Compare ForexChief vs LMFX
What is ForexChief? What is LMFX?
ForexChief is a forex broker that offers trading on various financial instruments, such as forex, metals, commodities, indices, and stock CFDs. It is licensed by the Vanuatu Financial Services Commission (VFSC) and has a liquidity aggregator that provides competitive spreads and execution. It also offers promotions, bonuses, turnover rebates, investment accounts, and an affiliate program.
LMFX is a forex broker that offers trading on over 250 financial instruments, such as forex, metals, oil, indices, shares, and cryptocurrencies. It is not regulated by any authority but claims to have high security of funds and segregated accounts. It also offers bonuses, contests, VPS hosting, and a partnership program.
ForexChief vs LMFX Regulation Comparison
ForexChief is regulated by the VFSC as a dealer in securities under the license number 14777. This means that it has to comply with certain rules and standards set by the regulator, such as maintaining adequate capital, keeping client funds in separate accounts, submitting regular reports, and adhering to a code of conduct. However, the VFSC is not a very reputable or strict regulator compared to other jurisdictions, such as the UK or Australia.
LMFX is not regulated by any authority and does not disclose where it is based or registered. This means that it operates without any oversight or supervision from any regulator, which poses a high risk for traders who may not have any protection or recourse in case of disputes or issues with the broker. It also means that the broker may not follow the best practices or standards in terms of transparency, fairness, or security.
ForexChief vs LMFX Trading Assets Comparison
ForexChief offers trading on more than 40 currency pairs, 4 metals (gold, silver, platinum, and palladium), 12 commodities (including oil and natural gas), 13 global indices (such as S&P 500 and DAX 30), and over 50 stock CFDs (such as Apple and Tesla). The broker also offers investment accounts that allow traders to create their own funds or invest in other funds managed by professional traders.
LMFX offers trading on more than 50 currency pairs, 4 metals (gold, silver, platinum, and palladium), 3 oil products (Brent crude oil, WTI crude oil, and natural gas), 11 global indices (such as S&P 500 and DAX 30), over 100 stock CFDs (such as Apple and Tesla), and 5 cryptocurrencies (Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash). The broker also offers contests that allow traders to compete for cash prizes or other rewards.
ForexChief vs LMFX Trading Fees Comparison
ForexChief offers two types of accounts: cent accounts and standard accounts. Cent accounts have a minimum deposit of $1 and a maximum leverage of 1:1000. They have fixed spreads starting from 0.3 pips and no commissions. Standard accounts have a minimum deposit of $100 and a maximum leverage of 1:400. They have variable spreads starting from 0 pips and commissions ranging from $1.5 to $15 per lot depending on the account type. The broker also charges swap fees for holding positions overnight and may charge an inactivity fee of $10 per month after six months of no trading activity.
LMFX offers three types of accounts: premium accounts, fixed accounts, and zero accounts. Premium accounts have a minimum deposit of $50 and a maximum leverage of 1:1000. They have variable spreads starting from 1 pip and no commissions. Fixed accounts have a minimum deposit of $250 and a maximum leverage of 1:400. They have fixed spreads starting from 1.8 pips and no commissions. Zero accounts have a minimum deposit of $100 and a maximum leverage of 1:250. They have variable spreads starting from 0 pips and commissions of $8 per lot round turn. The broker also charges swap fees for holding positions overnight but does not charge any inactivity fees.
ForexChief vs LMFX Account Types Comparison
ForexChief offers four types of standard accounts: MT4.DirectFX, MT4.Classic+, MT5.DirectFX, and MT5.Classic+. All of them have a minimum lot size of 0.01 and a maximum number of orders of 200. The main differences between them are the trading platforms (MetaTrader 4 or MetaTrader 5), the spreads (variable or fixed), and the commissions (from $1.5 to $15 per lot). The broker also offers two types of cent accounts: cent-MT4.DirectFX and cent-MT4.Classic+. Both of them have a minimum lot size of 0.01 and a maximum number of orders of 200. The main difference between them is the spread (fixed or variable).
LMFX offers three types of accounts: premium, fixed, and zero. All of them have a minimum lot size of 0.01 and a maximum number of orders of 100. The main differences between them are the spreads (variable, fixed, or zero), the commissions (none or $8 per lot), and the leverage (from 1:250 to 1:1000). The broker also offers a demo account and a PAMM account. The demo account allows traders to practice trading with virtual money and access all the features of the live account. The PAMM account allows traders to become fund managers or investors and participate in a social trading network.
ForexChief vs LMFX Deposit Options Comparison
ForexChief offers various methods for depositing and withdrawing funds, such as bank wire transfer, credit/debit cards, Skrill, Neteller, Perfect Money, Bitcoin, Tether, Ethereum, Litecoin, Ripple, Bitcoin Cash, and USDC. The broker does not charge any fees for deposits or withdrawals, except for bank wire transfer which may incur fees from the intermediary banks. The processing time for deposits is usually instant or within one business day, while the processing time for withdrawals is usually within one to three business days. The minimum deposit amount is $1 for cent accounts and $100 for standard accounts, while the minimum withdrawal amount is $10 for all accounts.
