LMFX provides its customers with a selection of three account types so as to match different tastes of dealers. While it’s trading requirements seem appealing, we would not suggest this unregulated currency and CFD agent. Keep reading to get all the particulars.
This broker’s selection of a stage is anything but unexpected, as more than 80 percent of the foreign exchange companies we encounter provide accessibility to this MetaTrader 4.
The stage is well known to dealers and is favored since it’s intuitive and dependable. In addition to this, its own charting is excellent and in addition, it enables automatic trading through Expert Advisor robots – programmable via the MQL4 scripting language, which isn’t that complex. Besides EAs, you may even write down your technical analysis indicators and run simulations, using historic data.
Apparently low price of trading
LMFX suggests a normal spread of 1.2 pips on EUR/USD, and it can be a competitive pricing.
A great deal of traders see that the price per bargain as the most important issue to search for in a broker. Even though this is definitely significant, the safety of your investment should take priority. To put it differently, it’s almost always much better to trade using a well-regulated agent, rather having an offshore company that guarantees low spreads, but ultimately disappears along with your cash. Below, you’ll locate the real time spreads of a few dependable and accredited agents.
Rich merchandise portfolio
LMFX provides trading in several currency pairs, such as exotic and minor ones, in addition to broad assortment of CFDs on indices, commodities, stocks and valuable metals. Even though it doesn’t incorporate the favorite cryptocurrency CFDs, such merchandise portfolio is rather comprehensive.
LMFX is a new supposedly operated by Global Trade Partners Ltd., a company registered in the Republic of Macedonia. LMFX lists GTP Global Solutions Ltd., a company registered overseas, in Saint Vincent and the Grenadines, as a payment solutions provider.
Because most of you are likely aware, enrollment in any state doesn’t necessarily mean the agent is licensed, nor supervised by a fiscal governmental bureau. As foreign exchange scams and fraud are extremely common in the foreign exchange business, we do not suggest doing business with authorized agents like LMFX.
No demonstration accounts?
We attempted to register a demonstration account with LMFX, as we couldn’t find a free downloadable version of the agent’s MT4 on its site. However, we can just get so far as accessing LMFX’s customer area.
In fact, the message”Your request has been processed” never moved off.
Unfavorable provisions in T&C
We’d some very disturbing texts from the agent’s statements and Conditions uploaded to their site. To be able to start an account with LMFX, then you need to agree with these T&C, which will authorize the agent to make withdrawals from the accounts for your benefit.
Make sure you experience these prior to registering for any investment firm, as occasionally they have specific conditions which are extremely damaging to customers written in little print.
Dangerously Large leverage amounts
Leverage amounts supplied by this broker change by account forms, no matter how the ratios provided on its own Premium account hit 1:1000. Leverage amounts that high might help you score big gains by investing small amounts, but they are also able to bring reductions, exceeding your primary investment. In all honesty, the next situation seems far more likely, especially if you’re an unexperienced dealer.
LMFX is a MT4 agent whose deal may appear appealing, but we discovered lots of shady facets to it. To begin with we couldn’t examine its services for free; Secondly, we discovered an upsetting clause in LMFX’ T&S. Third, this agent isn’t regulated.