Lmax.com Review

I like LMAX a lot, execution is lightning fast - often feels faster then Futures. Spreads are great, not only on Majors. Slippage can happen during news, but that´s normal. I like the new approach on FX Trading. Wires are fast and low cost.

a very strong forex broker with FCA, I love his java and .net API (I'm a programmer :P). one of few brokers have USD/CNH, I play it. Minimal deposit need 10000 USD, it's too much.I open an account by IB,minimal deposit is 1000USD(IB in China). Overall Lmax not bad.

Lmax will not appreciate you business. That is being said to me with these words exactly.
Along the years I was Lmax partner, retail trader and corporate account holder.
no mater what hat I had with them, Lmax always reply with mannered hostility, throw responsibility back you, and show no appreciation for your business with them.

Maybe they are not the nicest people to work with, but same with the technology they provide. In summery lmax provide lowe technology service for traders, for partners (no back office) and for clients.
Their MT4 platform is by buggous bridge solution, unstable and very fragile.
their native platform is very basic GUI.
Lmax provide lower count of trading instrument, even lower on their MT4. where with MT4 they use extension .lmx which makes it difficult to load charts history onto your station.

Only advantage lmax is famous for is their low trading commissions, but one should note that swaps rate are relatively expensive then other brokers

After being proven again, again and again with the same symptoms along few years, I decided to stop my activity with this. For me low commissions are not worth low quality on everything else.

I have been with lmax.com for over 10 months. normally it is a good platform and broker. execution fast. but sometimes it gives spike data at news time. mostly experience is good. but until recently, I got a real severe problem with them. I was trading USDRUB on Dec 16. I was stuck with a sell position. however, on Dec 16, 6PM UK time, they send me an email to increase margin for USDRUB for 15%. I think my accounts leverage is only 1-2 times. it doesn't matter. However, 6 hours later they called me to increase margin to 100% after 1 hour, I didn't hear clearly, I think the risk is still controllable. One hour later they close my position partially over 100% margin. I think it is still acceptable if I set take profit target a bit lower, I would like to hold the position for 1 week plus. However, 17 hours later, they sent me email to inform me the product is suspended in 6 hours. I have to close my position. at that time, USDRUB is still high at 68, and their spread is varying at 20-500. so I have to cut my position and get lost of about 12% in my accounts, which is the biggest drawdown during my trading period.

I am mad with their decision. They say the volatility is too high, so they would close the product. They increase margin 15%, then 100%, at last close it just within 24 hours. I am trading this pair for long term, it is to make profit just 5 hours later. but have to suffer a big lost. How wretched it is.

I decide to withdraw most of my fund to find other brokers.

they destroyed my trust with them.
very very bad experience.

This is the log of chat with lmax specialst.
Marcela: Welcome to LMAX Exchange, how can I help today?
You: Hello I made an application to be a client. After filling the form I see 3 letters. 1 - about additional information for verification. 2 - about my application was declined 3 - from your manager. What of first 2 messages was true? about verification or about decline my application?
Marcela: let me check
Marcela: I can confirm that your application has been rejected
You: can I know why?
You: or what should I do to?
You: are you here?
Marcela: You do not meet the criteria for opening an account with us on the information you provided. Should your situation change, please re-apply
You: And I can't know what exactly wrong? may be I just made mistake somewhere
Marcela: I'm sorry, I will not be able to provide you with further information
You: So I can't be your client at all? I even know what is the problem.
Marcela: You may re-apply in the future
You: Marcela, in what future? I don't know why I cant apply. Do I have to guess the problem and try and try again?
Marcela: after 6 months you may re-apply
You: I don't belive it. Sorry. Sounds stupid. ok.
You: I'll save this chat and post on forex peace army. Thanks for your help. Bye

have used it for half year, so far, it is very good, spread is not very high. the platform (webtrader) is also very good. now reliable. update it later after another half year. Good luck to all!

Their sales team are stuck up and pompous and the CEO is an arrogant prick. They think they have something special and act like they aee the best in the world but their platform sucks so do their spreads.

on the evolution of my struggle:
after a war,
they have finally returned my money to my account.
at the end they have saved face.

2015-12-04 1Star after several times swearing
that all incoming and outcoming transfer
were COMPLETELY FREE
they have charged me € 17.44 on outcoming transfer.
Each one could draw own conclusions about the seriousness of these "gentlemen"

Hi Everyone. I have been with Lmax for many years . Theservice and platform are quite good. The Swaps rates are shocking ........ Please compare this with other brokers on myfxbook when trading with them as I have over $6000 in difference over a 5 month period of holding the same positions with other brokers..

I am really pleased with their services - very fast order execution , customer support and the web platform. You don't have an account manager to disturb you with sales calls like other brokers do, it is strictly business, trading business. When it comes to withdrawing money, you register your debit card and you have the money in your account in couple of hours.