Before I dive in with LMFX, I am curious to know the withdrawal methods available to US clients. Many a times you learn there are much fewer withdrawal options once you open a live account and attempt to withdraw in comparison to the list you see on the main site.
The minimum deposit of $2,000 with Berndale especially with possibly only 1:100 leverage, is too much for me at present to be parked at a single broker. However, I like the idea of supporting all options.
I just heard back from Berndale Capital about the leverage they offer. They DO offer 1:400 to all clients. Will be funding my account with them on Tuesday (can’t wire funds tomorrow due to holiday). Will keep everyone up to date as to how it’s going with them.
Thank you for your interest in LMFX. Due to the AML(anti money laundering) policy that we follow the withdrawal method has to be the same as the deposit method. However if you are using a Credit/Debit card for depositing funds to your LMFXConnect wallet we can only send back the initial amount of the deposit to the card and all of the profits can be send to you via wire transfer. I hope that answers your question. If you have any other questions we will be more than happy to assist you.
LMFX,
First off, appreciate your participation on this thread.
I downloaded the demo account to get a sense of your offerings. Overall, looks pretty good to me, but I do have one question. Do you have plans to reduce the minimum trade size on some of your CFDs in the future?
For example, min trade size on grain (corn, wheat) CFD is 5000 bushels – that’s a full size futures contract, pretty tall order for most retail traders.
While Berndale Capital seems like a nice fit, I want to caution that they are not supposed to be taking US clients and are definitely under the ASIC (and thus CFTC) jurisdiction. It is a matter of time until they are found out and all US accounts are closed.
I know that this alone cannot exclude them from the list on page 1 right now, but it is something to consider. If you tend to hold trades for longer periods of time it is best to remember that you may need to liquidate everything without too much notice. They seem like a nice option for now but will soon be removed and added to list two just like ForexFS - with whom I traded for 6 months before they stopped accepting US.
Thanks for the kind words! I will forward your question to the management and will come back here tomorrow with an exact answer. Meanwhile if you have any other questions about our services I will be more than happy to assist you.
I was looking around on the LMFX website and can not seem to find out what type of broker they are…ECN/STP, Market Maker etc. Unless I am overlooking it I can not find it anywhere.
Something to note…
I sent them an inquiry yesterday asking about this and have yet to get an answer to my email. I used the contact page on their website. As far as can tell they do not have a way to “chat” with someone either.
Had an account with ATC funded with $50K. They are IB of FXCM. Duting the Swiss news back in January 2015, FXCM almost went bankrupt, and I would have lost all my account money, maybe get cents on a dollar back. US citizens have no guarantees for any amount of your account money. You get cents on the dollar, during bankruptcy.
Now I have a Pamm $ account with Tallinex, and Euro account with MyFXChoice. So far, so good, the only thing with Tallinex, the spreads got wider lately, and with FxChoice they have a weird way of calculating commission, it is not a flat fee. Sometimes you pay 7 euros, sometimes 10 Euros per lot with pair like GBP/USD, but the spreads are pretty good.
Hello Guys 1st time here let me explain I’m from U.S. so i opened Live account with Berndale capital its excellent service no requotes super fast executions cust service very good & fast even account managers they will call u making sure everything is smooth very low spreads on pro ECN so way better than other i have tried so rest assured .
I am sorry to hear to you did not received the reply to your question in your email box. I just asked our support department to check about your request and I see that they have replied to it yesterday at 10 : 22 : 29 (GMT +2). Maybe the message went to your spam folder. I will also reply here. LMFX is an STP broker.
As of the LIVE chat. If you open our website you will see a blue tab at the bottom right corner which says Queelo | Live chat & Help. From there you can access the Live Chat and our one of a kind Q&A system with ready answers to most of your questions.
At LMFX we are using a very unique Live Chat, Support and Ticketing system which brings the communication with the clients to a new level and its fully internal. Basically if you have an account with us all of the communication takes place in our system which makes it very secure.
As of accessing the Live chat in Queelo, when you are asked for login details just press [I][U]Don’t have account yet | Sign Up[/U][/I] and you will be taken to a section where you have to enter your name/nickname and your email address and from there you can start a chat with one of our customer support representatives. Our Live Support is 24/5.
If you have any doubts about the reply sent to you I will ask a person who has access to the email history to also send you an email with a screenshot from our system which shows your request and the reply to you. At LMFX we are serious about what we do and I would like to clear any doubts or concerns you may have.
Update: I was just informed that a screenshot of the reply has also been sent to you.
Thank you very much for the quick response and thorough explanation. I checked my spam folder and didn’t find it in there either. No problem…I guess it just got lost somehow.
As I stated yesterday I am replying to your question about the min trade size on the CFD’s. I have sent the request to our management and their reply was that for now we will stick with the current trade sizes which are pretty much a standard for most of the brokers out there. If they decide to make any adjustments in the future we will make a public announcement regarding the changes that will be applied in the CFD trade sizes.
[B]Berndale Capital[/B] (Australia) and [B]LMFX[/B] (Macedonia) have been added to Group 1 (post #1).
Welcome to our new brokers!
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Before room can be made for Berndale and LMFX on the [B]Discussion Links[/B] page (post #7), some of the oldest links will have to be removed. (It takes a [I]lot[/I] of keyboard characters to post links, and post #7 continues to bang up against the 15,000-character-per-post forum limit.)
Separating the LINKS from the Group 1 listing has made it possible to put all of Group 1 onto post #1.
I hope this will make the List more readable and user-friendly.
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The missing information in the Berndale and LMFX listings in post #1 will be filled in as time allows.
Also, I haven’t added Berndale or LMFX to the Alphabetical List yet, but I’ll get to it.
If you find any other errors or omissions in the re-formatted List, please post your findings here.
LMFX,
Thanks for your prompt response. Ok, but your grain contract offerings are not standard. That’s why I asked about them. For example, Traders Way and Forex Broker,Inc offer the grains at .2 Lot (1/5 futures contract), and FX Choice offers them in microlot. Seriously, why would any trader want to pay the $50+ spread plus swap for your “full size” CFD when they can just trade the CME contract at a fraction of the cost?