LMAX

I have received a reasonable explanation as to why this thread was taken out of the Broker Discussion section, so it will stay here.

I want to start this thread as a general discussion focus for this provider, LMAX.

I confess that for me there are attractive aspects to this broker such as the convenience of being local, and not requiring the onerous documentation trail sought by some other brokers. Which does not mean that they are not careful with their operations, it just means that there are traceable hooks for applicants in the UK which identify who you are and who you bank with.

Currently I am playing with a demo account, not a very real situation I know but encouraging just the same.
Level-2 pricing indicated, and a stable platform. Execution does appear to be ...fast!

Any of you guys tried LMAX? I am interested to know if other Europeans have the same ease when opening an account.

I am using them since over a year. Its a rock solid broker, virtually no downtime. Paying $20/m and spreads are good too.

I had to send them a scan of my passport and a utility bill as proof of residence, and of course the signed client agreement (im within the EU but not UK). It was pretty easy, it could be handled via email and took only a few days.

There have been rumours that they will cease to service retail clients in the near future (article on ForexMagnates). I hope its not true.

Here are a few tips regarding lmax: you can use Multicharts instead of the web platform. There is a free limited MC version that only supports 2 symbols, so you can try it out. I have set the tick-size to 0.5 pip in MC and use the DOM for order entry. I think its pretty convenient this way to enter orders and move them around if necessary.

Also, there is SierraChart, they do also have a lmax connection for trading, but also a lmax datafeed only connection, where you dont even need an account to get data. Its pretty good for charting.

P.S. expect this thread to be moved into the commercial section - there have 2 lmax threads here already that have been moved. Twee for some reason does not like this firm. Guess its because they dont have a banner here.

Was just watching the spreads through the B.Bernanke stand-up comedy show.
Mainly watching UJ, I don't think it ever went above 1 pip so I'm impressed.

Huh, they told me $25/m when I asked. Actually they said 0.0025% per side.

I asked them to lower it because lcg offered $16. But that was over a year ago, back then when they still tried to actively compete in the retail segment. Not sure if they would do it today. There are also a few IBs who can lower it. If you search in the commercial section i think its all in these threads.

I have used they , with 10k account only and for a few days only.

As broker it depends... for scalping, news trading, intraday is good.

They have offered only 1:100 leverage , and I wanted lover one. I want 1:30-1:50 and sometimes 1:100, but not with 10k account

As Eu broker it allows hedge position!

As support: I like MY account manager at Dukascopy - but I know other one are horible, this weren't close to my account. Maybe you don't needed even for trading. Sometimes does it matter.

Account opening wasn't so horrible as with Dukascopy, as how it should be with any other broker. No plus or minus here.
I have used they MT4 platform , on mobile too, wasn't satisfied with they iPhone platform, I think they din't had a chart either, just quotes.

Sometimes I could see 0.1 or 0.2 pip at Eur/Usd. sometimes 0.7 sometimes above 1.2 pip. But for me doesn't really matter if 0.1 or 2 pip the spread. Anyhow the commission calculated to pip was around 0.5 or 0.6.

At my ID card address stay my father , I have moved a few streets from him.

LMAX was so "smart" as they sent me a paper letter in recommended mode to my ID card address, without notifying me. Until this shouldn't be a big problem.

My father called me: "hey son! You are searched by a bank in foreign county. What you did again?!" - I and I needed to calm down that old man,explain I want to waste 2 days as I really didn't hacked any bank, and needed to translate that English to mother language and explain the whole Forex interbank, retail structure, for why?! -because they made to sign the papers where is says they can communicate with you in paper format too! Beside of that: that letter was opened in front of 5 people and I wasn't even there.

In this terms they need to learn a lot from Dukascopy.

I have toilet papers, not need they welcome paper, neither to waste my time to explain basic things. Instantly closed my account with they.

Banks are sending recommended papers only when you have a loan and didn't payed the loan at time. This is well known here.

I dont know where you live, sounds like deep eastern Europe. You know, in western Europe it is not unusual to get mail from the bank. I get card statements and such all the time in the mail. Whats the big deal? You should have updated your new residence information with lmax if that is a problem.

Its neither possible nor reasonable for a broker to account for all local cultural oddities worldwide.

using lmax since 2011 cant complain, the execution is instant, i trade trough the api
and no, they wont leave the retail sector..

So they say.. but i'm sure once their business gains further traction, they will make changes. Its not economical for them to serve small retail customers - they are high maintainance but small volume clients. And there is significant regulatory overhead and cost - way more as opposed to servicing only professional and ecp clients.

Or do you have some other authoritative info, other than their official statement?

no i dont have any authoritative information, lmax is a MTF (multilateral trading facility) their slogal was or still is
"Make Your Own Market" the mission was to bring buyers and sellers retail and institutional traders togehther
retail fx trading is still growing .. do you read their blog? http://blogs.lmax.com/business-and-t...gional-trends/

but they work more with introducing brokers now.. when i have opened my account i only had to deposit 200$ or something similar
now they ask you 10k.. i think they just focus more on intruducing brokers and affiliates.. the list of brokers that route trough lmax
is growing well at least in europe..

z1p: can you get traded volume in realtime through the api datafeed? Like Time&Sales display for futures exchanges.

LMAX discussion is here:
http://www.forexfactory.com/showthread.php?t=266866

That thread is in the commercial section. I deliberately started this thread in the broker discussion section for ordinary retail traders.

The LMAX thread got moved from the broker section to the commercial section. The same will likely happen to this thread.

Tends to happen to threads about firms w/o banners

I have noticed a subtle change in the ethos at FF. I wonder where I can find Merlin....

Lol. That did not take long. I still dont see how these threads are any more or less commercial than 99% of the other threads in the broker section. But whatever. FF is just trying to running a business, i guess, and that is ok of course. If you are part of the FX-sales machine, impartiality between ad-clients and non-clients is probably not an option. Unfortunately it impedes an open discussion about certain things for FF users. The spice must flow, i suppose, as is always the priority.

Although, it does not lack a bit of irony that exclusively the non-banner firms get commercialized, as opposed to those who engage in the commercial activity of banner-buying.

......

I was expecting that since I am clearly not a commercial member my thread about this broker would remain in the broker discussion pages, which is where it belongs. Also I was not expecting to have my thread moved - until the warning from TheMaxx. I might try subterfuge.

As far as I know Dukascopy does not buy banner space here, and their discussion thread remains in the Broker Discussion thread.
While I am moaning, I have also noticed that a few news events are being filtered from the calendar.

FF is not the place it used to be, I have been here for about 7 years and I don't like the change in direction.

Could be worse, you could have been wrongly commercialized along with the thread, so count your blessings.

--

Regarding LMAX on FF in general: From what I remember back when I asked Twee about it ages ago (when the other LMAX thread got banished here,) a bunch of posters kept promoting for Armada and spamming in threads everywhere... when FF started to insta-ban and scrub out any broker thread related to Armada, the posters hid in the LMAX thread and kept pumping Armada as the lower barrier to access LMAX liquidity. Eventually FF had enough and just took down the LMAX thread to put an end to it.

I'll see if I can dig up the email.

Edit: Found it. This was back when Twee and I had a more positive dialogue going...


So despite there being no mention of Armada in this thread, it appears LMAX is now haunted by the previous association.

hi shrike, sure i can get level2 trough the API no problem

z1p: no, i mean actaul trades, not market depth.