Interactive Brokers Or LMAX? | Forex Factory

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Interactive Brokers Or LMAX?

  • #1
  • First Post: Edited Apr 9, 2020 8:00am Mar 15, 2020 4:51pm | Edited Apr 9, 2020 8:00am
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  • #2
  • Mar 16, 2020 3:31pm Mar 16, 2020 3:31pm
Quoting FX2Life
Hello I would like to hear from those who have accounts with either of these 2 brokers what is your experience with them? I know IB now requires people to have 10 million in networth to trade FX on margin. As for Lmax, are they trustworthy? They require 10,000 minimum to open an account. Please share your experience.
I had an account with Lmax some time ago to trade some signal service or other, which did not work out, so closed account. Lmax refunded my funds without delay or question. So my experience is that they are honest.
Galatians VI As you sow so shall you reap.
  • #3
  • Mar 16, 2020 4:54pm Mar 16, 2020 4:54pm
Quoting FX2Life
As for Lmax, are they trustworthy? They require 10,000 minimum to open an account.
If you use an "introducing broker", you may need only 1000.
Return To Disorder
  • #4
  • Mar 16, 2020 7:02pm Mar 16, 2020 7:02pm
Quoting rockit
{quote} If you use an "introducing broker", you may need only 1000.
Yes Fastbrokers is one I believe.

Any experience with any of these 2 brokers?
  • #5
  • Mar 16, 2020 7:03pm Mar 16, 2020 7:03pm
Quoting thomond
{quote} I had an account with Lmax some time ago to trade some signal service or other, which did not work out, so closed account. Lmax refunded my funds without delay or question. So my experience is that they are honest.
Thanks for your reply.

Good to know that they honest. I assume the amount was 10k or above correct?
  • #6
  • Mar 17, 2020 1:41am Mar 17, 2020 1:41am
LMAX trading conditions - execution, platform stability and so on, are in my opinion, flawless. If you do daytrading, then they are definitely good.
As for swing traders, however, there's the matters of swaps. And in that sense, they are one of the worst. I've been tracking their swap-rates and they are between bad to horrible. As of today (17.03.2020), their rates are officially "insane". Worst case: EUR/NZD long position would cost you 4.01 points per night!
If I would have more capital, I would start to look elsewhere for swing trading.
  • #7
  • Mar 17, 2020 3:58am Mar 17, 2020 3:58am
Quoting FX2Life
{quote} Thanks for your reply. Good to know that they honest. I assume the amount was 10k or above correct?
No I think the guy that was going to provide the service was an introducing broker of some kind. I regret closing the a/c with Lmax as they do have a good reputation. But did not have a good feeling about the person the guy I was dealing with so closed everything. Good trading.
Galatians VI As you sow so shall you reap.
  • #8
  • Mar 17, 2020 5:31am Mar 17, 2020 5:31am
Quoting drbrain
LMAX trading conditions - execution, platform stability and so on, are in my opinion, flawless. If you do daytrading, then they are definitely good. As for swing traders, however, there's the matters of swaps. And in that sense, they are one of the worst. I've been tracking their swap-rates and they are between bad to horrible. As of today (17.03.2020), their rates are officially "insane". Worst case: EUR/NZD long position would cost you 4.01 points per night! If I would have more capital, I would start to look elsewhere for swing trading.
Thanks for your input.

