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Contract reading

What LMFX legally published, but does not want you to read

Every clause below is published by LMFX itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: Global Trade Partners Ltd.

hidden feesole discretionprofit voidingwithdrawalsaccount closuredeemed acceptancespread markupbonus lockcomplaint deadlineconclusive evidence

LMFX gives you 24 hours to complain about a trade. Miss it and the complaint is void. The contract also creates a withdrawal fee it never sizes, takes $300 off your card after a chargeback, and lets LMFX confiscate profits on its own judgement. Its Spanish contract turns into Portuguese halfway through, and LMFX says no translation has legal effect.

Back to LMFX

Contract risk

Money at risk
8.3/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
9
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
19
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
21
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
4

How the 19 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical9
Warning8
Notice2

section 19 of 20is where the deepest clause sits, 95% of the way into the document it is in

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

4 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical1 daysTime to complain. Jump to the clause this comes from.You get 24 hours to complain about a tradeCritical32In the contract. Jump to the clause this comes from.The Spanish contract switches into PortugueseCritical3Withdrawal limit. Jump to the clause this comes from.A withdrawal fee the contract never puts a number onCritical$300Profit at risk. Jump to the clause this comes from.A card chargeback costs $300 and can void your profits

What the documents say

19 clauses worth knowing about, worst first, each quoted from LMFX's own files

01

A complaint about a trade must reach LMFX within 24 hours of the reason for it happening. The Complaint Handling Procedure says a late one can be treated as null and void, with no legal force or effect.

Why this matters

The clock starts when the problem happens, not when you notice it. A trade that goes wrong on Friday evening is past challenging by Saturday evening.

Exhibit 1CriticalRarely seen1 days

In the event that the complaint is regarding a particular trade, the complaint must be submitted no later than 24 hours after the reason for the complaint has materialized.
Clause Submission of a Complaint in Complaint Handling Procedure and Declaration, p.1
Read from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must accept a complaint for at least six months after the client becomes aware of the problem, and must point them to an independent ombudsman. LMFX gives you 24 hours and names no external scheme.

LMFX is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingComplaint windows in retail trading contracts are normally measured in weeks or months. A 24 hour window that runs from the event rather than from your discovery of it can be defeated by a weekend or a night's sleep.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Hour 0The reason for your complaint happens and the clock starts.Submission of a Complaint
Hour 24A trade complaint arriving later may be treated as null and void.Submission of a Complaint
Day 21LMFX aims to reply, and may ask for another 21 days.Response to a Complaint
  • Worse together with Exhibit 10One document gives you 24 hours and another gives you two Business Days for the same trade, so you cannot know which deadline you are working to.
02

LMFX publishes 32 translated legal documents in Spanish and Portuguese. In the Spanish Terms of Business, clause 13 has a Spanish heading and a body written entirely in Portuguese. The English contract says no translation binds LMFX at all.

Why this matters

If you signed up in Spanish you agreed to a document LMFX says has no legal effect and whose accuracy it refuses to stand behind. The clause you cannot read is the one that lets LMFX cancel your swap free status and annul every gain.

Exhibit 2CriticalRarely seen32

Com a conta islâmica da Empresa, as pessoas de fé islâmica podem negociar sem juros.
Clause 13. Cuenta islamica in Condiciones comerciales (Terms of Business, Spanish), p.10
Downloaded from the broker's site on Open the reference

Buried at section 15 of 20 in the Condiciones comerciales (Terms of Business, Spanish), 75% of the way through.

Our readingPublishing a full translated contract that contains passages of a third language, while disclaiming responsibility for its correctness, leaves the client agreeing to text nobody stands behind and nobody can read.

  • Same clause as Exhibit 11The Portuguese passage inside the Spanish contract is exactly the clause that imposes a daily carry charge on swap free accounts.
03

Trade fewer than 3 lots for each deposit and LMFX charges an extra withdrawal fee when you take your money out. Clause 13.6 never says how much, and no other document sets it.

Why this matters

You cannot work out what it costs to withdraw your own money before you deposit it. Clause 15.1 makes you pay LMFX whatever it asks for on demand when the 3 lot condition is not met.

Exhibit 3CriticalHarder than usual3

Client agrees to pay additional withdrawal fee if volume requirements of 3 lots traded for each deposit are not met prior to withdrawal request.
Clause 13.6 in Account Opening Agreement, p.8
Read from the broker's site on Open the reference

Where it sits: section 8 of 20 in the Account Opening Agreement, 40% of the way through.

