LMFX Editor’s Verdict

LMFX, owned by North Macedonian-based Global Trade Partners Ltd, is an unregulated multi-asset broker which has been in operation since 2015. Regrettably, there is no information available about Global Trade Partners Ltd. Research suggests that LMFX has accepted clients since 2015 and that the support team operates out of Bulgaria. Despite its opaque ownership, LMFX has no negative reviews and its five years of operating history suggests that it manages a trustworthy broker. Rather than relying on regulatory oversight, similar to brokers operating out of St. Vincent and the Grenadines, LMFX relies on establishing a trustworthy relationship with traders who are willing to ignore regulation in favor of a competitive trading environment and friction-less execution. LMFX accepts US Forex traders, as it does not have to comply with restrictions which would otherwise prohibit it from doing so. 

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Deposit and withdrawal
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Asset selection
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Ease of account opening
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Regulation and security
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  • Choice of Trading Accounts

  • Choice of Platforms

  • Demo Account

  • No Regulation


High leverage and bonuses aid this broker in executing their business plan successfully. That warrants a closer look at this unregulated and relatively unknown broker.

HeadquartersRepublic of Macedonia
Year Established2015
Execution TypeMarket Maker
Minimum Deposit$50
Trading Platforms(s)MetaTrader 4
US Persons Accepted?
Islamic Account
Segregated Account
Managed Accounts
Institutional Accounts
Support Hours24/5
Customer Supportemail-support chat-support
Demo Account

LMFX Review landing page

Regulation and Security

LMFX is an unregulated broker operating out of North Macedonia. It remains vague about its corporate owner, Global Trade Partners Ltd, and the only available information is the registration number, 7020600. Searching the Central Registry of the Republic of North Macedonia confirms the existence of Global Trade Partners Ltd, registered on March 3rd, 2015. Multiple sources outlined GTP Global Solutions LTD as the payment processor, operating out of St. Vincent and the Grenadines under Financial Services Authority (FSA) oversight. A search of the FSA website did not confirm the existence of it, however.

On October 5th, 2020, the Spanish financial regulator, Comisión Nacional del Mercado de Valores (CNMV), issued a broad warning regarding brokers' acceptance of Spanish traders without registration with the CNMV; that list included Global Trade Partners Ltd. That in and of itself does not suggest a scam or fraudulent behavior on behalf of LMFX. It does, however, confirm the lack of regulation of LMFX, which operates as a duly registered company out of North Macedonia, where it remains fully compliant with rules and regulations. Per its own account, the segregation of client deposits from corporate funds exist, negative balance protection is in place, and the legal section indicates the broker's compliance with AML regulations. AML compliance is a requirement to maintain a corporate bank account in North Macedonia, and a bank account with a domestic bank is a necessity to operate a business. Our research did not uncover reports of scams or fraud against LMFX, and Global Trade Partners Ltd has operated for over five years as a compliant company. Therefore, each trader must assess if LMFX fulfills their requirements of a trustworthy Forex broker.

LMFX owner, Global Trade Partners Ltd, is a duly registered and fully compliant company based in North Macedonia.

LMFX Review regulatory oversight

The payment processor, GTP Global Solutions LTD, does not exist, as stated by multiple sources, under FSA oversight.

LMFX Review FSA info

The Spanish financial regulator, CNMV, included Global Trade Partners Ltd in a warning about unregistered institutions dated October 5th, 2020.

LMFX Review CNMV warning

Per its own account, negative balance protection exists.

LMFX Review negative balance protection

The LMFX legal section indicates it is in compliance with AML regulations, a requirement for Global Trade Partners Ltd in order to operate as a legal entity in North Macedonia.

LMFX Review AML regulations

LMFX outlines the security of client deposits on its website.

LMFX Review client deposit info


Withdrawal options
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  • Deposit options
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  • LMFX has two commission-free account types where it earns revenues from above-average mark-ups. The EUR/USD commences from 1.4 pips and 1.9 pips in the floating and fixed accounts, respectively. The commission-based alternative provides clients with access to a minimum spread of 0.2 pips for the EUR/USD and an acceptable commission of $8 per round lot, just above the top range of a competitive one. Equity trades incur a 0.10% cost. This broker is also a market maker and profits directly from client trading losses where it acts as the counter-party. Traders will pay swap rates on leveraged overnight positions, and third-party transaction costs apply. LMFX passes corporate actions on to traders. An inactivity fee or currency conversion cost was not listed. The overall pricing environment is not very competitive but neither is it excessive, placing this broker in the middle of the pack compared to all online brokers.

