Donna Forex Forum

Brokers => Brokers => Topic started by: twonny on May 21, 2012, 09:51:23 AM

Title: LMAX
Post by: twonny on May 21, 2012, 09:51:23 AM
Right so I'm guessing LMAX fall under this category?
Ive bitten the bullet and am about to entrust my hard earned cash with these guys, with the hope of seeing some growth over the next few years. So far I am going to be using FGB on default to begin with, then I will possibly be adding Cleaner and perhaps an impulsive scalper, such as number one or MDP on very low risk.

My question is has anybody been using them? And if so what have they been like?

http://www.lmax.com/
Title: Re: LMAX
Post by: Anchorpoint on May 21, 2012, 10:11:53 AM
Right so I'm guessing LMAX fall under this category?
Ive bitten the bullet and am about to entrust my hard earned cash with these guys, with the hope of seeing some growth over the next few years. So far I am going to be using FGB on default to begin with, then I will possibly be adding Cleaner and perhaps an impulsive scalper, such as number one or MDP on very low risk.

My question is has anybody been using them? And if so what have they been like?

http://www.lmax.com/

Have been using them since two months. Good execution and very low slippage. Works fine for my trading style. Not using impulsive scalpers. I had NMI and Number One running for a month with roughly break even results.
Title: Re: LMAX
Post by: muzzamcc on May 21, 2012, 10:17:38 AM
Sounds like a good plan you have there, all are good EA's you have listed. I have never used LMAX but the NumberOne vendors are recommending them. Unfortunately the results on tick/impulsive scalping seems not that great on LMAX at the moment, but they are talking about designing the EA around it. But they should be fine for Growthbot and Cleaner I'm pretty sure.

Can I recommend you checkout Super Scalper too if you are keen on tick scalpers. ;) Disclaimer, I work for them. MODS feel free to delete if i crossed a line here.
Title: Re: LMAX
Post by: twonny on May 21, 2012, 11:13:51 AM
Muz sorry I actually meant super scalper, not number one as I would not support those arrogant Italians! So I'm guessing then that super scalper is not so hot on LMAX? that really is a pity as I had prety high hopes.. Any other eas worth adding?
Title: Re: LMAX
Post by: muzzamcc on May 21, 2012, 12:23:27 PM
Muz sorry I actually meant super scalper, not number one as I would not support those arrogant Italians! So I'm guessing then that super scalper is not so hot on LMAX? that really is a pity as I had prety high hopes.. Any other eas worth adding?
PM'd you so as to keep this on topic about LMAX
Title: Re: LMAX
Post by: robl45 on May 21, 2012, 12:26:45 PM
unless i'm missing something crucial, you'd be better off using armada markets instead of lmax directly.  better options and lower commissions.
Title: Re: LMAX
Post by: LFN on May 21, 2012, 04:42:46 PM
Why was this topic removed from Grade A Brokers section?
LMAX is FSA regulated.

http://www.lmax.com/exchange
Title: Re: LMAX
Post by: twonny on May 21, 2012, 06:29:13 PM
I agree as well as fully segregated funds??  Rob i wouldnt use armada as they are not regulated.
Title: Re: LMAX
Post by: robl45 on May 21, 2012, 06:29:31 PM
Why was this topic removed from Grade A Brokers section?
LMAX is FSA regulated.

http://www.lmax.com/exchange

I been wondering the same thing about this and armada
Title: Re: LMAX
Post by: robl45 on May 21, 2012, 06:31:03 PM
I agree as well as fully segregated funds??  Rob i wouldnt use armada as they are not regulated.

Who says? They are regulated and they are a direct partner of lmax
Title: Re: LMAX
Post by: crashev on May 21, 2012, 06:47:48 PM
Just to: FxPig is also connected to LMAX, or LMAX is just one of FxPig's

Also this broker is connected to LMAX and has LMAX type of account => http://www.rvdmarkets.com/

LMAX has very weak spreads and liquidity during Asian session. I think it will grow with time, but who knows how many years it will take to make it bigger and better suitable.
Right now there are much better choice for different strategies.
Title: Re: LMAX
Post by: twonny on May 22, 2012, 03:32:22 PM
Ok I see that Armada is now regulated, I was sure they were not before..
Title: Re: LMAX
Post by: Anchorpoint on May 25, 2012, 08:34:12 PM
WARNING

There has today been some very big technical malfunction on the EURUSD pair resulting in heavy losses for clients. During a period of 10 min between 1616-1625 GMT it perpetually made buys/sells on EU resulting in for me more than 200 transactions losing 10% of my account value!!

LMax is currently investigating this and will get back to clients as soon as they know more of what the causes where and how they will handle this with their clients. I except nothing else than (at least) a full compensation for lost account balance.  >:(

Attached is example of my account and recent chat with LMax customer support.  Will keep you updated how this progresses.

This is a very very concerning incident !
Title: Re: LMAX
Post by: Anchorpoint on May 25, 2012, 09:09:33 PM
WARNING

There has today been some very big technical malfunction on the EURUSD pair resulting in heavy losses for clients. During a period of 10 min between 1616-1625 GMT it perpetually made buys/sells on EU resulting in for me more than 200 transactions losing 10% of my account value!!

LMax is currently investigating this and will get back to clients as soon as they know more of what the causes where and how they will handle this with their clients. I except nothing else than (at least) a full compensation for lost account balance.  >:(

Attached is example of my account and recent chat with LMax customer support.  Will keep you updated how this progresses.

This is a very very concerning incident !

And here is a pic of the price spike causing the mess above. Unbelievable that this happens on a supposedly professional trading  platform like LMax  ::)
Title: Re: LMAX
Post by: Kevin @ FXPIG on May 25, 2012, 09:29:56 PM

The majority of LMAX's LPs feeding into their platform are banks. 'False Ticks' are common place at several large banks. In the past on our DMA feed we say this type of pricing from Barlcays, Goldman Sachs, etc.

LMAX's FIX is evolving so they must not yet have a filter that can better detect these type of errors. No filter is perfect and this can happen and will happen at any broker, but the more LPs you have and the better your API is will lessen the probability of seeing these errors on a frequent basis.

That being said I have NO doubt that they will reset all accounts that were effected by this issue.

Cheers,
Title: Re: LMAX
Post by: Anchorpoint on May 28, 2012, 12:14:39 PM

The majority of LMAX's LPs feeding into their platform are banks. 'False Ticks' are common place at several large banks. In the past on our DMA feed we say this type of pricing from Barlcays, Goldman Sachs, etc.

LMAX's FIX is evolving so they must not yet have a filter that can better detect these type of errors. No filter is perfect and this can happen and will happen at any broker, but the more LPs you have and the better your API is will lessen the probability of seeing these errors on a frequent basis.

