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LMFX Review - Forex broker for US clients.

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  • LMFX Review - Forex broker for US clients.

    I'm pleased to confirm we have appointed LMFX as our preferred broker for US clients.

    The search for a reliable and reputable broker to support our thousands of US clients has been a constant challenge since our sites inception back in 2012. Due to over regulation in the US traders are left with very few options unless they're willing to be treated like children and trade handcuffed through anti hedging, FIFO and low leverage restrictions. Forex trading is difficult enough without having further limitations placed on our strategies!

    The only way around this is to trade with an offshore broker that isn't bound by the NFA. I know this is a little uncomfortable for many of you because you lose the protection that the regulation provides, and this is why it's so important that any broker you trade with has been properly vetted and comes recommended by other traders.

    I'm pleased to say that after a referral from one of our coaches, Jason Gospodarek, we've partnered with LMFX.

    We began our relationship earlier in the month and I have to say that they've been the best broker I have ever dealt with. Their support is fantastic, the client portal is the most user friendly and intuitive I've seen and their CEO understands our business and knows how to support our clients. It also helps that he's a personal friend of Jason, having known each other for 5+ years!

    Client deposits/withdrawals are fast, their spreads very competitive and they have a US toll free phone number in case you want to speak to a real person.

    Click here to find out more about LMFX, alternatively please post any questions below.


    Click here to check out the most popular forex channel on YouTube

  • #2
    Right on! I am a fan and supporter of LMFX....great support and overall system ran by folks who know the market and what traders need and want. Give them a try and see what you think!

    Comment


    • #3
      Hi Nick,

      I hadn't heard much about this broker till you posted here. I'm actually considering LMFX myself. They do offer better options and service then FXchoice. I'm actually glad you guys left this broker as every day I was growing more and more concerned with them. They seem very disconnected somehow which made me feel they were hiding something. Again, my opinion but I two like brokers to be upfront and LMFX seem to be...so far.

      So my question is...I'm weary about unregulated brokers. They can always close shop on US clients at anytime if they get enough pressure from the CFTC. This usually stems from clients legitimately losing accounts and trying to blame the broker for their losses. If this happens enough times, it can cause the broker to get pressure from the CFTC and other regulators. Luckily it can take years for this to happen when a broker cares for its client base. The bottom line is, all these unregulated brokers are eventually forced into regulation at some point and with you guys being so involved I can only hope you can have insight into when the broker shows signs of irregularity and let us know.

      So I'm considering signing up under you're affiliate for more protection. If for some reason LMFX closes shop and us clients get screwed, I'm trusting you and your team will do all in you're power to help us get our money out. I was wondering if you can elaborate on this though. Maybe you can give us some reasons to join YOU at this new broker.

      Comment


      • #4
        Sure thing Ryan! Always enjoyed your streams by the way and still watch on youtube from time to time. Yes, I understand your concerns about brokers outside of the USA indeed....I recall your story about the company you worked for and the losses they incurred with some scam brokers. Personally, I have never lost any funds from a broker closing to USA clients as they likely have some business with other countries and we simply are instructed to close all trades within a couple/few weeks and are forced to withdraw the balance at the end. Like you, I have used many brokers over the years and only work with those I trust and have personally vetted. We (the retail traders) never really know for sure....look at FXCM for example. All we can do is lots of research and then get started wherever we chose to setup shop. After we begin the trading we move on and keep doing our business as usual. I have no reason to deposit large amounts with any brokerage outside of the USA due to the leverage we get so my advice is to give it a try, withdraw profits and make good decisions about how much to deposit up front to do your testing. The people at LMFX are decent and helpful as you have seen so far. Cheers! ForexSignals link is in Nicks Post above

        Comment


        • #5
          Originally posted by Ryan View Post
          Hi Nick,

          I hadn't heard much about this broker till you posted here. I'm actually considering LMFX myself. They do offer better options and service then FXchoice. I'm actually glad you guys left this broker as every day I was growing more and more concerned with them. They seem very disconnected somehow which made me feel they were hiding something. Again, my opinion but I two like brokers to be upfront and LMFX seem to be...so far.

          So my question is...I'm weary about unregulated brokers. They can always close shop on US clients at anytime if they get enough pressure from the CFTC. This usually stems from clients legitimately losing accounts and trying to blame the broker for their losses. If this happens enough times, it can cause the broker to get pressure from the CFTC and other regulators. Luckily it can take years for this to happen when a broker cares for its client base. The bottom line is, all these unregulated brokers are eventually forced into regulation at some point and with you guys being so involved I can only hope you can have insight into when the broker shows signs of irregularity and let us know.

          So I'm considering signing up under you're affiliate for more protection. If for some reason LMFX closes shop and us clients get screwed, I'm trusting you and your team will do all in you're power to help us get our money out. I was wondering if you can elaborate on this though. Maybe you can give us some reasons to join YOU at this new broker.
          Thanks for the post Ryan.

