Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
9/10 · CriticalNo licence for the forex and CFD business, a CNMV warning naming lmfx.com and its operator, and a Comoros licence number missing from MISA's lists.
Identity & transparency
6/10 · HighCompanies are named with numbers and the Skopje address matches the registry, but that company reports no activity and the payment company is Cancelled.
Withdrawals & conduct
5/10 · ModerateOne detailed 2024 claim of withheld profits on a single platform, set against many paid-withdrawal reports; pattern unconfirmed.
Reputation
6/10 · HighMixed reviews (3.28 out of 5 across 148 Forex Peace Army reviews) alongside regulator actions in Spain and Indonesia.
Website claims
7/10 · HighPromises fund safety and cites a licence number it cannot back, names a cancelled payment company, and promoted a token with a share-conversion promise.
Operational history
3/10 · LowVerified trading history since 2015 under one brand, offset by a cancelled payment company and a closed crypto platform.
Who they are
A quick desk file on the company behind the brand.
- Brand: LMFX. The same group also uses the names Crypto LMFX, LM Group and the LMGX token.
- Legal entity: Global Trade Partners Ltd., registered in North Macedonia as Global Trade Partners DOOEL Skopje (EMBS 7020600). The site names it as the provider of the MetaTrader trading service.
- Registered: Risto Ravanovski 13a, 1000 Skopje, North Macedonia. Founded 20 February 2015.
- Other companies named: GTP Global Solutions Ltd. (St. Vincent and the Grenadines, company 24653, now Cancelled) for payments, and Live Markets LLC (Comoros, company HY01023439) for crypto services and the LMGX token.
- Website: lmfx.com, plus wallet.lmfx.com, webtrader.lmfx.com, blog.lmfx.com and lmgxtoken.com. Language versions include Japanese, Spanish, Indonesian, Polish, Turkish, Chinese and Portuguese.
- Only licence: none for forex or CFDs. A Comoros brokerage number, T2023402, is cited for Live Markets LLC only, and it does not appear on MISA's published lists.
- Offers: forex and CFDs on indices, commodities, metals, energy and shares through MT4, leverage up to 1:1000, a 100% credit bonus and a 15% recovery bonus.
- Not accepted: the risk warning says the content is not aimed at residents of the United States, the United Kingdom or Japan. The site still runs a full Japanese-language version.
- Age claim: the footer reads '© 2015 - 2026'. Verified: the company was founded in February 2015 and the broker site was live by February 2016.
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: No
We could not confirm this broker on any genuine regulator’s register.
Licences the broker publishes
Mwali International Services Authority (Comoros), implied by Brokerage License Number T2023402
Found by our investigation (1) — the broker does not list these on its own site
Financial Services Authority of St. Vincent and the Grenadines (company register)
Found by us — not listed by the broker
Why we reached this verdict
How the evidence adds up.
LMFX is rated a likely scam for three reasons. A financial regulator has named this exact operation as unauthorised. It holds no licence for the trading it sells. And its company record leaves clients unsure which company holds their money.
- Regulator warning: on 5 October 2020 Spain's CNMV listed GLOBAL TRADE PARTNERS LTD and WWW.LMFX.COM as unauthorised entities. IOSCO's I-SCAN records the same warning under the category 'Unregistered/Unlicensed entity offering financial products or services'.
- No licence for the main business: the footer names Global Trade Partners Ltd. in Skopje as the MetaTrader provider and cites no licence for it. It also states that products from other group companies fall outside the Live Markets 'regulated services'.
- Cancelled payment company: the St. Vincent and the Grenadines FSA entity register lists GTP GLOBAL SOLUTIONS LTD. (company 24653, incorporated 10 April 2018) as Cancelled. lmfx.com still names it as its payment services provider.
- Unconfirmed licence number: the site cites Brokerage License Number T2023402 for Live Markets LLC in Comoros. We checked copies of MISA's own brokerage, crypto, suspended and liquidated lists from April and May 2025. They show the neighbouring numbers T2023399, T2023401 and T2023403, but not T2023402.
