Any experience with LMAX for FOREX trading? - Reviews of Brokers and Data Feeds | futures io social day trading
futures io futures trading


Any experience with LMAX for FOREX trading?
Updated: Views / Replies:20,614 / 41
Created: by Nicolas11 Attachments:10

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors – all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 10  
 
Thread Tools Search this Thread
 

Any experience with LMAX for FOREX trading?

  #31 (permalink)
Elite Member
Australia
 
Futures Experience: Advanced
Platform: NinjaTrader, Multicharts
Favorite Futures: Spot Forex, Gold, Silver
 
Posts: 176 since Oct 2010
Thanks: 114 given, 114 received


Jura View Post

I totally understand that data is not free, but as mentioned previously in this thread, their demo data is 'rubbish' and the demo spreads and liquidity are not reflective of real conditions. This kind of forces you to open an account with them just to see their real data, backfill, and real-time spreads.

I was pretty impressed by them, but now they look like 'just another forex broker'.

@Jura

I think this is a common misunderstanding and they should really change the language. Before I started with LMAX I was also concerned about the API fees but I have checked with two different LMAX sources (via phone support and via email support), both have told me using your own Multicharts connecting to LMAX is *not* API access. There are no required minimums when connecting and trading through your own Multicharts license. It is only when you ask them for a free MC license that you have to do the minimum trades per month.

I have the email from LMAX support stating

 
Code
No, you will not be charged API fees for the use of MC

API access is when you want to have your own code connect to their servers directly. Java, FIX, .net are the various API available of course.

Reply With Quote
The following 2 users say Thank You to Traderji for this post:
 
  #32 (permalink)
 Vendor: tradingcode.net 
The Netherlands
 
Futures Experience: None
Platform: MultiCharts, TradingView
Favorite Futures: ...
 
Jura's Avatar
 
Posts: 774 since Apr 2010
Thanks: 2,347 given, 661 received


Traderji View Post
I think this is a common misunderstanding and they should really change the language.
(..)
(..)Multicharts connecting to LMAX is *not* API access. There are no required minimums when connecting and trading through your own Multicharts license.

You're right Traderji with both points. A clearer explanation on their website (or perhaps a longer reply then two sentences) would have prevented much of this confusion.

They do not charge inactivity fees for MultiCharts users:


Me
Thanks for your quick and insightful response. If you don't mind, I'd like to ask you a critical question about your API inactivity fee, assuming this fee also applies when one connects through MultiCharts to LMAX.

I understand that data and servers are expensive to maintain and develop for, but I'm wondering why this fee is significantly higher than your forex competitors. The inactivity fee is also more than the inactivity fee for various future brokers, which (supposedly) also have to pay exchange fees for their data.

Or does your live feed contain actual transaction data and volume as transacted on the MTF? That would certainly give it a edge, since your competitors offer only a Bid data stream and no reliable volume data for spot FX trading.


LMAX
API fees do not apply to LMAX MultiCharts.

Nevertheless, please note that our API data feed is for active trades, which means that the requirements are not high at all.


Me
Thanks for your clarification. However, I don't intend to use LMAX MultiCharts but my own MultiCharts license. Are there then still no API fees?


LMAX
Thank you for your response. There are no API fees if you have your own Multicharts, we ask only for you to let us know your MC license number.

My apologies to the readers of this thread (like @Nicolas11), since in hindsight it would have been a better idea to first double-check it with LMAX before posting it in this thread. This way, I've created some added confusion. Sorry.


Last edited by Jura; August 31st, 2012 at 05:07 AM. Reason: typo
Reply With Quote
The following 2 users say Thank You to Jura for this post:
 
  #33 (permalink)
 Vendor: tradingcode.net 
The Netherlands
 
Futures Experience: None
Platform: MultiCharts, TradingView
Favorite Futures: ...
 
Jura's Avatar
 
Posts: 774 since Apr 2010
Thanks: 2,347 given, 661 received

Technical question about LMAX/MTF


So now that the inactivity fee confusion is cleared up, I've continued my research of LMAX.

One thing in the Order Execution Policy I don't understand is the quote below:


Quoting 
The price at mid point between the MTF ask price and MTF bid price will be shown where the MTF ask price is lower than the MTF bid price (an “Inverted Market”). You will still trade at the actual MTF bid or ask price.

I've asked them about this, since I'm not looking for a legal explanation but an explanation from a trader's viewpoint. Can someone tell me what this quote means?

I'm under the assumption that an ask price lower than a bid price is (practically) impossible since such a difference would be arbitraged away immediately (if it even occurs in the first place, since which market maker, besides Knight , would provide such quotes?).