    MT4 traders can easily access swap rates from their platform by following these steps:

    1. Right-click on the desired symbol in the Market Watch window and select Symbols.

    2. Select the desired currency and then click on Properties located on the right side.

    3. Scroll down until you see Swap Long and Swap Short.

    The spreads at LMFX remain above average.

    LMFX Review spreads

    LMFX is transparent about being a market maker.

    LMFX Review market maker info

    What Can I Trade

    The asset selection at LMFX remains limited. Forex traders have access to just 48 currency pairs, and no cryptocurrencies, but an acceptable 12 commodity CFDs. Completing the list are 36 equity CFDs and nine equity CFDs for a total of 105 assets. While this may be enough for new retail traders with smaller portfolios, LMFX fails to provide broad choices for more demanding clients.

    LMFX primarily provides Forex and equity CFDs, but from a single trading platform and not seven as the website claims.

    LMFX Review trading info

    Account Types

    Clients may choose between the commission-free Premium Account and Fixed Account or the commission-based Zero Account. The Premium Account requires a minimum deposit of $50, with follow-on transactions lowered to $25. The maximum leverage in both commission-free accounts is 1:1000. The Fixed Account shows a minimum and follow-on deposit requirements of $250 and $50, respectively. The Zero Account is available for $100, with $50 for subsequent deposits, but the leverage is lowered to a competitive 1:250. While neither choice offers a competitive trading environment, the misleadingly labeled Zero Account, where the minimum spread is 0.2 pips, provides active traders with the best offer. An Islamic Account is available, but traders have to request one via e-mail.

    The LMFX Zero Account offers the best trading conditions, just outside of the competitive range.

    LMFX Review Zero account info

    Traders may request an Islamic account, which carries additional costs.

    LMFX Review Islamic account info

    Trading Platforms

    Platform Languages
      • English
  • OS Compatibility
      • Mac
      • Mobile
      • Web
      • iPhone
      • iPad
  • Charting Package
    Mobile Alerts
    E-mail Alerts
    Guaranteed Limit Orders
    Guaranteed Execution
    One-click Execution
    OCO Orders
    Interest on Margin
    Web-based Trading
    Mobile Trading
    Proprietary Platform
    Automated Trading
    Guaranteed Stop Loss

    LMFX notes seven trading platform on its homepage, but it only provides traders with the below-average out-of-the-box MT4. It lists the availability for the MT4 as a desktop client, webtrader, and three mobile alternatives for a total of five versions of the same product. The MT4 infrastructure allows traders to upgrade the core version into a cutting-edge trading terminal, but it requires paid-for upgrades, which LMFX does not provide. As such, traders will either have to accept a sub-standard trading platform or invest their own capital to gain a competitive edge. The limited asset selection and above-average trading costs at LMFX do not warrant an upgrade, but traders can use any MT4 plug-in at all MT4 brokers.

    LMFX only provides the core MT4 trading platform and not seven, as stated on the homepage.

    LMFX Review MT4 platform

    Unique Features

    VPS hosting is available, which supports automated trading solutions. The cost of $20 per month is acceptable, but this broker does not provide full details of its provider. Traders with a minimum deposit of $5,000 will get the benefit of free VPS hosting, but the product and services portfolios at this unregulated broker do not create conditions to warrant such a capital commitment.

    VPS Hosting is available free or at an acceptable cost, depending on deposit requirements.

    LMFX Review VPS hosting

    Research and Education

    LMFX lists comprehensive educational materials and in-depth daily market analysis as two of its advantages; neither assertion is correct. The former reloads the Why Choose LMFX page, and the latter loads a blog which has not been updated since June 24th, 2020. The available content consists of brief market commentary and no market analysis. The LMFX trading tools feature seven calculators, which provide manual traders with limited benefits in their current form. LMFX should, instead, offer them as MT4 plug-ins, where traders can effectively deploy them. That would also upgrade the core trading platform and display a commitment to providing a competitive trading environment. Currently, LMFX neither provides research nor education. For a broker in operation for more than five years, there is no excuse for the absence of either.

    The availability of advertised education and market analysis is misleading and false.

