The first job is to make a trader believe that it is there to help them. But LMFX does not live up to the anticipation. Instead, it disappoints on all fronts that a trader is meant for. You feel cheated and out of space by visiting it. LMFX broker review 2021 takes you to the brokerage company’s dark reality that will open your eyes.
If you think that the broker’s world is full of fun and trading is all about making money, LMFX does everything opposite. It ruins your funds and makes merry on them by looting you in disguise. And by the time the realisation dawns, everything is snatched from you. Moreover, you cannot claim anything from it either.
The trap set up by the broker is so intense and updated that for once you get driven away by its fake promises. It deflates the bubble of dreams and shows you the reality of LMFX. You can’t imagine the way the brokerage firm is taking illicit advantage of people.
LMFX scam or safe?
The question has the easiest answer to it; LMFX scam. Simple, there are no two thoughts about it. Over the years, people have experienced loot and lost their funds while trading on it. There has been no help accorded by the broker. Instead, they asked the traders to shoo away. How do you define such apprehensions?
Further, you cannot know whether it has some registration and license with any reputed firm. The broker is hiding information like regulated authorities and many more. Such suspicious acts don’t go down well with any trader who has put so much at stakes.
Only a fraud broker with an ulterior motive would resort to such doubtful things. So, LFMX is a fake broker. Now, you can decide on your future while it invites you to create an account.
So, take note of such demeaning demeanour meted out by the fraudulent company and feel rest assured.
No education material
What can you expect from a fraud broker like LMFX? It has not got even one single lesson or product for teaching traders because the main motive is something else than what it exhibits. You might register on it, and after receiving your funds, it won’t respond. The terms and conditions are so stiff that you cannot claim it back.
The broker minuscule trading education material and even that is incomplete. It claims to provide trading tools, but important indicators like the Bollinger bands, donchian channels, and many more miss the spot.
The broker mentions the term Fibonacci numbers. It is still unclear that the numbers are about the Fibonacci series or the Fibonacci retracement levels?
Since the broker is a scam, the first situation seems more probable.
Thus, if you do not want to regret investing in LMFX, avoid the broker altogether. Also, spread the word among peer and masses. Offering no educational tools is a clear indication that the brokerage firm is not complying with the industry standards. People should instead create an account on PrimeFin, TradedWell and InvestLite for more significant opportunities.
When you click on the registration tab of the LMFX website, a signup page appears asking for email and password. That is all. No one knows what comes next. This leads to hesitation among clients, and they might not want to further with the process. It would have been better if the broker set up a clear account opening on its website.
Irrelevant account types:
The broker claims that almost no spreads are charged in the zero accounts, yet at the same time, charges four dollars in commissions for each lot. Absurd leverage of 1:250 is offered on the account, which is lower than what the Eu has agreed upon.
The broker limits the stop out percentage in the account, ensuring that the broker cannot get out of the trade-in a safe exit.
As bizarre as it sounds, the premium account offers leverage of 1:1000, way much more than what the EU has agreed upon. Such leverage schemes are nothing but a mirage to a trader looking at money-making opportunities, and actual money-making opportunity for the broker.
On each account, the spreads are either fixed or zero, but the trades are commission-based. This is specifically an indicator that says the broker is a complete scam.
Day traders do not like to trade on commission based trades because the profits they make on numerous trades are small. The real profit is in the number of trades placed. Commissioned trades reduce the profits earned, and the money goes straight to the broker.
The broker has not updated itself from the MT4. MT5 is already rolled out in the market, and still, the broker sticks to MT4. This is a previous version of a trading platform and has had an update because it was not ready to take on the more competitive market the world would see. Older versions of the platform miss out on important tools and indicators that would result in profitable trades. The broker seems to vary in this situation and has barred the investors from using a more accurate platform that would suffice all their needs.
Apart from MT4, trading platforms like an android trader are made available to the user. Android is a language that supports mobile applications. A trading platform built on such a code would result in lags, miscalculations and out of the blue system crashes. The broker offering it as a suitable platform is an utter disgrace to the trading community.
LMFX tradable assets:
The broker mentions trade in popular assets like forex and indices etc. but fails to add cryptocurrencies as a tradable asset. The market has evolved so much that a broker not including such a hot stock of the market as a tradable asset is for sure, unsure of itself. Since the crypto market is volatile, there is a chance that the trader makes more than the broker anticipates. Since most of the other scam brokers have third party liquidity providers with them, volatility is considered unsafe to them.
Bad LMFX regulation:
The broker tries to woo the first time visitor by showing them what needs to be seen. But completely misses out on the more relevant information like the licensing number or the regulating body. The broker claims that it is safe but has no document to back that statement. This is the clear most definition someone could ever have, of a scam broker.
The legal documentation tab has a few downloadable files, which again tells nothing about the regulatory body or the firm’s licensing number.
What are the disadvantages of trading with LMFX?
Trading with LMFX will lead to the following major disadvantages:
High charges and trading fees
Limited trading and research tools
No educational material
Poor user interface
No banking license
Poor and delayed customer service and support
We do not have a single reason for recommending you to trade with LMFX. First of all, the integrity and regulation of the broker are quite questionable. The broker does not even have a banking license. Other than that, the whole ideology looks boastful and manipulative. There are other brokers who are direct and straightforward with their approach. You can check out HFTrading, PrimeFin, TradeATF. These brokers are regulated by top authorities and provide better services at relatively fewer costs.