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LMFX Review - Forex broker for US clients.

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  • FlipkooFX
    replied
    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!!

    Leave a comment:


  • Nick
    replied
    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

    Leave a comment:


  • Jason Gospodarek
    replied
    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!

    Leave a comment:


  • fiveninefish
    replied
    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?

    Leave a comment:


  • Jason Gospodarek
    replied
    I have completed a deposit with them and their new processor and it went smoothly.

    Leave a comment:


  • Jason Gospodarek
    replied
    Very nice to hear!

    Leave a comment:


  • Nick
    replied
    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.

    Leave a comment:


  • ensale
    replied
    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!

    Leave a comment:


  • fiveninefish
    replied
    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.

    Leave a comment:


  • Jason Gospodarek
    replied
    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!

    Leave a comment:


  • Nick
    replied
    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.

    Leave a comment:


  • deweymcg
    replied
    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?

    Leave a comment:


  • Jason Gospodarek
    replied
    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!

    Leave a comment:


  • Ryan
    replied
    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.

    Leave a comment:


  • Nick
    replied
    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.

    Leave a comment:

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