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LMAX review


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LMAX review

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  #1 (permalink)
Legendary no drama Llama
Reading UK
 
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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.

Cheers and good luck.

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  #3 (permalink)
the congo
 
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Grantx View Post
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.

Cheers and good luck.



Just had a look, he does have an annoying boat!


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  #4 (permalink)
freasno, ca usa
 
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Never even heard of LMAX until today where are they based out of, who do they clear through, where are funds held???

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  #5 (permalink)
Legendary no drama Llama
Reading UK
 
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planetmoto View Post
Never even heard of LMAX until today where are they based out of, who do they clear through, where are funds held???

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https://www.lmax.com/about

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  #6 (permalink)
London UK
 
Experience: Intermediate
Platform: SierraChart/TT/
Broker: LCT/Denali
Trading: SandP futures
 
Posts: 443 since Jul 2013
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"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.

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  #7 (permalink)
Legendary no drama Llama
Reading UK
 
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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.


All in all Im still happy with my decision.

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  #8 (permalink)
London UK
 
Experience: Intermediate
Platform: SierraChart/TT/
Broker: LCT/Denali
Trading: SandP futures
 
Posts: 443 since Jul 2013
Thanks: 61 given, 250 received


Grantx View Post
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.


All in all Im still happy with my decision.

It's not all forex it's Lmax as they show the liquidity pool/depth of market on their bid/ask

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  #9 (permalink)
Amsterdam
 
Experience: Beginner
Platform: Sierra Charts
Broker: AMP
Trading: FGBL, FESX
 
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Does anyone know a good introducing broker to LMAX?

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  #10 (permalink)
Yorktown, VA
 
Experience: Intermediate
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Giamsterdam4x View Post
Does anyone know a good introducing broker to LMAX?

I know amp futures is one. But not sure if it's a good broker.

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  #11 (permalink)
Amsterdam
 
Experience: Beginner
Platform: Sierra Charts
Broker: AMP
Trading: FGBL, FESX
 
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Posts: 82 since Jan 2018
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Thnx man. Ive contacted them alread and they don't do any forex anymore. They will update and remove it from the site.

If you Google Introducing broker you get all kind of shady businesses.


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  #12 (permalink)
Sydney Australia
 
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Platform: Rithmic API
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LMAX is known as a high speed wholesale spot forex broker.

are you a futures trader or a spot forex trader?

LMAX is banned in Australia because they dont meet requirements for retail traders (hence wholesale/sophisticated traders only).

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  #13 (permalink)
Amsterdam
 
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LukePoga View Post
LMAX just does spot forex right? and maybe some spot indexes?



are you a futures trader or a spot forex trader?



Spot forex, for now. Looking for a platform where I can do both. Difficult quest finding a good broker If you dont want to use metatrader


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  #14 (permalink)
Sydney Australia
 
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Giamsterdam4x View Post
Spot forex, for now. Looking for a platform where I can do both. Difficult quest finding a good broker If you dont want to use metatrader


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i think you would need two brokers. one for spot and one for futures. they are entirely different beasts. not sure about which retail platforms combine this. i dont use retail software.

LMAX is highly regarded as a forex broker though.

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  #15 (permalink)
Amsterdam
 
Experience: Beginner
Platform: Sierra Charts
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Trading: FGBL, FESX
 
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I hate metatrader with a passion, it has crashed 3x in 2 months removing 2 days work of trendlines and zones in the process. I cant risk my livelyhood on a platform that is so unstable and heavy on the cpu, I have a new i5 computer and it sounds like its about to takoff and fly away.


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  #16 (permalink)
Sydney, NSW, Australia
 
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Platform: Sierra Chart, Python, C#
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Giamsterdam4x View Post
I hate metatrader with a passion, it has crashed 3x in 2 months removing 2 days work of trendlines and zones in the process. I cant risk my livelyhood on a platform that is so unstable and heavy on the cpu, I have a new i5 computer and it sounds like its about to takoff and fly away.


