- Costs of Forex trading with LMFX
Costs of Forex trading with LMFX
Trading with online Forex and CFD brokers will come with commissions in the process of investment.
It is important to know that what are the commissions/fees that could be charged against you, so you will not get charged unintentionally.
There are two types of commissions in the process which are
- trading commissions
- deposit/withdrawal commissions
Here, we will introduce all the commissions you will be charged while using the service of LMFX.
1. Trading commissions
You should consider that there are spread and other extra trading commissions charged for your trading.
Please refer to the below table.
|Minimum Spread||1 pip||1.8 pip||0 pip|
|Trading Commissions||None||None||4 USD per 1 lot|
|Required Deposit Amount||50 USD||250 USD||100 USD|
2. Fixed and variable spread
LMFX offers both type of spread but you need to note that the spreads are not always the same.
Variable spreads are subject to change at any times depending on the market situation. It is also the standard spread type for brokers and traders, it changes every moment.
It could go tight to 0 pips, or it could even go wide to 20 – 30 pips.
In the case of the fixed spread type, the spread is always the same.
Although the spread is fixed as most of the times, it could even go wider if the market volatility is high and LMFX can’t provide the tight fixed spread.
There is no fixed time schedules for this situation to come, but you will always need to prepare for extra margin to prepare your open positions.
Please note that if the spread goes wide, more margins will be required for hedged positions too.
3. Fund Deposit and Withdrawal
Planning from deposit to withdrawal is one important thing to do. Fortunately, LMFX does not charge any fees for transferring funds.
Fees for Fund Deposit
There are 5 different deposit methods provided by LMFX.
LMFX does not charge any fees for making deposits but the payment providers(banks, companies) may charge you directly.
Please refer to the below:
- Credit/Debit Card – None
- Neteller – 1%(up to 10 USD)
- Skrill – 1%(up to 10 USD)
- Fasapay – 0.5%
- Bank Transfer – In case of International Transfer, more than 20 USD.
Fees for Fund Withdrawal
There are 5 different methods to withdraw funds from your LMFX MT4 account, as same as deposits.
There may be no charges from LMFX side or payment provider’s side, but in case of an international bank transfer, the banks may charge you more than 20 USD directly.
So if you withdraw funds via bank transfer, you may receive the amount deducted more than 20 USD from the original amount.
You can find out the details of a bank charge by contacting your bank directly, but not LMFX.
For the list and conditions of all deposit and withdrawal methods for LMFX MT4 accounts, visit the page here.