LMAX ReviewCategory: Reviews | Author: Trading Brokers | Date: November 17, 2022
LMAX Group is a global financial technology company and the leading independent operator of multiple institutional execution venues for FX and cryptocurrency trading. With offices in 9 countries and a global client base, the Group builds and runs its own high performance, ultra-low latency exchange infrastructure, which includes matching engines in London, New York and Tokyo. LMAX Group has a solid presence in all the major FX markets around the world, including Europe, North America and Asia-Pacific. Their rapidly expanding global institutional and professional client base is a testament to their distinctive business model that delivers efficient market structure and transparent, precise, consistent execution to all market participants. The broker only caters for institutional and professional clients. If you do not fit into either of these categories, please feel free to browse our best brokers for beginners instead.
Pros & Cons
- Reasonable selection of over 100 financial instruments
- Intuitive and powerful trading platforms for web and mobile
- Ultra-low latency exchange infrastructure
- Precise and superior execution with no ‘last look’ rejections
- Strict price/time priority order matching
- Reliable, robust, scalable technology with ongoing performance optimisation
- Competitive commission and overnight financing rates
- Integrated with leading trading technology providers
- Key LMAX Group technologies, including Disruptor, have been open-sourced
- Tighter spreads on streaming, firm limit order liquidity
- Access up to 20 levels of market depth (via FIX only)
- Global exchange infrastructure based in Equinix LD4, NY4 and TY3
- Large minimum required deposit of $10,000
- Professional and institutional traders only
- Limited account funding options
- Could add some more financial instruments
- Do not have 24/7 support
LMAX Group was launched in 2010 to offer exchange style execution and a regulated, rules-based trading environment that is governed by the LMAX Rulebook, ensuring fully transparent and fair execution for all its clients and market makers. Servicing funds, banks, brokerages, asset managers, and proprietary trading firms, LMAX Group offers strict price and time-priority order execution at ultra-low latency. Clients have access to real-time streaming market and trade data, which enables the control of execution quality and total trading costs. LMAX Exchange has been recognized for growth performance, excellence, and innovation by the most prestigious business and technology groups. They have won numerous awards over the years which is a testament to the quality of their services.
The LMAX Group portfolio includes LMAX Exchange, LMAX Global and LMAX Digital.
LMAX Exchange, part of the LMAX Group, delivers efficient market structure and transparent, precise, consistent execution to all market participants, including funds, banks, proprietary trading firms, brokerages and asset managers. Operating multiple global institutional FX exchanges and an FCA regulated MTF, LMAX Exchange enables institutions to trade on a central limit order book with streaming firm limit order liquidity from top tier global banks and non-banks.
LMAX Global offers brokers and professional traders around the world access to deep institutional FX liquidity, tight spreads and transparent, precise execution with no ‘last look’ rejections. All LMAX Global clients have access to deep liquidity pools in London, New York and Tokyo and are able to trade over 100 instruments including forex, metals, equity indices, commodities and crypto CFDs.
LMAX Digital is the institutional crypto currency exchange, operated by LMAX Group. Leveraging LMAX Group proven, robust technology and liquidity relationships, LMAX Digital delivers a market-leading solution for physical trading and custodial services for the most liquid crypto currencies – such as BTC (Bitcoin) and ETH (Ethereum). Delivering trust, reliability and deep institutional liquidity, LMAX Digital ensures complete transparency, open access and a level playing field for all institutional crypto currency market participants – within a secure trading environment.
When it comes to choosing a broker, regulation is one of the most important things to look for. I would always prefer to use a regulated brokerage firm as they can provide protection that an unregulated broker cannot. It also means that they must follow strict rules and procedures that have been put in place to protect investors. In saying that, LMAX operate regulated brokers in the UK (FCA), Europe (CySEC) and New Zealand (Registered Financial Service Provider). I am very impressed by what I consider to be top-tier regulation and would therefore have no problem trusting this broker for my trading activities.