That being said I have NO doubt that they will reset all accounts that were effected by this issue.

Cheers,

Ok so I have now received message from LMAX that they will NOT reset my bad trades. Why? Because the spike happened at 1610 and my trades started at 1615 (because EA Topbot trades on open of 15 min candles). This resulted in the bot going crazy and buying/selling 200 trades in a matter of minutes (see pics in posts above). Result is the EA traded over 100 lots consuming over 570 EUR in commissions + the lost spread of around 400 EUR total losses 980 EUR on a 10k account.  10% down because of this.
They didn't even offer to pay back the commission of these trades!  I am very disappointed of the LMAX response in handling this.  >:(     I think the clients of Armada Markets (Lmax partner) got a much better treatment. Is this to be considered normal response from a supposedly good broker or should we expect otherwise?

Below is the response from LMax:

" Thank you for your email and your call to the Helpdesk today.
I am writing to confirm that all bad trades on Friday evening were cancelled (those buying above the market during the' off-market' period), and all trades that were selling at a higher price during the 'off-market' period were allowed to remain (as a gesture of good will).

Any trades placed after the 'off-market' period will not be cancelled, as these are not bad trades and were filled at the correct market price at the time.

All trades on your account were filled at the correct market price.

If you have any further questions, please do not hesitate to email us back or call us on 0333 700 1000 (+44 203 192 2555). Our Helpdesk team are available for 24-hour support, from Sunday evening at 22.00 through to Friday evening at 22.00.
Kind regards,
Jenna
The LMAX team "


 
Title: Re: LMAX
Post by: Zuttasoxx on May 28, 2012, 01:50:39 PM
I can understand both parties. But I think there is a limit towards how much lmax can do.. They are not market makers so the commission is payed to LP and they sure made some profit but how can you rewind something that already has happened.. Specially if you have no control over the market. Market Makers do have control over it.

Else I see millions of people claiming their losing trades after the spike was because of the spike.. There is just a limit to what they can do..

Sorry for your loss though. Bad luck I guess. If anything it's the EA's fault to not have a protective measure for this. Imo you should complain with morpheus. And say they should filter not realistic pip spikes
Title: Re: LMAX
Post by: robl45 on May 28, 2012, 03:41:27 PM

no this is just wrong.  think about it, depending on where the spike was, any ea could get caught on this as all the charts would be way out.  It is lmax fault they don't have a better system in place to fix the spikes, they are supposed to be a regulated exchange.


I can understand both parties. But I think there is a limit towards how much lmax can do.. They are not market makers so the commission is payed to LP and they sure made some profit but how can you rewind something that already has happened.. Specially if you have no control over the market. Market Makers do have control over it.

Else I see millions of people claiming their losing trades after the spike was because of the spike.. There is just a limit to what they can do..

Sorry for your loss though. Bad luck I guess. If anything it's the EA's fault to not have a protective measure for this. Imo you should complain with morpheus. And say they should filter not realistic pip spikes
Title: Re: LMAX
Post by: Far East Man on May 28, 2012, 10:37:47 PM
Any trades placed after the 'off-market' period will not be cancelled, as these are not bad trades and were filled at the correct market price at the time.

All trades on your account were filled at the correct market price.

I got the same response from Armada Markets, a partner of LMAX. I'm using Wallstreet Forex Robot and got 5 consecutive weird trades.

I think both LMAX and Armada Markets are amateur about real trading. They don't know how such bad spike can seriously affect indicator readings and subsequent trades. If the EA is attached on 15M chart, the crazy trades can happen on the next candle, not on the spike itself. And EAs have no way to prevent it.

But it's also true that there may be no way for them to clearly identify which trades are caused by a wrong spike and which are done by manual trades.

I think they're gonna get so many claims in the future, every time they get such erroneous prices, and they will have to learn how to handle them along the way, like other matured brokers did. Until then, only extreme tick scalpers are saved.
Title: Re: LMAX
Post by: robl45 on May 28, 2012, 11:01:26 PM
Any trades placed after the 'off-market' period will not be cancelled, as these are not bad trades and were filled at the correct market price at the time.

All trades on your account were filled at the correct market price.

I got the same response from Armada Markets, a partner of LMAX. I'm using Wallstreet Forex Robot and got 5 consecutive weird trades.

I think both LMAX and Armada Markets are amateur about real trading. They don't know how such bad spike can seriously affect indicator readings and subsequent trades. If the EA is attached on 15M chart, the crazy trades can happen on the next candle, not on the spike itself. And EAs have no way to prevent it.

But it's also true that there may be no way for them to clearly identify which trades are caused by a wrong spike and which are done by manual trades.

I think they're gonna get so many claims in the future, every time they get such erroneous prices, and they will have to learn how to handle them along the way, like other matured brokers did. Until then, only extreme tick scalpers are saved.

well that kills lmax and armada for me at this point.  I mean technically its not their fault, they can't be responsible for trades after the spike, but I sure ain't putting my money there when you know EA's are going to be affected.  Plus there was no excuse for that spike.
Title: Re: LMAX
Post by: lovejoy80 on May 29, 2012, 08:08:12 AM

The majority of LMAX's LPs feeding into their platform are banks. 'False Ticks' are common place at several large banks. In the past on our DMA feed we say this type of pricing from Barlcays, Goldman Sachs, etc.

LMAX's FIX is evolving so they must not yet have a filter that can better detect these type of errors. No filter is perfect and this can happen and will happen at any broker, but the more LPs you have and the better your API is will lessen the probability of seeing these errors on a frequent basis.

That being said I have NO doubt that they will reset all accounts that were effected by this issue.

Cheers,

Ok so I have now received message from LMAX that they will NOT reset my bad trades. Why? Because the spike happened at 1610 and my trades started at 1615 (because EA Topbot trades on open of 15 min candles). This resulted in the bot going crazy and buying/selling 200 trades in a matter of minutes (see pics in posts above). Result is the EA traded over 100 lots consuming over 570 EUR in commissions + the lost spread of around 400 EUR total losses 980 EUR on a 10k account.  10% down because of this.
They didn't even offer to pay back the commission of these trades!  I am very disappointed of the LMAX response in handling this.  >:(     I think the clients of Armada Markets (Lmax partner) got a much better treatment. Is this to be considered normal response from a supposedly good broker or should we expect otherwise?

Below is the response from LMax:

" Thank you for your email and your call to the Helpdesk today.
I am writing to confirm that all bad trades on Friday evening were cancelled (those buying above the market during the' off-market' period), and all trades that were selling at a higher price during the 'off-market' period were allowed to remain (as a gesture of good will).

Any trades placed after the 'off-market' period will not be cancelled, as these are not bad trades and were filled at the correct market price at the time.

All trades on your account were filled at the correct market price.

