LMFX supports a variety of trading platforms including the top-rated and popular MetaTrader 4 terminal, an all-new LMFX WebTrader, and mobile trading apps that are compatible with iOS Apple and Android devices. Although any country’s regulatory authority does not regulate LMFX, this is not the only reason to jump right to conclusions. The broker has a good trading environment with a decent financial products portfolio and a well-known trading platform. In addition, the broker has decent trading fees when compared to its competitors. You will find they have some average educational resources along with some trading tools to assist with your market analysis.
Deposit charges and payment methods
LMFX says that traders funds are sent to individual client accounts that hold all the pooled funds separately to the funds of the company. LMFX is known to offer a wide selection of instruments for Forex and CFD traders. Even though the LMFX contest uses virtual money with their demo accounts, the prizes each month are real cash that can then be used to trade on live accounts. LMFX is a good broker that has high leverage, a multitude of assets you can trade, and access to the well-known MT4 platform. When writing this review, we were impressed with the prompt and helpful service we received from the customer support team.
Commission and Fees
Alternatively, there is also a demo account available for you to practice your trading in a risk-free online environment with $100,000 worth of paper funds. Paper trading is a great tool for beginner and advanced traders to familiarize themselves with the trading platform but also to practice trading without having to worry about risk tolerance and potential losses. You can manage your open positions and pending orders, stops, and limits with the click of a button on the MT4 trading terminal by clicking Ctrl and T and tapping the trade tab. Another great feature is that you can set price alerts so you can always stay in the loop about your open positions and never miss any unique trading opportunities. Overall, the MT4 trading platform provides a great trading experience for all types of investors and online traders. But why is the MetaTrader 4 platform so popular amongst the investing community?
Account Types
It also doesn’t have any restrictions on trading strategies, you are free to install any Expert Advisors, Indicators or Plugins of your choice. You can get the Forex VPS for just $20 per month or you can get it for free with any deposit equal to or greater than $5,000. There is also the MT4 mobile platform for iOS and Android devices, which is very useful for clients who need to access their trading account from anywhere in the world, while on the go.
Platform Info
The FAQ sections of a broker website can vary in quality, but the one at Legacy FX was pitched at the right level and answered a lot of questions we could imagine new users having. Email queries that we sent on subjects that required detailed analysis were resolved within 24 hours, again to our complete satisfaction. As platform choice at Legacy FX is limited to MetaTrader’s MT5, there is no need to consider different options. After setting up a log-in there was a Captcha check, obviously set up to avoid bots penetrating the site. It was easy to work through, and a nod to Legacy FX being strong in terms of site security. Soon after providing details, a member of the Legacy FX team sent a WhatsApp message to check how the process was going and to offer advice on how to make the process as easy as possible.
- The MetaTrade 4 platform is popular and likely already known by experienced traders who have used it on other trading sites.
- For new investors, this can be very handy, but one has to know what to determine is a decent bonus.
- It is always possible to sustain a loss of some or all of an initial investment.
- The broker has some helpful video tutorials available on their website.
Risky trading leverage allows you to control larger positions with less capital, increasing both the potential for profit and loss. Compared to other brokers, LMFX offers fewer customer support features. They do not provide live chat support, and their phone and email support can also be slow. You should take the security of your personal information seriously and check SSL encryption is enabled on the LMFX trading platform to protect you on PC and mobile LMFX platforms.
Trading Platforms
All funds deposited to LMFX are held in segregated bank accounts for security. Although this doesn’t mean LMFX are awful, we recommend trading with regulated brokers. While LMFX may not be considered unsafe, they lmfx review are not regulated or supervised by any major regulatory body.Depending on your trading style this may be okay. This is a high-risk investment and you should not expect to be protected if something goes wrong.
If you want cryptocurrency funding then Hankotrade could be an option. Contracts for Difference (CFD) are derivative financial trading instruments. With CFDs, you can speculate on rising or falling prices of rapidly moving financial instruments.
In our LMFX review shows the main three types offered are Premium, Zero and Fixed accounts, having different spreads commissions, leverage and other minor differences. LMFX states that, in the event of liquidation, funds in the client accounts will be returned to clients (less administration and distribution fees). Regarding the payment gateways they use, LMFX states that the services they employ have been in business for several years, and they use several to spread risk further. If you are looking for an FX trading platform with high trade volume, offering several assets, with low fees but lacks regulation, LMFX may be for you. Traders have a range of payment options to choose from, including wire transfers, credit/debit cards, Neteller, Skrill, and FastPay. These options provide flexibility and convenience for traders worldwide.
If regulation is a crucial aspect of your trading experience, we recommend reviewing some safer alternatives from our list of best forex trading platforms. A demo account is a great way to trial new strategies or explore a broker’s assets and services, risk-free. The LMFX mobile app for iPhone and Android allows you to trade anytime, anywhere. The application supports the key features available on the desktop and web versions, including real-time price quotes and full market history.
They hold substantial core capital reserves, making them capable of handling unexpected losses and market volatility without endangering their LMFX clients’ funds. Yes, LMFX provides a range of educational resources for traders, including market analysis, webinars, video tutorials, and eBooks. The company also has a dedicated support team to assist traders with any questions they may have.
When it comes to forex trading the commissions and spreads vary based on the 3 different account types which include Premium, Fixed, and Zero accounts. This online broker also offers indices trading which allows you to trade and invest in stock exchanges such as the FTSE 100 and the USA 500 and gain exposure across all the constituents that make up each index. The MT4 platform has an intuitive user interface with a wide range of features making it the preferred platform of choice for many new and experienced traders. In MT4 you can view trading instruments real price quotes from the market watch window and load charts in 9 time frames.
All information on 55brokers.com is only published for general information purposes. We do not present any investment advice or guarantees for the accuracy and reliability of the information. There is no financial body authorising and regulating the activities of LMFX. And while this does not necessarily mean that the broker is a scam, it does reduce your protection and legal recourse. Therefore, we always recommend looking for a broker with reliable regulatory oversight. Real cash prizes are given away each month and, the best part is, there is no risk to real capital.
Firm’s he has worked at include big banks like Citi, and prominent hedge funds including D. To further enhance trading conditions, traders can resort to https://forexbroker-listing.com/ the Platinum account, which drives spreads as low as 0.6 pips. First off, the broker provides an easy withdrawal and deposit system for all its clients.
Stocks, currency and other commodities and instruments will be brought or sold by LMFX even if no buyer or seller is lined up. LMFX allows Forex trading, CFD trading, Spread Betting trading, Social trading, and Share Dealing trading. LMFX is overseen by the top tier financial regulators Unregulated so can be considered a good broker. Please note that the list of payment methods below depends on the LMFX Entity and the client’s Country of Residence.
The broker does offer trading competitions, where clients can trade to win prizes, and offers a high leverage. If so, you’re likely looking for a platform capable of high trade volumes, that offers a wide variety of assets, and has low fees. Yet besides that — regulation is a crucial aspect when it comes to Forex and CFD trading. LMFX uses reputable payment providers to reduce the risk of payments not being processed. Furthermore, the broker uses single sockets layer (SSL) encryptions on all website traffic and holds all client capital in segregated bank accounts.