LMFX offers about 50 Forex currency pairs and they are all available for trading in all three account types.
Spread starts from 0.0 pip and the condition varies for each account type.
LMFX offers three different account types and offers variable spread with Premium and Zero account.
In the premium account, you can trade with 1:1000 leverage and the spread starts from 1 pip.
There is no trading commissions charged for Premium account, so the spreads are the only thing you will need to pay.
In the Zero account, the minimum spreads start from 0 pip, although LMFX will charge you 4 USD per 1 lot for trading so the actual spread commission starts from 0.4 pips.
These spreads are variable so you may not see the minimum spread all the times, but it could go tighter to 0 pips and it could go wider 20 pips or even more sometimes.
LMFX also offers Fixed spread in Fixed account.
There is no extra trading commissions for the fixed account, so the fixed spread which is normally wider than variables ones would be the only commission you will need to cover while trading.
Generally speaking Fixed spread is wider than the variables ones, because brokers will need to mark up the spread in order to not cause a loss while traders are trading.
If a broker offers tighter spread than the raw spread(original spread from inter-bank market), simply the broker will make a loss every time orders are executed.
Each account type for specific traders
All 3 different real/live accounts from LMFX have got different merit for traders.
So generally speaking:
- Premium account is for high leverage traders
- Fixed account is for EAs/Algorithm traders
- Zero account is for scalping traders
You can open each account type and try out the trading environment to see the difference.
Unless you are not using swap free accounts, you will be charged for swaps every night if you hold positions over night.
Swaps are variable and may change randomly.
Please note that the swaps on Wednesdays are triples from the normal charge as the swaps from Saturdays and Sundays will be placed on Wednesdays.
Swaps charge occurs at the server time 00:00, it could take a few minutes to be processed.
You will not get charged swaps if you don’t hold the positions at the server time 00:00 even if you hold an open position all day.
Although LMFX offers up to 1:1000 leverage to trader, the maximum leverage is not necessarily applicable for all account types and financial instruments.
You can utilize the highest leverage(1:1000) only for the trading of Forex currency pairs in Premium account.
LMFX only allows up to 1:400 leverage for Fixed account and up to 1:250 leverage for Zero account.
And the trading of Precious Metals and CFDs are available with fixed margin requirement or up to 1:100.
Please make sure that you know the trading conditions before you place any orders, as LMFX has the right to liquidate(close) all the open positions if the margin level goes too low and reaches the certain level LMFX has set.