- An inactive operating company: Central Registry data published by CompanyWall show Global Trade Partners DOOEL Skopje with no income, no expenses and no employees for 2023, 2024 and 2025. That suggests client money is handled by a company other than the one named as the service provider.
- Token sale with a share promise: in April 2025 Live Markets announced an LMGX token sale at 1 USDC per token. It said a 2027 security token offering would let holders convert their tokens into equity shares, and it described LMGX as under full regulatory oversight. We found no regulator approval for this.
- Complaints: we found one detailed 2024 claim that about $68,000 of profits were withheld from a US client. Many other reviews report paid withdrawals. The pattern is unconfirmed: one platform, one case.
- Scoring: regulation scores 9 and identity 6 (each counted twice), withdrawals 5, reputation 6, website claims 7 and history 3. That gives a weighted average of 6.4 out of 10. Under our method, a regulator warning that names the firm sets the minimum at 70%.
Evidence ledger
Every finding, with its source and how strongly it points.
E1Spain's CNMV warned-companies search lists GLOBAL TRADE PARTNERS LTD and WWW.LMFX.COM as unauthorised entities, in a warning dated 5 October 2020.
Hard proofCNMV warned-companies searchE2IOSCO I-SCAN records the CNMV warning (6 October 2020) for https://www.lmfx.com, entity GLOBAL TRADE PARTNERS LTD, under the category 'Unregistered/Unlicensed entity offering financial products or services'. This is the same warning as E1 and is not counted twice.
WeakIOSCO I-SCANE3Italy's CONSOB relayed the CNMV warning on 12 October 2020, listing Global Trade Partners Ltd (www.lmfx.com). This is the same warning as E1.
E4The list of domains that Indonesia's commodity futures regulator Bappebti blocked in February 2021 for trading activity without its licence, published citing the Ministry of Trade, includes LMFX at https://lmfx.com. The same list includes brokers licensed elsewhere, so it shows unlicensed activity in Indonesia, not fraud.
E5The St. Vincent and the Grenadines FSA entity register (updated 19 October 2026) lists GTP GLOBAL SOLUTIONS LTD., company 24653, a business company incorporated on 10 April 2018, as Cancelled. lmfx.com still names this company as its payment services provider.
E6MISA's own authorised brokerage list (copy of 28 April 2025) shows T2023399 (Kumo Markets) and T2023403 (FundedNext), and its suspended list (14 May 2025) shows T2023401. None of MISA's brokerage, crypto, suspended or liquidated lists from April and May 2025 show T2023402 or Live Markets LLC, the licence the site cites.
E7The footer says MetaTrader financial services come from Global Trade Partners Ltd. in Skopje and that products from other group companies fall outside the Live Markets 'regulated services'. So the forex and CFD business carries no licence, while the homepage promises 'Complete fund segregation' and tells visitors to 'Trust Your Funds with a Reliable Broker'.
Moderatelmfx.com homepage and footerE8Central Registry data published by CompanyWall show GLOBAL TRADE PARTNERS DOOEL Skopje (EMBS 7020600), founded on 20 February 2015 at Risto Ravanovski 13a, with activity code 64.99. It reports zero income, zero expenses and no employees for 2023, 2024 and 2025.
E9A Live Markets press release of 4 April 2025 announces an LMGX token sale from March to May 2025 (40,000,000 tokens at 1 USDC each). It says a 2027 security token offering will let holders convert tokens into equity shares, and that LMGX is structured with full regulatory oversight.
E10A Forex Peace Army complaint opened on 25 June 2024 by the holder of LMFX account 33718 says about $68,000 of June 2024 profits were withheld and only about $6,100 paid. LMFX reportedly cited the client's US citizenship and its liquidity providers. The client also alleges their trade history was altered. The archived copy of 9 August 2024 shows no resolution.
E11lmfx.com runs a full Japanese-language site advertising 1000x leverage, although its own risk warning says the content is not aimed at residents of Japan. The site also offers Spanish and Indonesian versions despite the CNMV warning and the Bappebti block.
Moderatelmfx.com Japanese siteE12crypto.lmfx.com, the crypto trading platform promoted from 2024, no longer resolves. The site footer still says crypto payments and trading are offered by Live Markets LLC.
