LMAX Exchange Forex Trade Platform and Broker Review

LMAX Exchange Forex Trade Platform and Broker Review

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LMAX Broker Review

LMAX Exchange operates multiple global institutional FX exchanges, allowing institutions to trade on a central limit order book with liquidity from top-tier global banks and non-banks. 

LMAX Exchange was first founded in the UK in 2008 and today has headquarters in London with main offices in Wales. LMAX Exchange has 140 employees.

Is LMAX Exchange Regulated?

Yes, LMAX Exchange is regulated by the Financial Conduct Authority (FCA) and also operates under the auspices of the Markets in Financial Instruments Directive (MiFID).

The LMAX Global division is regulated by the Cyprus Securities and Exchange Commission (CySEC). 

According to the official website, LMAX Exchange is under regulation for offering licensed investment and trading services within the United Kingdom and the European Economic Area, which is a cross-border economic zone. 

LMAX Exchange’s regulations guarantee extensive client protection measures, including participation in a compensation scheme that will cover clients in the case of broker insolvency and the storing of client funds in segregated accounts. 

Is LMAX Exchange Regulated in the United States?

No, LMAX Exchange is not regulated in Virginia or any other US state. 

Is LMAX Exchange Regulated in Europe?

Yes. LMAX Exchange’s Global division has been regulated in Europe since 2008 by the Cypress Securities and Exchange Commission (CySEC). In Europe, LMAX Global offers cross-border investment services as a regulated Forex broker. 

Is LMAX Exchange regulated in a Tier-1 Jurisdiction?

According to the LMAX Exchange website, LMAX Exchange is regulated under Tier-1 jurisdiction. 

Tier-1 Jurisdiction is a type of licensing that allows brokers to operate in specifically designated regional countries, which consist of Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Israel, Japan, Luxembourg, Netherlands, New Zealand, Norway, Puerto Rico, Singapore, Sweden, and Switzerland.

Is LMAX Exchange regulated in Tier-2 Jurisdiction?

According to the official LMAX Exchange sources, LMAX Exchange is regulated under Tier-2 jurisdiction. Tier-2 jurisdiction allows LMAX Exchange license to operate in specific countries, which include British V.I., Cayman Islands, Cyprus, Italy, Malaysia, Mexico, Poland, Portugal, Spain, and Taiwan.

What are the Platforms and Tools for Forex Trading in LMAX Exchange?

LMAX Exchange offers proprietary trading software which it refers to as LMAX Exchange technology.  

  1. LMAX Exchange technology is an ultra-low latency matching engine with superior exchange performance, built for scale. The software uses award-winning, in-house developed ‘Disruptor’ technology for maximizing performance

Does LMAX Exchange Have a News Blog for Forex News?

No. LMAX Exchange does not have a news blog for Forex News. Some brokers provide a dedicated news blog on their websites, allowing users to remain updated with all the relevant market news that may impact their trades. 

Does LMAX Exchange Have a Traders Dashboard?

No, LMAX Exchange does not provide a Traders Dashboard. This is a tool provided by some brokers to create a centralized area from which various streams of various market data can be monitored and analyzed. 

Does LMAX Exchange Have an Educational Section?

No, LMAX Exchange does not provide an educational section. The broker positions itself more towards advanced and institutional traders. 

What is the content of LMAX Exchange Forex Education?

LMAX Exchange does not provide Forex Education. Unfortunately, the broker also does not offer independent research and analytical tools for more advanced traders. 

Is LMAX Exchange Legit?

Yes, LMAX Exchange is a legit Forex Broker and Trade Platform. LMAX Exchange FCA legal certificates to perform Forex Broker and trading services. LMAX Global has CySEC FCA legal certificates to perform Forex Broker and trading services.

Is LMAX Exchange Safe?

LMAX Exchange is a reliable and safe Forex Trade platform in terms of its regulation and safety protocols. The broker is regulated in several global jurisdictions, as described below:

  • The FCA regulates LMAX Exchange in the United Kingdom
  • CySEC regulates LMAX Global in the cross-border European Economic Area

LMAX Exchange stores client deposits with top-tier banks. This ensures that client funds cannot be appropriated or used by the company for any reason. Added to this, LMAX Exchange participates in the FCA’s compensation scheme. 

The Financial Services Compensation Scheme is the UK's statutory Deposit insurance and investors compensation scheme for customers of authorized financial services firms. 