If you have any further questions, please do not hesitate to email us back or call us on 0333 700 1000 (+44 203 192 2555). Our Helpdesk team are available for 24-hour support, from Sunday evening at 22.00 through to Friday evening at 22.00.
Kind regards,
Jenna
The LMAX team "

Surely the more pertinent point here is the lack of security features within the EA that you are using that caused it to open so many trades....?!

Erroneous spikes will happen with various brokers and I think the LMAX response to this was entirely adequate. Traders cannot expect a broker to refund losses based on trades that were opened after the spike just because an EA took into account the spike in it's internal calculations - how would LMAX ever be able to establish this was the case without investigating every EA that was used to determine whether the spike did cause trades to open etc.

It is an unfortunate event of course but if it was me I'd be urgently looking at why the EA opened so many trades and why there is a lack of security measures in place to prevent what occurred.
Title: Re: LMAX
Post by: LFN on May 29, 2012, 08:18:36 PM
LMAX/Armada MT4 feed was down for over 30 minutes today!
http://www.forexfactory.com/showthread.php?t=266866&page=64
Title: Re: LMAX
Post by: Kevin @ FXPIG on May 29, 2012, 09:10:29 PM

LMAX did not go down, the MT bridge Armada uses, which I believe is PrimeXM, went down causing the feed to drop off.

We have been receiving LMAX's feed into our API without issue all day.
Title: Re: LMAX
Post by: LFN on May 29, 2012, 09:34:58 PM

LMAX did not go down, the MT bridge Armada uses, which I believe is PrimeXM, went down causing the feed to drop off.

We have been receiving LMAX's feed into our API without issue all day.

LMAX also uses PrimeXM bridge for their MT4.
Title: Re: LMAX
Post by: Kevin @ FXPIG on May 29, 2012, 09:39:25 PM
Ah ok I was not aware of that. We connect to their liquidity via FIX and pipe it into MT4 via our own API.

Title: Re: LMAX
Post by: zuk156 on May 30, 2012, 11:41:02 AM
LMAX will soon switch to Gold-i bridge. I do not know about Armada.
Title: Re: LMAX
Post by: crashev on May 30, 2012, 12:21:23 PM
LMAX will soon switch to Gold-i bridge. I do not know about Armada.

What is Gold-i bridge, could You share more informations and source of this information ?
Title: Re: LMAX
Post by: LFN on May 30, 2012, 07:59:18 PM
LMAX will soon switch to Gold-i bridge. I do not know about Armada.

This is my response from LMAX support regarding the PrimeXM MT4 bridge:
"PrimeXM is currently hosting our MT4 service and yes we are looking to running our own MT4 server in the near future."
Title: Re: LMAX
Post by: Hyperdimension on June 09, 2012, 09:30:11 AM
Is order execution really as low as they say?:
http://www.lmax.com/execution-performance

Data as of 1st to 31st May 2012
Average trade execution speed: 3.14 ms
% trades executed in < 7 ms: 98%
% trades executed in < 12 ms: 99%

(https://donnaforex.com/proxy.php?request=http%3A%2F%2Fwww.lmax.com%2Fsites%2Fdefault%2Ffiles%2FLMAX-Execution-Latency-May12.png&hash=5232478ce0f8e4cb5fd328236dda25e3)

With other MetaTrader brokers I'm lucky to get 100ms round trip execution time even with network latency at around 1ms. Is it MetaTrader itself (or MetaTrader bridges) that is the bottleneck?

What execution times do you guys at LMAX actually get?
Title: Re: LMAX
Post by: user456 on June 09, 2012, 10:29:56 AM
100ms execution times are really exceellent with MT4 you will not get a lot better than this with any broker using MT4. You won't come close to the values you mention. MT4 and the MT4 bridges slow things down a lot!
Title: Re: LMAX
Post by: John Henrik on June 09, 2012, 11:51:19 AM
Is order execution really as low as they say?:
http://www.lmax.com/execution-performance

Data as of 1st to 31st May 2012
Average trade execution speed: 3.14 ms
% trades executed in < 7 ms: 98%
% trades executed in < 12 ms: 99%

(https://donnaforex.com/proxy.php?request=http%3A%2F%2Fwww.lmax.com%2Fsites%2Fdefault%2Ffiles%2FLMAX-Execution-Latency-May12.png&hash=5232478ce0f8e4cb5fd328236dda25e3)

With other MetaTrader brokers I'm lucky to get 100ms round trip execution time even with network latency at around 1ms. Is it MetaTrader itself (or MetaTrader bridges) that is the bottleneck?

What execution times do you guys at LMAX actually get?

the picture you show is from the FIX/API systems.
Running a trader software on a windows computer will always add much more latency. That is why FIX/API is so fast, because the algorithms are implemtended directly into the "system". They have a picture on it on their website :)
Title: Re: LMAX
Post by: bearnakedbull on June 09, 2012, 02:47:56 PM
Unless someone wants to share recent results with a high speed scalper we have believe that there remains high slippage regardless of execution times.
Title: Re: LMAX
Post by: 4maT on June 10, 2012, 04:37:37 AM
Is order execution really as low as they say?:
http://www.lmax.com/execution-performance

Data as of 1st to 31st May 2012
Average trade execution speed: 3.14 ms
% trades executed in < 7 ms: 98%
% trades executed in < 12 ms: 99%

(https://donnaforex.com/proxy.php?request=http%3A%2F%2Fwww.lmax.com%2Fsites%2Fdefault%2Ffiles%2FLMAX-Execution-Latency-May12.png&hash=5232478ce0f8e4cb5fd328236dda25e3)

With other MetaTrader brokers I'm lucky to get 100ms round trip execution time even with network latency at around 1ms. Is it MetaTrader itself (or MetaTrader bridges) that is the bottleneck?

What execution times do you guys at LMAX actually get?

the picture you show is from the FIX/API systems.
Running a trader software on a windows computer will always add much more latency. That is why FIX/API is so fast, because the algorithms are implemtended directly into the "system". They have a picture on it on their website :)

These execution times are most likely not with metatrader.

Title: Re: LMAX
Post by: Hyperdimension on June 10, 2012, 06:24:39 AM
I trade at 6 brokers, and over the last 2 months, I only ever got execution time under 100ms 12 times out of 4494 trades. At the other end of the scale, 60 trades took over 5s to execute.
My average trade execution time is 1007.83ms if I include outliers (the 60 trades that took over 5s), and 532ms if I exclude outliers.

So I wonder whether anyone can actually get a trade executed in under 5ms as shown in LMAX's statistics, either with or without MetaTrader.
Title: Re: LMAX
Post by: crashev on June 10, 2012, 09:21:21 AM
I trade at 6 brokers, and over the last 2 months, I only ever got execution time under 100ms 12 times out of 4494 trades. At the other end of the scale, 60 trades took over 5s to execute.
My average trade execution time is 1007.83ms if I include outliers (the 60 trades that took over 5s), and 532ms if I exclude outliers.