Last edited by Jura; August 31st, 2012 at 05:32 AM.
Reply With Quote
 
  #34 (permalink)
Elite Member
Birmingham/UK
 
Futures Experience: Advanced
Platform: Sierra Chart
Broker/Data: LMAX/ ADS
Favorite Futures: DAX/ DOW
 
ZCars's Avatar
 
Posts: 142 since Apr 2010
Thanks: 47 given, 102 received

I've been with LMAX for over six months now. I opened my account before they added the tiered account minimums. I'm in the UK and get 100:1 I use MC DT and 6E data. There were issues with LMAX data some time ago but I think they have been resolved. MC works nicely with LMAX for DOM trading. I've used several fx brokers in the past but LMAX is superior, in my opinion. Execution is instant. No slippage or delays. Coms are fair at 32 cents/side per lot (2.50 per 100,000). If you are a scalper and can open an account (if not, you may want to take a look here-

Armada Markets – FX Trading | LMAX Forex Broker

But no api, just MT4).

Other things to mention are, they are reliable (platform has never crashed) and regulated by the FSA.

Reply With Quote
The following 3 users say Thank You to ZCars for this post:
 
  #35 (permalink)
Elite Member
near Paris, France
 
Futures Experience: Beginner
Platform: -
Favorite Futures: -
 
Nicolas11's Avatar
 
Posts: 1,070 since Aug 2011
Thanks: 2,232 given, 1,729 received

@Jura,


Jura View Post
My apologies to the readers of this thread (like @Nicolas11), since in hindsight it would have been a better idea to first double-check it with LMAX before posting it in this thread. This way, I've created some added confusion. Sorry.

No need to apologize. The confusion has originally been created by LMAX, not by you.

They told you by e-mail: "There are no API fees if you have your own Multicharts, we ask only for you to let us know your MC license number."
So I understand that a condition to waive the API fee when we have our own MC and the account is "inactive" is to give them our MC license number.
Fine. But, if no mistake, this is written nowhere in the contractual documents or on the Web site.
I am in this situation (own MC). And they have never asked me any MC license number. So I may have been subject to the $60 fee if I had stayed with them.

Far from being the end of the world, I know.
Anyway, I am going to close my account. Not because of this , but because I do not intend to trade FOREX any more in a near future.
I will report in this thread about the "cleanliness" of this process with LMAX.

Nicolas

Reply With Quote
The following 2 users say Thank You to Nicolas11 for this post:
 
  #36 (permalink)
Elite Member
Australia
 
Futures Experience: Advanced
Platform: NinjaTrader, Multicharts
Favorite Futures: Spot Forex, Gold, Silver
 
Posts: 176 since Oct 2010
Thanks: 114 given, 114 received


Nicolas11 View Post
@Jura,

So I understand that a condition to waive the API fee when we have our own MC and the account is "inactive" is to give them our MC license number.

@Nicolas11

I think you are wrong on both the assumptions there

- Trading on LMAX via MC is not API access regardless of whether you are using your own license or using the free LMAX license. If you use their MC license then you have to trade minimum 250 contracts per month otherwise they charge you $60 month for use of their MC. It has nothing to do with API access.

API access is a separate thing from Multicharts. If you have your own trading platform and you want connect and send orders to LMAX you apply for and get access to their API. An example might be if someone wrote a software bridge between Ninjatrader and LMAX. You would need LMAX API access to connect the software bridge to LMAX.


- I don't think giving them your MC license number has anything to do avoiding 'inactivity' fees. Like Jura I was also asked by LMAX support to give them my MC license number *but* only as a optional courtesy. I just laughed and told them to fuck off. There is no way I was going to give them my personal license key to an expensive piece of software. They said it's optional and not a issue if I don't give them my license key.

I open my account in April but only funded it in August because I was waiting for MC.net before I switched from NT. Since April I have had my MC Easylanguage running connected to LMAX so that I could compare the data feed between MB Trading, Interactive Brokers and LMAX. I was not charged any inactivity fees. Maybe I was lucky, maybe they don't care.

Reply With Quote
The following 3 users say Thank You to Traderji for this post:
 
  #37 (permalink)
 Vendor: tradingcode.net 
The Netherlands
 
Futures Experience: None
Platform: MultiCharts, TradingView
Favorite Futures: ...
 
Jura's Avatar
 
Posts: 774 since Apr 2010
Thanks: 2,347 given, 661 received

Thanks Traderji for your reply.


