LMAX = revolution?!?

Hi,

I'm interested in opening an account with Lmax. However I don't understand how to get accurate ticks data history from them. With other brokers I simply download ticks from dukascopy first, then import them to mt4 strategy tester... but lmax doesnt seem to provide this accurate tick history and are an entire/different market all by themselves.

I am thinking about buying a vps and letting my mt4 run 24/7: will that record every ticks and be good for strategy testing?

Thanks for your help/feedbacks.

Why does lmax impose such obscenely high swap rates ?

Mingary, would you care to share an indicator of yours? This is regarding some other post of yours in another thread, but since i found you here i thought to ask. It is supposedly secret, just a hint.

LMAX is typcally an institutions only brokerage firm, comparable to GFI or BGC partners or Tullett Prebon,

for LMAX to even consider getting into the retail fx space, obviously they will think of whatever way they can to push up swaps and fees, and make sure they market themselves to be a respectable retail brokerage.

think about it... Institutioins trade by the Millions as a minimum and perhaps commissions of 1 pip is gona be a thousdand USD per transaction they do with institutions....
retail isn't even gona come close to tradiing at that size....

institutions don't pay the swap ?

institutions do, but institutions will have swap much closer to the interbank interest rate differential by central banks....
but retail brokers will do whatever they can to make the retail traders life a misery by claiming

1. because retail are mostly leveraged traders, their use of leverage means the brokers can add to the swap an extra fee for "borrowing money" to trade in the market.....
2. if you are trading spot metals, they will claim that the overnight swap is the "Warehousing costs" involved in trading metals, but actually all trades and transactions are digital.....
3. Swaps could also indicate the broker's funding costs... the more the bid/ask swaps deviates away from the interbank swap differentials, the more likely that the broker is weaker in terms of acquiring funding in trading those particular currencies....
4. because brokers have to make a decision when a retail trader places a position, to either hedge by attempting to match the retail client's trade in the interbank market or by taking the opposite direction of the retail clients ie. taking the risk on their books.
brokers can use that excuse to justify their "cost of providing their brokerage services to you"

Part 4. is also an indication where a broker has rejected to serve you because you are making money ,means they have not hedged against your trade. they thought they can make a buck out of you losing, but if you win they lose to you.
Some brokers will put you in a shittier execution environment and some broker will downright request you withdraw and terminate services to you....

think of it this way..... Brokerages are essentially Casinos....
they want you to stay for as long as you can so whatever you win from them they will take it back. but if you established that youu are winning money and they deem you have an edge. they will blacklist you as an advantage player.....
same theory.

just throwing some out....

Hello Mingary,

This is the one i am referring to.

http://www.forexfactory.com/showthre...17#post6727317

Can you help me?

Sincerely,
Demetrios

hi traders,

anybody has experience trading with LMAX? are they fair?

Most of the brokers charge such high swap rates because it's generally a marketing hook, ie ultra low spreads alongside ultra high swaps.

Most retailers only look at one side of the equation, the bid-offer spread and if that's tight it's good. The swap rate is therefore sort of a hidden cost and they charge it because they can. No problem though for traders that don't hold overnight. I did a stock index trade using a spread betting firm recently (hardly ever trade with them) and was shocked how much they charged to hold the position for a few days. But the spread was 0.8 ticks, tighter than the actual futures. Loss leader on the spread, major profit on the overnight holding costs and you can bet they didn't have as a firm much of an overall position on the market as total client longs would have probably matched total client shorts so they're picking up major cash just on that.

Contrast this with medium bid-offer spreads and a low swap. Think about that as a marketing message? How many would look at an average spread of 0.7 on the Euro and say 'hey, that's a rip-off I can get 0.2 average with ABC broker'. Go look at all the adverts, the big flashy messages are all about the tightness of the bid-offer, never any mention unless you dig deep into the site about the holding charges and even then it's probably not that detailed.

What the visible left hand gives the hidden right takes (more) away...

So,
higher spread/low swap brokers: for swing traders
lower spread/higher swap brokers: for scalpers
That easy...

I think they do not want retail traders. I applied for a account with fxmft IB (min deposit 1000€) and they ask ridiculous requeriments.

If I have profesional experience in trading, If I have more than 500 k in investments... A nonsense.

Now more than 10 days waiting for a answer from them......

I think It's better to go with Interactive brokers

LMAX Exchange Group launches LMAX Global, a new fully regulated FCA broker alongside the regulated LMAX Exchange
LMAX Exchange Group, one of the UK’s fastest growing technology companies and the leading advocate of enhanced transparency and fairness in FX trading, welcomes MiFID II. To meet the regulatory changes under MiFID II, aimed at improving transparency in financial markets, the company has completed the transition of its MTF and Broker businesses into two distinct FCA regulated entities: LMAX Exchange and LMAX Global, both now part of the LMAX Exchange Group.
Read more: http://fxmtf.com/lmax-exchange-group...lmax-exchange/

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https://www.quantower.com/blog/quant...-lmax-exchange



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LMAX Global Client Classification
To understand the differences between client classifications, please see LMAX Global – Treatment of Professional and Retail Clients.
1.
As a Professional client, a minimum of two criteria that support your Professional classification:

1. I have carried out transactions, in significant size, on the relevant market at an average frequency of 10 per quarter over the previous four quarters
2. the size of my financial instrument portfolio, defined as including cash deposits and financial instruments, exceeds EUR 500,000
3. I work or have worked in the financial sector for at least one year in a professional position, which requires knowledge of the transactions or services envisaged

2.
As a Retail client residing in the EEA, you are eligible to apply for an account with LMAX Global, an FCA regulated Broker and part of the LMAX Exchange Group.
As a Retail client residing outside the EEA, select which entity you wish to apply for an account:
Retail clients with LMAX Global will receive the highest level of investor protection afforded by the Financial Conduct Authority. These include the new leverage restrictions imposed by ESMA.
or
Clients of LMAX New Zealand are able to trade with flexible leverage (1:100). While LMAX New Zealand is part of the LMAX Exchange Group, its clients do not receive the same regulatory investor protection as clients of LMAX Global.