E13Forex Peace Army posts by one Canadian client between December 2022 and March 2024 dispute the fill prices and slippage on index trades. These are trading-condition disputes, not refused withdrawals.
E14Forex Peace Army lists 148 reviews of LMFX.com averaging 3.278 out of 5. Several describe paid withdrawals, such as a Texas client whose wire arrived in about 36 hours in 2020. An LMFX representative replies to complaints, and a 2021 account suspension was reversed.
E15The archived lmfx.com shows the LMFX broker site, marked '© 2015-2016', by February 2016. In April 2015 the domain was a parked page for sale. Together with the company's February 2015 founding date, this verifies a continuous history under one brand and one domain since 2015.
E16Poland's KNF public warning list returns no entry for LMFX. The US CFTC RED List also has no entry for LMFX, Global Trade Partners, GTP Global Solutions or Live Markets.
E17The long-running Forex Factory thread on LMFX, which the forum labels commercial content, consists mainly of promotional posts from a few accounts between 2019 and 2025, including comments on the LMGX token price. It is not counted as independent praise.
The other side
The strongest case in this broker’s favour.
The strongest case for LMFX is that it has traded for a long time and has a real client base.
- It has used one name and one domain since 2015. The Skopje company was registered in February 2015, and the archived lmfx.com shows the broker live by February 2016.
- Its 148 reviews on Forex Peace Army average 3.28 out of 5. Several describe paid withdrawals, such as a Texas client in 2020 who received a wire in about 36 hours.
- An LMFX representative answers complaints in public. In 2021 the firm restored an account it had suspended after a client complained.
- The CNMV warning and the Indonesian block are about licensing in Spain and Indonesia, not findings of fraud. Bappebti's February 2021 block list also included brokers that are licensed elsewhere.
- Poland's KNF warning list and the US CFTC RED List have no entry for LMFX. I-SCAN shows only the CNMV warning.
- The disputed 2024 profits belonged to a US resident, and the site says it does not serve US residents.
What would change this
What we would need to see to revise the verdict.
Any of these would lower the risk materially:
- A licence from a recognised regulator, held by the company that contracts with clients and holds their money.
- MISA's register showing Live Markets LLC with licence T2023402 in force.
- A registered, existing payment company named on the site in place of the cancelled GTP Global Solutions Ltd.
- Filed accounts showing that the Skopje company actually carries on the trading business.
- The CNMV withdrawing its warning.
- Regulator approval or a published prospectus behind the LMGX share-conversion promise.
Any of these would raise the risk: a regulator or court finding of fraud, a cluster of refused withdrawals across several platforms, or demands for fees before a payout.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
CNMV warning: Global Trade Partners Ltd
Spain's regulator lists the operator as unauthorised (warning dated 5 October 2020)
CNMV warning: www.lmfx.com
The same CNMV warning, searched by website
IOSCO I-SCAN entry for www.lmfx.com
International alert network record of the CNMV warning
CONSOB notice of 12 October 2020
Italy's regulator relaying the CNMV warning on Global Trade Partners Ltd (www.lmfx.com)
St. Vincent and the Grenadines FSA entity name search
Search GTP GLOBAL to see GTP Global Solutions Ltd. listed as Cancelled
Poland KNF public warning list
No entry for LMFX at the time of writing
LMFX legal documents
The broker's own client agreements, terms and bonus conditions
Frequently asked questions
Quick answers about this broker’s safety.
Is LMFX a scam?
We rate LMFX as a likely scam, with a 70% risk score. It takes deposits for leveraged trading without a financial licence, Spain's CNMV lists its operator and website as unauthorised, and its company paperwork has gaps. It has also traded since 2015 and many clients report paid withdrawals, so it is best described as a high-risk unlicensed broker rather than a proven theft operation.
Is LMFX a fraud?
We found no regulator or court finding of fraud against LMFX or Global Trade Partners Ltd. What exists is a 2020 CNMV warning that the firm is unauthorised, a 2021 block in Indonesia, and the gaps in the company record described in this report. On that evidence we assess the risk of fraud as high. That is our assessment of risk, not a legal finding.
Is LMFX regulated?
