WikiFX Review: LCMFX, Something you may not know before reading this

About LCMFX

LCMFX claimed itself to be a customer-centric one-stop financial services solution for global clients that expect exceptional and personalized client services, unrivaled trading tools, and advanced trading software. LCMFXs team provides clients with superior execution technology. According to the disclaimer posted at the footer of their homepage, Lucror Capital Markets claims to be the owner. LCMFX offers a large range of market instruments, including forex, indices, metals, commodities, and trading options.

Regulation: Is this broker legit？

According to WikiFX, this broker doesn't have a legitimate license from any regulatory agency. Therefore, LCMFX is not a regulated broker. The unregulated brokers can take your assets away fraudulently. Please be aware of the potential risks if you are about to invest in LCMFX. WikiFX has given this broker a very low rating of 1.4/10.

(Note: Because different regions or countries have different levels of regulatory strictness, the score of the same broker might be slightly varied in other regions or countries. For details, please consult WikiFX customer service.)

Account Types

LCM FX is offering two types of accounts to choose from. They are the STP Trade and the Pro Trade accounts. The minimum deposit for STP Trade Account is $100. The minimum deposit for Pro Trade Account is $1000. The comparison of these two accounts see below:

Spread and Commission

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 pip on EUR/USD, but a commission of $9 applied per standard lot.

Trading Platform

On the LCMFX website, it claimed that the MT4 is the main trading platform. However, WikiFX found that this broker has an unstable MT4 platform. To deeply test its platform, the WikiFX team tried its demo account. As a result, the platform seems not well-secured 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

Clients can transfer or withdraw funds through Visa, MasterCard, Skrill, or bank transfer.

Customer Service

According to LCMFX, it only hires experienced professionals that have shown a history of superior customer service skills and leadership in the financial services industry. Sales and customer service is staffed 24 hours a day, 5 days a week. The sales and operations representatives can assist customers in many different languages. However, we don't know what languages they exactly refer to.

Restricted Areas

According to its website, LCM-FX does not accept applications from applicants in several countries:

LCM-FX does not accept applications from residents of any UN Sanctioned countries including Afghanistan, Central African Republic, Democratic Republic of Congo, Democratic Peoples Republic of Korea, Guinea-Bissau, Iran, Libya, Mali, Somalia, South Sudan, Sudan, and Yemen.

Feedback on WikiFX

According to WikiFX Exposure, two traders from Vietnam complained that their funds has been taken away from LCMFX fraudulently. They can do nothing but lose money.

Conclusion:

We advise you to find a better alternative to invest in. Overall, LCMFX is not a good option for your trading since it is not regulated and has a bad track record. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP to find the most trusted broker for yourself.

Click on LCMFX' WikiFX page for details