Who is LCM-FX?
LCM-FX is an OTC spot forex and metals brokerage concentrated on the retail market.
Who can open a trading account with LCM-FX?
LCM-FX does not accept applications from applicants in a number of countries:
LCM-FX does not accept applications from residents of any UN Sanctioned countries including Afghanistan, Central African Republic, Democratic Republic of Congo, Democratic Peopleâ€™s Republic of Korea, Guinea-Bissau, Iran, Libya, Mali, Somalia, South Sudan, Sudan and Yemen.
this is for compliance reasons.
In addition, you may be required to provide documentation to support your application.
Where do your prices come from?
Our pricing is derived from several top-tier liquidity providers who stream prices to our platform.
Can I trade using EA (Expert Advisor) or other trading robots on LCM-FX MT4 platform?
Yes. We allow the use of EA on our MT4 trading platform.
We do not provide support for these automated strategies however as they are available from third-party providers and suggest you contact the source directly should you experience any difficulties related to the settings or methodology of your chosen EA.
What spreads do you offer?
To view full details regarding the spreads we offer, please visit our Comission Specifications page.
What leverage options does LCM-FX offer?
We offer multiple leverage options from 1:1 all the way up to 500:1.
What is the difference between a 'Demo' and a 'Live' account?
Our Demo and Live accounts basically have the exact same trading conditions including the same price feed.
Please keep in mind however that it is not possible to replicate a real trading environment on a Demo account due to technical limitations. Trades placed on demo accounts are not passed into the real market and therefore their execution will not be directly comparable.Demo trading accounts are specifically designed to allow traders to become familiar with the trading platform itself and will never be able to provide an identical trading experience to a Live account.
Our demo accounts last for 30 days before it expires.
How do I open a Live account with LCM-FX?
Opening an account with us is easy and only takes a few minutes.
You can apply online through our website by clicking on any open or create account button and follow the prompts.
Do I need to provide any documentation to open a live account?
Identification must be provided in the form of photo ID and proof of address to verify your identity.
Photo ID â€“ Driverâ€™s Licence/Passport/Government-issued ID
Must be clear and visible
Must be issued by a government agency
Name, Signature and Expiry Date must be clear
Proof of Address â€“ Bank Statement/Utility Bill
Must not be older than 3 months
Must show the same name and address as your account application
How can I send my documentation to LCM-FX?
You will be asked to upload your identification documents during your live account application process online. If, for any reason you cannot provide the documents during your application, you can also send the documents to us via email.
How long does it take to set up an account?
Our demo account takes less than a minute to set up whilst our live account application may take approximately 5-10 minutes to complete.
Provided that all required documents are submitted (ID, proof of address etc.), your live account can be set up within 24 hours (during normal business operating hours) of you submitting your application.
What currency will my LCM-FX account be held in?
We currently support the following major currencies: EUR.
What is the minimum deposit required to open an account?
It is completely free to open a live account with us. However, we do require a minimum deposit of $100 (account base currency) when you fund for the first time.
How do I deposit funds?
We offer a number of payment methods to fund your trading account including instant funding through Skrill, as well as international/local bank transfers and cryptocurrency.
For further information, please see our Fund Your Account page.
How long does it take for funds to appear in my account?
Most of our payment options are instant. If you have funded via credit card, funds will usually be available in your account within seconds of completing the transaction.
If you have funded via bank transfer however, funds will need to clear before they appear in your trading account. This can take 1-3 working days, depending on your location.
How do I withdraw funds from my trading account?
You can withdraw funds from your account through our secure Client Portal area.
Note that funds can only be sent back to an account in the same name as your trading account.
How long does it take for a withdrawal to be completed?
We aim to process all withdrawal requests between 9 AM and 1 PM AEST, Monday â€“ Friday. Requests submitted after 1 PM will be processed the following business day.
Note that processing times may vary and are subject to the receiving bank processes. International transfers may take up to 2 â€“ 5 days to be received.
Do you charge any deposit or withdrawal fees?
We do not charge any internal fees for deposit and withdrawals.
However, please note that payments to and from non-Australian banking institutions may be subjected to bank fees from an intermediary bank involved in the transaction and may thus, attract a receiving fee from clientâ€™s bank/institution. Any such fees will be the responsibility of the client. Please ensure to account for these fees when making withdrawals of a small amount.
Additionally, any international Telegraphic Transfer (TT) fees charged by our banking institution are passed onto the client (approximately $20).
My trading platform shows â€˜Trade Context is busyâ€™.
The error message â€œTrade Context Busyâ€ will occur if you have given MetaTrader an additional instruction before it has completed an earlier task. Usually this is because of multiple mouse clicks or a hyperactive EA. Please log out from your trading platform (file > exit) and then log in again – this should resolve the issue.