What it costsDeposit $1,000, place two trades of 1 lot each, and you have missed the 3 lot condition. The fee applies, and nothing tells you whether it is $5 or $500.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must disclose all costs and charges to a retail client before they trade, in cash terms where they can. This contract creates a withdrawal charge and leaves the amount blank.

LMFX is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

04

Ask your bank to reverse a card deposit, even by accident, and LMFX charges $300 straight to that card. Clause 29.4 says your profits or revenues may be confiscated and your account terminated.

Why this matters

You gave LMFX permission to charge your card for this when you accepted the agreement. LMFX decides on its own whether the chargeback was fraudulent, and calls that decision final and non negotiable.

Exhibit 4CriticalHarder than usual$300

Any unsuccessful chargeback case made against the Company will result in the amount being reimbursed, along with charges for research and processing, totaling 300 USD (Including the 150 USD “research fee” as mentioned above and an additional 150 USD fee for administrative processing.) Through this Agreement the Client gives a permission to the Company to make such charges through his credit card.
Clause 29.4 c) in Account Opening Agreement, p.20
Read from the broker's site on Open the reference

Buried at section 19 of 20 in the Account Opening Agreement, 95% of the way through.

What it costsA $500 deposit disputed with your bank and lost costs you the $500 back to LMFX plus $300 in fees, and the profit on the account can go too.

05

The spread is LMFX's payment, and clause 6.8 of the Terms of Business says it will not appear on your trade confirmation or be disclosed to you at all. Clause 6.12 adds that LMFX is at no time obliged to reveal its income, commissions, charges or fees.

In plain words

Remuneration means payments it receives.

Why this matters

You cannot check what a trade cost you, so you cannot compare LMFX with a broker that publishes its pricing. The money leaves your position the moment you open it.

Exhibit 5CriticalHarder than usual

Moreover, the Client acknowledges and accepts that this spread represents the Company remuneration and that such spread can not automatically be calculated for all Contracts and that such spread will not be described at the Trade Confirmation or otherwise disclosed to the Client.
Clause 6.8 in Terms of Business, p.5
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus), ESMA (EU)

Firms licensed by the FCA or CySEC must give a retail client the total costs of a transaction before they trade, and a yearly statement of what was taken. This contract removes that duty in two clauses.

LMFX is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 12The spread is never disclosed, and a separate clause says clients who arrived through an affiliate are charged a wider one.
06

LMFX matches your first deposit, then makes you trade the bonus divided by two, in lots, before you can have it. Its own example: a $200 bonus needs 100 lots. Only trades with a 3 pip gap between open and close count.

Why this matters

Miss the target, let your equity fall below the bonus, and the bonus is cancelled automatically along with any position it was holding open. LMFX says it is not responsible for the stop out that follows.

Exhibit 6CriticalHarder than usual100

You (the Client) deposit 200 USD as your first deposit. You will receive another 200 USD as the “Deposit Match Bonus”. You have to trade the volume of 100 lots (only closed deals are taken into account).
Clause 2. How it works in The LMFX Deposit Match Bonus, p.1
Read from the broker's site on Open the reference

What it costsA $1,000 first deposit is matched with a $1,000 bonus. Under the formula that is 500 standard lots before you may withdraw it.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
DepositA first deposit of at least 100 USD is matched into a bonus account.2. How it works
Cash equity zero or lessAll awarded credit bonuses are cancelled and withdrawn, and positions may be stopped out.3. Conditions
Month 3 after the target is metYour right to claim the bonus is annulled if you have not asked for it.3. Conditions

Three clauses let LMFX decide your profit is not yours

A lost chargeback costs $300 and clause 29.4 says profits or revenues may be confiscated. Clause 8.1 allows a penalty of the same or higher value than the money a prohibited technique made you. Clause 11.3 lets LMFX declare an Event of Default whenever it considers that necessary for its own protection, which unlocks selling your assets and offsetting your balances.

Money already earned2 clauses flagged

Clause 11.3 of the Terms of Business lists what counts as an Event of Default. The last entry is that LMFX considers it necessary for its own protection. There is no test, no evidence and no appeal.

Why this matters

Once LMFX declares a default it can sell your assets, close every account, combine your balances and set them off, and end the agreement without notice.

