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LMAX = revolution?!?

  • #381
  • Nov 18, 2011 9:03am Nov 18, 2011 9:03am
Quoting Jfk
http://www.alphanovae.com/manager-of-fund.html

Found the above link on the support forum. I'm going to email them to ask the cost of the alpha 'scalper'.
Free to those opening an account through them. Looks like they are taking a cut then. Not a patch on the MC order entry suite with semi automated target/stoploss strategies etc. I don't think you can even buy the bid or sell the ask instantly with the alphatrader frontend. They say they are developing newer versions, though.
  • #382
  • Nov 18, 2011 1:01pm Nov 18, 2011 1:01pm
Quoting Jfk
Free to those opening an account through them. Looks like they are taking a cut then. Not a patch on the MC order entry suite with semi automated target/stoploss strategies etc. I don't think you can even buy the bid or sell the ask instantly with the alphatrader frontend. They say they are developing newer versions, though.
Anyone knows some details about lmax's IB policies? it sounds like these guys get a part of the commissions for introducing clients through them. If their split is high enough - maybe its possible for other IBs to adopt a model where clients can get cheaper commissions, like with some Ducascopy IBs? But its probably easier to do that when commissions start at $50 than with $25 like at lmax.
  • #383
  • Nov 19, 2011 1:03am Nov 19, 2011 1:03am
Has anyone here got more then 50k - 100 k with this broker? Reliable?
  • #384
  • Nov 19, 2011 1:16am Nov 19, 2011 1:16am
Quoting Mdt48
Has anyone here got more then 50k - 100 k with this broker? Reliable?

the good thing with this broker is that you don't need to deposit such amount of money like other ecn brokers ,currex and bla bla ....deposit just what you need to cover your management and live the balance in you bank.....and you'll have in any case all benefits to trade via ecn , stp, ppp, popo .......heheheheh
  • #385
  • Nov 19, 2011 1:27am Nov 19, 2011 1:27am
i forgot.......important thing ...as i know , may be i am wrong , this is the only broker ,regarding safety of client funds , that Customer funds are held in a client trust bank account, separate from corporate funds and these funds will also be held in segregated client accounts.

In my opinion this is the strongest solution for our funds......trust bank account and segregated account........
  • #386
  • Nov 19, 2011 3:14am Nov 19, 2011 3:14am
Quoting gioviforex
i forgot.......important thing ...as i know , may be i am wrong , this is the only broker ,regarding safety of client funds , that Customer funds are held in a client trust bank account, separate from corporate funds and these funds will also be held in segregated client accounts.

In my opinion this is the strongest solution for our funds......trust bank account and segregated account........

Sounds the same as in the futures industry ,very good thing
  • #387
  • Nov 19, 2011 4:24am Nov 19, 2011 4:24am
Quoting gioviforex
the good thing with this broker is that you don't need to deposit such amount of money like other ecn brokers ,currex and bla bla ....deposit just what you need to cover your management and live the balance in you bank.....and you'll have in any case all benefits to trade via ecn , stp, ppp, popo .......heheheheh
This is a great benefit when you think of MFGlobal. I know they came unstuck through bad sovereign debt bets (they were transitioning to a investment bank model from pure prime broker) but Interactive brokers are market makers (TimberHill) to mention one high profile broker. In fact aren't all MM's actively speculating and leveraging their deposits in some way? Oanda are also very well capitalised but not immune from 'black swan' events. Money sitting in a major high street bank in the UK is fscs insured up to £8500 per account holder, I think. If you stick it in an isa you may only get 2.5% but this is better than any interest a mm will pay and it is guarenteed not to potentially disappear overnight. Funding through a visa card is free both ways and at 1% margin you can trade 100,000 with 1000 in your LMAX account. To think this is the most you could lose is peace of mind enough (although fsa regulation and segregated account structure make this highly inlikely). Also, as far as I know they are not speculating with their own finances, although I could be wrong.
  • #388
  • Nov 19, 2011 5:40am Nov 19, 2011 5:40am
Quoting Jfk
Money sitting in a major high street bank in the UK is fscs insured up to £8500 per account holder, I think.
Forgive me Jfk, but I think you made a typo and it's £85000 per account.
  • #389
  • Nov 19, 2011 6:53am Nov 19, 2011 6:53am
Quoting gioviforex
i forgot.......important thing ...as i know , may be i am wrong , this is the only broker ,regarding safety of client funds , that Customer funds are held in a client trust bank account, separate from corporate funds and these funds will also be held in segregated client accounts.

In my opinion this is the strongest solution for our funds......trust bank account and segregated account........
Yes, you are wrong, there are many brokers offering segregated and/or insured accounts for there clients
  • #390
  • Nov 19, 2011 8:23am Nov 19, 2011 8:23am
Quoting Jfk
Funding through a visa card is free both ways and at 1% margin you can trade 100,000 with 1000 in your LMAX account. To think this is the most you could lose is peace of mind enough (although fsa regulation and segregated account structure make this highly inlikely). Also, as far as I know they are not speculating with their own finances, although I could be wrong.

Free both ways ? sure ?

