In this review, we will describe why LMFX is a scam that you should avoid at all cost !
Is LMFX Legit?
Looking at LMFX website, it shows that they are owned by Global Trade Partners Ltd. Global Trade Partners Ltd is located in the Republic of Macedonia , a well-known offshore zone and a preferred location for shady brokerage. LMFX is an unregulated broker. Problem with unregulated brokers is that they are not reliable and abuse the regulations. Make sure to stay away from this broker as they are anonymous and that they can disappear any time without notice.
To make sure you are dealing with a regulated and known broker, you should be able to find easily who is the CEO of this brokerage firm, who is running it etc. Lack of information is a big red flag since you don’t know who will be dealing with YOUR MONEY. This is the reason why LMFX is a dangerous broker to deal with.
Are Funds Safe with LMFX ?
With such lack of information and LMFX being unregulated, funds are not safe. Security of funds is a huge problem with unregulated brokers. A red flag that we noticed is LMFX is withholding vital information to users.
LMFX could go bankrupt from one day to another since there are no banking information about this broker.