Exhibit 7CriticalRarely seen

The Company considers it necessary for its own protection.
Clause 11.3 n) in Terms of Business, p.7
Read from the broker's site on Open the reference

Our readingDefault clauses normally list objective events: non payment, insolvency, a court order. A trigger reading only that the firm considers it necessary for its own protection has no test in it, which means the firm decides when you have defaulted.

  • Worse together with Exhibit 14LMFX declares the default itself, and a separate clause then lets it refuse your withdrawal.

If LMFX decides you used arbitrage or sniping, clause 8.1 lets it charge a penalty of the same or higher value than the money you made. It can also suspend your account for an undefined period and investigate for an indefinite one.

Why this matters

You can end up paying LMFX more than the trade earned you. The same clause bans any software applying artificial intelligence analysis to the platform, which reaches far past the fast trading it says it targets.

Exhibit 8CriticalRarely seen

(iv) charge a penalty fee to the Client in the same or higher value of money which resulted from the Client employing such techniques.
Clause 8.1 (iv) in Terms of Business, p.6
Read from the broker's site on Open the reference

Our readingMost agreements cap a clawback at the profit from the prohibited activity. A penalty set at the same or a higher value turns a remedy into a charge, and the words it rests on, sniping and arbitrage, are not defined anywhere.

LMFX is not obliged to tell you what it charged you

Clause 6.8 of the Terms of Business says the spread is LMFX's payment and will not be shown on your trade confirmation or disclosed at all. Clause 6.12 removes any duty to reveal its income, commissions or fees. Clients who came through an affiliate can be charged a wider spread under clause 18.3, and a swap free account starts a daily carry charge after 7 days at a rate no document states.

Cost disclosure3 clauses flagged

Under the Limited Power of Attorney, an agent trading your account takes an incentive fee out of your balance. Clause 11 says that if the agent changes those fees, you agree in advance to be bound by the change.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Why this matters

LMFX deducts whatever the agent asks for and takes no responsibility for checking the sum. Clause 9 then says your revocation does not work until LMFX accepts it.

Exhibit 9CriticalRarely seen

In the event that agent makes changes to these fees, the Client agrees to be bound by such changes.
Clause 11 in Acknowledgement of Limited Power of Attorney, p.2
Read from the broker's site on Open the reference

Our readingManaged account mandates normally fix the performance fee in writing and let the client revoke on notice. Here the fee can be raised by the person taking it, and the exit needs the counterparty's acceptance.

LMFX's Islamic account holds an overnight position free for up to 7 days. After that a daily Carry charge applies to every position, and the Terms of Business never say how much it is.

Why this matters

An account taken for religious reasons becomes a charging account after a week, at a rate you cannot find. LMFX can also end your swap free status without giving a reason and annul every gain in the account.

Exhibit 11WarningHarder than usual7 days

In such accounts no swap charges or roll-over fees are used for holding overnight positions for up to 7 days. Afterwards a daily based Carry charge will be applied on each and every position.
Clause 13 in Terms of Business, p.9
Read from the broker's site on Open the reference

Clause 18.3 says the published spreads apply to all clients, then says that where higher spreads are applied it is because the client came through a Business Introducer. Nothing tells you which group you are in.

Why this matters

If you found LMFX through a review site, a signal group or a video link, you may be paying more on every trade than the price page shows. The extra funds the introducer's commission.

Exhibit 12WarningHarder than usual

In summary the Company charges all its Clients spreads that are in accordance with the information under the ‘Trading - Products’ section located at lmfx.com. If higher spreads are applied these are due to the Client coming to the Company via a Business introducer.
Clause 18.3 in Account Opening Agreement, p.12
Read from the broker's site on Open the reference

Buried at section 12 of 20 in the Account Opening Agreement, 60% of the way through.

Getting money out costs a fee LMFX never sizes

Clause 13.6 charges an extra withdrawal fee unless you traded 3 lots for each deposit, and no LMFX document says how much that fee is. Clause 13.7 promises three Business Days but lets LMFX reject or delay. Clause 13.10 lets it reverse a payout, and clause 22.7 lets it refuse withdrawals outright once the relationship ends.

Exit conditions2 clauses flagged

LMFX processes a withdrawal within three Business Days under clause 13.7, but the same clause lets it reject or delay the request. Clause 13.10 lets LMFX reverse a payout and put the money back if it is not satisfied with your paperwork.

