Compare FXOpen vs LMFX
What is FXOpen? What is LMFX?
FXOpen is a multi-asset broker with regulation from several trustworthy bodies including the UK’s FCA. The broker offers CFD trading on forex, stocks, commodities, indices, cryptocurrencies and ETFs via the MetaTrader 4 & 5 and TradingView platforms.
LMFX is an offshore CFD and forex broker with flexible account options that support trading with fixed or floating spreads, including a raw spread account with super tight pricing. The assets on offer include forex, stocks, indices and commodities, and very high leverage up to 1:1000 is available. The broker is based in Macedonia and was established in 2017.
FXOpen vs LMFX Regulation Comparison
FXOpen is regulated by the FCA (United Kingdom) 579202, ASIC (Australia) 412871, CySEC (Cyprus) 194/13, and The Financial Commission (United Kingdom) 01.09.2013. These are reputable and reliable regulators that ensure the safety and security of the clients’ funds and interests.
LMFX is not regulated by any authority, which lowers its safety score and exposes its clients to higher risks of fraud or misconduct. This also means that LMFX does not have to comply with any strict rules or standards that regulated brokers have to follow.
FXOpen vs LMFX Trading Assets Comparison
FXOpen offers a wide range of trading instruments, including 50+ FX Spot CFDs, 25+ Cryptocurrency CFDs, Shares CFDs, Index CFDs, Spot Metals CFDs, Commodity CFDs, ETFs, and Options. The availability of some instruments may depend on the type of account chosen by the client.
LMFX offers a more limited selection of trading instruments, including 28 currency pairs + gold and silver, 43 pairs with BTC, LTC EOS, PPC, ETH DASH, EMC (only for crypto accounts), forex, stocks, indices and soft commodities. No cryptocurrency or Bitcoin trading is available for non-crypto accounts.
FXOpen vs LMFX Trading Fees Comparison
FXOpen charges variable spreads that depend on the market conditions and the type of account. The ECN account has the lowest spreads starting from 0 pips but also charges commissions from $15 per 1 million USD traded. The STP account has no commissions but higher spreads starting from 0.2 pips. The Crypto account has a commission of 0.5% of trade volume round turn.
LMFX also charges variable spreads that depend on the type of account. The Premium account has the highest spreads starting from 1 pip but no commissions. The Fixed account has fixed spreads starting from 1.8 pips but no commissions. The Zero account has the lowest spreads starting from 0 pips but also charges commissions of $4 per lot round turn.
FXOpen vs LMFX Account Types Comparison
FXOpen offers three main types of accounts: ECN, STP, and Crypto. Each account has different features and requirements such as minimum deposit, maximum leverage, execution type, instruments available, etc. FXOpen also offers demo accounts, Islamic accounts (except for Crypto), PAMM accounts (for money managers), and managed accounts (for investors).
LMFX offers three main types of accounts: Premium, Fixed, and Zero. Each account has different features and requirements such as minimum deposit, maximum leverage, spread type, instruments available, etc. LMFX also offers demo accounts (unlimited), Islamic accounts (for all types), PAMM accounts (for money managers), and bonuses (for all types).
FXOpen vs LMFX Deposit Options Comparison
FXOpen offers a variety of payment methods for depositing and withdrawing funds, including wire transfer, credit/debit cards, FasaPay, Crypto (Bitcoin Cash ABC), Litecoin (LTC), Ethereum (ETH), Tether (USDT), WebMoney , AdvCash, Neteller, Skrill, Yandex Money, Alipay, Boleto, Netbanx Asia, and Trustly and more. Some methods may incur fees or have minimum or maximum limits.
LMFX offers fewer payment methods for depositing and withdrawing funds, including wire transfer, credit/debit cards, Skrill, Neteller, FasaPay, and PayRedeem. No deposit fees are charged by the broker but withdrawal fees may apply for some methods. The minimum deposit is $50 for all methods except wire transfer which is $250.
FXOpen vs LMFX Trading Platforms Comparison
FXOpen offers four trading platforms: MetaTrader 4, MetaTrader 5, TickTrader, and TradingView. MetaTrader 4 and 5 are the most popular and widely used platforms in the industry, offering advanced charting tools, indicators, expert advisors, and automated trading. TickTrader is a proprietary platform developed by FXOpen that allows trading of forex, CFDs, cryptocurrencies, and binary options. TradingView is a web-based platform that provides social trading features, market analysis, and trading signals.
LMFX offers only one trading platform: MetaTrader 4. This platform is also very popular and widely used in the industry, offering advanced charting tools, indicators, expert advisors, and automated trading. However, LMFX does not offer any other platforms or web-based alternatives.
FXOpen vs LMFX Analytical Tools Comparison
FXOpen offers several analytical tools to help traders with their strategies and decisions. These include an economic calendar, a market news section, a forex calculator, a VPS service (for automated trading), a copy trading service (for global traders), and a daily market analysis section.
LMFX offers fewer analytical tools to help traders with their strategies and decisions. These include an economic calendar, a one-click trading feature (for faster execution), a VPS service (for automated trading), a copy trading service (for money managers), and a daily market analysis section.
FXOpen vs LMFX. Which forex broker is better? Which forex broker should you choose?
Choosing a forex broker is an important decision that depends on your personal preferences, goals, and trading style. There is no definitive answer to which broker is better, as each one has its own advantages and disadvantages. However, you should also do your own research and test the brokers yourself before opening a live account. You can visit their websites, read their reviews, contact their customer support, and try their demo accounts to get a better feel of their services and features. Ultimately, the best broker for you is the one that matches your trading style, goals, and preferences.
