LCMFX-Overview of Minimum Deposit, Spreads & Leverage
Abstract：LCMFX is a foreign and commodity broker that accepts customers globally and offers them exceptional and personalized services, unparalleled trading instruments, and the latest trading software. With LCMFX, one can access global financial markets and use an award-winning trading platform MT4 and mobile apps. The company offers highly competitive pricing, informative charting, and sophisticated execution technology. LCMFX introduces modern technologies and systematically expands the range of assets and trading tools.
GENERAL INFORMATION AND REGULATION
LCMFX is a foreign and commodity broker that accepts customers globally and offers them exceptional and personalized services, unparalleled trading instruments, and the latest trading software. With LCMFX, one can access global financial markets and use an award-winning trading platform MT4 and mobile apps. The company offers highly competitive pricing, informative charting, and sophisticated execution technology. LCMFX introduces modern technologies and systematically expands the range of assets and trading tools.
According to disclaimer posted at the footer of their homepage, Lucror Capital Markets claims to be the owner. What this company claims is not true, being located in New Zealand is false. Scam artists will do or say anything to try and make their platform appear real. After checking with the registrar of companies in New Zealand, NO results popped up. Make sure to check whether a broker is properly registered as they claim. As it turns out, LCM FX is another fake website, stay away.LCM FX is not licensed to offer any Forex trading services anywhere on the world. In order to ascertain this claim, we had to contact some of the leading regulatory bodies. We contacted ASIC, CySEC, FCA, and NFA in attempt to confirm their licensing details. All these regulatory bodies have never heard of this brokerage firm. Simply stay away from this platform.
MARKET INSTRUMENT
LCMFX is good in offering the long-range of instruments like Forex, Indices, Metals, Commodities and trading option.
ACCOUNT AND LEVERAGE
LCM FX is offering two types of accounts to choose from. Accounts are named STP Trade and Pro Trade accounts. Theres no real advantage of trading with either of these accounts. Why would a broker offer two different accounts with same trading advantages？ Only notable difference is their minimum acceptable deposit. They ask for $100 and $500 for each account type as depository requirement.
SPREADS AND COMMISSIONS
According to the contract specifications on LCM-FX ‘s website, the EURUSD spread on STP accounts is starting from 1.8 pips, which is higher than the average spreads in the sector. Besides, when we tested the broker’s MT4 in demo mode, we traded with a spread of around 1 pips on EUR/USD, but a commission of $9 applied per standard lot.
TRADING PLATFORM AVAILABLE
Another disturbing issue we found is with their platform, they have an unstable MT4 platform. In order to test how well their platform works, we tried their demo account. Platform is not well secure and lacks proper SSL Encryption. We also noted their website lacks proper security features such as protection from DDoS attacks. Whoever signs up should expect multiple attacks from third parties. Hackers will try and steal credit card information by attacking their MT4 trading platform.
DEPOSIT AND WITHDRAWAL
Add, transfer or withdraw funds using the payment method most convenient for you, either through Visa, MasterCard, Skrill and bank transfer.
CUSTOMER SERVICE
LCMFX offers reliable multilingual customer support 24/7 through live chat, telephone and email.
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