What time zone are the charts displayed in MT4 / What is the GMT offset?
Our MT4 charts are set to be â€˜GMT+3â€™. There are indicators available to change this through the MQL4.com community.
What mobile platforms do you offer?
We offer MetaTrader 4 applications for:
Visit our Trading Platforms page for more information.
I have lost my password. How can I reset it?
If youâ€™ve lost or forgotten your MT4 login password, you may have it reset by calling or emailing us. For security reasons, we will require you to provide us with some personal details in order to verify your identification.
Why do I see a 'No Connection' or 'Invalid Account' message?
For Live accounts: This is either one of two errors: incorrect login number or password. If you are still having issues after attempting to re-enter your login details, please contact us.
For Demo Accounts: This means youâ€™ve either entered the wrong login number or password, or your demo account has expired.
Can I login to my account from multiple devices at the same time?
Yes, our trading platform allows multiple login simultaneously to the same account. You can log into your account from the MT4 desktop terminal on your PC and sign in using your mobile phone while you are away.
Why can't I see some of the trading symbols on my platform?
If you canâ€™t find all the Forex, Commodities and Indices symbols that we offer in your Market Watch, they may just be hidden. Simply right-click anywhere on the Market Watch window and select Show All.
How do I load custom indicators or Expert Advisor on MT4?
If you would like to install or use your own custom indicator and Expert Advisor, you can do this by going to File > Open Data Folder and open MQL4 folder. There are experts and indicators folders within it and you will need to copy the .mq4 or .ex4 files into their respective folder.
What is the minimum lot size that I can trade with LCM-FX?
You can trade as low as 0.01 lots (or 1,000 units of base currency) on all our currency pairs.
How do I place/change a Stop Loss/Take Profit (SL/TP) order?
These can be modified by double clicking on the order or with a right click and then â€œModify or Delete Orderâ€ in the trade tab in the terminal window. You are not able to modify or delete SL/TP once the price has been reached.
Do you guarantee order execution?
Yes. If the price reaches a Buy Limit, Buy Stop, Stop Loss, Take Profit, Sell Limit or Sell Stop order, these types are executed instantly.
There may be instances however where these orders will not be executed at the declared customerâ€™s price and LCM-FX reserves the right to execute the order at the first available price.
What prices are displayed on the charts in my trading terminal? At what price will my order be triggered?
The prices displayed on your MetaTrader 4 charts are the maximum Bid price or High which is displayed at the top of the bar, and the minimum Bid price or Low which is displayed at the bottom of the bar.
To calculate the Ask price you need to use the formula: Bid price + spread, so the minimum Ask price would be the Low + spread and the maximum Ask price would be the High + spread.
On Buy positions, your Stop Loss and Take Profit orders will be triggered when the Bid price reaches the order level, whereas on Sell positions they will be triggered when the Ask price reaches the order level.
Buy Limit and Buy Stop orders will be triggered when the Ask prices reaches the order level, whilst Sell Limit and Sell Stop orders will be triggered when the Bid price reaches the order level.
I cannot find the swap rates.
Simply go to the â€˜Market Watchâ€™ area, right-click and choose â€˜Symbolsâ€™. Then click on the properties for a trading symbol and it will give you all the details including the swap rates.
What does 'margin' mean and how is this calculated?
Margin is the amount of money required to open or maintain a position. This is not a fee or a transaction cost, it is simply a portion of your account equity set aside and allocated as a margin deposit.
Margin requirements can vary depending on the market you are trading and the size of your trade. If you do not have sufficient free equity available you will be unable to open a position on the trading platform. The free margin amount shown in the trading platform is the amount you have available to use should you wish to open additional positions.
Margin can be calculated using the following formula:
Margin Requirement = (current market price x volume) / account leverage
EUR/USD is quoted at the current market price of 1.35645, your account has a leverage of 1:400 and you would like to trade one standard lot. Your margin calculation would be: (1.35645 x 100,000) / 400 = $283.91
In this example the margin on this position would be $283.91, therefore in order to open a position of this size you would require at least $283.91 in free equity in your trading account.
How do you calculate a swap rate?
Our swap rates are calculated automatically in the trading platform, however, for your information, swap rates may be calculated using the following formula:
Current long/short rate * number of lots = swap debit/credit in second currency
If you have any further questions regarding our swap rates, please contact us directly.
Why are swap rates tripled on a Wednesday?
If you hold a position overnight on a Wednesday, the normal financing charges that are credited/debited on a daily basis are three times the normal amount. Charging triple swap on Wednesday roll-over period accounts for the settlement of trades over the weekend, as swap rates are not charged during this period due to the market being closed.