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LMAX = revolution?!?

  • #1,581
  • Dec 14, 2012 6:34am Dec 14, 2012 6:34am
Quoting shrike
Yes, i would like a few features added to their platform as well. For example, the option to put in a stop-loss automatically when you enter into a position. Or default position-sizes per instrument. Or a VWAP based market depth display. But all in all i can live with it. Above all else, it is very reliable, and that's the most important thing.
Am getting a platform run through today, one of the questions I've asked already is whether I can enter a position with an SL/TP attached. Answer from them is yes I can, will know more later. I had a go on the demo and it looked like these orders were attached, but they didn't actually show up on the system! I know they were attached as I entered a simulated audusd long with SL/TP attached. Couldn't see them anywhere, but opened platform next day and the TP order had been hit. Odd.
Impressions are that the platform isn't the most user friendly, but with the prices they quote I can live with that.
  • #1,582
  • Dec 14, 2012 7:31am Dec 14, 2012 7:31am
Quoting Jack_Larkin
Sent in a cleanup request to have LMAX moved back to the main broker forum and got a response from Twee with more info:



(I bolded the keyword there.)

There's been a lot of Armada promoters (sockpuppets most likely,) which would explain the droves of new members with low post counts getting banned for multiple user names when they'd flood the broker forums with talk about Armada (this goes back about half a year+ ago, we don't see as much of it now.) ...and it would explain FF's stance toward Armada and why each new thread about them...
understood , but why didnt get i a reply trom Twee ? i also wanted a cleanup !

also as iam the admin of this thread i can Ban People who push or even mention armada ..

i would do it if we put this thread back into the Broker thread where it belongs to

cheers
  • #1,583
  • Dec 14, 2012 7:37am Dec 14, 2012 7:37am
This is not correct, they charge commission on both sides, not just one. So you're looking at an extra 0.6 pips cost with commissions for EURUSD. However, the spreads are great, and regularly 0.4 pips and even less. If you can get 1 pip total cost on EURUSD or thereabouts, you're doing ok.

I have just been trying out LMAX this month. Have to say very impressed with speed and fills and spread. The multicharts for free offer if you do enough volume (not really that much per month) is a good offer, and I think I'll take them up on that in the new year.


So far everything has been great, including customer service. My only concern is that news about the Management Buyout the other day. The company is new, but it has had two heavily losing years, and now it has sort of lost its protective parent Betfair. They've invested 20-30million into lmax from what I've read, and have sold the controlling stake for 2.4m, which to me doesn't bode too well.

So I'm not convinced that LMAX is all that secure. I'd like to take a look at their accounts. Anyone know more on this issue?



Quoting bootsyjam
But here''s the thing, from what I've been told by the sales guy-LMAX don't charge per side. So that 100,000 lots invokes a charge of just $2.5 TOTAL, not per side.
  • #1,584
  • Dec 14, 2012 7:48am Dec 14, 2012 7:48am
Quoting bootsyjam
Robik, am no financial expert by any means, does this offer any clues r.e. the financial strength of LMAX? IN other words, how safe are they
Sorry but i am no financial expert either which means i have no clue
I'm not insane; my mother had me tested.
  • #1,585
  • Dec 14, 2012 7:50am Dec 14, 2012 7:50am
[quote=SupraSense;6294805]This is not correct, they charge commission on both sides, not just one. So you're looking at an extra 0.6 pips cost with commissions for EURUSD. However, the spreads are great, and regularly 0.4 pips and even less. If you can get 1 pip total cost on EURUSD or thereabouts, you're doing ok.

Ah ok this is what I was told: "If you trade 50k your commission will be$1.25 to buy and $1.25 to sell as long as the price is the same.

Some Brokers charge per round turn but we base this on the notional amount."
  • #1,586
  • Edited 8:15am Dec 14, 2012 7:56am | Edited 8:15am
Quoting bootsyjam
This is not correct, they charge commission on both sides, not just one. So you're looking at an extra 0.6 pips cost with commissions for EURUSD. However, the spreads are great, and regularly 0.4 pips and even less. If you can get 1 pip total cost on EURUSD or thereabouts, you're doing ok.