Why this matters

Money must go back the way it came in and to the same person. If the card or wallet you paid with has closed, the contract offers you no route out except one LMFX proposes.

Exhibit 13WarningStandard wording3 working days

If the Company is not satisfied with any documentation provided by the Client, it will reverse the withdrawal transaction and deposit the amount back to the Client’s Account.
Clause 13.10 in Account Opening Agreement, p.9
Read from the broker's site on Open the reference

Where it sits: section 8 of 20 in the Account Opening Agreement, 40% of the way through.

Either side can end the relationship immediately under clause 22.2. Clause 22.7 then entitles LMFX to refuse to let you withdraw money from your account and to keep your funds for pending obligations.

Why this matters

The side that terminates can be LMFX, without notice, on a default it defines itself. No clause puts an outer limit on how long your funds stay held.

Exhibit 14WarningHarder than usual

the Company will be entitled to refuse to the Client to withdraw money from the Client Account and the Company reserves the right to keep Client’s funds as necessary to close positions which have already been opened and/or pay any pending obligations of the Client under this Agreement.
Clause 22.7 d) in Account Opening Agreement, p.16
Read from the broker's site on Open the reference

Buried at section 16 of 20 in the Account Opening Agreement, 80% of the way through.

LMFX closes your trades without warning you first

The Risk Disclosure says LMFX will not notify you of a margin call. It may start closing positions at about 50% of required margin and closes everything automatically below 20%. It grants negative balance protection after a stop out, while clause 15.1 still requires you to pay whatever it takes to keep every account positive.

In plain words

Negative balance protection is a limit that stops you owing more than you put in. Without it, one fast market move can leave you owing the broker money on top of your deposit.

Position control1 clause flagged

The Risk Disclosure says LMFX will not notify you of a margin call. It may start closing positions at about 50% of the required margin level, and closes everything automatically below 20%.

Why this matters

The first you hear of it is that your trades are gone. LMFX does promise to absorb a negative balance after a stop out, but clause 15.1 still requires you to pay whatever is needed to keep every account positive.

Exhibit 15WarningHarder than usual20%

The Company will not notify the Client of any ‘Margin Call’ to hold a loss making position.
Clause Margin requirements in Risks Disclosure For Financial Instruments, p.3
Read from the broker's site on Open the reference
Set against a regulated standard: ESMA (EU), FCA (UK)

Firms under ESMA rules must send a retail client a margin close out warning at 50% of required margin and give negative balance protection per account. LMFX matches the 50% closing level but removes the warning.

LMFX is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Margin level about 50%LMFX may start closing your positions.Margin requirements (a)
Margin level below 20%LMFX closes all positions automatically at market prices.Margin requirements (b)

Every route to challenging LMFX closes within days

LMFX gives you 24 hours to complain about a trade, and says a late complaint can be null and void. A second document gives you two Business Days to challenge any statement before it becomes conclusive. Neither names an ombudsman, a regulator or any independent scheme you could take the argument to.

Time to object1 clause flagged

Clause 16.3 gives you two Business Days to challenge anything LMFX sends you, after which it counts as conclusive. The Complaint Handling Procedure gives you 24 hours for a trade.

In plain words

A manifest error means an obvious mistake by the broker.

Why this matters

You cannot tell which deadline applies to your problem, and both are short. Whichever LMFX relies on, your silence is read as agreement that its record is correct.

Exhibit 10WarningHarder than usual2 working days

Such documents shall, in absence of manifest error, be conclusive unless the Client notifies the Company in writing to the contrary within two (2) Business Days of receiving such document.
Clause 16.3 in Account Opening Agreement, p.11
Read from the broker's site on Open the reference

Where it sits: section 11 of 20 in the Account Opening Agreement, 55% of the way through.

LMFX may hold the position opposite yours

Clause 6.6 of the Terms of Business admits LMFX may hold positions contrary to yours when it acts as market maker. Clause 17.1 binds you to a Conflict of Interest Policy that LMFX does not publish, and clause 2.1 binds you to an Execution Policy that is also missing from the legal set.

The other side of your trade1 clause flagged

Clause 17.1 binds you to LMFX's Conflict of Interest Policy and clause 2.1 binds you to its Execution Policy. Neither is in the published legal set, and we could not find either at the addresses the other files use.

Why this matters

You agree that LMFX can trade against you without telling you first, under rules you have never seen. The Terms of Business say LMFX may hold positions contrary to yours.