LMFX offers various methods for depositing and withdrawing funds, such as bank wire transfer, credit/debit cards, Skrill, Neteller, FasaPay, VLoad, Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, and USDT. The broker does not charge any fees for deposits or withdrawals, except for bank wire transfer which may incur fees from the intermediary banks. The processing time for deposits is usually instant or within one business day, while the processing time for withdrawals is usually within one to five business days. The minimum deposit amount is $50 for premium accounts, $250 for fixed accounts, and $100 for zero accounts, while the minimum withdrawal amount is $10 for all accounts.
ForexChief vs LMFX Trading Platforms Comparison
ForexChief offers two trading platforms: MetaTrader 4 and MetaTrader 5. Both platforms are available for desktop, web, and mobile devices (Android and iOS). They support multiple languages, charting tools, technical indicators, trading signals, expert advisors, scripts, and MQL4/5 programming language. MetaTrader 4 is the most popular trading platform among forex traders due to its user-friendly interface, reliability, and functionality. MetaTrader 5 is an upgraded version of MetaTrader 4 that offers more features, such as more timeframes, more order types, more analytical tools, more financial instruments, and an integrated economic calendar. ForexChief also offers a mobile application for its personal area that allows traders to manage their accounts, deposit and withdraw funds, verify their personal data, access bonuses and credits, and contact customer support.
LMFX offers one trading platform: MetaTrader 4. It is available for desktop, web, and mobile devices (Android and iOS). It supports multiple languages, charting tools, technical indicators, trading signals, expert advisors, scripts, and MQL4 programming language. MetaTrader 4 is the most popular trading platform among forex traders due to its user-friendly interface, reliability, and functionality. LMFX also offers a VPS hosting service that allows traders to run their trading robots on a remote server with ultra-low latency, cutting-edge technology, security, and affordability.
ForexChief vs LMFX Analytical Tools Comparison
ForexChief offers various analytical tools to help traders make informed trading decisions. These include:
- Economic calendar: A tool that shows the dates and times of important economic events and indicators that may affect the market movements.
- Trader’s calculator: A tool that allows traders to calculate the margin requirements, profit/loss, pip value, swap fees, and commission fees for their trades.
- Library: A collection of educational materials that cover topics such as the history of forex trading, the first steps of a trader, forex trading strategies, trading indicators, and the schedule of trading sessions.
- Analytical reviews: A series of articles that provide market analysis, forecasts, and trading recommendations based on technical and fundamental analysis.
- Economic articles: A series of articles that explain the concepts and principles of economics and finance that are relevant to forex trading.
LMFX offers various analytical tools to help traders make informed trading decisions. These include:
- Economic calendar: A tool that shows the dates and times of important economic events and indicators that may affect the market movements.
- Trading calculators: A set of tools that allow traders to calculate the margin requirements, profit/loss, pip value, swap fees, and commission fees for their trades.
- Daily market analysis: A series of videos that provide market analysis, forecasts, and trading recommendations based on technical and fundamental analysis.
ForexChief vs LMFX. Which forex broker is better? Which forex broker should you choose?
There is no definitive answer as to which forex broker is better or which one you should choose, as different brokers can suit different traders depending on preference. , their goals and strategies. However, here are some possible advantages and disadvantages of each broker that you can consider:
ForexChief advantages:
- It is regulated by the VFSC, which provides some level of credibility and protection.
- It offers a wider range of financial instruments, including commodities and stock CFDs.
- It offers both MetaTrader 4 and MetaTrader 5 platforms, which are more advanced and versatile than MetaTrader 4 alone.
- It offers investment accounts that allow traders to create or join funds managed by professional traders.
- It offers promotions, bonuses, turnover rebates, and an affiliate program that can increase the profitability of trading.
ForexChief disadvantages:
- It is regulated by the VFSC, which is not a very reputable or strict regulator compared to other jurisdictions.
- It charges commissions on some of its account types, which can increase the trading costs.
- It may charge an inactivity fee of $10 per month after six months of no trading activity, which can reduce the balance of dormant accounts.
LMFX advantages:
- It offers high leverage up to 1:1000, which can amplify the potential profits of trading.
- It does not charge any commissions or fees on any of its account types, which can lower the trading costs.
- It offers contests that allow traders to compete for cash prizes or other rewards.
- It offers VPS hosting service that allows traders to run their trading robots on a remote server with ultra-low latency, cutting-edge technology, security, and affordability.
LMFX disadvantages:
- It is not regulated by any authority, which poses a high risk for traders who may not have any protection or recourse in case of disputes or issues with the broker.
- It offers a limited range of financial instruments, excluding commodities and stock CFDs.
- It offers only MetaTrader 4 platform, which may not have all the features and functions that some traders may need or prefer.