Ah ok this is what I was told: "If you trade 50k your commission will be$1.25 to buy and $1.25 to sell as long as the price is the same.

Some Brokers charge per round turn but we base this on the notional amount."
Yes 50k is 1.25 in 1.25 out. So 100k is 2.50 in and 2.50 out. A 1 lot (100k) is worth 130k so, currently you're looking at £3.27 each side, or 0.65 pips. Just looking at it, currently spread is 0.2, so overall 0.85 pips cost which is excellent. Also have to say, I'd always rather have the lower spread and pay the commission than have it all built in. Because in the former you get all the fills you should, in the latter you miss fills, which means you lose a lot more than just the cost.

Would of course be a dream if cost came down to Interactive Brokers level of $2 per 100k
  • #1,587
  • Dec 14, 2012 8:05am Dec 14, 2012 8:05am
Quoting SupraSense
Would of course be a dream if cost came down to Interactive Brokers level of $2 per 100k
Actually if you do any decent volume it's no problem at all to get them to lower the commission to $2... just ask them
I'm not insane; my mother had me tested.
  • #1,588
  • Dec 14, 2012 8:12am Dec 14, 2012 8:12am
[quote=SupraSense;6294886]
Quoting bootsyjam



Would of course be a dream if cost came down to Interactive Brokers level of $2 per 100k
How the hell are you getting such low commission on IB, my charge is $2.50 MINIMUM per side. Just taken a small 40000 eurusd long position and has cost me $2.50 on one side?!
  • #1,589
  • Dec 14, 2012 8:15am Dec 14, 2012 8:15am
Quoting bootsyjam
How the hell are you getting such low commission on IB, my charge is $2.50 MINIMUM per side. Just taken a small 40000 eurusd long position and has cost me $2.50 on one side?!
$2.50 is the minimum, but the rate is actually $2 per 100k for anything of higher size. i.e. 200k would be $4 per side, not $5
  • #1,590
  • Dec 14, 2012 8:16am Dec 14, 2012 8:16am
Quoting RoBiK
Actually if you do any decent volume it's no problem at all to get them to lower the commission to $2... just ask them
Interesting What is decent size per month? (approx)

I was thinking of asking. But at IB the range to get a discounted rate is more than a billion a month, which I am not near.
  • #1,591
  • Dec 14, 2012 8:19am Dec 14, 2012 8:19am
You can open a lmax account through fxmtf.com - its just an IB and you will get the $20/mil fees without commiting to monthly volume. Same thing as lmax, just lower fees.
  • #1,592
  • Dec 14, 2012 8:22am Dec 14, 2012 8:22am
Quoting shrike
You can open a lmax account through fxmtf.com - its just an IB and you will get the $20/mil fees without commiting to monthly volume. Same thing as lmax, just lower fees.
Not regulated in the UK, which is an immediate no-no. The very first pre-requisite to trading is that your account needs to be safe.

Now it may be safe by proxy because it is linked with LMAX, but I'm not sure I want to take that risk in the event something goes wrong.
  • #1,593
  • Dec 14, 2012 8:27am Dec 14, 2012 8:27am
Quoting Jack_Larkin
Sent in a cleanup request to have LMAX moved back to the main broker forum and got a response from Twee with more info:

There's been a lot of Armada promoters (sockpuppets most likely,) which would explain the droves of new members with low post counts getting banned for multiple user names when they'd flood the broker forums with talk about Armada (this goes back about half a year+ ago, we don't see as much of it now.) ...and it would explain FF's stance toward Armada and why each new thread about them gets commercialized.
What i've missed is why the FF admin not really explain this before? Instead, they blaming that LMAX thread went to commercial forum because there is people who talk about armada in LMAX thread. if i know this was the case then some "real" members like me wouldn't go far trying to make armada another thread or even post about Armada in here. Is they really an admin?