How do you have to verify your card when withdrawing ?
  • #391
  • Nov 19, 2011 8:50am Nov 19, 2011 8:50am
Quoting 4FXsake
Forgive me Jfk, but I think you made a typo and it's £85000 per account.
Yes, thanks.
  • #392
  • Nov 19, 2011 9:02am Nov 19, 2011 9:02am
Quoting Cocoflanel
Free both ways ? sure ?

How do you have to verify your card when withdrawing ?
I've only had an account with them for a week and haven't withdrawn any funds as yet, but I'm asuming that it's a similiar debit card system to the one IG operate (although I don't know if eu traders would have to pay a fee. I'm guessing with visa debit being international and as long as you are using the same currency it should be the same). Deposits are instant but withdrawing to your bank account can take a couple of days for the money to appear in your account. In my experience this has been down to the bank keeping it in their system rather than the broker taking time to send it. Regarding verification, you 'register' a card/ account for deposits/ withdrawals from your account management page. So the funds have to go/ come from a verified source in your name. But as it's a debit system you are limited to available funds in your bank account and it should be free. They definately charge for credit card transactions, though. Can anyone confirm the debit card withdrawals are free?
  • #393
  • Nov 19, 2011 10:35am Nov 19, 2011 10:35am
[quote=Mdt48;5148672]Has anyone here got more then 50k - 100 k with this broker? Reliable?[/QUOT

So i guess noone has got funds of such amount with thus broker! Would be good to know if someone had such exposure with ths broker. Small amounts, many brokers are ok. Its with the larger amounts when brokers start shivering especially with clients winning on majority and where if brokers are hedging they start playing " games"
  • #394
  • Nov 19, 2011 11:44am Nov 19, 2011 11:44am
Quoting Agro
Yes, you are wrong, there are many brokers offering segregated and/or insured accounts for there clients

no , you are wrong because i wrote that this broker has 2 thing.......client trust account and segregated client account........so' show me another broker that has this 2 thing.......you don't know , but client trust account is very important..........
  • #395
  • Nov 19, 2011 11:18pm Nov 19, 2011 11:18pm
i did not find any difference with a good ecn broker. varying spread with commission.
  • #396
  • Nov 21, 2011 3:32am Nov 21, 2011 3:32am
Just to add to the funding discussion, it's also free to fund with a visa credit card as well. I've done this to make use of a bit of cashback too! When it comes to withdrawing, you need to be award that you have to withdraw to the same source that you deposited with to prevent money laundering. So if for example you deposit 5k with credit card and 2k with debit card, the first 7k that you withdraw has to be 5k to credit and 2k to debit card- after that it doesn't matter.
There is no top. There are always further heights to reach. Jascha Heifetz
  • #397
  • Nov 21, 2011 4:02am Nov 21, 2011 4:02am
Quoting gioviforex
no , you are wrong because i wrote that this broker has 2 thing.......client trust account and segregated client account........so' show me another broker that has this 2 thing.......you don't know , but client trust account is very important..........
Funds are segregated (meaning separated from corporate accounts) and held in client trust account. They are the same thing, not two different advantages. All brokers who segregated client funds hold them in a client trust account at a major bank or spread over many major banks. i may be missing something or LMAX have some new innovative way to segregate funds that you have not fully explained, but I think it is more likely that you have got a bit confused and are thinking the two points you have mentioned are two separate things when they are just how client funds are segregated.

Here is a list of brokers that offer segregated accounts (there are more)
http://www.100forexbrokers.com/segre...ccount-brokers
  • #398
  • Nov 21, 2011 4:13am Nov 21, 2011 4:13am
AFAIK, they segregate client money according to FSA rules, like every other UK broker has to do.

Does someone know - do these segregeted client accounts get preferential treatment when a bankruptcy occurs (like american futures accounts)? Or will clients get their pro-rata share with everyone else? I dont really have a clue about UK bankruptcy law (which is the relevant thing here, because in the end a judge decides who gets what).

OTOH, Goldman and Betfair are not like to go under anytime soon.
  • #399
  • Nov 21, 2011 4:19am Nov 21, 2011 4:19am
Quoting Trader131
Just to add to the funding discussion, it's also free to fund with a visa credit card as well. I've done this to make use of a bit of cashback too! When it comes to withdrawing, you need to be award that you have to withdraw to the same source that you deposited with to prevent money laundering. So if for example you deposit 5k with credit card and 2k with debit card, the first 7k that you withdraw has to be 5k to credit and 2k to debit card- after that it doesn't matter.

Free for funding with VISA also for MC, I suppose ?

What fees for withdrawing with VISA/MC ?
  • #400
  • Nov 21, 2011 5:07am Nov 21, 2011 5:07am
I've only just stumbled across this thread. To answer one or two questions posed earlier:

1. No I don't have £100k deposited with LMAX. Still too many "issues" for my liking.

2. I've written auto-trading apps that use their FIX, REST and Java APIs, and traded live with the latter.

3. I'd love to experiment with live trading using MC, but there is still the "historical data problem" to be sorted out.

4. Would anyone who's familiar with Java and Eclipse be interested in taking a look at some example source code for the LMAX FIX and/or Java APIs?

Cheers,

Jim
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