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LMFX Review - Forex broker for US clients.

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  • #31
    I cannot contact them for that issue but I guess it's their Gateway name (a wire deposit service). I normally use Skrill for deposit, it's convenient but not this broker so far.

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    • #32
      Originally posted by LogicaLucidity View Post
      ...I uploaded my Proof of Legal Existence (PLE) and my Proof of Address (POA) four weeks ago on October 10th in the Back Office....Does LMFX usually take this long to verify an individual's documents?...
      I just wanted to update everyone that the people at LMFX have Verified my documents and I will be making my deposit after Thanksgiving. I have talked to several people at LMFX over the last month or so and they all have been super nice. I can not wait to get back on the horse.

      LL

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      • #33
        I'm not sure if anybody else has tried to withdraw funds via wire from LMFX, but I have been waiting over 2 weeks for a withdrawal. I messaged support, and they just said to keep waiting. It seems a little odd that wire deposits would take a few days to post but withdrawals take weeks. Has anybody else tried to withdraw money from LMFX via wire transfer yet?

        On a related note, I am trying to transfer a large chunk of my funds out of LMFX to FinPro Trading due to the low $2 round trip commissions on their ECN account. With the amount of trades that some EA's can generate, this could be hundreds of dollars difference in some months.

        I'm hoping my wire transfer eventually goes through from LMFX. If this is standard practice for withdrawals, though, I may have to look elsewhere.

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        • #34
          Originally posted by fiveninefish View Post
          I'm not sure if anybody else has tried to withdraw funds via wire from LMFX, but I have been waiting over 2 weeks for a withdrawal. I messaged support, and they just said to keep waiting. It seems a little odd that wire deposits would take a few days to post but withdrawals take weeks. Has anybody else tried to withdraw money from LMFX via wire transfer yet?

          On a related note, I am trying to transfer a large chunk of my funds out of LMFX to FinPro Trading due to the low $2 round trip commissions on their ECN account. With the amount of trades that some EA's can generate, this could be hundreds of dollars difference in some months.

          I'm hoping my wire transfer eventually goes through from LMFX. If this is standard practice for withdrawals, though, I may have to look elsewhere.
          I have noticed that occasionally payments get held up, but they're always very communicative on support and the money does eventually arrive.

          Have you compared the spreads and execution of Finpro? Low commissions is only one part of the equation. If their spreads are just a few fractions of a pip wider then the benefit is lost.
          Click here to check out the most popular forex channel on YouTube

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          • #35
            Originally posted by Nick View Post

            I have noticed that occasionally payments get held up, but they're always very communicative on support and the money does eventually arrive.

            Have you compared the spreads and execution of Finpro? Low commissions is only one part of the equation. If their spreads are just a few fractions of a pip wider then the benefit is lost.
            I agree, their support is really communicative, and they do reimburse my VPS and wire transfer fees promptly. It's just frustrating and nerve-wracking for a withdrawal to be held up for so long - especially one of this size. It makes me nervous to have tens of thousands of dollars floating around in the ether for weeks at a time.

            Current spread right now on USDCAD: LMFX - 0.5, FinPRO - 0.2. EURUSD: Both at 0.2. I have MT4 running simultaneously on both, and spreads right now are roughly equal. If anything, FinPro might have a slight advantage on some.

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            • #36
              Well, it's been 24 days and no sign of my withdrawal yet. Now I'm getting concerned.

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              • #37
                Originally posted by fiveninefish View Post
                Well, it's been 24 days and no sign of my withdrawal yet. Now I'm getting concerned.
                Please keep us informed fiveninefish. I am interested in how things turn out on your end. After waiting nearly six weeks to get my Documents Verified I was going to deposit my funds after Thanksgiving. That time came and went. I have been moving fast trying to get ready for family to come to my home for Christmas. Since the Holidays are now here, I will now wait until the new year until I wire my funds.

