LMFX Review 2023: In-Depth Analysis of a Trusted Forex Broker

lmfx reviews

When all the criteria of this trading bonus program have been fulfilled, the bonus amount is placed into your account and can be withdrawn without any obstacles. When you make an initial deposit into a Phoenix Bonus account you receive a number of pending funds on your account. These pending funds mirror a known portion of your FTD and should you lose your entire trading funds, the Phoenix Bonus will be placed into your account the next time you deposit. With spread betting and CFDs, you can go long or short when trading indices. Simply put, going long means you purchase a market as you forecast a rise in the price. On the other hand, going short means you sell a market as you expect the price to drop.

LMFX Fees and Spreads

  1. Indices are a measurement of the price performance of a basket of shares.
  2. This gives you lots of options when it comes to analysing the charts for potential setups.
  3. The 100% credit Bonus is intended to increase the trading volume of a client’s accounts.
  4. Trading with LMFX involves developing a strategy considering risk management techniques such as stop-loss orders, diversification, and position sizing.

While we found the LMFX phone support satisfactory, there is room for improvement in response time. On the other hand, if Apple Computer Inc falls by 10%, your position worth $10,000 is now worth only $9,000, representing a $1,000 decrease. Therefore, LMFX leverage magnifies both profits and losses in trading. You can trade a wide variety of instruments with LMFXover 161 instruments in fact.

Deposit Methods & Costs

There is also an economic calendar to keep up to date with the latest market news releases. You can get both of these from GO Markets if you are looking for software that can automatically scan the markets for customised trading signals. LMFX does offer several educational tools, along with some attractive trading tools as well. Video tutorials, an economic calendar, market analysis, and more are provided.

Is LegacyFX a safe broker?

In this section of our LMFX review, we will take you through how to open an account and start trading with LMFX step by step. In terms of client fund and account protection, the MT4 app complies with the highest standards of security. MT4 encrypts the data exchanged between the platform servers and the client terminal.

lmfx reviews

LMFX Trading Platform Options

Once the accounts team have verified your account, you can add funds and being trading. It only took me a few minutes to fill out the form and receive my login details. This calculator helps to determine your lot size based on your account currency, currency pair, account balance and the percentage that you are willing to risk, open price, and stop loss price. The broker states that they hold client funds in several pooled accounts across different organisations and countries, separate from the company accounts. Free Forex tool that lets you calculate the position size in lots to accurately manage your risk. It requires the minimum input values but allows you to tune it finely to your specific needs.

lmfx reviews

Trading Platforms

lmfx reviews

Generally, most traders that have used their services have had positive things to say about them, and the broker has a good overall reputation. There have only been a few miscommunications along the line with the brokers and traders. LMFX clients can take advantage of a 100% credit bonus match, which is available on deposits between $100 and $30,000. However, you will need to trade 100 lots before you can withdraw the bonus. The minimum limit is $10 but this increases to $100 for withdrawals made via wire transfer.

Withdrawal Processing & Wait Time

As you can see LMFX has very tight spreads starting from 0 pips and charges a 0.10% commission fee for stock CFD trading. Additionally, there are no deposit or withdrawal fees which help to keep non-trading costs to a minimum. Trading financial instruments such as cryptocurrency and foreign currency markets involves high risk and is unsuitable for everyone. When trading on leverage, the potential for loss is significantly higher than when dealing with just your funds.

Offering several account types means that different traders can usually find what they are looking for with LMFX. For crypto traders when you trade and invest in digital currencies on eToro you gain ownership of the financial asset. The only trading fees incurred when trading on eToro are tight spreads. For example, if you’re interested in Bitcoin trading then the spread is just 0.75%.

Obviously, both bonus types have terms and conditions to go with them, so be sure to read up on those before accepting bonus funds. The apps are available for Apple (iPhone and lmfx review iPad) devices, along with a separate version for Android. The MT4 software download is provided for both Windows and Mac, and the broker does provide a user guide for each.

This is useful for those who wish to keep an automated expert advisor running or those who do not have a reliable internet connection. The VPS comes with the LMFX MT4 trading platform already installed so that you can start trading instantly. It costs $20 per month or is free to clients who deposit into an LMFX trading account with at least $5,000. LMFX provide a great range of trading products and services which I think can be suitable for both retail and institutional clients from all over the globe. They have a vast range of trading instruments in various markets including Forex, Commodities, Stocks, Shares, Indices, Metals, Energies & CFDs.

However, if like many traders you would prefer to use a regulated broker, AvaTrade are regulated in multiple jurisdictions. There is an option of a virtual private server (VPS) that already has the LMFX MT4 platform installed so that you can start trading instantly. It costs $20 per month or is free to clients of the broker who make a deposit into an LMFX trading account of at least $5,000. I do this for my expert advisors (automated systems) that I need running around the clock. It is worth noting that you can get a free VPS from other forex brokers including Switch Markets. When selecting a broker such as LMFX, one of the most critical factors to consider is the broker’s regulatory body and regulatory status.

You can see the dates and times of news releases, along with the previous, forecasted and actual impact that they can have on different currencies. 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. Above all, our experts assess whether a broker is trustworthy, taking into account their regulatory credentials, account safeguards, and reputation in the industry. Fortunately, customer reviews on LMFX’s reputation are mostly positive overall.

With MT4 you can also view your trade history by opening the trading window and selecting the account history tab. From there you can alter the date range from all history, the last three months, the previous month, or a custom period. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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