Traderji View Post
- I don't think giving them your MC license number has anything to do avoiding 'inactivity' fees. Like Jura I was also asked by LMAX support to give them my MC license number *but* only as a optional courtesy. I just laughed and told them to fuck off. There is no way I was going to give them my personal license key to an expensive piece of software. They said it's optional and not a issue if I don't give them my license key.

I found it odd that they asked for this. IB orders transmitted from MultiCharts are tagged with a MultiCharts segment saying that the software used was MultiCharts - I suspect the same will be the case with LMAX so they can easily see if one uses MultiCharts or not.

Perhaps I'm too critical in my LMAX research (I do feel somewhat sorry for their helpdesk ), but I couldn't resist them to ask them why they wanted my MultiCharts license:


Me
Thanks for your reply. Can I ask you why LMAX wants to know my MultiCharts license(s)?

Orders generated from MultiCharts will probably already have an identifier that signals these originated from MultiCharts. And if one applies for an LMAX account, the same personal information as is attached to this license is already provided.


LMAX
Thank you for your email.

The reason why we ask for MultiCharts licence is so that we can cross check your username against any reports we run for MultiCharts usage charges. You are under no obligation to provide us with your licence number.

I don't follow their reasoning here, but since it's not required to provide the license, I didn't take it further.


Traderji View Post
I open my account in April but only funded it in August because I was waiting for MC.net before I switched from NT. Since April I have had my MC Easylanguage running connected to LMAX so that I could compare the data feed between MB Trading, Interactive Brokers and LMAX. I was not charged any inactivity fees. Maybe I was lucky, maybe they don't care.

Thanks Traderji, good to know that one can keep his account unfunded for a while to see if the data is really okay/good.

Reply With Quote
The following 2 users say Thank You to Jura for this post:
 
  #38 (permalink)
Elite Member
near Paris, France
 
Futures Experience: Beginner
Platform: -
Favorite Futures: -
 
Nicolas11's Avatar
 
Posts: 1,070 since Aug 2011
Thanks: 2,232 given, 1,729 received

Hi,

I just wanted to report that I have closed my LMAX account without difficulties.
All funds are back on my personal bank accounts.
They have what they call a "closed loop policy": withdrawn funds can only be sent back to the bank account they were transferred from. I guess that the purpose is to avoid money laundering.

Nicolas

Reply With Quote
The following 2 users say Thank You to Nicolas11 for this post:
 
  #39 (permalink)
 Vendor: tradingcode.net 
The Netherlands
 
Futures Experience: None
Platform: MultiCharts, TradingView
Favorite Futures: ...
 
Jura's Avatar
 
Posts: 774 since Apr 2010
Thanks: 2,347 given, 661 received

Important news, since it affects the financial position of LMAX:


Quoting 
LMAX Exchange announce management buyout

Publication date: 13 December 2012

LMAX Exchange (“the Company”), the first FSA regulated Multilateral Trading Facility (“MTF”) for FX and metals, announces today that it has successfully agreed a Management Buyout (“MBO”) transaction, subject to FSA approval.


Highlights
  • Management of LMAX Exchange agree to buy majority stake from Betfair.
  • MBO backed by private investors including Betfair co-founder Ed Wray.
  • Betfair to retain a 33% stake in the Company.
  • Company has seen 7 quarters of consecutive growth, and over 20% monthly growth in trading volumes, revenues and client numbers since October 2011.
  • Balance sheet remains strong with a very healthy capital adequacy surplus.

The management team of LMAX Exchange led by CEO David Mercer, along with private investors including Betfair co-founder Ed Wray, has agreed to buy a majority stake in LMAX Exchange from Betfair.

The transaction is a positive milestone for LMAX Exchange, which is 16 months into a fully funded three year business plan. Since David Mercer took over as CEO in April 2011 the company has seen 7 quarters of consecutive growth. It has consistently outperformed its growth targets, delivering over 20% monthly growth in trading volumes, revenues and client numbers since October 2011.

LMAX Exchange retains a strong balance sheet. In compliance with FSA regulations, it continues to hold a healthy capital adequacy surplus, and holds all private client funds in segregated accounts.

Betfair will retain a 33% stake in LMAX Exchange. Betfair also retains Tradefair, the financial spread betting business, which is a cross-sell product for their existing customer base.

David Mercer, CEO of LMAX Exchange, commented:

“This is an exciting time for everybody involved with LMAX Exchange, including staff, clients and partners. From the perspective of our customers and MTF members it’s business as usual. We have demonstrated traction and an ability to perform to the business plan over the last 16 months and we look forward to continuing that momentum.