No. LMFX's forex and CFD accounts are provided by Global Trade Partners Ltd. in Skopje, and the site cites no licence for that company. The only licence number on the site, T2023402, is cited for the crypto company Live Markets LLC, and the site itself says its other products fall outside those regulated services. Spain's CNMV lists the operator as unauthorised.
What is licence T2023402, and what is it worth?
It is a Comoros brokerage licence number that the site cites for Live Markets LLC, and its format matches the Mwali International Services Authority (MISA). The number does not appear on MISA's published lists in copies from April and May 2025. MISA is an autonomous-island registrar, not a recognised financial supervisor. Even if the licence were valid, it would not cover LMFX's forex and CFD accounts.
Who owns and runs LMFX?
The site names three companies: Global Trade Partners Ltd. in Skopje for trading, GTP Global Solutions Ltd. in St. Vincent for payments, and Live Markets LLC in Comoros for crypto services. The Skopje company was founded in February 2015 and reports no income or staff for 2023 to 2025, and the St. Vincent company is listed as Cancelled. The site does not name the people who own these companies.
Can I withdraw my money from LMFX?
Many reviewers report paid withdrawals, often within a day or two by e-wallet. We also found a detailed 2024 complaint from a US client who says about $68,000 of profits were withheld and only about $6,100 was paid, after LMFX cited their US citizenship. Because no regulator supervises LMFX, there is no outside body that can force a payout.
Is my money safe with LMFX?
LMFX says client money is kept in segregated client accounts, but no regulator checks this and there is no compensation scheme. The company the site names for payment services is listed as Cancelled on the St. Vincent and the Grenadines register. Treat any balance there as unprotected.
How long has LMFX been operating?
Since 2015. The Skopje company was founded on 20 February 2015, and the archived lmfx.com shows the broker live by February 2016. The lmfx.com domain itself dates from 2005, but it was a parked page offered for sale until 2015.
Is LMFX a clone of another broker?
No. We found no sign that LMFX uses another firm's name, licence or address. The regulator warnings that mention it name its own website and its own company, Global Trade Partners Ltd.
What is the LMGX token, and should I buy it?
LMGX is a token that Live Markets sold in a token sale from March to May 2025 at 1 USDC per token. The company promised that a 2027 security token offering would let holders convert their tokens into equity shares. That is an investment promise, and we found no regulator approval or prospectus behind it. Treat it as very high risk.
Does LMFX accept clients from the US, UK or Japan?
Its risk warning says the site is not aimed at residents of the United States, the United Kingdom or Japan. Yet it runs a full Japanese-language site. According to a 2024 client complaint, US clients were trading with LMFX until mid-2024, when the firm began closing their accounts.
What should I do if LMFX does not pay my withdrawal?
Put your request and complaint in writing, and keep your trade history, statements and emails. Contact your card issuer or payment provider about a chargeback, and report the case to your national financial regulator. Do not pay anyone who promises to recover your money for an upfront fee.
What should I check before depositing with LMFX?
Confirm in writing which company you contract with and which company receives your deposit, since the payment company named on the site is cancelled. Remember that no regulator supervises the account, and read the bonus terms, because bonus funds can only be withdrawn after volume targets are met. Only deposit an amount you can afford to lose.
What we recommend
The practical takeaway from everything above.
Treat LMFX as an unlicensed broker. No regulator supervises it, and no compensation scheme protects your money.
- Only deposit money you can afford to lose. Keep balances small and withdraw profits often.
- Ask in writing which company you contract with and which company holds your money. The payment company named on the site is cancelled.
- Do not rely on the promise of segregated accounts. No regulator checks it.
- Be very careful with the LMGX token. We found no regulator approval behind its equity-conversion promise.
- Keep your statements, trade histories and emails. If a withdrawal is refused, complain in writing, ask your card issuer or payment provider about a chargeback, and report it to your national regulator.
- Ignore fund-recovery services that ask for fees up front.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed October 28, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
What traders say about LMFX
Comments on LMFX are posted on its profile
Nobody has commented on LMFX yet. If you have traded with them, your experience helps the next reader decide.
Write the first comment