- LMAX Global is a trading name of LMAX Broker Limited, which is authorized and regulated by the Financial Conduct Authority (FCA)
- LMAX Broker Europe Ltd is authorized by Cyprus Securities and Exchange Commission (CySEC)
- LMAX New Zealand is registered in New Zealand as a Financial Services Provider (FMA)
- LMAX Exchange is a trading name of LMAX Limited, which operates a multilateral trading facility, authorised and regulated by the Financial Conduct Authority
- LMAX Digital is regulated by the Gibraltar Financial Services Commission (GFSC) as a DLT provider for execution and custody services
LMAX allows traders from different parts of the world to open an account with them if their countries of residence permit online trading with international brokers. However, it’s specifically stated on the broker’s website that they do not offer their online trading services to residents of the United States of America, Australia (excluding Australian clients who are “wholesale clients” as defined under the Corporations Act 2001); Canada (although they may deal with Canadian residents who meet the “Permitted Client” criteria); Singapore or any other jurisdiction where FX trading and/or CFD trading is restricted or prohibited by local laws or regulations. If you find that they do not accept clients from your country, please feel free to browse our broker reviews for alternative options.
Industry leading proprietary technology is at the core of LMAX Group. They are continuously focusing their expertise on refining and improving all aspects of the innovative technology that they implement. Through their revolutionary and minimalist approach to technology, architecture and technology-related processes are a careful blend of in-house intellectual property and the most up-to-date best practice, with one aim in mind – optimised execution quality.
The MetaTrader (MT4/MT5) platforms are amongst the most popular trading platforms in the online trading industry. MT4 is replete with tools to help analyse the financial markets. It provides traders with live price feeds, intuitive technical charts, analytical tools, and up-to-date financial news to ensure that they are aware of what is happening in the market at all times. The MT5 platform has all of the same features as MT4 but with some additional tools and extended capabilities.
Both MT4 and MT5 are available as desktop applications for Windows and Mac computers, web platforms and mobile trading apps for iOS and Android devices. I think they are both amongst the best trading platforms if you are looking for quick and easy access to the markets. I have used MT4 for many years and it can do everything that I need it to and more. I find it ideal for manual trading with my own strategy templates and also excellent for running my automated strategies.
- Easy to use platforms with intuitive interface
- Fully customisable layout and navigation
- Multiple chart types and timeframes
- Instant, pending and limit orders
- Suitable for manual and automated trading
- Lots of built-in trading tools for analysing the markets
- Programming interface to develop your own tools
- Strategy tester to backtest expert advisors
- Marketplace to download platform add-ons
LMAX Global Trading App
The LMAX Global trading app delivers complete trading functionality and direct access to the LMAX Exchange central limit order book and additional peer to peer liquidity pools. It has streaming, firm limit order liquidity with no ‘last look’ rejections, low latency execution, and real-time price updates. The app offers all traders tighter spreads on streaming firm liquidity from top-tier banks and proprietary trading firms.
The LMAX Global Mobile app suite is available for Android and iOS devices and is seamlessly integrated with all LMAX Global markets, delivering fast trading access, the very latest VWAP FX market data, economic calendar and up-to-the-minute news, via an easy to access menu at the touch of a screen. The app is free to download and use with either a live or demo LMAX Global account.
- Access to a wide range of instruments: rolling spot FX, metals, indices, commodities and crypto CFDs
- Up to 15 levels of market depth
- Transparent price discovery, no ‘last look’ rejections with strict price/time priority order execution
- 1-click trading, close and cancel or partial close position
- Real-time account status information to manage your positions
- Monitor key markets, with real-time prices, via your own customisable ‘Watchlist’
- Trade securely and with ease using touch ID
LMAX Digital Trading App
LMAX Digital account holders can trade all instruments in real-time (subject to network connectivity) using this app. The LMAX Digital Trading app provides complete trading functionality and direct, continuous access to all LMAX Digital markets. Providing access to the LMAX Digital central limit order book streaming firm, deep liquidity for the most liquid crypto currencies such as BTC & ETH (all against USD, EUR & JPY) – the app also incorporates critical VWAP and crypto news components via an easy to access menu. The crypto news component delivers daily, proprietary crypto currency research, analytics and market commentary.
LMAX Global web trading technology delivers clients:
- Direct access to all LMAX Global markets
- Low latency, anonymous trading
- Streamlined efficient and superior execution
- Easy to use and feature-rich professional User Interface
- No downloads required
LMAX Global Application Programming Interface (API) technology enables clients to automate FX trading and CFD trading. Clients can use the broker’s customizable Client Libraries (Java, .NET) or FIX protocol for their integration. They deliver superior, reliable, ultra-fast market data access – streaming real-time, full order book market data to all clients, regardless of size or activity levels. You can get 24-hour professional access with optimum connectivity, ensuring highest quality of trade execution.