          One thing to be very aware of is that in the past, when brokers have been forced to close US client accounts client have never lost money (as far as I'm aware). Clients are simply asked to close their accounts and withdraw. So it's not like your money will go up in smoke should the CFTC crack down on them.

          Of course if anything happens then I'll do everything in my power to make sure our clients are looked after, we've seen in the past that I've been able to push brokers into reimbursing clients as a result of our size and influence.

          On a personal note, I'd also really appreciate the support. It doesn't cost you anything to join under our IB and you'll be helping us build a closer relationship with the broker, offer the community objective feedback as well as helping financially.

          Click here to open an account.
          Click here to check out the most popular forex channel on YouTube

          Comment


          • #6
            Thanks for the reply's Jason and Nick,

            I was actually a victim of the brokers closing up shop on US clients. One went complete scam (Belforfx) and the other dropped their US clients (Forexbrokerinc). Many if not most US clients have still yet to be paid 5 months after forexbrokerinc closed it's US department according to ForexPeaceArmy. I'm still waiting....

            I have set up an account at LMFX already. I have not deposited yet. It would require me moving the majority of my funds over from OANDA. I won't be closing my OANDA account but I do see opportunity at LMFX. I had a 30 minute conversation with LMFX chat today and liked how the conversation was handled. It may take me a week or two to move my funds over but I believe I will make the move. As Jason said, I will control my intake and outtake of cash at LMFX so I'm better protected personally as well. By the way Jason, Thanks for watching my videos every once in a while.

            Thanks for the support and answers guys. The world as a US trader has not been easy in the past 5+ years with all the regulations. I've manage to profit with these regulations but boy, do they make it difficult.

            On a side note, I've had some issues with a few members of the community here which unfortunately have hurt my personal trading business. Everybody has been affected in one way or another, but this one hurt me bad. I guess one of the drawbacks of being public here and other places over the past 6 months. Everybody is watching your every move.

            Keep up the good work guys and I hope good things can come from LMFX.

            Comment


            • #7
              Thanks for sharing your experience with LMFX thus far, happy to hear it is a good one. I have an example from just today....a new trader was working to open a demo account and ran into issues. They said they tried 3 times and still couldn't access their new demo account. It turned out it was the traders error in the end, but I did ping them on skype and LMFX had someone email and call the new trader personally to tell them what they were doing wrong. Great support and service is the key in this business as I am sure we all agree. I also like the idea of working with Forex Signals as we are a group and groups always have more pull/influence together. As you mentioned being public and under the spotlight is not easy, but the reason I am happy here with Forex Signals is there is nothing to hide, the motives are clear and everyone I work with here is transparent and honest. All the best!

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              • #8
                Where is LMFX located? Since Talinex will be booting US customers at the end of March, will you use LMFX as an alternative for VIP accounts?

                Comment


                • #9
                  Originally posted by deweymcg View Post
                  Where is LMFX located? Since Talinex will be booting US customers at the end of March, will you use LMFX as an alternative for VIP accounts?
                  Hi Dewey,

                  They're based in Macedonia.

                  Yes, you can keep your VIP license if you move to LMFX.
                  Click here to check out the most popular forex channel on YouTube

                  Comment


                  • #10
                    Hi all! Just a quick update....LMFX will have a support team member here in this thread to assist with questions along the way in the next couple of days. They will also have Skype support 24/5 via 4 support staff for members of our Forex Signals Family. The also have a toll-free 1-800 support line if you need service or support along the way. We are pleased to welcome them aboard!

                    Comment


                    • #11
                      I've been online with LMFX live chat off and on throughout the day, and I can confirm that their customer support is spectacular. Setting up an account was very easy as well; their website is very easy to navigate. Couple of notes:

                      - I went for their Premium account. According to the CS at Simpletrader, it didn't matter which level of account I chose. Although they did say that most clients would opt for the Premium level account.

                      - LMFX has an agreement/partnership with Fozzy.com for VPS hosting. It's in the same data center as their own servers. Hosting there is $24.50/month. However, the CS at LMFX did say that they will reimburse VPS fees as long as you deposit at least $2,500. You just send them the receipt, and they will begin reimbursing you. If you have a preference for a different VPS service, they can reimburse that as well. I'm not sure what the specific details are for that, but I will probably just go for the Fozzy.com VPS.

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                      • #12
                        boy! their platform they use is superb, called pro trader, I am signing up a live account with them soon, They have been recommended to me for a while just haven't got round to doing it!

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                        • #13
                          Hey guys, I've just been on the phone with LMFX and am pleased to confirm their credit card processor is now working.

                          You are now able to fund your account from only $100 and withdraw profits back to your card.
                          Click here to check out the most popular forex channel on YouTube

                          Comment


                          • #14
                            Very nice to hear!

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                            • #15
                              I have completed a deposit with them and their new processor and it went smoothly.

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