Lmax.com Review

3.339 · 19 REVIEWS
Updated: Dec 31, 2020 · Visit site  · Is this your company?

Lmax is a forex broker. Lmax offers the MT4, MT5, Mobile and WebTrader forex trading top platform. Lmax.com offers over 100 forex currency pairs, cfds, gold, silver, oil, bitcoin and other cryptocurrencies for your personal investment and trading options.


Other websites of this company include lmaxtrader.co.uk

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 500:1
Minimum to Open Live: $10,000
Established: 2008
Address: Yellow Building, 1A Nicholas Road London, W11 4AN, United Kingdom
Contact: info@lmax.com, +44 20 3192 2500
Regional offices:
Regulators: FCA #509778, 783200
Prohibited countries:
Trading platforms: MT4, MT5, WebTrader, Mobile Trader
Web Trading: Yes
Mobile Trading: Yes
ECN: Yes
Currencies: (100+)
Cryptocurrencies: (15+) Bitcoin, Litecoin, Ethereum
CFD: (15+) Gold, Silver, Stock Indexes, Oil, Other Commodities
EAs/Robots: Yes
Scalping: Yes
MAM: Yes
Deposit Methods: Bank Wire, MasterCard, Bitcoin
Withdrawal Methods: Bank Wire, MasterCard, Bitcoin

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3.339 · 19 REVIEWS
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Traders Reviews

Mark Meir,
London, United Kingdom,
Dec 19, 2011,

LMAX is a CFD exchange, so they claim to never take the other side of your trade. The spread on Euro/USD can be as low as 0.1 pips and rarley higher than 0.5 pip. Execution is fast and support is excellent. Have been using for several months now and as they act like an exchange , have been getting great fills and exit. Recommended, but not vailable in US as far as I know.,
Carl Hill,
Cardiff, United Kingdom,
Jun 13, 2012,

I've been with LMAX for 10 months now, and should have put a review up ages ago. I am very happy with their service. Execution is brilliant- no requotes, and fast fills. The only downside is the webtrader platform is a bit basic, and charting not great, but for pure execution they are miles better than anything else I've tried. Highly recommended!
Tokyo, Japan,
Nov 24, 2012,

So far so good; instant withdraw etc. but a few pips of slippage might occur even in small lots on limit/stop orders
, Italy,
Jan 14, 2013,

Really works as an exchange with excellent pricing and fastest execution. I am a professional trader and use LMAX for my personal trades in Eur/Usd with no problems for 1-2 Mio notional trades, just 1-2 decimals (5th position) slippage after the first 50-100 contracts.
Tried most brokers on the market and this is by far the best one.
London, United Kingdom,
Feb 21, 2013,

Best forex broker in the UK by far. Fast execution. No requotes. Small spread but also commission. Very good customer service. Fsa regulated.

Cons: Very limited historical data available for FX which is bloody annoying.

Several IB brokers for Lmax including fastbrokers in the USA
Joao Santos,
Goiania, Brazil,
Jun 3, 2013,

I believe that Gap's comment on "trades in Eur/Usd with no problems for 1-2 Mio notional trades, just 1-2 decimals (5th position) slippage after the first 50-100 contracts" reflect only trades done on the default platform. Trades done on MT4 terminal do not enjoy such low slippage. If anyone can confirm this, please do so. It uses the PrimeXM FX Bridge. I`ll give four stars because I believe its MT4 isn't as sharp as the traders platform.
, United Kingdom,
Dec 16, 2013,

Even after submitting and re-submitting required documents, application was rejected. Wastage of time.
Michael Paske,
London, United Kingdom,
Feb 22, 2014,

By far the best broker I have come across. Fast execution, great spread and a pleasure to work with.
Maia, Portugal,
Apr 29, 2014,

I was the customer LMAX for only one month. I decided to leave because I changed my mind on the markets I wanted to negotiate.

Positives: Real very low spreads on both forex and stock indices, MT4 platform always available without breaks. The process of funding and withdrawing was swift and smooth.

Negatives: I could never work with web graphics, assistance has not solved or helped to solve, and I decided to switch to the MT4 platform. As for real time news, unfortunately they only offer the headers. I questioned them and they answered laconically that was not part of the service to show the full story.

In conclusion: this is a serious institution but on balance deserves only three stars. I got the impression that they are only focused on big institutional clients, so, private customers are only tolerate because they are helping to increase their visibility at this stage.
Lorenz V.,
Germany, Germany,
Jul 8, 2014,

Unfortunately they are not a real exchange which "just matches orders" as they pretend. You are NOT welcome there if you make profits during news trading - just like at the old market maker brokers, and even those don´t forbid news trading nowadays.

But to make it short, I´ve received this nice email from LMAX:

"...There has been news trading activity on your account and you have carried this out on quite a few occasions recently. You cannot carry on news trading, so please stop this immediately or your account will be suspended if this continues.

Here are a couple of the trades you have done, that are categorized as news trading:..."

Why the heck would a EXCHANGE that just matches orders actually care about my trading style? That kills the whole approach of a neutral and just order matching exchange. Additionally they now tend to "grey out" quotes during news, so that you can´t even place orders. Unbelievable, they are history for me as they´ve completely failed to deliver what they actually want to be.
Germany, Germany,
Jul 13, 2014,

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.
Song Rui,
Beijing, China,
Oct 5, 2014,

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.
Israel, Israel,
Dec 10, 2014,

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.
singapore, Singapore,
Dec 18, 2014,

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.
Moscow, Russian Federation,
Jul 13, 2015,

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
Stockholm, Sweden,
Jul 27, 2015,

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!
, Australia,
Nov 7, 2015,

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.
, Italy,
Dec 11, 2015,

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
they have charged me € 17.44 on outcoming transfer.
Each one could draw own conclusions about the seriousness of these "gentlemen"
Mark Spinosa,
Australia, Australia,
Jul 21, 2016,

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..
United Kingdom,
Jan 18, 2017,
Registered user

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.
Feb 3, 2017,
Registered user

My view on LMAX...​

Good Points...
I cannot say enough good things about LMAX when it comes to trustworthiness. They have been nothing but dependable and quick.
Their MT4 set up is very decent, never had an issue...already been trading with them for years.
Their spreads are tight on EURUSD, AUDUSD
They haven't adjusted their margin requirements in panic every time uncertainty looms (most brokers have gone nuts that last year with this)....last time I can recall was Bexit....for the rest, they've stayed put for years.

Bad Points...

Their leverage is very meager in comparison to most retail friendly brokers...just 1:100...
You STILL have to go via a person via chat to transfer money from your MT4 to your web account....come on LMAX, it's 2017!!!
Their SWAP charges are the highest of ANY broker!!

So, would I recommend them....? It depends on the trading you do with them, day traders, short term traders should be OK, but if you have long term strategies, find another broker.
Serbia, Serbia,
Jul 1, 2020,
Registered user

Unprofessional, terrible customer support !

Service use: Live

Length of use: 6-12 Months

No use of account manager!
He didnt even know basic things that the company update in meanwhile.
When u have money in your account they will kiss your ass, when u have less money they will not answer you.
Disclaimer provided by Lmax

FX and CFDs are leveraged products that can result in losses exceeding your deposit.

The information on this website is only directed at institutional and professional clients. It is not directed at residents of any jurisdiction where FX trading and/or CFD trading is restricted or prohibited by local laws or regulations.