Exhibit 16WarningHarder than usual2

By accepting these Terms and the Company’sConflict of Interest Policy the Client agrees that the Company may transact such business without prior reference to any potential conflict of interest.
Clause 17.1 in Account Opening Agreement, p.11
Read from the broker's site on Open the reference

Where it sits: section 11 of 20 in the Account Opening Agreement, 55% of the way through.

Segregated accounts, no regulator, no compensation scheme

LMFX says client funds sit in segregated Client Accounts, and that on liquidation they come back minus the costs of administration and distribution. Across all 17 documents no regulator, licence number or investor compensation scheme is named. Two documents also name two different companies as your counterparty.

Who holds the money1 clause flagged

The Security of Funds document promises client money is segregated. It also says that if LMFX is forced into liquidation your funds come back minus the costs of administration and distribution.

Why this matters

No regulator, licence number or investor compensation scheme is named in any of the 17 documents. If LMFX fails, what you get back is whatever survives an administration whose cost nobody has capped.

Exhibit 17WarningHarder than usual

In the event that the Company is forced into liquidation, all funds designated as Client funds and held in the Client Accounts will be returned to the Clients as per the funds held on their behalf by the Company minus any costs associated with administration and distribution of these funds.
Clause So will Clients get their money back if the Company goes into liquidation? in Security of Funds, p.1
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC hold client money under statutory rules and belong to a compensation scheme that pays out when the firm fails. LMFX names neither a regulator nor a scheme.

LMFX is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Any dispute with LMFX is heard in Skopje

Clause 25.1 puts the agreement under the laws of the Republic of Macedonia. The Partnership Terms waive any objection to that venue and any argument that the forum is inappropriate, bar claims for lost profit, and cap LMFX's liability at one month of commission.

Where a claim goes1 clause flagged

Clause 25.1 puts the agreement under the laws of the Republic of Macedonia. The Partnership Terms go further and waive any objection to being sued in Macedonian courts, plus any argument that the forum is inappropriate.

Why this matters

A claim against LMFX means a case in Skopje, in a legal system most of its clients have never used. The partner terms also cap LMFX's liability at one month of commission and bar any claim for lost profit.

Exhibit 18NoticeStandard wording

These Terms shall be governed by and construed in accordance with the Laws of the Republic of Macedonia.
Clause 25.1 in Account Opening Agreement, p.17
Read from the broker's site on Open the reference

Buried at section 17 of 20 in the Account Opening Agreement, 85% of the way through.

LMFX archives idle accounts and charges nothing

Clause 14.6 lets LMFX archive a trading account after 90 calendar days without a login, and says an archived account is not terminated and can be restored on request. No inactivity or maintenance fee appears anywhere in this document set, which is better than most of the market. A demo account untouched for 40 days is deleted.

Dormant accounts1 clause flagged

Stop logging in for 90 calendar days and LMFX archives your trading account. No fee is charged, and clause 14.6 says an archived account is not a terminated one and can be restored on request.

Why this matters

Your balance survives. Watch one thing: a demo account untouched for 40 days is deleted outright, and if you came through an affiliate, restoring an archived account does not restore their link.

Exhibit 19NoticeStandard wording90 days

The Company has the right to archive a Client's trading account if the Client hasn't logged in it for a period of 90 calendar days. Archived accounts may be restored after a manual request from the Accounts Management section in the Client’s personal Wallet area. An archived account is not considered a terminated account.
Clause 14.6 in Account Opening Agreement, p.10
Read from the broker's site on Open the reference

Where it sits: section 10 of 20 in the Account Opening Agreement, 50% of the way through.

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

LMFX asks Spanish speakers to accept a Spanish contract, then says in the English one that no translation binds it or has any legal effect.

Said in public, in Spanish

2.1 El Cliente reconoce haber leído, comprendido y aceptado el Contrato de Apertura de Cuenta, la Declaración General de Riesgos, las Condiciones de Contratación y la Política de Ejecución y Riesgos.

Word for word in English: 2.1 The Client acknowledges having read, understood and accepted the Account Opening Agreement, the General Risk Disclosure, the Terms of Business and the Execution Policy and Risks.

Clause 2.1 of the Spanish Account Opening Agreement, the document a Spanish speaking client is asked to accept

In the contract · clause 21.7

Translation or information provided in languages other than English serves for informational purposes only. It does not bind the Company, it has no legal effect and the Company has no responsibility or liability regarding the correctness of the information therein.

