LMFX is an online trading broker lasting on the market for ages. But that doesn’t mean the firm is legitimate. Quite otherwise, actually.
Our detailed LMFX review will tell you all you need to know, including what to do if you get scammed by this offshore swindler. Let’s begin.
LMFX is a brand of GTP Global Solutions Ltd, registered in Saint Vincent and the Grenadines. As we repeated numerous times throughout our investigation, the official regulator of SVG doesn’t issue Forex licenses. Instead, companies must register with any other license provider, then establish their offices offshore.
Hence, we searched for the LMFX regulation with Tier 1 authorities, such as FCA, ASIC, BaFin, and CONSOB. Our search yielded no results, meaning this is just another scammer on the hunt for victims.
The company onboards the EEA zone residents without complying with some basic rules. For instance, the official EU watchdog ESMA has set a leverage limit of 1:30 for currency pairs due to the high risks involved. At the same time, LMFX broker offers up to 1:1000, directly violating this policy.
Let’s see what else they violate and why your money is not safe.
LMFX is an offshore trading brokerage without a license. Spanish CNMV has banned the company for offering unregulated investment services.
Wherever you reside, don’t fall victim. Nobody will protect you unless you protect yourself.
One good thing is the LMFX trading platform, MT4. This is one of the best software in the industry, along with its successor, MT5.
Both platforms have millions of users due to advanced functionalities. For instance, both support social trading and Expert Advisors, along with many other add-ons. In addition, both are fully customizable, meaning you can set them up according to your trading style.
Another benefit of working with MT4 is its mobile app. The terminal is available for Android, iOS, and Huawei. LMFX broker offers links for Google Play Store and Apple Store on its website, where you can directly access the software.
Surprisingly, LMFX doesn’t offer crypto trading. Instead, you can find the following instruments:
It’s a pretty limited range considering that some regulated brokers provide access to crypto, ETFs, bonds, and much more.
The spread mainly depends on the account type. It ranges from 0 to 1 pip, which is quite solid. However, if you choose a Zero account, you will have to pay a commission of $4 per lot. Additionally, the company doesn’t offer an Islamic account, meaning you will also have to pay swaps to keep a position open overnight.
As mentioned, the majority of trading terms and a minimum deposit depend on the LMFX account type. You can choose from one of the following options:
Other than the initial sum, accounts differ in spread, leverage, and trade size. While the minimum deposit is not too high, note that this account includes various commissions, so make your calculations properly.
While you can find the LMFX Demo account advertised, the situation is a bit different. Once you try to connect to a trial account via the MT4 terminal, you will see a message that the request is being processed. However, this processing has no end. Therefore, there’s no account access.
In the unlikely event that you manage to register for a risk-free account, you should still take into consideration that LMFX is an unregulated offshore firm. Your funds are not safe, and the moment you deposit, you will understand it.
There are several options available for LMFX withdrawal:
Each option has its minimum, ranging from $10 to $100. According to the website, receiving your profits takes 2-5 business days. Yet, based on LMFX reviews, we can conclude you won’t see your money back.
For instance, there’s a clause stating that by investing your money, you agree to allow the brokerage to withdraw money from your account and pay third parties who you allegedly owe. Great way to transfer money to themselves, right?
Don’t lose hope if you lose your money by being scammed by an LMFX broker. Global Fraud Protection has dedicated chargeback experts ready to evaluate your case and help you with your recovery.
Book a free consultation with our chargeback specialists, and we’ll evaluate your case based on the facts. Let’s find a legal way to fight!
LMFX is an unregulated offshore trading broker. If you have already paid any money to this scheme firm, we may help you out with recovery.
LMFX claims to offer a risk-free Demo, but we were unable to register for one.
Yes, LMFX offers MT4 and an app for Android and iOS devices.
LMFX is an unregulated offshore trading broker. If you have already paid any money to this scheme firm, we may help you out with recovery.
LMFX claims to offer a risk-free Demo, but we were unable to register for one.
Yes, LMFX offers MT4 and an app for Android and iOS devices.
The post LMFX Review 2023 – Lmfx.com Is An Offshore Brokerage Without A License appeared first on Global Fraud Protection.