“LMAX Exchange has clearly benefited from being part of the Betfair group. However, our new status as an employee-owned company gives the business the required flexibility to rapidly grow and evolve. We have a clear strategy and roadmap to build LMAX Exchange into a leading FX venue globally in three to five years.”

Ed Wray, Betfair co-founder and LMAX Exchange shareholder, said:

“The LMAX Exchange business has great momentum. As a result, and as a long standing passionate advocate of the exchange model, I am very excited to be part of the team buying the business and look forward to it going from strength to strength in the next couple of years.”

Source: LMAX Exchange announce management buyout | FX-MM

Also see the article on AutomatedTrader: LMAX Exchange announces management buyout from Betfair : Automated Trader

Private Equity News has more but requires subscription (which I don't have): LMAX Agrees £2.4m MBO

Reply With Quote
The following 3 users say Thank You to Jura for this post:
 
  #40 (permalink)
Elite Member
Belgium
 
Futures Experience: Advanced
Platform: SaxoTrader
Broker/Data: SaxoBank
Favorite Futures: ESTX
 
Posts: 290 since Dec 2009
Thanks: 242 given, 109 received


Awarded against Chi-X and BATS in 2011, awarded against Reuters and Bloomberg in 2013


Quoting 
LMAX Exchange named "Best FX Trading Platform - ECN / MTF"

London, February 2013 - LMAX Exchange is pleased to announce that it has won the 2013 Wall Street Letter (WSL) Institutional Trading Award for "Best FX Trading Platform - ECN/MTF". In gaining this prestigious accolade, LMAX Exchange triumphed over established industry heavyweights: FXall, Knight Hotspot FX and Bloomberg Tradebook.

The award was presented during a gathering of FX industry luminaries at the Cipriani Hotel in New York City on February 13, and received by Steve Toland, Head of Exchange Strategy and Barbara Pozdorovkina, Head of Corporate Development for LMAX Exchange.

The WSL Institutional Trading Awards recognise excellence among providers to the institutional trading industry, awarding exchanges, brokerages and financial technology companies for achievements and innovation throughout the previous year.

David Mercer, CEO of LMAX Exchange commented:

“We are delighted to have won the 2013 WSL 'Best FX Trading Platform - ECN/MTF' - and it is all the more gratifying to know that we were chosen over the illustrious FX industry stalwarts of FXall, Knight Hotspot FX and Bloomberg Tradebook.

The WSL Award confirms for us that the institutional market has now discovered that the LMAX Exchange model really is the most efficient and cost effective way to trade very liquid products like spot FX.

In the coming months and years we look forward to more institutional participants discovering the unique benefits of exchange quality execution, total pre and post-trade transparency and the level playing field for all that LMAX Exchange delivers."

- ENDS -

Notes to Editors

About LMAX Exchange

LMAX Exchange is the first FSA regulated MTF for FX. Established to deliver the benefits of exchange quality execution, LMAX Exchange offers complete pre and post-trade transparency, precise execution and a level playing field for all market participants. Customers benefit from superior low latency trading with trade execution speeds of less than 3ms in over 60 FX pairs and no ‘last look’ or rejections. LMAX Exchange offers multiple connectivity options: FIX 4.4, Java and .Net APIs, MT4/5 bridges.

LMAX Exchange - The professional FX exchange*.

*LMAX Limited operates a multilateral trading facility (MTF). Authorised and regulated by the Financial Services Authority, FSA Registered no. 509778.

About Wall Street Letter

Wall Street Letter provides unrivalled in-depth intelligence on the latest trading, technology and trade processing news and how they impact financial businesses. WSL does not rewrite press releases; instead, you get the latest information on the biggest developments in the trading technology market straight from the horse’s mouth. No other publication provides daily updates on every part of the trading process, 360 degrees from pre-trade analytics to post-trade processing.

Source: WSL

Reply With Quote
The following 3 users say Thank You to SARdynamite for this post:

Reply



futures io > > > > Any experience with LMAX for FOREX trading?

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Your experience with MB Trading? SpyderTrader Reviews of Brokers and Data Feeds 4 May 7th, 2012 04:42 PM
CFDs with LMAX mainstream Reviews of Brokers and Data Feeds 20 November 16th, 2011 08:35 AM
Applied Life Experience to Trading aligator Psychology and Money Management 2 February 11th, 2011 10:19 PM


All times are GMT -4. The time now is 06:01 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-17 in 0.17 seconds with 20 queries on phoenix via your IP 54.82.81.154