Is LMAX Exchange a Good Broker?

Yes. According to the Forex Suggest review, for security, trading speed, and cryptocurrencies LMAX Exchange is a good broker. 

  1. In terms of trading speed, LMAX Exchange has an impressive execution performance. This is detailed below. 

Internal latency: under 85μs

Processing capacity (orders/sec): 800,000 peak, 100,000 sustained

700,000 risk calculations per second

Exchange uptime is 100%

  1. In terms of security, LMAX Exchange operates global institutional FX exchanges and an FCA-regulated MTF. 

A central limit order book (CLOB) execution model offers streaming firm limit-order liquidity from top tier banks and non-bank institutions, transparent price discovery, no ‘last look’ rejections, and full control over trading strategy and costs.

  1. In terms of online support, LMAX Exchange does not offer any type of live chat function from its website. Traders will have to contact the broker through more traditional means of email.  
  2. In terms of cryptocurrencies, the broker’s LMAX Digital division is a regulated institutional spot cryptocurrency exchange. 

Based on proven, proprietary technology from LMAX Group, LMAX Digital allows global institutions to acquire, trade, and hold the most liquid digital assets – BTC, ETH, LTC, BCH, and XRP – safely and securely.

What is the Offering of Investment in LMAX Exchange?

Offerings of LMAX Exchange can be found below.

Feature LMAX Exchange
Forex Trading Yes
CFDs Yes
Forex Pairs Yes
Cryptocurrency (Physical) No
Cryptocurrency (CFD) Yes
Social Trading  No

Does LMAX Exchange have Nasdaq?

No, LMAX Exchange does not offer traders the option of trading CFDs on the Nasdaq 100 Stock Index.

The Nasdaq is a large American exchange that lists the stocks of leading tech and software companies for global trading and exchange purposes.  

What are the Awards of LMAX Exchange?

Forex Trading Platform LMAX Exchange’s awards are listed below.

  • 2014 #1 Fastest-Growing Tech Company in the UK – Sunday Times Tech Track 100 
  • 2014 Best Margin Sector Platform – Profit & Loss Readers' Choice Awards 
  • 2014 Best FX Trading Venue – ECN/MTF – WSL Institutional Trading Awards 
  • 2014 Best Infrastructure/Technology Initiative – WSL Institutional Trading Awards 
  • 2013 #15 Fastest-Growing Tech Company in the UK – Sunday Times Tech Track 100 
  • 2013 Best Overall Testing Project – The European Software Testing Awards 
  • 2013 Best Margin Sector Platform – Profit & Loss Readers' Choice Awards 
  • 2013 Best FX Trading Venue – ECN/MTF – WSL Institutional Trading Awards 
  • 2013 Best Execution Venue – Forex Magnates Awards 
  • 2011 Best Trading System – Financial Sector Technology Awards 
  • 2011 Innovative Programming Framework – Oracle Duke's Choice Awards

How to Use LMAX Exchange for Forex trading?

To use LMAX Exchange, a forex trader should have the necessities below:

  1. A copy of their identification documents
  2. They should be 18 years or older
  3. They should not be a resident of the US, where LMAX Exchange does not provide its brokerage services. 

If a Forex Trader has the conditions above, they can open a forex trading account to use LMAX Exchange. 

How to open a Forex trading account with LMAX Exchange?

To open a Forex Trading account with LMAX Exchange, a trader should follow the steps below.

  1. Click on the “Start Application” button on the LMAX Exchange account registration page
  2. Complete the online registration form and submit the required documents
  3. Before LMAX Exchange can open your account, the broker is required to verify your identity and country of residency. If you are an individual and a resident of the UK, Sweden, Germany, or Canada, the details you submit to the broker will be checked by a third-party credit agency. This is not a credit check and will not show on your records.
  4. If the broker is unable to identify you electronically, it will request further documentation to complete your application.
  5. Once your account is open the broker may also ask you to provide further documentation, such as evidence of funds, to support your trading activity.

What is the Forex Trader Account Types with LMAX Exchange?

Forex Trading Platform and Financial Asset Management Institution LMAX Exchange have 2 different account types. Every Forex trading account type has different features and conditions with LMAX Exchange. 

LMAX Exchange Account Types are listed below. 