*sigh* i'm getting more sick with FF...
Be the market
  • #1,594
  • Dec 14, 2012 8:44am Dec 14, 2012 8:44am
Quoting SupraSense
Interesting What is decent size per month? (approx)

I was thinking of asking. But at IB the range to get a discounted rate is more than a billion a month, which I am not near.
Aha that explains it! Does that mean you make up to 1 billion lots per month and then the discount kicks in, or it kicks in at the start of the month if you have a track record of making those levels of trades?
|Either way, LMAX spreads are smaller so still not as cheap...
  • #1,595
  • Dec 14, 2012 8:47am Dec 14, 2012 8:47am
Quoting bootsyjam
Aha that explains it! Does that mean you make up to 1 billion lots per month and then the discount kicks in, or it kicks in at the start of the month if you have a track record of making those levels of trades?
|Either way, LMAX spreads are smaller so still not as cheap...
It's $2 per 100k at interactive. The only issues is that if you do orders smaller than 150k, you will have to pay $2.50 (that's the minimum) But with no specific monthly volume, you get charges $2 per 100k. If you make it to a billion in the month, you get charged $1.50 per 100k (its all listed on their website under commissions).
  • #1,596
  • Dec 14, 2012 8:48am Dec 14, 2012 8:48am
Quoting alvseek
What i've missed is why the FF admin not really explain this before? Instead, they blaming that LMAX thread went to commercial forum because there is people who talk about armada in LMAX thread. if i know this was the case then some "real" members like me wouldn't go far trying to make armada another thread or even post about Armada in here. Is they really an admin?

*sigh* i'm getting more sick with FF...
Yes. They should move lmax back. Delete all mentions of Armada and put armada in the commercial forum.
  • #1,597
  • Dec 14, 2012 9:09am Dec 14, 2012 9:09am
Quoting SupraSense
It's $2 per 100k at interactive. The only issues is that if you do orders smaller than 150k, you will have to pay $2.50 (that's the minimum) But with no specific monthly volume, you get charges $2 per 100k. If you make it to a billion in the month, you get charged $1.50 per 100k (its all listed on their website under commissions).
ok all the jigsaw pieces are in place! Think biggest order I've had is 140k so have never had the chance of $2 per side
  • #1,598
  • Dec 14, 2012 9:13am Dec 14, 2012 9:13am
Quoting SupraSense
Not regulated in the UK, which is an immediate no-no. The very first pre-requisite to trading is that your account needs to be safe.

Now it may be safe by proxy because it is linked with LMAX, but I'm not sure I want to take that risk in the event something goes wrong.
Doesnt matter, your account will be directly at LMax, and you send the money to lmax (not to fxmtf), just like if you would open an account with them on the lmax website. The only difference is that they get an introducing fee (i suppose) and you get cheaper commissions.

WRT safety with lmax in general, they are now a small firm (after the mgmt buyout) which i would inherently see as not very safe, or less safe than a big firm like Interactive Brokers for example. Not having a big corporation like BetFair as parent is a step back in my opinion. But at least one of the BetFair co-founders is still a stakeholder, and there is still the FSCS GBP 50k compensation should they blow up. Which i would deem unlikely too, the exchange business is low margin, but not very risky. The biggest danger for lmax is that they fail to attract sufficient trading volume during the next few years to become viable long-term as a business.
  • #1,599
  • Dec 14, 2012 9:45am Dec 14, 2012 9:45am
Armada Markets are lying piece of shit.
Low spreads on NFP release? Bwuahahaha..All I've got was OFF QUOTE three times in the row trying to trade some gold.
BUCKET SHOP!
:: everything is awesome ::
  • #1,600
  • Dec 14, 2012 10:46am Dec 14, 2012 10:46am
I wouldn't trade Gold and Silver ever with Armada cause LMAX is not their LP. Only for FX. Just compare quotes and spreads and you will see. Also their online chat confirmed that to me months ago.
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