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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LMFX Review - Forex broker for US clients.
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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?...
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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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Originally posted by fiveninefish View PostI'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.
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.
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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.
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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Originally posted by fiveninefish View PostWell, it's been 24 days and no sign of my withdrawal yet. Now I'm getting concerned.
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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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@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.
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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.
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