entheos,
I don't have this spike ...
I don't have this spike ...
LMAX and Fastbrokers 20 replies
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Information about LMAX? 2 replies
Disliked{quote} I'm not sure if anyone cares or is aware, but $20/25 per million is not really a great deal. To illustrate my point, I opened an account at London Capital years back with a 20k acct they gave me $16/mil no questions asked and I can't remember who (Marex or Cantor Fitz) was willing to buy my business from LCG for $12/mil. Top FX, whom I've never used but have talked to, was willing to offer $7/mil on 0-3 bn<. Actually, anyone have any experience with them? Guy I talked to was Adam Over...something or other. Both Top FX and LMAX are PoP (prime...Ignored
Disliked{quote} LMAX does allow news trading. You can find brokers with cheaper commissions but LMAX has great speed, reliability and your money is safe - there are a host of other reasons they are good but everyone should do their own research/comparison and go with whichever broker is right for them.Ignored
Answer A) No as we operate an open order book, we cannot guarantee a minimum TOB liquidity although this is typically around 500k. 1 FX contract is equivalent to 10k notional base currency. We have a very deep order book and you will receive best execution on a VWAP basis if your requested order size exceeds TOB available quantity.
In relation to providing you the best view of our live pricing and liquidity, I have provided below access to our real-time order book widget which allows the user to visualise the aggregated layers of the live Professional MTF order book on a real-time basis as well as check the VWAP based price/spread:
https://s3-eu-west-1.amazonaws.com/l...dget-vwap.html
Answer B) We do not have minimum guaranteed liquidity for TOB prices. LMAX operates an exchange based model so liquidity is made up from a pool of liquidity providers and our clients themselves placing limit orders on to the order book.
We do not charge commission on swaps.
Answer A) As far as I am aware, our swaps are fairly competitive compared with others in the same space. The actual rates you receive will depend on whether you are classified as retail status with funds held in a client trust segregated account or professional with title transfer of funds (allowing LMAX to place your funds with our Prime Broker). Once we establish this, I would be able to provide an example of the applicable rates.
Answer B) We pass on rates given to us from our prime broker and in addition to that, we charge a small admin fee. Please note that it is not our model to generate revenue from financing.
Spot only
Answer A) We do not currently offer CAD as a base currency option. In principle though, any non-base currency P&L is converted back to base just after close of business each night using LMAX’s closing price as the point of reference for the conversion.
Answer B) Profit/loss in any currency other than your base currency is changed back to your base currency each evening. LMAX closes for 5 minutes between 22:00-22:05 to perform a currency 'sweep' and your profit/loss is converted at the prevailing spot rate. We do not levy a fee on these transactions.
Answer A) This will depend on the platform you wish to use as MT4 bears an additional cost for LMAX to offer.
Answer B) Commissions will be $25 per $1 million notional value, on the opening and closing trade. Therefore $50 per round turn. Or 0.0025% of notional value. We do not charge commissions on overnight rolls.
Answer A) We offer 2 platforms – our main exchange platform works on a net position basis (so no hedging) but we can also offer MT4 where hedging is possible.
Answer B) We do not allow hedge trading on our LMAX web platform, we do follow anti-hedging rules of FIFO.
This relates back to Point 3 as to how we categorise you. Typically, if you are a Permitted Client, you would be classified as Professional status – we can then either orientate this without title transfer (so your funds remain in a client trust seg account) or with title transfer (where we then have the flexibility to place your funds with BNP , our PB, as part of LMAX’s collateral to support open positions). We are only able to offer more aggressive swaps when clients agree to title transfer.
9. What bank are client funds held with and who are your auditors as well as how often are client accounts audited? Can you forward a copy of the most recent Auditor's report?
We are using Bank of America currently. LMAX’s books and records are audited as part of being an FCA regulated company and a UK entity but they are not specifically auditing our clients’ accounts.
See attached for our latest audited financials.
Disliked{quote} Thanks for the reply Messiah01 as I was wondering a bit about why they wouldn't allow traders to trade the news. Seemed a tad strange given their model. For people in Canada, who were hoping to open an FX account in the U.K. (or just Canada for Albertans), you might be able to do so if you become a 'registered' Exempt Market Dealer. I was speaking with a person over at the Alberta Securities Commission on Friday, and he said that you need to be an accredited investor to trade spot FX if you live in Alberta (and that brokerage needs to be...Ignored
DislikedHi, I've got a bunch of LMAX-related questions. Would be great if anyone can take a stab at any of them... especially since it's the weekend so it's hard to get answers from the brokers until monday Anyone know what the max. leverage is on armada/lmax for GBP/JPY? I know site says 500:1 but I ask because most other LMAX brokers I see write 100:1 on majors (and don't mention about crosses) Is it possible to use Multicharts through Armada? What brokers can I use LMAX with Multicharts? Does anyone know when an LMAX broker writes 100:1 on majors, does...Ignored
DislikedNowadays LMAX started stop hunting. Cheating broker.See the same feed by armada have no spike whereas LMAX has. {image} {image}Ignored
Disliked{quote} 1. Armada has NOT the same feed as LMAX 2. Forex is an OTC Market. Any Broker can quote any price they want at any time. If you don't like this you should not trade forexIgnored
DislikedLMAX is very good, I like the concept of what they are trying to achieve. The challenge for them is to get lots of brokers to sign up to use their exchange.Ignored
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Disliked{quote} What he said If you dont understand what you are doing perhaps you should find a better hobby! So tired of these "traders" On FF thinking that their brokers are out to rip them off when in fact it is the trader who has no ideaIgnored
Disliked{quote} 1. Armada has NOT the same feed as LMAX 2. Forex is an OTC Market. Any Broker can quote any price they want at any time. If you don't like this you should not trade forexIgnored