Shame I am doing both day and swing trading, I guess I would take only postive swap trades with Lmax.
Have you tried IB?
Besides LMax, who would you look into?
  • #9
  • Mar 17, 2020 5:32am Mar 17, 2020 5:32am
Quoting thomond
{quote} No I think the guy that was going to provide the service was an introducing broker of some kind. I regret closing the a/c with Lmax as they do have a good reputation. But did not have a good feeling about the person the guy I was dealing with so closed everything. Good trading.
I see, it was an IB and the account was with LMax.
Got any experience with IB?
  • #10
  • Mar 17, 2020 6:05am Mar 17, 2020 6:05am
Quoting FX2Life
{quote} I see, it was an IB and the account was with LMax. Got any experience with IB?
No experience with IB except with this guy and my gut feeling was not good, so baled out.
Galatians VI As you sow so shall you reap.
  • #11
  • Mar 17, 2020 6:07am Mar 17, 2020 6:07am
Quoting thomond
{quote} No experience with IB except with this guy and my gut feeling was not good, so baled out.
The guy you are referring to was your Lmax account manager or are you talking about IB? I am confused.
  • #13
  • Mar 17, 2020 3:39pm Mar 17, 2020 3:39pm
Quoting drbrain
{quote} There are no positive swaps with LMAX. You can swing trade with them but you really need to pick your instruments and directions in order to minimize the swap costs. With 50K you can get reasonable trading costs with Swissquote. It's a bank, so the money would be safe. Swaps are better too. Execution is probably you ordinary market-maker variety, but would be good enough for swing trading.
Thanks, swissquote heard about them from another thread where they were listed tons of bucket shops not to trade with. Swissquote was one of the good ones along with IB, Lmax and purple trading.

Is swissquote a MM or ECN?
  • #14
  • Mar 17, 2020 4:59pm Mar 17, 2020 4:59pm
Quoting FX2Life
{quote} The guy you are referring to was your Lmax account manager or are you talking about IB? I am confused.
Sorry only saw your question now. The guy I was dealing with was supposed to be some kind of introducing broker, he had nothing to do with Lmax. I did not have any problem what so ever with Lmax.
Galatians VI As you sow so shall you reap.
  • #15
  • Mar 17, 2020 7:03pm Mar 17, 2020 7:03pm
Quoting thomond
{quote} Sorry only saw your question now. The guy I was dealing with was supposed to be some kind of introducing broker, he had nothing to do with Lmax. I did not have any problem what so ever with Lmax.
No problem.

Great to know that LMAX is good, will consider them.
  • #16
  • Edited 6:38am Mar 18, 2020 6:26am | Edited 6:38am
Quoting drbrain
{quote} There are no positive swaps with LMAX. You can swing trade with them but you really need to pick your instruments and directions in order to minimize the swap costs. With 50K you can get reasonable trading costs with Swissquote. It's a bank, so the money would be safe. Swaps are better too. Execution is probably your ordinary market-maker variety, but would be good enough for swing trading.
I just contacted LMAX support and they confirmed they credit and debt your account depending on if you have positive or negative swap position. Don't know why you didn't experience that. So it seems it is all good with LMAX.
  • #18
  • Mar 18, 2020 1:11pm Mar 18, 2020 1:11pm
Quoting drbrain
{quote} I hate to repeat myself. What they told you at the support does not matter. Sure, they would credit the positive swap for you if they had any. On 17.03.20, out of 28 main currencies they have ONE positive swap instrument. Good luck getting rich with that 0.21 point they credit to your account while everything else is much larger negative.
Then it is not LMAX fault, interest rates in currencies are negative in general. They are operating as they should you weren't clear on that.

Let me worry about getting rich or not.
  • #20
  • Last Post: Edited Mar 19, 2020 11:42am Mar 18, 2020 3:33pm | Edited Mar 19, 2020 11:42am
Quoting drbrain
{quote} Just one more try, then I'm done. "Then it is not LMAX fault, interest rates in currencies are negative in general". No, they are not. And it is their fault that their swaps are expensive. Brokers take interbank rates and add a fixed negative interest on top of it. All brokers do it. It is only a question of how much they add. LMAX and IB add a lot because they can. "They are operating as they should you weren't clear on that." I was clear on the fact that their swaps are expensive. I'm sure they operate "as they should" by having expensive...
Ok mr. I am too busy to reply..You don't get to choose a broker based on swaps rates.
It depends on your trading strategy and how you manage the risk at the end of the day. You can swing trade with LMAX profitably if you know how to manage your risk/trade right, if swaps are going to effect your strategy then you might want to reconsider what you are doing altogether.

There are more variables that go in trading than just swap so saying it is their fault or not trade with them because of it is just foolish.

If you are happy with swissquote it is fine.

LMAX and IB do have competition in the retail space not doubt.
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