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. 

 

About LMFX
🗺️ Registered inSt. Vincent and the Grenadines
🗺️ Type of LicenseOffshore License
🛡️ Is LMFX safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

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.
RankingLMFXXTBAdmiral Markets
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe? NoYesYes
AdvantagesNoneTrading EnvironmentTrading Platforms

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.

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

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