    LMFX Review education claim

    LMFX neglected to update its blog in over six months where, per its own account, the Chief Market Analyst provides in-depth content.

    LMFX Review blog info

    Seven calculators are available in the Trading Tools section.

    LMFX Review calculators

    Customer Support

    Support Hours24/5
    Customer Supportemail-support chat-support
    Website Languages
      • English
      • Spanish
      • Japanese
      • Portuguese
  • Clients have access to customer support 24/5. LMFX lists a UK phone number, e-mail, and webform as contact methods, together with live chat. The last choice presents the most convenient option to get in touch with a support representative. An FAQ section is not available, adding to the growing list of missing items.

    Customer Support is available 24/5 via numerous channels.

    LMFX Review customer support

    Bonuses and Promotions

    LMFX provides two bonuses to traders, which represent a core marketing tool. Terms and conditions apply, and traders are advised to read and understand them. LMFX implements acceptable conditions, making the 100% Deposit Match Bonus an excellent offer, if understood and used correctly. It can provide traders with a narrow focus on select assets with an offer worth considering, especially if access to other tools is available. The Learn & Earn Contest runs in demo accounts and provides real cash awards deposited in a live trading account at LMFX.

    Two bonus offers are available at LMFX.

    LMFX Review bonus offerings

    A demo contest with real cash prices is also maintained.

    LMFX Review demo contest

    Opening an Account

    An online application handles new accounts, following established industry standards. The initial step consists of name, contact information, and date of birth. Since LMFX complies with AML/KYC requirements, account verification is mandatory. Traders can usually satisfy this final step by submitting a copy of their ID and one proof of residency document not older than three months. LMFX is an unregulated broker but is duly registered and appears to be a compliant business. It has no known claims of fraud or malpractice against it. Traders must conclude if this is sufficient to open an account.

    The online application is straightforward, with account verification a mandatory step.

    LMFX Review account opening info

    Deposits and Withdrawals

    LMFX supports bank wires, credit/debit cards, Skrill, Neteller, FasaPay, and VLoad. No internal deposit or withdrawal fees exist, but third-party charges may apply. The minimum deposit is $50, and the minimum withdrawal is $10, except for bank wires, where it is $250 and $100, respectively. LMFX processes withdrawal requests received before 10 am (server time) on the same day. Processing times depend on the payment provider and generally range between instant to 15 business days. Overall, LMFX complies with industry standards.

    The minimum deposit and processing times are acceptable.

    LMFX Review deposit info

    LMFX processes withdrawal requests the same day, if received before 10 am server time.

    LMFX Review withdrawal info


    LMFX is an unregulated broker operating out of North Macedonia, where it is a duly registered company and appears to be fully compliant with local laws and regulations. In operation for over five years and without confirmed claims of misconduct and fraud, LMFX relies on generous bonuses, low minimum deposits, and high leverage to attract and retain clients. Given its history, this broker appears to execute its business plan well enough to compete as a profitable operation.

    The asset selection remains a distinct weakness, the cost structure is slightly elevated, and only the core MT4 trading platform is available. LMFX neither provides education nor research, despite claims on its homepage that it does. While LMFX does not do anything wrong, per se, it also does not do enough to ensure a safe trading environment. There are steps this broker can take to improve its approach as an unregulated broker. LMFX has the potential to become a dark horse broker in many markets but requires more attention by its management team, an upgrade of its core trading environment, and expansion of its product and services portfolio. Until then, most traders will find a better offer elsewhere. Nonetheless, LMFX remains one to monitor for positive changes moving forward.


    Does LMFX offer the MT5 platform?

    No, but the out-of-the-box MT4 platform is available.

    Are there any withdrawal fees at LMFX?

    There are no internal withdrawal fees, but payment processors may levy charges.

    What deposit options does LMFX offer?

    LMFX supports bank wires, credit/debit cards, Skrill, Neteller, FasaPay, and VLoad.

    Is LMFX a regulated broker?

    No, LMFX is not a regulated broker but a duly registered and compliant company based in North Macedonia.

    Does LMFX accept US clients?

    LMFX lists no restrictions and, therefore, accepts US clients.

    About the Author

    DailyForex.com Team
    The DailyForex.com team is comprised of analysts and researchers from around the world who watch the market throughout the day to provide you with unique perspectives and helpful analysis that can help improve your Forex trading.