FIX/API users benefit from:
- Free direct access to all markets on LMAX Global
- Ultra-low latency, anonymous trading
- Secure protocol
- Access up to 20 levels of market depth (via FIX only)
- Access to a knowledgeable API technical support team
- Risk-free testing in the demo environment
The excellent choice of trading platforms that the broker provides you with should have more than enough tools built-ion to satisfy the needs of even the most demanding of traders. You can also develop your own using the various programming interfaces or hire a freelancer to do it for you should you not have the required coding skills. There is also the MQL marketplace which you can access directly from the MetaTrader platforms. In there you will find a plethora of free and paid tool that you can install to improve the overall functionality of the platforms. If that wasn’t enough, LMAX also provide some handy standalone tools to assist you with your day trading activities.
LMAX Global has an economic calendar that covers all economic events in the world and the effects they are expected to have on the markets. I think this is a vital tool to make you aware of possible market movements that may have a significant impact on your positions. You can also get convenient access to an economic calendar built-in the MT5 platform. This will save you from needing to switch tabs to track the news.
The broker provides unique market research, analytics, and opinion delivered daily in audio, video, and report formats. This can be a great way to help with your market analysis to help ensure you can make informed decisions. I was actually inspired to look at some opportunities that I may have otherwise overlooked. This includes the following:
- Fully customizable news feed
- Easy to digest headline news
- Feature analytics and opinions
- Market insights and reports
The LMAX Global website has a wide range of tutorial videos, which are geared towards improving traders’ overall trading skills and knowledge while keeping them informed about the factors that move the markets. There is also a Frequently Asked Questions (FAQs) section on the broker’s website, which has answers to clients’ common questions. I think there is a decent amount of content but it is important to remember that this broker is for professional and institutional traders who are probably already well educated when it comes to trading and investing online.
The broker offers a decent selection of over 100 financial instruments across multiple tradable assets, such as FX, bullion, equity indices, and spot commodities for online trading. I actually think this is one area they can improve in by adding more instruments. In comparison, IG have excellent trading conditions and around 17,000 tradeable instruments.
LMAX Global offers a limited choice of account types to traders, and the minimum deposit is $10,000 or the equivalent in the base currency. Both accounts have variable spreads. There are demo accounts for practice purposes, and they are recommended for beginner traders to try out the broker’s platforms and practice their own strategies with virtual funds before opening a real live trading account. The trading accounts are:
- Individual LMAX Account
- Corporate LMAX Account
LMAX Global provides clients with a multilingual customer support team that is readily available to offer knowledgeable and prompt response to clients’ general, technical, or account-related inquiries. The customer services team offers 24-hour support from Sunday 22.00 – Friday 22.00 UK time. You may contact the team during the trading hours via telephone, the live chat function on the broker’s website, or by email. They are quick and helpful in their responses but I would like to see them provide 24/7 support when you consider that not all markets close over the weekend.
LMAX Global currently offers accounts denominated in an excellent range of currencies including GBP, EUR, USD, AUD, CHF, JPY, PLN, SEK, SGD, HKD, and HUF. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency. There are only two convenient and reliable payment methods accepted for account funding and withdrawals, namely:
- Bank Transfer
- Debit/Credit Card
In compliance with the client money rules, all client funds are held in a segregated client trust account. Some payment methods may not be available to some specific countries, while the transaction processing time may vary with the payment providers. I think the funding options are quite limited and would like to see them support more modern forms of payment such as digital wallets and cryptos.
The LMAX Group is a company that offers a comprehensive solution to well-capitalized individual traders and institutional clients. Although novice traders may not be in the company’s clientele, LMAX offering is among the most competitive and powerful due to the technological innovations and overall implementation. The broker provides clients with FIX 4.4, API (Java, .NET), Web GUI, Mobile, and MT4/5 Bridges (for Brokers), and they regulated in multiple jurisdictions. However, I did find the funding options are limited and think they could improve by adding more financial instruments and extending support hours to 24/7. If these minor points don’t bother you and you are looking to trade in a top-class environment with a regulated broker, I think that LMAX are certainly worth strong consideration.