About company:
LMAX is an unusual broker. Although classified as a Forex and CFD broker, it is the first MTF (Multilateral Trading Facility) regulated by the FCA.
The LMAX Exchange trading technology, which can handle up to 400 million orders per day, has been recognized for excellence and innovation by the forex industry's most prestigious awards - Best Marketing Platform 2015, Fastest Growing Company in the UK.
The LMAX Exchange works like an exchange, which means that it is impossible to cancel the deal at the stated price by the suppliers, since liquidity is quoted by limit orders.
All clients have access to first-class liquidity, fast execution and small spreads.
The “exchange” model is a cost effective way to trade liquid products. In an industry that is currently not regulated by regulations, the concept of the LMAX Exchange is to provide a transparent platform for all Forex participants.
Trading conditions
The LMAX Exchange Markets include over 100 instruments: Forex, Indices, Stocks and Commodities. The broker guarantees ultra-fast execution of orders up to 7 ms using STP technology.
Trading accounts
Within the professional sector, the LMAX Prime Account provides access to the LMAX Exchange, global top tier banks and ECN liquidity, as well as a variety of liquidity sources that can be tailored to the needs of the trader.
The LMAX Master Account offers centralized clearing across multiple sites, a refueling management solution, multiple sources of liquidity through a single master brokerage agreement, a cost-effective clearing model and an elegant and simple turnkey implementation.
The LMAX Institutional account is designed to use complex algorithmic trading strategies.
LMAX Institutional offers liquidity from a variety of institutions, creating a unique retail venue with outstanding execution quality. It serves hedge funds, high frequency traders, corporate clients.
Another offer for banks only is LMAX InterBank. LMAX InterBank provides all the execution benefits, full transparency before and after trading, and a level playing field for all participants - regardless of status, size or activity level.
A demo account is also offered.
Trading platforms
Various platforms and even APIs are available for trading. Many high-volume traders trade through the LMAX API, there are several libraries for it that can be downloaded from the LMAX website.
Available terminals: MetaTrader 4, mobile (blackberry, iPhone), Multicharts (with Easy Language).
In addition, traders have the opportunity to write or integrate their platform through free .NET, Java, JSON / XML libraries using the FIX protocol.
Education
LMAX offers a huge video library. The site publishes announcements of future events, as well as video reports of past ones, and updated news messages are presented in both text and video formats.
Clicking on a blog section takes you to a list of various tweets and their links, which lead to interesting news and analysis.
The LMAX mobile app is available to all members and provides full trading functionality with real-time price updates. It is available for iOS and Android devices and can be downloaded from the App Store or Google Play.
Support service
Clients can contact a company representative by email, chat. You can also visit the London office. The website is available in English, German, French, Russian, Chinese and Polish.
Ways of payment
The following methods are available to customers: bank transfer, bank card. Traders can transfer money directly to their LMAX client account at Bank National Westminster. Depositing funds with a VISA card takes less than one minute.
Pros:
regulated broker; has many prestigious awards; offers a demo account and educational materials.
Minuses:
does not offer e-wallets for payment.
LMAX is a company whose task is to provide intermediary services to traders. Brokers / Crypto exchanges provide access to currency / cryptocurrency trading, first of all. Also, many of them, if we are talking about brokers, give the opportunity to make transactions with company shares, bonds, commodities, precious metals, indices, cryptocurrency and other assets. A private person can make transactions with all these instruments only on a trading platform, access to which is provided by a broker or a crypto exchange.
In addition, thanks to such companies, an individual can operate in the market with amounts significantly exceeding the amount of his own funds. This is called the provision of leverage. For example, having a deposit of 1,000 USD with a leverage of 1:400, a trader can make transactions for 400,000 USD.
As well, the broker / crypto exchange opens access to analytics, auxiliary tools, trading signals. Without all this, modern trading is impossible.
LMAX profits from traders' trades, usually in two main ways
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First – most common. Using spreads. This word refers to the difference between the best prices for buying and selling a certain asset at a particular moment. Moreover, in a transaction between a trader and a broker, the price is one, and between the broker and market users - another. The mediator takes the difference.
