Lmax.com Review

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.,

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

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.

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.

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.

Even after submitting and re-submitting required documents, application was rejected. Wastage of time.

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.

LMAX might boast of disruptor technology and other stuff. But all Fx Brokers have hidden agendas that can’t be identified on the surface.

Just want to alert Scalpers. Something dodgy is going on in the background on live 1 minute charts. If you compare live 1 minute candles with cTrader or MT4 their candles are constantly manipulated. I have noticed the candles suddenly change from long green candles into tails after the last candle bar was closed 1 minute ago. Also, the live candles are half hidden on the chart on the hard right edge. I first thought it was my iPad fault. It happens on my android phone app too. It’s kind of a bait to TRICK you into taking a trade and then the PREVIOUS CLOSED 1 MINUTE CANDLE suddenly changes INTO A DOJI when the next current candle is live. You have to be really glued to your charts to catch this while comparing cTrader and MT4 - 1 minute charts.

Trade with LMAX at your own charting risk.

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.

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.