                LL

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                • #38
                  I'm still waiting, and now the responses from LMFX support are in all caps. I'm sure they are frustrated with me as well since I am emailing them often, but I am beyond concerned about my funds now. It is not an insignificant amount that I am transferring, and I would be seriously in a bad way if my funds with this broker are completely irretrievable. I would like to continue using SteadyCapture, but not if I have to use LMFX. Any requests I have made for a wire transfer number have been completely ignored.

                  I would desperately like to withdraw the rest of my funds from LMFX, but my wire transfer seems to have disappeared. I needed to make some financial moves before the end of the year for tax purposes, and that is not going to happen now. I've pretty much done the same thing in November of every year to prepare for taxes and have never, ever had problems like this. Please be VERY cautious with this broker.

                  Nick, if you have any backchannels to this broker, please find out if it's possible for clients to retrieve their funds.

                  If my account is a bust, I will be buying plane tickets to visit this broker's offices to ask for an explanation in person.

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                  • #39
                    I did do a post yesterday but it was unapproved as it had a link,

                    anwyay if you check the review on forex peace army many people have the same issue, generally withdrawals take forever but you eventual get your money back
                    SATANG FX - FOREX MANAGED ACCOUNTS & SIGNALS

                    WWW.SATANGFX.COM

                    SATANG FX LIVE MASTER ACCOUNT
                    https://www.myfxbook.com/members/Sat...master/2310608

                    SATANG FX MANAGED ACCOUNT 1.5 x RISK AUD
                    https://www.myfxbook.com/members/Sat...unt-15/2310656

                    SATANG FX MANAGED ACCOUNT 1.5 x RISK USD
                    https://www.myfxbook.com/members/Sat...unt-15/2378553

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                    • #40
                      Really? You meant withdrawals take a long time for processing? how many days?

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                      • #41
                        Check forex peace army,generally from what I see its just under a month, however note that people tend to post negative reviews, as generally people who are satisfied don't usually post positive reviews,
                        SATANG FX - FOREX MANAGED ACCOUNTS & SIGNALS

                        WWW.SATANGFX.COM

                        SATANG FX LIVE MASTER ACCOUNT
                        https://www.myfxbook.com/members/Sat...master/2310608

                        SATANG FX MANAGED ACCOUNT 1.5 x RISK AUD
                        https://www.myfxbook.com/members/Sat...unt-15/2310656

                        SATANG FX MANAGED ACCOUNT 1.5 x RISK USD
                        https://www.myfxbook.com/members/Sat...unt-15/2378553

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                        • #42
                          Indeed, don't trust only review, maybe they exaggerated their waiting time.

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                          • #43
                            I just found out that LMFX does not support Signals from MQL5.com for the MT4 platform.

                            They would not give me a reason for this. I can only think of one reason.

                            Please be aware of this before choosing this broker.

                            LL

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                            • #44
                              @logiclucidity yes I just learned this about 2 weeks ago AFTER I already sent a bank wire. I thought there was a language barrier, and asked again and I got a nasty reply from another customer service rep, referencing that the first customer service rep already told me the answer.

                              My bank wire withdrawal is now on day 10..business days that is!!!

                              STAY AWAY FROM LMFX!! By far the worst broker I have ever dealt with.
                              The Humble Man

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                              • #45
                                Originally posted by KHutch View Post
                                @logiclucidity yes I just learned this about 2 weeks ago AFTER I already sent a bank wire. I thought there was a language barrier, and asked again and I got a nasty reply from another customer service rep, referencing that the first customer service rep already told me the answer.

                                My bank wire withdrawal is now on day 10..business days that is!!!

                                STAY AWAY FROM LMFX!! By far the worst broker I have ever dealt with.
                                Yes, I should have mentioned this before about the signals. I thought it was a miscommunication as well and kept trying to re-explain. FWIW, I ended up finally getting my wire transfer about 40 days later. If you need your funds from LMFX, it seems like it will get there just be prepared to wait a LONG time.

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