete trade account management. Using mobile terminals in daily activities offers a convenient way to keep up with accounts when traders don’t have access to a desktop computer. LMFX mobile app is compatible with all Android and iOS devices. 

Demo Account

LMFX offers traders the opportunity to practice strategies and become familiar with the platform with their demo account option. Demo accounts are a wonderful way to get an introduction to the online trading markets and allow traders to experience – as closely as possible – the actual market conditions they will be exposed to. LMFX demo account provides the ability to trade from the LMFX platform of choice and mirrors as closely as possible actual market conditions.

LMFX Review Conclusion

Overall, there are many questions in regard to the trust of the LMFX company services and the manner they do operate the online trading itself. We strongly advise opening a trading account only with brokers that are regulated by respected world authorities and comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as HotForex, and BlackBull Markets.

• Overall ranking and experience for LMFX is Negative

Is GCI Financial Scam or Legit broker?

GCI Financial is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Thus, the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, was never monitored in terms of its safety, and simply may operate the business in any way it wishes.

What is GCI Financial?

GCI Financial LTD is an international Forex and CFD broker incorporated in St. Vincent & the Grenadines that is claimed by their focus on offering superior trading conditions and customer service through advanced software and lowest trading costs (forex brokers with low spreads). In addition, the company operates for over 15 years and has received awards that recognize them as the Best Forex Broker Europe or Most Innovative Forex Broker Europe by International Finance.

• Despite this, St. Vincent and the Grenadines is in a known offshore zone, while the company operates without any license to perform its services.

• Besides, the company was previously regulated by the Belize IFSC, yet withdrew its license and is not regulated by any authority. Moreover, there were warning against the company by some of the authorities, as well as negative feedback from many investors with cases to withdraw money.

  “GCI Financial LLC is not registered to engage in the business of trading in securities or advising anyone with respect to investing in, buying, or selling securities.”

   

Overall GCI Financial Ranking 

Based on our finds about the safety and regulations issues of GCI Financial, we do not rank positively GCI Financial, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• GCI Financial Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.

GCI Financial Alternative Brokers

Due to our finds and issues with the safety of GCI Financial, here are much better Alternatives to GCI Financial with good regulations and excellent conditions. We select Good Brokers and trustworthy options for your comparison below: 

• HFM – Good for Currency trading
• FP Markets – Good for CopyTrading
• XM – Good for Trading on MT4

GCI Financial Deposits and Withdrawals

GCI Financial deposit and withdrawal methods are not many. The funds are transferred either by bank transfers or an e-wallet - Perfect Money. Deposits can be made by the GCI account holder only. Third-party transfers are not permitted.

• For withdrawals, clients need to fill in a form. After filling it in, the form should be signed and returned to GCI via email along with a copy of valid identification. Withdrawal forms that are not fully completed will not be processed. Funds are returned to the originating account only.

GCI Financial Review Conclusion

Generally, we do not advise investing with unregulated brokers. Even though the offering and the trading capabilities may offer a very attractive package, safety always goes first. Therefore, it is much more secure to start trading with a reputable regulated broker that follows the strictest performance operation that was designed to deliver the highest level of safety to the investors, such as Pepperstone and HFM.

• Overall ranking and experience for GCI Financial is Negative 

Is FreshForex Scam or Legit broker?

FreshForex is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company as it was not checked for its compliance before establishment, and was never monitored in terms of its safety, and simply may operate the business in any way it wishes. This results in a very high-risk trading opportunity, despite its alluring proposals.

• FreshForex does not comply with the adequacy requirements and rules. This means clients cannot be sure about the safety and reliability of the financial services offered by the broker. 
• Besides, the broker is mainly concentrated on the offering among Russian and Asian residents. In addition,  there is a significant amount of negative reviews about the company crossing around the internet.

What is FreshForex?

The online Forex broker FreshForex as stated on the official website has been working in the foreign exchange market since 2004. It claims performance with one of the best trading conditions on the market due to which they are among the top Forex broker companies as well according to the research of the famous news agency Interfax.

• Among that the broker gained some more world recognition from the publications and industry expos, however, the FreshForex which is a trading name of the Riston Capital Limited company incorporated in an offshore hub St.Vincent and the Grenadines. In fact, there is a sufficient risk if the company delivers services without any regulation or licenses from the world-known watchdogs in the Forex industry.
• That means that the company may put their clients into unnecessary risks while trading which will involve a higher leverage level, like 1:2000 as offered by the FreshForex (Check out Alpari forex broker review, which offers high leverages), the non-regulated money management of the clients, as well as lack of operational standardization.

Overall FreshForex Ranking 

Based on our revelations about multiple safety and regulatory problems with FreshForex, we do not rank positively FreshForex, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• FreshForex Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.

FreshForex Alternative Brokers

As we have found many issues regarding FreshForex safety, here are much better Alternatives to FreshForex with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• AvaTrade – Good Instruments and CopyTrading
• Dukascopy – Excellent for Shares, Futures Trading
• BlackBull Markets – Good for High Leverage Trading

FreshForex Deposits and Withdrawals

FreshForex offers about twenty deposit and withdrawal options, including Bank Transfer, Credit/Debit Card, and e-wallets such as Skrill, Neteller, and Webmoney. However, due to its unregulated nature, there is no strict guarantees on payment procedures. 

• The broker does not charge fees for deposits and the funds appear in the account almost instantly. 
• For withdrawals, the broker charges 0,5%-1% commission. Withdrawal requests are processed on working days from 05:00 to 14:00 EET. 

FreshForex Review Conclusion

Overall, we generally advise not to trade with offshore brokers such as FreshForex (See the list of forex scams) since it is a risky business, and jeopardizes the clients' investments. It is much more sufficient to choose among well-established and regulated, reputable companies that are heavily overseen by respected authorities. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Pepperstone and BDSwiss.

• Overall ranking and experience for FeshForex is Negative