So I wonder whether anyone can actually get a trade executed in under 5ms as shown in LMAX's statistics, either with or without MetaTrader.


You people need to get back to basics.
It's not possible to get such times with Metatrader 4 because Metatrader4 bridge add latency, this is the fact of it's technology. Also some of You write that they got 100ms with Metatrader4 and that is also not possible ! So either Your software or something between was broken and the measure was not accurate.
MT4 bridge adds about 200ms latency ! because it's alghoritms takes this time to process everything.
At the end of the day if You get times around 250-350ms with MT4 then You are the fastest one.

Those charts at LMAX refers to direct access via their API - for example via FixApi or similar. They have a lot of support and manuals for people wishing to use their API and what's more interesting they have many different APIs to access their service directly.
Title: Re: LMAX
Post by: Hyperdimension on June 10, 2012, 12:45:51 PM
It's not possible to get such times with Metatrader 4 because Metatrader4 bridge add latency, this is the fact of it's technology. Also some of You write that they got 100ms with Metatrader4 and that is also not possible ! So either Your software or something between was broken and the measure was not accurate.
MT4 bridge adds about 200ms latency ! because it's alghoritms takes this time to process everything.
I've checked my execution statistics of 4494 real-money trades over the past 2 months and found 224 trades that took between 100ms and 200ms to execute (and 12 trades that took under 100ms). I've checked that most of these trades were successfuly executed without error. So your statement that execution taking under 200ms in MetaTrader being impossible is not correct. It happens, but it's rare.

I've had a love-hate relationship with MetaTrader for a long time; I like its programmability, and the low platform and API cost (free), but execution sucks! So it seems that tick scalping with MetaTrader EAs like Million Dollar Pips and newer variants is almost a futile endeavor.
Title: Re: LMAX
Post by: robl45 on June 10, 2012, 03:46:09 PM
I trade at 6 brokers, and over the last 2 months, I only ever got execution time under 100ms 12 times out of 4494 trades. At the other end of the scale, 60 trades took over 5s to execute.
My average trade execution time is 1007.83ms if I include outliers (the 60 trades that took over 5s), and 532ms if I exclude outliers.

So I wonder whether anyone can actually get a trade executed in under 5ms as shown in LMAX's statistics, either with or without MetaTrader.


You people need to get back to basics.
It's not possible to get such times with Metatrader 4 because Metatrader4 bridge add latency, this is the fact of it's technology. Also some of You write that they got 100ms with Metatrader4 and that is also not possible ! So either Your software or something between was broken and the measure was not accurate.
MT4 bridge adds about 200ms latency ! because it's alghoritms takes this time to process everything.
At the end of the day if You get times around 250-350ms with MT4 then You are the fastest one.

Those charts at LMAX refers to direct access via their API - for example via FixApi or similar. They have a lot of support and manuals for people wishing to use their API and what's more interesting they have many different APIs to access their service directly.

its one thing when Kevin from Fxpig says that, but now you just requoting him.
Title: Re: LMAX
Post by: pitagora on June 10, 2012, 11:15:36 PM
I'm curious why you guys say LMAX is not good for No1 and NMI, while other brokers that use their feed, such as FxPig and Armada are good? What makes it bad?

By the way, LMAX is a recommended broker for No1, so it would be very weird if it didn't perform....

Any idea what stop level they are using?
Title: Re: LMAX
Post by: hitmehityou on June 16, 2012, 07:34:14 AM
The problem for me is the slippage at the quick price movement on LMAX

but it is still A good Broker in my view.
Title: Re: LMAX
Post by: 2cb3d on June 24, 2012, 10:13:51 AM
Ah ok I was not aware of that. We connect to their liquidity via FIX and pipe it into MT4 via our own API.

Can you point me to a link on your website about your  available liquidity partners.
 
Do customers have the option to pick their feed, lets say if I only wanted to trade on LMAX feed.  Do you use a suffix for each feed provider like EURUSDlmax

I've traded 1000+ orders on LMAX and I'm very pleased with spreads, slippage.

Title: Re: LMAX
Post by: Tradenow on September 15, 2012, 11:00:14 AM
Hi sunshine friends,

i followed the discussion about lmax on many forums and now its possible to open an account via IB with 1k$.
http://www.fxmtf.com/en/trading/

But i have some doubts about this.

Are there any disadvantage to open the account via this ib?
Same infrastructure? Same feed?
Maybe some have some infos about it.

What about the agreement that the losses can exceed the balance?
The have: Margin Calls/Auto-stop out: 100%/70%
So why and how can it be that i can risk MORE than my account balance?

Maybe i missed something but did any broker have such an agreement?  :-[

best regards
Mark
Title: Re: LMAX
Post by: crashev on September 15, 2012, 11:09:14 AM
First thing I have noticed about them is that You will have higher comission with them opposite to the regular
one. So I would say no to them, even they give free vps.


Hi sunshine friends,

i followed the discussion about lmax on many forums and now its possible to open an account via IB with 1k$.
http://www.fxmtf.com/en/trading/

But i have some doubts about this.

Are there any disadvantage to open the account via this ib?
Same infrastructure? Same feed?
Maybe some have some infos about it.

What about the agreement that the losses can exceed the balance?
The have: Margin Calls/Auto-stop out: 100%/70%
So why and how can it be that i can risk MORE than my account balance?

Maybe i missed something but did any broker have such an agreement?  :-[

best regards
Mark
Title: Re: LMAX
Post by: Tradenow on September 15, 2012, 11:54:13 AM
First thing I have noticed about them is that You will have higher comission with them opposite to the regular
one. So I would say no to them, even they give free vps.

Thanks for info.
Had a chat last night with lmax support but they didnt have any interest in giving a classic account under 10k$. So an IB is the only way to go with them under 10k.
Armada is another option and i have an account with them but they are not regulated.
So building up a savings account with maybe 3-5k is not possible.

I was quite happy with my pepper razor but i didnt like the new edge accounts.
After some bad postings here in the forum i realy wonder where to go with my hard earned money  ;)
Lmax seemed to be the best solution right now!?

It would be so nice to find a reliable not cheating fsa regulated broker.  :(

best regards
Mark
Title: Re: LMAX
Post by: forexfish on September 15, 2012, 12:00:16 PM

I was quite happy with my pepper razor but i didnt like the new edge accounts.
After some bad postings here in the forum i realy wonder where to go with my hard earned money  ;)
Lmax seemed to be the best solution right now!?