  1. LMAX Global Account

  2. LMAX Corporate Account

  • LMAX Global Account

The LMAX Global Account provides clients access to deep institutional liquidity in over 100 instruments: FX, metals, equity indices, commodities, cryptocurrencies, and weekend FX. The key features of this account are listed below. 

  • Tighter spreads on streaming, firm limit order liquidity
  • Transparent execution with no ‘last look’ rejections
  • Strict price/time priority order matching
  • Real-time reports & reconciliation via web or FIX Drop Copy
  • Streaming, full order book firm market data
  • Flexible clearing – via margin account or existing PB account
  • Competitive commission and overnight financing rates
  • Global exchange infrastructure based in Equinix LD4, NY4, and TY3
  • LMAX Corporate Account

The LMAX Corporate Account is designed for corporate institutional clients and will have specialized account features as per the individual corporate requirements. 

You can download a corporate account application form from the broker’s website or contact the broker’s customer support team on +44 20 3192 2555 or email [email protected] 

How to Withdraw Money from LMAX Exchange?

To withdraw money from LMAX Exchange, the following should be done:

  • Log in to the Account section on the LMAX website
  • Provide your account details
  • Navigate to the fund's section on your account dashboard
  • Select the withdrawal method you prefer
  • Provide the amount you wish to withdraw
  • Confirm your withdrawal details

How many days do deposits take with LMAX Exchange?

Deposits take approximately 24 hours to reflect in your account with LMAX Exchange, depending on the chosen deposit method. 

What are the costs and fees with LMAX Exchange?

There are three types of costs with LMAX Exchange. Commission costs are applied to all LMAX Global Account holders, spread costs are also for all account users, and swap costs are for users that hold positions open overnight.

A Forex Trading Cost is applied by a broker as a fee for using its brokerage service. It is essentially how a broker will make a profit, and consists of commissions, spreads, and swaps. Spreads are denominated in pips; they are the difference between the bid and ask price on a trade. 

Commissions are charged on round trades and will not apply to all accounts. Swap fees are interest charged on positions held overnight. 

The Forex Trading Fees with LMAX Exchange are below. 

Spreads: 

LMAX Global spreads are variable. To view the broker’s historical spreads, you can visit the official website. 

Commission: 

LMAX Global account holders are eligible for a competitive commission rate structure, depending on their level of trading activity. Traders should contact the customer support team for more information. 

FX Overnight Financing: 

The financing charge for rolling spot FX reflects the relative interest rates of the two currencies comprising your open trade plus a premium dependent on market conditions and including an LMAX Exchange charge. 

When a position is held overnight, the broker will apply a financing entry to your account. This may be a debit or a credit entry depending on the contributing factors outlined above, namely relative interest rates and LMAX Global premium.

The cost of tomorrow's next roll (tom/next) is applied to positions held through the respective market close. 

The opening price on your position is not adjusted, rather a separate financing charge is levied on your account. Positions rolled over the weekend or bank holidays will reflect the longer duration of the underlying wholesale rolling trades. 

CFD Financing rates:

Financing charges are applied to all CFD positions held through the market close each day. Financing charges will be applied according to the schedule on the broker’s website

What are the Trading Fees with LMAX Exchange?

LMAX Exchange does not charge additional fees for making deposits or withdrawals, nor are there inactivity fees on dormant accounts. Therefore, traders will only incur commissions, spreads, and swap fees.  

What is the minimum deposit in LMAX Exchange?

With LMAX Exchange, $10,000 (or base currency equivalent) is the minimum initial deposit.

What are the contract specifications in LMAX Exchange?

Feature LMAX Exchange
Forex Trading Yes
CFDs 50+
Forex Pairs 70+
Cryptocurrency (Physical) 0
Cryptocurrency (CFD) 7
Social Trading  Yes

Does LMAX Exchange have promotional offers?

No, LMAX Exchange does not provide promotional offers or bonuses to its new or existing clients. This is because the broker is restricted from offering broker bonuses by its primary regulator, the Financial Conduct Authority. 

Does LMAX Exchange have a welcome bonus?

No, LMAX Exchange does not offer a welcome bonus. 

However, LMAX Exchange provides Order matching with internal exchange latency, and its high trade capacity is achieved through a distributed, transactional service‐oriented architecture based on high performance publish/subscribe messaging

Does LMAX Exchange have a deposit bonus?

No, LMAX Exchange does not offer a welcome bonus.  This is because the Financial Conduct Authority (FCA) restricts LMAX Exchange from offering such bonuses

Is there a commission-free trade bonus in LMAX Exchange?

