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I have recently signed up with LMAX and today placed my first live trade. The review here is my opinion on the service thus far. It might change in the future the longer I am with them but for now this is what it is:
• Opening the account was easy.
• The LMAX web interface is very simple and very easy to use. Just the way I like it, no bells or whistles.
• Getting in touch with them is very easy. You can phone them anytime, or use the online chat. I have used the online chat probably 7 times now and each time I was connected and talking to someone in less than a minute.
• I have also emailed questions to the tech support which were efficiently answered/resolved.
• Support staff are knowledgeable and helpful.
• Trade execution/fill is instant. As soon as I entered my trade it showed up on the LMAX trading interface.
• The spread that LMAX offer on Gold is still something I cannot get over. European session it averages between 4 – 10 ticks! When the mericans come online it frequently gets to zero! No kidding, check it out for yourself. I recorded the spread through the last NFP and the worst I saw it get to was still less than 50. For those of you trading spot Gold you will know that most brokers average around 40-60 on a good day.
• The charting they offer is a really beautiful piece of software. They use it-finance.com charting and I must say that I was very impressed. Very clean, simple package developed in Java. For those of you that like fancy looking charts then you have a good selection of indicators to use. You cannot trade off of the charts though.
• Configuring LMAX to work with Sierra is pretty straight forward. The only thing is that Sierra quantity of 10 = LMAX quantity of 1.
• The swap rates seem higher than normal so the 'edge' you get with lower spread will be eroded somewhat if you intend holding longer term.
All in all, I’m pretty happy so far. I was sceptical of LMAX at first (maybe because the ceo’s face annoys me - but thats no reason is it?) but so far so good.
"The LMAX Exchange order book is driven only by streaming limit-orders from top tier banks and proprietary trading firms, ensuring that true transaction costs are known."
So the liquidity pool is deep and LMAX is an ECN. Important to know when the arse drops out of a market e.g. CHF so you're going to get a decent execution on the real market and not a synthetic broker one which all the bucket shops use.
Ive been live trading with them for a few weeks now and order fills are instantaneous. Worst slippage so far on a stop out has been 2 ticks.
Something else I was unaware was possible with forex is the ability to see liquidity.