It would be so nice to find a reliable not cheating fsa regulated broker.  :(

best regards
Mark
[/quote]

Yes thats true, I am a bit surprised about your comment, not read Pepper for sometime,  is it not BEST anymore ?
Title: Re: LMAX
Post by: Tradenow on September 15, 2012, 12:11:22 PM
Yes thats true, I am a bit surprised about your comment, not read Pepper for sometime,  is it not BEST anymore ?

I dont know. Right now my razor account is doing quite well. Nothing to complain but the edge accounts seem to have some problems. All clients should migrate to edge. Its only a matter of time.
For sure pepper is one of my favourite brokers but now i will build up a savings account.
So i need a FSA regulated broker. I want the security the fsa offers. And my time horizon is about 20 years for building up.
I wil start a new thread about this plan  ;) 
Title: Re: LMAX
Post by: crashev on September 15, 2012, 02:23:06 PM
First thing I have noticed about them is that You will have higher comission with them opposite to the regular
one. So I would say no to them, even they give free vps.

Thanks for info.
Had a chat last night with lmax support but they didnt have any interest in giving a classic account under 10k$. So an IB is the only way to go with them under 10k.
Armada is another option and i have an account with them but they are not regulated.
So building up a savings account with maybe 3-5k is not possible.

I was quite happy with my pepper razor but i didnt like the new edge accounts.
After some bad postings here in the forum i realy wonder where to go with my hard earned money  ;)
Lmax seemed to be the best solution right now!?

It would be so nice to find a reliable not cheating fsa regulated broker.  :(

best regards
Mark

There are couple other nice options: ICM, AxiTrader, FxPig. Also depends on what You need, what strategy are You going to deploy, and how big are You going to trade + will it be asian session, or london+ny...
Title: Re: LMAX
Post by: PFabc on September 15, 2012, 03:18:38 PM
here is a new lmax access provider(uk):

FXDME  ( FxDirectMarkets)

http://www.fxdme.com

Commission charge each round turn ($5 per US$100k (1 lot)/$0.50 per US$10k (0.1 lot)
Start trading from US$1000
ECN account with LMAX Exchange

"I have no experience with this broker!"
Title: Re: LMAX
Post by: nc! on September 25, 2012, 05:53:04 PM
FXDME the site was down msg "if you are the owner please contact...."

Reason, not  technical site was up but with msg, looks like finacial?? LMAX IB in trouble?FSA regulated but i would not put any funds there. How does this effect LMAX?

Nc!
Title: Re: LMAX
Post by: JonasBlixx on September 26, 2012, 06:54:32 AM
Hi,
I have account there(lmax) with fxdme.
The support said they moved hosting servers on monday for the site.
Nothing extraordinary.
Title: Re: LMAX
Post by: Young on September 26, 2012, 08:14:18 AM
regarding fxdme, how is
Hi,
I have account there(lmax) with fxdme.

how are the spreads, execution time, slippage, etc.?
Thanks
Title: Re: LMAX
Post by: Tradenow on September 26, 2012, 08:24:45 AM
some more infos about lmax to consider

http://forexmagnates.com/lmax-takes-big-hit-13-2-million-loss/

http://www.cityam.com/latest-news/goldman-sells-its-entire-lmax-stake

best regards
Mark
Title: Re: LMAX
Post by: crashev on September 26, 2012, 08:32:49 AM
some more infos about lmax to consider

http://forexmagnates.com/lmax-takes-big-hit-13-2-million-loss/

http://www.cityam.com/latest-news/goldman-sells-its-entire-lmax-stake

best regards
Mark

That is quiet interesting, thanks for sharing !
It looks like too many users were succesfull at LMAX, so "poor" goldman was unable to profit from them ;]

However these news seems to be preety old.
LMAX is in different place today.
Title: Re: LMAX
Post by: JonasBlixx on September 26, 2012, 09:29:13 AM
regarding fxdme, how is
Hi,
I have account there(lmax) with fxdme.

how are the spreads, execution time, slippage, etc.?
Thanks

I trade EURUSd mostly, spread is 0.2-0.4pips. Comms is $5 per $100k RT.
Favorable slippage in some cases but very little.
I have good success with scalper EA there. Money safe too.
It is a true exchange, no games.
Title: Re: LMAX
Post by: nc! on September 26, 2012, 04:06:31 PM
Thanks macjoe,

"I have good success with scalper EA there. Money safe too."

How do you know your funds are safe? FSA investor protection scheme, other reason?

I want to open an account there but the latest news that golman left them is it because they did not make any money or the saw other insolvency issues? Do you know? How did you conclude that money is safe there?

NC!

Title: Re: LMAX
Post by: JonasBlixx on September 27, 2012, 03:42:31 PM
Thanks macjoe,

"I have good success with scalper EA there. Money safe too."

How do you know your funds are safe? FSA investor protection scheme, other reason?

I want to open an account there but the latest news that golman left them is it because they did not make any money or the saw other insolvency issues? Do you know? How did you conclude that money is safe there?

NC!

Hi,
you are covered to £50k if the firm goes belly up. No questions asked.
FSCS was recently tested when worldspreads when bust , clients got all their money back within 6 weeks.
I think Betfair can handle £13M loss, £800M Market cap.
For sure, goldman didnt like the losses, but exchanges take time to build momentum and costly start up costs.
Title: Re: LMAX
Post by: nc! on September 27, 2012, 10:02:39 PM


Hi,
you are covered to £50k if the firm goes belly up. No questions asked.
FSCS was recently tested when worldspreads when bust , clients got all their money back within 6 weeks.
I think Betfair can handle £13M loss, £800M Market cap.
For sure, goldman didnt like the losses, but exchanges take time to build momentum and costly start up costs.

Thanks for the hints. I will open an account with them it looks good.
Certainly it is better than AUSSIE brokers were there is no cover.

NC!

Title: Re: LMAX
Post by: Tradenow on September 30, 2012, 03:30:12 PM
Hi,
you are covered to £50k if the firm goes belly up. No questions asked.
FSCS was recently tested when worldspreads when bust , clients got all their money back within 6 weeks.
I think Betfair can handle £13M loss, £800M Market cap.
For sure, goldman didnt like the losses, but exchanges take time to build momentum and costly start up costs.

Good to know that FSCS is working in a acceptable time.
Thanks for the info.
+rep  :-*

best regards
Mark
Title: Re: LMAX
Post by: JonasBlixx on October 01, 2012, 09:23:36 AM
hi,
yea i followed it with interest as I had a CMC account, (another UK spread firm). FSCS had all compensation pushed by July/August.
http://worldspreadsheist.blogspot.co.uk/

Spread firms ok but execution slow,freeze prices, log you out, etc all this nonsense. Better with ecn exchange, even though you have tax liability on gain.
Title: Re: LMAX
Post by: sand2000 on October 03, 2012, 12:34:56 AM
Hi All:

May I know what is the minimum lot for trading with LMAX? I heard it is 0.1 lot. Is that true?