No, LMAX Exchange does not offer a commission-free trade bonus. The broker does however offer deposits and withdrawals free of additional charges.   

Is there a VIP bonus in LMAX Exchange?

No, LMAX Exchange does not offer a VIP bonus. While the broker does not offer a VIP Account, high net-worth institutional traders can apply for a corporate account.  

Can you start trading with no money at LMAX Exchange?

No, you cannot start trading with no money at LMAX Exchange. This is because LMAX Exchange does not offer any deposit bonus, therefore traders will need to deposit their funds when opening a Trader Account.

How does leverage work with LMAX Exchange?

Leverage consists of additional funds lent by a broker to the trader to increase their positions. These funds are expressed as a ratio against the trader’s existing investment and allow them to increase their profit potential, but also increases the risk of losses.  

Traders can use leverage with LMAX Exchange by contacting the dedicated client support team to apply for an appropriate leverage level. This will be granted after an assessment of the client’s trading history.  

Where are the headquarters of LMAX Exchange?

LMAX Exchange is headquartered in London, the United Kingdom. LMAX Exchange also has main offices in Wales.

Who is LMAX Exchange’s CEO?

The CEO of LMAX Exchange is David Mercer. He is a former City banking executive and currency specialist and decided to become a part of the LMAX Group in 201. 

Following a successful management buyout, Mercer quickly built LMAX Group into the leading operator of institutional FX and cryptocurrency exchanges. 

What are the social media accounts of LMAX Exchange?

Traders can follow LMAX Exchange on the following social media accounts:

  • Twitter
  • Facebook
  • Instagram
  • YouTube
  • LinkedIn

How many employees do work for LMAX Exchange?

According to Wikipedia, LMAX Exchange has over 140 employees.

What are the opinions about LMAX Exchange?

LMAX Exchange is an award-winning broker that provides an advanced trading environment that is geared towards professional and institutional clients. 

Lmax Exchange’s proprietary trading software has several key features, including ultra-fast execution and low latency, while a wide range of trading instruments are provided at tight, variable spreads and with competitive commissions. 

Lmax Exchange is extremely well-regulated by the Financial Conduct Authority and has received numerous institutional awards during its operational history. 

What are LMAX Exchange Contests?

LMAX Exchange does not run any kind of Forex Trading Contests. Forex Contests can be performed for brokers who offer them to traders to profit on contest winnings. 

LMAX Exchange didn't perform any Forex Contest in the past. For future forex exchange contests and competitions, LMAX Exchange didn't perform any official announcements yet.

Does LMAX Exchange have online support?

No, LMAX Exchange does not have an online support team for Forex trade account users. Many brokers do offer an online support team which allows for clients to resolve their queries in real-time. 

Does LMAX Exchange offer demo accounts for Forex trading?

Yes, LMAX Exchange offers a free demo account for all new traders. The demo account can be opened with the following steps:

  1. Navigate to the demo account registration portal on the broker’s website
  2. Complete the registration form with the relevant information, such as your full name, email address, and contact details
  3. The broker’s support team will contact you via email with your login details following the confirmation of your registration

Does LMAX Exchange have a mobile app for Forex trading?

Yes, LMAX Exchange offers a mobile app that is compatible with Android and iOS.  

The LMAX Global Trading app provides comprehensive trading functionality and direct access to the LMAX Exchange central limit order book and additional peer-to-peer liquidity pools. 

The app gives every trader tighter spreads on streaming firm liquidity from top-tier banks and proprietary trading firms. Added to this, the app integrates vital VWAP, news, and economic calendar components using an easy-to-access menu.

Does LMAX Exchange publish an economic calendar?

An economic calendar is a resource that allows traders to learn about important economic information scheduled to be released. Such events can include GDP, the consumer price index, and the Non-Farm Payroll report. 

LMAX Exchange does not offer an economic calendar.

What is the communication information of LMAX Exchange?

LMAX Exchange has three telephone numbers and three local addresses. 

LMAX Exchange’s main telephone number is: +44 20 3192 2654

LMAX Exchange’s main local address is: LMAX Group, Yellow Building, 1A Nicholas Road, London, W11 4AN, UK

Alternate phone numbers are:

  • Americas: +1 212 763 4190
  • Asia Pacific: +65 6856 7303