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LMFX Review - Forex broker for US clients.

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  • #16
    I've completed 3 wire transfers with them, and each time they reimbursed the wire fee that my bank charged. I'm interested in the credit card transfer, though. Did your credit card hit you with a cash advance fee?

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    • #17
      Hi there, I have used the debit card option and no fees were incurred that I saw. I also withdrew and it took roughly 5-6 business days to come back to my card. All good with LMFX!

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      • #18
        Hey guys,

        We're now offering all LMFX clients trade copier access to SteadyCapture.

        Check out this thread to find out more: https://www.forexsignals.com/forum/f...for-us-clients
        Click here to check out the most popular forex channel on YouTube

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        • #19
          Great thread about LMFX here. Thank you for the support and the added peace of mind that forexsignals.com gives it's US members when dealing with an offshore broker. My question is, what would you recommend the maximum dollar amount I should keep when I open my live account with LMFX? I know it's a bit broad and each individual will have to base it on their financial situation. But hypothetically speaking I have $500K to trade would how much of that would you recommend? Thanks again for the support!!

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          • #20
            Originally posted by FlipkooFX View Post
            Great thread about LMFX here. Thank you for the support and the added peace of mind that forexsignals.com gives it's US members when dealing with an offshore broker. My question is, what would you recommend the maximum dollar amount I should keep when I open my live account with LMFX? I know it's a bit broad and each individual will have to base it on their financial situation. But hypothetically speaking I have $500K to trade would how much of that would you recommend? Thanks again for the support!!
            It's a good question. Without knowing your specific circumstances I can only comment on what I would do.

            I would invest about 20% of my capital, but trade it as though it were a $500k account, ensuring I've got the money on hand in case it's needed to cover the margin.

            The only downside with this is that it can play with your mind a little unless you've got a process set in stone if you should need to add to your initial deposit. If you're down circa $80k on trades it might be stressful depositing another $100k. So be clear how you're going to do it before you start.

            If you have an account under our referral we can also help with any support you need. I've got a direct line to the CEO who's been very helpful in all my dealings with him.

            Here's our referral link: https://www.lmfx.com/?refid=16645
            Click here to check out the most popular forex channel on YouTube

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            • #21
              Exactly the answer I was looking for. That makes a lot of sense. Thank you for your feedback Nick! I'm really glad to be part of of forexsignals.com

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              • #22
                Hi Jason Gospodarek or other US traders - What payment method do US traders typically use to transfer money to LMFX? They have a variety of options - Skrill, Neteller, fasspay, CC and wire. Thanks in advance.

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                • #23
                  Originally posted by b4ex View Post
                  Hi Jason Gospodarek or other US traders - What payment method do US traders typically use to transfer money to LMFX? They have a variety of options - Skrill, Neteller, fasspay, CC and wire. Thanks in advance.
                  Usually most people I talk to about LMFX use debit or credit card......others use bank wires for larger amounts. Cheers!

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                  • #24
                    I've used both bank wire and credit card, and both worked fine. LMFX reimbursed the $35 wire transfer fee that my bank charged. Also, my credit card didn't charge me a cash advance fee for using it for deposit. It just popped up as a normal transaction, so I got a bunch of airline miles for it as well.

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                    • #25
                      LMFX has shut down all PAMM account activity through their brokerage at this time. Who does ForexSignals use for a broker and what other brokers will allow a US based trader to operate PAMM or MAM accounts? (Like I can through FX Choice)

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                      • #26
                        Hello everyone. I hope you all are well. To the point. I uploaded my Proof of Legal Existence (PLE) and my Proof of Address (POA) four weeks ago on October 10th in the Back Office. I followed up with an email to backoffice@lmfx.com with the documents attached on October 29th. They did reply, only to say that they need to be reviewed. Does LMFX usually take this long to verify an individual's documents? I don't ever remember it taking so long with any other broker over the years. Also, how long has their Bank Wire Transfer option been unavailable? It was not available on October 10th when I created my account. I assume that they are in the process of changing their bank, as that is usually the case. I hope they iron everything out on their end soon. I am definitely ready to get back into the swing of things after being gone for so long.

                        LL

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                        • #27
                          Hey guys,

                          I reached out to the CEO on these points about 15mins ago on Skype and he pinged me straight back with these responses:



                          I then asked when he'd know if the bridge can handle it, his response.



                          It's worth noting that over the past 6 years I've worked with half a dozen brokers that accept US clients. Being, Finfx, Tallinex, Pax Forex, FX Choice and LMFX.

                          LMFX are miles above their competitors in my opinion. They're transparent, quick to respond to my questions and always reasonable when solving problems. I think occasionally support tickets slip through the cracks, so if you don't have a response within 24hrs send them another email.

                          I absolutely recommend them over Pax or FX Choice, both of which have given us nothing but opaque answers and technical headaches in our dealings with them.

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

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                          • #28
                            Just got the new Wire Transfer Details. I am sure their website will be updated soon.

                            backoffice@lmfx.com

                            It is highly recommended that you deposit uneven sums, as this will generally speed up the deposit process. For example, if you want to deposit 500 USD, enter 501 instead.


                            Best Regards,

                            Kevin Scott
                            I have been informed that the Back Office is overwhelmed with work at the moment. This is why the Documents I submitted on Oct 10th have not been verified. I was told that I can make a deposit and trade at anytime but to make a withdraw I would have to wait until the documents were verified. I think I will wait until they are verified until I make a deposit.

                            LL

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                            • #29
                              Why the name is FLONTEX LP​? Is you depositing to LMFX?

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                              • #30
                                Originally posted by forest27 View Post
                                Why the name is FLONTEX LP​? Is you depositing to LMFX?
                                You will have to contact LMFX ( support@lmfx.com ) to find out the answer to that. I have not made a deposit yet. I will continue to wait until they verify my documents.

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