 :)
Title: Re: LMAX
Post by: JonasBlixx on October 04, 2012, 12:38:08 PM
hi,
micro lot (1k) 0.01 in LMAX

so ok for Martingalers
$10k to open account or $1k in FXDME IB.
Title: Re: LMAX
Post by: salsoolo on October 10, 2012, 05:09:48 PM
this is the most notorious broker for sign up process i have ever seen.
i have accounts at many other big players, but Lmax wont f***** take my documents for some stupid reason.
they're too much paranoid.
Title: Re: LMAX
Post by: mixsta on October 11, 2012, 08:30:48 AM
I don't know about your particular situation, please don't take any offense. If they're strict with compliance and credit risk by demanding certain documentation, then I think it's ultimately a good thing for their business and existing clients.
Title: Re: LMAX
Post by: crashev on October 11, 2012, 08:56:10 AM
this is the most notorious broker for sign up process i have ever seen.
i have accounts at many other big players, but Lmax wont f***** take my documents for some stupid reason.
they're too much paranoid.

If You think they are paranoid try AxiTrader, they demand all Your documents to be certified by notary
Title: Re: LMAX
Post by: Efx123 on October 11, 2012, 07:10:35 PM
Good stuff. But I think Armada is a better option. EURUSD, GBPUSD spread identical or better, commissions lower, 1:500 leverage plus twice as many instruments in Armada's MT4. Just my opinion.
Title: Re: LMAX
Post by: salsoolo on October 11, 2012, 07:27:12 PM
I don't know about your particular situation, please don't take any offense. If they're strict with compliance and credit risk by demanding certain documentation, then I think it's ultimately a good thing for their business and existing clients.
i already have account at dukas (and you know their signup process) and 2 other brokers, these guys are just being smart asses!
Title: Re: LMAX
Post by: nc! on October 19, 2012, 04:48:01 PM
LMAX demo it connects but no feed. Any one else has the same problem?

NC!

Got it working great support
Title: Re: LMAX
Post by: JonasBlixx on October 23, 2012, 11:04:43 AM
hi nc!
You need to get specific demo login details from fxdme/lmax.

you cant autogenerate a new demo from the mt4 terminal, as you just get a standard primexm demo feed, which is totally different.

Title: Re: LMAX
Post by: 2cb3d on October 23, 2012, 11:26:02 AM


If You think they are paranoid try AxiTrader, they demand all Your documents to be certified by notary

So does Dukascopy. Its just that most traders are use to working with mt4 brokers that allow you to fund your account without any documents and only ask for them when you withdrawal.
Title: Re: LMAX
Post by: Ammeo on October 30, 2012, 06:06:37 PM
Surely they have one of the best feed and spreads on the globe..
Title: Re: LMAX
Post by: crashev on November 21, 2012, 07:30:18 PM
Hello,
What exec/modify speeds do You get at LMAX ?
I get horrible numbers while trading in high volatility - speeds from 600-5000ms ,totally horrible.
What are You experiences ?

I thought LMAX should be the fastest one, and it's far behind such players as ICM, Armada, Axi, 4runner.
Title: Re: LMAX
Post by: Tradenow on December 12, 2012, 01:33:43 PM
http://forexmagnates.com/lmax-reportedly-on-the-shopping-block-at-betfair/

Seems to be that this success story for us retail traders will end shortly.  :(
Title: Re: LMAX
Post by: hac on February 08, 2013, 07:07:18 AM
LMAX

- Application questionnaire demands too many details.
- Accounts under 10k get frowned upon.
- Multiple accounts not normal.
- Very limited funding options.
- Credit cards but no prepaid credit cards.
- Some questions just get ignored.


While LMAX may make a good impression in many points, as a new trader I find they're quite a troublesome bunch: Their application questionnaire asks you to disclose lots of sensitive information about yourself and financials. Then, when the details aren't what they wish for, they reject your application, suspend your account and wont disclose why.

During my 2nd attempt I raised some income/savings entries. Apparently these were now adequate so a new account was opened.

I usually use Neteller to fund broker accounts but LMAX only takes credit cards. Then again, Neteller provides a MasterCard so I transferred funds there especially and thought all would be good. Alas, LMAX then said they don't take prepaid cards.

Since I have more than one EA whereby it's not a good idea to have them running on the same account I asked whether they could unsuspend my 1st account. Their response was that it's not normal to have a 2nd account and that if I wanted this, the minimum deposit would be higher. It's not that I have a problem with transferring more money onto the account but I don't necessarily want to expose a new EA to such a high amount. They seem to have ignored these issues as I received no response to them. To me that means either open up a new account at 10k and expose each new EA to the whole thing or go elsewhere. I guess they can pick and choose who they want as customers.

Update: Things are a little different when using MT4...

For MT4 trading LMAX opens an additional totally separate account and you can avoid exposing an EA to the whole thing by transferring funds back to the web account. So not quite as bad as I initially wrote above. However setting up the extra MT4 account as well as transferring funds from/to the web account are manual processes that you need to specifically request from the support operators after your initial registration.
Title: Re: LMAX
Post by: geektrader on February 08, 2013, 07:41:50 AM
http://forexmagnates.com/lmax-reportedly-on-the-shopping-block-at-betfair/

Seems to be that this success story for us retail traders will end shortly.  :(

We still have them via Armada Markets, so no worries.
Title: Re: LMAX
Post by: Scalptastic on February 08, 2013, 07:55:25 AM
http://forexmagnates.com/lmax-reportedly-on-the-shopping-block-at-betfair/

Seems to be that this success story for us retail traders will end shortly.  :(

We still have them via Armada Markets, so no worries.

make sense; Armada uses LMAX; and gives you the options you are looking for.

Title: Re: LMAX
Post by: crashev on February 08, 2013, 08:17:07 AM
Can anyone report how are the slippage and exec/modify times these days straight at LMAX ?
Last time I've checked it was horrible, times between 500-3000ms.
Title: Re: LMAX
Post by: rohan on February 08, 2013, 03:09:05 PM
http://forexmagnates.com/lmax-reportedly-on-the-shopping-block-at-betfair/

Seems to be that this success story for us retail traders will end shortly.  :(

We still have them via Armada Markets, so no worries.

LMAX was bought out by their current management/board of directors.
Title: Re: LMAX
Post by: hac on February 08, 2013, 05:28:17 PM
One good thing about LMAX for newbies (other than speed, fund protection etc) is that their java chart thingy draws the lines for you, and, contrary to MT4, you can set update intervals down to the second or even tick by tick  8)
- before I thought MT4 intervals was all there was.
Title: Re: LMAX
Post by: geektrader on February 08, 2013, 06:00:41 PM
Yup, but you can easily do Tick Charts in MT4 too with this one (works nicely): http://www.marketcalls.in/metatrader/how-to-setup-tick-charts-in-metatrader-4.html
Title: Re: LMAX
Post by: iwillsurvive on February 11, 2013, 10:56:52 AM
http://forexmagnates.com/lmax-reportedly-on-the-shopping-block-at-betfair/

Seems to be that this success story for us retail traders will end shortly.  :(

We still have them via Armada Markets, so no worries.