The second method is easier to understand. This is a fee for each operation performed. Most often it has a standard value, but can also be measured as a percentage.
Therefore, the company is interested in attracting as many clients as possible and that they conduct active trading.
How honest brokers / crypto exchanges should work and how they work, we found out. And now let's look at how scammers act, they are also called kitchens.
The most common way to cheat – is to twist quotes. Broker / crypto exchange gives the trader quotes that differ from the real market. There is a substitution of data in order to make operations unprofitable. The deposit is reduced, and then completely reset. At the same time, the trader thinks that his operations were made on the market, but in fact – just on the site of scammers.
Bonus – traps. They are generously distributed for anything: registration, account replenishment, etc. Only after that, in order for the client to withdraw his own money mixed with bonus money, it will be necessary to fulfill a number of actually impossible conditions. For example, to conduct trading operations in the amount of ten times more than the size of the deposit.
The User Agreement may also mask a clause that allows the broker / crypto exchange to dispose of the client's money. Inattention when reading such an agreement most often turns into a complete loss of the deposit.
One of the key points – it is the place of registration and regulation of the company's activities.
First let's talk about registration. As a rule, traders are more trusted by companies either from their own country or from an economically developed country, for example, a member of the European Union. Of course, compliance with UK law is reassuring, and compliance with the laws of an unknown island in the Indian Ocean does not mean anything to most at all.
On fact, most brokerage companies are registered offshore, and we are talking not only about small offices, but also about world leaders. Saint Vincent and the Grenadines, Belize, Marshall Islands, Mauritius are popular offshore zones among companies. Registering there, companies pay significantly less taxes than in the place of actual location, which is sometimes carefully hidden.
If a trader has claims against such a company, then it is likely that he will have to deal with it in accordance with the laws of the same conditional Belize. It is possible to be physically present there at court hearings. And this is extremely expensive and difficult.
No is it worth running like fire from just the word «offshore»? As an answer, we will cite the names of companies that are not related to brokerage, but with an impeccable reputation and also save on taxes with the help of offshore registration: Apple, Pfizer, Microsoft, General Electric, Intel.
And here we come to the second important point – this is the regulation of the broker / crypto exchange. First of all, it is carried out at the level of the state where the company is registered. Each country has its own regulatory body for brokering. So, in Russia it is the Central Bank of the Russian Federation. The trader can find permits on the websites of such authorities. But there are also supranational structures. For example, the International Financial Commission, which is an independent self-regulatory organization, specifies disputes between its members – brokers and their clients.
If there is no information on the broker's website / crypto exchange about the regulation of its activities or license, then it is almost certainly a scammer. Or on the site there is data on some license issued by him, but this information is not confirmed anywhere else. Most likely, these are also scammers.
When choosing a brokerage company, or crypto exchanges, study its history. Look at the links to its experts. If one of the leading TV channels in the economic news for 5 years in a row refers to the opinion of the analyst of the broker in question – this is good. If the broker / crypto exchange assures that it has been working for 15 years, but there is no information about it on the Internet at all – this is bad.
It is important to pay attention to reviews about the company. And read them not only on the website of the broker itself / crypto exchange. In the kitchen, they will certainly be only praiseworthy. It is better to view as many sites as possible.
Pay attention solely to the specifics in the offers on the websites of brokers / crypto exchanges. Honest companies openly write about interest, spread size, minimum deposit, etc. Scammers lure loud streamlined phrases about a rich tomorrow, a stable income, mislead with incomprehensible terms about multi-sites, superfunctions and so on.
Specify the company's connection with well-known brands, financial institutions, public organizations. For example, it can be sponsored. Large brokers / crypto exchanges sometimes hold social promotions. Scammers will definitely not do this.
Therefore, the process of choosing a broker / crypto exchange is complicated. But if you approach it carefully, it will allow you to enter the world of trading, which has made millions of people rich around the world
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Before any trade and choosing a broker You must always read reviews on this site and on other sites. Companies who are honest, have a rating of above 3.8. Also there is always the risk of loss when trading CFDs. Be careful and read the disclosure on the website of the company you chose. LMAX received a score of 2.5 of 5 on our resource.