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I don't use MetaTrader personally, so fwiw;

It is possible you have a bad indicator or plugin that is overloading the platform? Might be worth investigating before having to jump into a whole new platform. In my experience a new platform jump introduces loads of new (and unseen) problems that will take time to test and iron out.

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  #17 (permalink)
Amsterdam
 
Experience: Beginner
Platform: Sierra Charts
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amoeba View Post
I don't use MetaTrader personally, so fwiw;

It is possible you have a bad indicator or plugin that is overloading the platform? Might be worth investigating before having to jump into a whole new platform. In my experience a new platform jump introduces loads of new (and unseen) problems that will take time to test and iron out.

The slowing down is an indicator issue, but I know plenty people that use the same setup as me and have no problems, I've even tried it on 2 different brokers. I figure since I want to explore Futures anyway now is a good time to get used to a platform that supports both.

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  #18 (permalink)
Amsterdam
 
Experience: Beginner
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Posts: 82 since Jan 2018
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Small update; Even with an Introduction broker you will need to deposit 10k if you want to use LMAX with Sierra Charts.

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  #19 (permalink)
Slovakia
 
Experience: Intermediate
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Sierra chart use both FIX protocol and Java/.Net and when you dont use FIX protocol connection minimum deposit is 5000. Sierra chart has also on their site that dont use FIX protocol connection (It is not recommended to use the direct FIX connection that Sierra Chart also supports. This does not support what is described in the above paragraph and has a 300 USD/month fee from LMAX if the monthly minimums are not met with trading volume).
this is from one IB of LMAX regarding api requirements
https://fxmtf.com/trading-platforms/api-trading/

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  #20 (permalink)
Amsterdam
 
Experience: Beginner
Platform: Sierra Charts
Broker: AMP
Trading: FGBL, FESX
 
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Posts: 82 since Jan 2018
Thanks: 121 given, 83 received


Obelixtrader View Post
Sierra chart use both FIX protocol and Java/.Net and when you dont use FIX protocol connection minimum deposit is 5000. Sierra chart has also on their site that dont use FIX protocol connection (It is not recommended to use the direct FIX connection that Sierra Chart also supports. This does not support what is described in the above paragraph and has a 300 USD/month fee from LMAX if the monthly minimums are not met with trading volume).
this is from one IB of LMAX regarding api requirements
https://fxmtf.com/trading-platforms/api-trading/

Thnx. I mailed yesterday with FXMTF and they told me the minimum was 10.000 I'll send them another mail with this info!

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  #21 (permalink)
Bangkok, Thailand
 
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Broker: Ninja Trader Brokerage/Continuum
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There is a bridge available on the market if you want to use NT8 to trade with LMAX. Just google: Lmax Ninjatrader addon

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  #22 (permalink)
Yorktown, VA
 
Experience: Intermediate
Platform: Motivewave, Zanner, TView
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Giamsterdam4x View Post
Thnx. I mailed yesterday with FXMTF and they told me the minimum was 10.000 I'll send them another mail with this info!

You mentioned your broker does have cPanel? That's a great platform. Also it has a fix protocal you can activate to trade via FIX. Which means you can also link your Sierra chart to maybe.

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  #23 (permalink)
Amsterdam
 
Experience: Beginner
Platform: Sierra Charts
Broker: AMP
Trading: FGBL, FESX
 
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Posts: 82 since Jan 2018
Thanks: 121 given, 83 received


fido View Post
There is a bridge available on the market if you want to use NT8 to trade with LMAX. Just google: Lmax Ninjatrader addon

haha I almost wish you didnt tell me! They also have bridges to Crypto Exchanges! Which makes automation even easier.


TradeTheLevel View Post
You mentioned your broker does have cPanel? That's a great platform. Also it has a fix protocal you can activate to trade via FIX. Which means you can also link your Sierra chart to maybe.

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My Broker has cTrader, which I am not a fan of.


Small Update again; I have contacted LMAX and the IB and it IS possible to open an account with 1000 Dollar and use the login with Sierra Charts.

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