LMAX was bought out by their current management/board of directors.

lmax was bought by armada markets?
Title: Re: LMAX
Post by: Scalptastic on February 11, 2013, 11:02:15 AM
armada markets of estonia?
they have to sell all the donkeys in town to afford it
Title: Re: LMAX
Post by: robl45 on February 11, 2013, 12:16:16 PM
armada markets of estonia?
they have to sell all the donkeys in town to afford it

haha, I joke with my polish friend about Donkeys in his town.
Title: Re: LMAX
Post by: rohan on February 11, 2013, 12:54:28 PM
http://forexmagnates.com/lmax-reportedly-on-the-shopping-block-at-betfair/

Seems to be that this success story for us retail traders will end shortly.  :(

We still have them via Armada Markets, so no worries.

LMAX was bought out by their current management/board of directors.

lmax was bought by armada markets?

No. LMAX was bought out by it's current management from Betfair.

http://www.efinancialnews.com/story/2012-12-13/lmax-in-management-buyout
Title: Re: LMAX
Post by: muzzamcc on February 12, 2013, 07:56:00 AM
I saw on LMAX website that minimum deposit is $10,000 (http://www.lmax.com/professional), but I also see people using LMAX with less than that amount, http://www.myfxbook.com/members/fmonera/robinvol-20-risk-3/482006.  So can LMAX take regular customers for deposits of US$1000 or US$2000?
Yes for as little as $1000 i think, but you need to signup through an Introducing agent. Some might even pay you rebates. Have a look around and see if you can find some.
Title: Re: LMAX
Post by: anjelo on February 12, 2013, 08:08:59 AM
I saw on LMAX website that minimum deposit is $10,000 (http://www.lmax.com/professional), but I also see people using LMAX with less than that amount, http://www.myfxbook.com/members/fmonera/robinvol-20-risk-3/482006.  So can LMAX take regular customers for deposits of US$1000 or US$2000?

You can open LMAX account with as little as $1000 deposit thru Tradimo:
http://en.tradimo.com/brokers/lmax-exchange/

However, I don't have experience with Tradimo. Seems legit to me, though.
Title: Re: LMAX
Post by: geektrader on February 12, 2013, 07:06:28 PM
In the end you are always dealing with LMAX directly, the IB doesn´t really matter as they just "forward" you to LMAX and you still get all the benefits of LMAX.
Title: Re: LMAX
Post by: fx.mstr on February 12, 2013, 07:58:01 PM
In the end you are always dealing with LMAX directly, the IB doesn´t really matter as they just "forward" you to LMAX and you still get all the benefits of LMAX.

It is not entirely true. IBs can request different conditions from the brokers (wider spread, etc...). Some brokers ask it on their IB form, and some don't but if the IB ask to change some conditions they do.
So if you open account via IB you have one more entity who has influence of your trading conditions. Just imagine: How does an IB able to pay you back for example $0.35 of its $0.4 commission? I tell youn how: He earns more than the "official" 0.4 due to spread widening. I don't say that all IB does this, but they have the opportunity to do.
Title: Re: LMAX
Post by: trader578 on March 05, 2013, 04:06:07 AM
So to summarize, there are four Introducing Brokers to open an account for $1000 with LMAX:

Armada: separate MT4 platform that bridges to LMAX, not FSA regulated
tradimo:  LMAX MT4 platform, FSA regulated
fxdme:  LMAX MT4 platform, FSA regulated
fxmtf:  LMAX MT4 platform, FSA regulated

(tradimo is suggested by anjelo; and fxdme and fxmtf is suggested by Tradenow on another thread)


Is this correct?  Any preferences?

cheers
Title: Re: LMAX
Post by: Larko62 on March 05, 2013, 04:15:11 AM
http://forexmagnates.com/lmax-reportedly-on-the-shopping-block-at-betfair/

Seems to be that this success story for us retail traders will end shortly.  :(

We still have them via Armada Markets, so no worries.

LMAX was bought out by their current management/board of directors.

I read online that Goldman Sachs sold their stake sometime ago, now Betfair.. To me that would be an indicator that the business is:

a. Losing a lot of money
b. Not a good business to have funds parked with their affiliates?

Title: Re: LMAX
Post by: zktier on March 05, 2013, 08:12:08 AM
So to summarize, there are four Introducing Brokers to open an account for $1000 with LMAX:

Armada: separate MT4 platform that bridges to LMAX, not FSA regulated
tradimo:  LMAX MT4 platform, FSA regulated
fxdme:  LMAX MT4 platform, FSA regulated
fxmtf:  LMAX MT4 platform, FSA regulated

Has anybody tried fxmtf? What is their commission? Is their datafeed reliable?
Title: Re: LMAX
Post by: TradeNow on March 05, 2013, 08:43:20 AM
I read online that Goldman Sachs sold their stake sometime ago, now Betfair.. To me that would be an indicator that the business is:

a. Losing a lot of money
b. Not a good business to have funds parked with their affiliates?


No. After it was bought by their own directors i am looking very positive into the future of Lmax becuase they have a real nice growth. And making losses is a good sign for us  ;) They are not playing dirty tricks right now and the money is safe because of the FSA.
Look here for more infos about growth and future of LMAX:
http://www.efinancialnews.com/story/2012-12-13/lmax-in-management-buyout

Only thing which can happen is that they shift their business after accumulating enough clients and funds and play tricks like any other broker. But right now imho the best choice if you want a FSA regulated platform.  :D

best regards
Mark
Title: Re: LMAX
Post by: HFT Group on March 05, 2013, 09:47:48 AM
At the request of a few forum members I have approached LMAX to see if a deal can be done with them directly.
Will post the response once I hear back from them.
Title: Re: LMAX
Post by: Larko62 on March 05, 2013, 10:09:00 AM
I read online that Goldman Sachs sold their stake sometime ago, now Betfair.. To me that would be an indicator that the business is:

a. Losing a lot of money
b. Not a good business to have funds parked with their affiliates?


