LMFX brokers. Are they recommended to use?
The one thing that you need to consider when you want to start trading is the brokers that you are going to use. With the right and recommended brokers, you will be able to have the best chance in making a success of trading.
The problem is that there are many brokers that aren’t recommended and that won’t give you the best trading experience. A broker that many traders are using is LMFX. But, you should make sure that they are really recommended before you decide to use them.
LMFX is situated in Saint Vincent and the Grenadines and is connected to a company called GTP Global Solutions Ltd. They are forex and CFD brokers that are trading all over the world.
At first glance, it seems that they are legit and recommended to use because they have a legit address, telephone number, and email address. And, they are connected or registered to a company. However, this isn’t enough proof to decide to use them as your brokers. There are many other things that you should consider.
Regulated and registered
As said before LMFX are registered and connected to a company named GTP Global solutions. But, they aren’t licensed and aren’t regulated. This is essential to make sure that brokers are registered, regulated and licensed to trade before you can make use of a broker.
When a broker isn’t regulated, they can basically do just as they please. They can change their terms and conditions without any warning and banned your account without notice. Making it risky to use. Any broker that you can use safely is registered as well as regulated by international regulators.
Account info and minimum required deposits
This is one of the reasons why many traders are using LMFX. This is because of their account options and their minimum required deposit.
They offer three different accounts; Premium, zero and fixed. Anyone of these three accounts offers some great benefits. And, the minimum required a deposit is also a lot smaller than some of the other, reliable brokers. The minimum required deposit for the premium account is only $50 and for the fixed account it is $250. Making this one of the more affordable brokers to use.
The platform that they are using
Many brokers are making use of the MT4 platform. This is because this is the most reliable platform and traders are only making use of brokers that are using MT4. However, this doesn’t mean that just because they are using MT4, that you can trade with them, without any warnings.
They know that this is the best way to get new traders. To use the best and most popular platform. And, this is exactly what LMFX are doing. They are using the best platform, even if they are still not recommended by traders and regulators.
No demo account
Too many traders don’t consider using the demo account of a broker before they decide to deposit money into the account. They think that a demo account is only for those that are still learning to trade.
However, this isn’t the truth. You should also make sure that the brokers are legit and that they are really using the platform that they are promising. And, you should make sure about the leverage that they are promising. With LMFX, you will not be able to test their services before you are depositing money into their accounts.
Terms and conditions that aren’t standard
This is one of the reasons why you should not make use of LMFX. This is because they don’t have the standard terms and conditions that brokers should have. They are able to do this because they aren’t regulated. Their terms and conditions can be adjusted according to their likings, and not according to regulations rules.
Brokers rules and regulations are really important. This is the rules that the traders should obey, in order to keep your account active. If they are able to change their rules and regulations as they please, then your account will always be at risk to be canceled.
Regulators aren’t recommending them
The most important thing to consider when deciding to use a broker. To see what regulators are saying about the broker. With LMFX, there are a couple of things that are troubling the regulators. That is making the regulators warn against using LMFX. One of these things is because these brokers aren’t licensed, and they aren’t regulated.
LMFX has many bad customers or trader reviews, and this is also a serious thing that regulators are considering. If regulators are warning traders about a broker, you should take it seriously.
LMFX brokers might be brokers that many traders are using. However, with doing a bit of research about them, it is clear that they aren’t recommended and that they are risky to use. Not only aren’t they regulated, but they also have some missing features that a trustworthy broker should have. Making them really risky to use. And, this is why the regulators are warning all traders about using LMFX.