02

The Spanish contract prints its Islamic account clause in Portuguese, so the only version a Spanish reader can follow is the English one LMFX says is the binding text.

Said in public, in Portuguese

Com a conta islâmica da Empresa, as pessoas de fé islâmica podem negociar sem juros. Para estar em conformidade com a Lei Sharia, as contas islâmicas permitem negociações halal, uma vez que as posições abertas não geram pagamentos de juros diariamente.

Word for word in English: With the Company's Islamic account, people of the Islamic faith can trade without interest. To comply with Sharia Law, Islamic accounts allow halal trading, since open positions do not generate interest payments daily.

Clause 13 of the Spanish Terms of Business, under the Spanish heading Cuenta islamica, with the body in Portuguese

In the contract · clause 13

With the Company Islamic account people of the Islamic faith can trade interest free.

03

One LMFX document gives you two Business Days to challenge a trade record and another gives you 24 hours, and nothing says which one wins.

Said in public, in English

Such documents shall, in absence of manifest error, be conclusive unless the Client notifies the Company in writing to the contrary within two (2) Business Days of receiving such document.

Clause 16.3 of the Account Opening Agreement, page 11 of 20

In the contract · clause Submission of a Complaint

In the event that the complaint is regarding a particular trade, the complaint must be submitted no later than 24 hours after the reason for the complaint has materialized.

04

The same page that promises complete separation of your money also says an uncapped administration cost comes out of it if LMFX fails.

Said in public, in English

Does this mean that the funds are segregated? Yes it does. Segregated accounts are set-up in order to ensure that there is clear and complete separation of Client funds from those of the Company.

Security of Funds, page 1, under the heading asking whether funds are segregated

In the contract · clause So will Clients get their money back if the Company goes into liquidation?

In the event that the Company is forced into liquidation, all funds designated as Client funds and held in the Client Accounts will be returned to the Clients as per the funds held on their behalf by the Company minus any costs associated with administration and distribution of these funds.

The documents this reading is based on

21 files, all published by LMFX. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording LMFX publishes.

How this reading was done

Every clause above was read out of a document LMFX publishes itself

This reading was published on .

Documents
17 of 21downloaded from the broker's site, and 17 read in full
Pages opened
80pages walked to find those documents, footer links included
Older copies
1earlier versions downloaded, 1 identical to the copy we hold by fingerprint
Marketing pages
11public pages set against what the contract says
Languages
EN vs ES vs PTthe language it advertises in, against the language it contracts in
Position measured
10clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Global Trade Partners Ltd.

Two documents name two counterparties. The Terms of Business opens with Global Trade Partners Ltd., registered in the Republic of Macedonia. The Account Opening Agreement, which is the document that opens your account, defines the Company as LMFX, registered in the Republic of Macedonia under number 0805-50/150120150016083. They also disagree on whose banking calendar sets a Business Day: Macedonia in one, the Republic of Bulgaria in the other. That matters, because your withdrawal clock runs in Business Days. No regulator, licence number or compensation scheme is named in any of the 17 documents.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

LMFX publishes 17 legal documents as open PDFs, with no login and no gate, and has translated the whole set into Spanish and Portuguese. Two clauses are better than most unregulated brokers offer. The General Risk Disclosure grants negative balance protection in writing, and clause 15.5 of the Account Opening Agreement repeats it for stop outs. There is no inactivity fee anywhere in this document set: clause 14.6 archives a dormant account after 90 days, charges nothing, and says it can be restored on request.

We could not open a single web page on lmfx.com. Every page answered with a block, including the funding pages, the account types page and the legal documents index. So no marketing claim was checked against the contract this time, and every contradiction below sits between LMFX's own documents. We read all 17 English legal documents in full, from the files LMFX publishes. We also found 32 further legal documents in Spanish and Portuguese at lmfx.com/docs/es/ and lmfx.com/docs/pt/, and read parts of four of them. The contract names a Best Execution Policy and a Conflict of Interest Policy as binding on you, and neither is published. Older copies were out of reach except the privacy policy, so most of this set could not be compared with an earlier version.

How to check any of this yourself

Every quote above links to the LMFX file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document LMFX publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge LMFX on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Sep 2, 2026.

If you represent LMFX and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on LMFX. Whether its licence is real and current is a separate check on the broker profile.

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