In an industry full of scam artists, it’s vital to leave a good first impression. LMFX passes this test with flying colours. We have encountered numerous brokerages with a cookie-cutter web design that barely covers the cracks of their scam business models. If you were to look at LMFX website, you would see a healthy mix of feature breakdowns and helpful shortcuts that can get you to most destinations in just a click or two. Site optimization is excellent, and everything runs smoothly for the most part. The only issue we had is when we wanted to visit the economic calendar. However, we were willing to give this a pass since this is not a page you will be visiting too frequently.
Our LMFX review will breakdown all of its key features in order to give you a clear picture of this brokerage and whether it is worth investing in. We have created several categories by which we evaluate these brokerages, and each contains an overall score. By the end, you will know everything you need to know about LMFX.
Platform and Execution SCORE: 80%
LMFX has incredible flexibility when it comes to its trading platforms. In order to cover a wide range of different traders, they have gone the extra mile, and are currently offering both the Meta Trader 4 and their own web-based platform.
MT4 will be familiar to most experienced traders because it has been the standard for so long. It has enough features to satisfy even the most demanding traders who can enjoy the platform complexity to develop, test and execute custom strategies. It offers more than 50 built-in indicators, market news, advanced charting and analysis and most importantly trailing stop loss functionality. Meta Trader 4 can be downloaded directly from the website for both Mac and PC.
Most novice traders might be discouraged from using MT4 because of its density. Luckily, they can use LMFX’s custom made Web Trader that is much more user-friendly. It doesn’t require any downloads, as it can be accessed through any browser, but in our experience, you should stick to using Chrome. Another good thing is that by using the Web Trader, you are not sacrificing any of the performance or reliability. The only difference is that you receive much less clutter here, and you are presented only with the bare necessities.
We also need to praise LMFX effort in creating a viable option for clients who like to do their trading on the go. You can download a pretty good app on both iOS and Android platforms. In order not to sacrifice performance, a lot of the features had to be toned down. We wouldn’t suggest completely relying on these, but just using them to make quick adjustments in your strategy when you are not near your computer.
Withdrawal Speed SCORE: 35%
As much as we liked how smooth all trading operations were, we encountered some issues when it came to transferring our money to and from our account. LMFX does offer a wide range of payment options including Visa, Master Card, Wire Transfer, Skrill, Neteller, FasaPay and VLoad. This is pretty standard as most of the industry offers the same solutions. What bugged us was the time it took to approve our withdrawal requests.
While waiting several days to receive your money when using any bank-related method is to be expected, we were flabbergasted when we found out that we had to wait 4 working days for our request to be approved. With most other brokerages, this process is resolved within several hours, so we had to contact LMFX support to check out what the issue was. The only response we got was that it was “regular company policy”. Even if you use any eWallets, you will be facing the same issues. In today’s day and age, this is simply unacceptable and LMFX should address this as soon as possible.
Support and Assistance SCORE: 50%
Having a strong support system is a true backbone of any brokerage. Majority of traders will at some point have either a question or an issue they need help resolving. By observing the support team you can judge just how much any company is devoted to its clients. LMFX does a decent job, but still retains several huge omissions we need to address here.
First of all, LMFX lacks any type of quick chat feature that has become popular in recent years. With no Skype support either, traders cannot get any replies in real-time. You can either write to them via email or the on-page form, or phone them directly. There are two lines based in the UK, and both seem to be busy most of the time. When you eventually get through, you are greeted by a polite representative who was more than qualified to address my issues. If you do decide to write an email, the response you receive will be of the same quality, but the waiting times are horrible – we had to wait 3 days to get any response.
LMFX obviously cares enough to hire highly competent employees, but at this point, there simply isn’t enough of them to cover their extensive customer base. We do not get into their hiring policies but would recommend immediately expanding their support team.
Education and Tools SCORE: 35%
LMFX lacks a traditional library of educational tools, but still has something to offer for the uninitiated traders. In their Education hub, there are two main attractions, the economic calendar and several trading tools. The calendar highlights important market events, their exact time and forecast. We loved the colour gradation of events. This can help new traders to get a feeling of what events are expected to leave a big dent on the market.
Tools, on the other hand, mostly consist of calculators that can help you calculate Pivot Points, Fibonacci, Position Size, Pip Value, Risk percentage and more. While this is helpful, we would love to see additional education material that would help some new traders get a better understanding of the markets, platform or some trading concepts in general. Many other brokerages offer similar education packages, and we have to fault LMFX for not including anything of this nature.
To sum up, LMFX is a competent broker that has many appeals, but still a long way to go in offering a complete package for traders. Withdrawal speeds, size of the support team and education library are things that need to be addressed as soon as possible in order to earn our full recommendation. At the end of our LMFX review, we are left wanting more and hope this brokerage improves its services soon, as we had real fun exploring its phenomenal trading platforms.