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Lmax.com Review Visit site

Updated: Jul 11, 2018
3.5 · 18 REVIEWS
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3.5 · 18 REVIEWS
Forex Peace Army
DO YOU RECOMMEND THIS COMPANY?

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traderbee,
Netherlands,
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.
AlexU,
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.
Mark Spinosa,
Australia, Australia,
Jul 21, 2016,
Guest

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..
Lawrence,
, Italy,
Dec 11, 2015,
Guest

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"
Tane,
, Australia,
Nov 7, 2015,
Guest

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.
Junjing,
Stockholm, Sweden,
Jul 27, 2015,
Guest

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!
Jeckil,
Moscow, Russian Federation,
Jul 13, 2015,
Guest

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
hemanyun,
singapore, Singapore,
Dec 18, 2014,
Guest

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.
gilben,
Israel, Israel,
Dec 10, 2014,
Guest

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

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.