No. After it was bought by their own directors i am looking very positive into the future of Lmax becuase they have a real nice growth. And making losses is a good sign for us  ;) They are not playing dirty tricks right now and the money is safe because of the FSA.
Look here for more infos about growth and future of LMAX:
http://www.efinancialnews.com/story/2012-12-13/lmax-in-management-buyout

Only thing which can happen is that they shift their business after accumulating enough clients and funds and play tricks like any other broker. But right now imho the best choice if you want a FSA regulated platform.  :D

best regards
Mark

Nice.. the article doesn't tell much unless youre a member.. But you're right.. Here's hoping they can stay on the straight and narrow and not fall victim like so many others do i.e. get greedy! :)
Title: Re: LMAX
Post by: nwboater on March 05, 2013, 03:05:37 PM
At the request of a few forum members I have approached LMAX to see if a deal can be done with them directly.
Will post the response once I hear back from them.

Here's another Forum member that's very interested. Hopefully you could do something like the other IB's and get us in for $1,000 minimum.

Thanks Jon.

Rod
Title: Re: LMAX
Post by: jubal on March 05, 2013, 03:41:57 PM
Very interested here too.   :)
Title: Re: LMAX
Post by: TradeNow on March 05, 2013, 04:16:54 PM
Nice.. the article doesn't tell much unless youre a member.. But you're right.. Here's hoping they can stay on the straight and narrow and not fall victim like so many others do i.e. get greedy! :)

strange...i had the whole article on the screen and now its locked by membership.
Anyway here is another source:

http://forexmagnates.com/lmax-gets-sold-to-management-valued-at-3-6-million/

snip...
Quote
The transaction is a positive milestone for LMAX Exchange, which is 16 months into a fully funded three year business plan. Since David Mercer took over as CEO in April 2011 the company has seen 7 quarters of consecutive growth. It has consistently outperformed its growth targets, delivering over 20% monthly growth in trading volumes, revenues and client numbers since October 2011.

LMAX Exchange retains a strong balance sheet. In compliance with FSA regulations, it continues to hold a healthy capital adequacy surplus, and holds all private client funds in segregated accounts.
snap...


tell me if they will lock the article too then it could be a conspiracy  ;)

best regards
Mark
Title: Re: LMAX
Post by: crashev on March 05, 2013, 04:22:41 PM
At the request of a few forum members I have approached LMAX to see if a deal can be done with them directly.
Will post the response once I hear back from them.

Here's another Forum member that's very interested. Hopefully you could do something like the other IB's and get us in for $1,000 minimum.

Thanks Jon.

Rod

People are so lazy.
There are at least 3/4 Introducing Brokers that could get You in with 1000 USD deposit, one is avaiable here on forum.

Title: Re: LMAX
Post by: kitesurfer on March 05, 2013, 04:49:53 PM
At the request of a few forum members I have approached LMAX to see if a deal can be done with them directly.
Will post the response once I hear back from them.

Here's another Forum member that's very interested. Hopefully you could do something like the other IB's and get us in for $1,000 minimum.

Thanks Jon.

Rod

People are so lazy.
There are at least 3/4 Introducing Brokers that could get You in with 1000 USD deposit, one is avaiable here on forum.

Most of us are quite aware of these IBs (there have been plenty of posts).  Being lazy would be to use one of them without attempting to get a better deal through HFT group, which is why I asked Jon to try.  Its not just about the deposit size as I personally have enough to apply direct with LMAX, but a commission discount would be great.  LMAX commissions are already reasonable, so with a discount, it could be quite attractive.
Title: Re: LMAX
Post by: HFT Group on March 05, 2013, 07:40:17 PM
I have heard back from LMAX. They have an Asia Pacific representative based in Australia which will make things much easier and are interested in discussing an agreement with the HFT Group on behalf of forum members.

Have arranged a phone call at 0500 GMT and will advise the outcome here.

I have taken onboard the requests I have received from forum members regarding a 1K minimum deposit and a discounted commission rate and will raise these in the discussion.
Title: Re: LMAX
Post by: fx.mstr on March 05, 2013, 09:36:04 PM
I have heard back from LMAX. They have an Asia Pacific representative based in Australia which will make things much easier and are interested in discussing an agreement with the HFT Group on behalf of forum members.

Have arranged a phone call at 0500 GMT and will advise the outcome here.

I have taken onboard the requests I have received from forum members regarding a 1K minimum deposit and a discounted commission rate and will raise these in the discussion.

Sorry but I don't get it. If they agree so easily to open account with $1K then why they do not privde this directly? I've read about at least 3 white label partners/IBs to provide access to LMAX from $1K so it seems it is not an issue for them. So why does LMAX not give this opportunity?
By the way it does not inspire me at all, what's more, I would rather like a broker which is more "picky" about its clients but provide decent service. If LMAX will be overhelmed with the "micro" traders and $99 EAs it might will effect the quality of its service.
Title: Re: LMAX
Post by: HFT Group on March 05, 2013, 10:09:17 PM
I have heard back from LMAX. They have an Asia Pacific representative based in Australia which will make things much easier and are interested in discussing an agreement with the HFT Group on behalf of forum members.

Have arranged a phone call at 0500 GMT and will advise the outcome here.

I have taken onboard the requests I have received from forum members regarding a 1K minimum deposit and a discounted commission rate and will raise these in the discussion.

Sorry but I don't get it. If they agree so easily to open account with $1K then why they do not privde this directly? I've read about at least 3 white label partners/IBs to provide access to LMAX from $1K so it seems it is not an issue for them. So why does LMAX not give this opportunity?
By the way it does not inspire me at all, what's more, I would rather like a broker which is more "picky" about its clients but provide decent service. If LMAX will be overhelmed with the "micro" traders and $99 EAs it might will effect the quality of its service.

I imagine it is due to the expectation of the broker that an IB will bring them a certain amount of business. Most brokers require a minimum volume level to be met in a specified period of time from an IB. The figure I hear most often is a target of 5000 lots per month after a few months.
These deals are always based on a projected total IB volume as opposed to individual volume from individual accounts.
It also stands to reason that the broker deals with one entity, the IB, as opposed to multiple clients trading smaller accounts.

Look at it from this perspective.........it gives traders that are unable or unwilling to meet the required volume or deposit size the opportunity to trade on a sought after broker as a group effort, as opposed to individual efforts that do not meet the minimum requirements.
Title: LMAX
Post by: e1vis on March 06, 2013, 03:30:08 AM
I have heard back from LMAX. They have an Asia Pacific representative based in Australia which will make things much easier and are interested in discussing an agreement with the HFT Group on behalf of forum members.

Have arranged a phone call at 0500 GMT and will advise the outcome here.

I have taken onboard the requests I have received from forum members regarding a 1K minimum deposit and a discounted commission rate and will raise these in the discussion.

Sorry but I don't get it. If they agree so easily to open account with $1K then why they do not privde this directly? I've read about at least 3 white label partners/IBs to provide access to LMAX from $1K so it seems it is not an issue for them. So why does LMAX not give this opportunity?
By the way it does not inspire me at all, what's more, I would rather like a broker which is more "picky" about its clients but provide decent service. If LMAX will be overhelmed with the "micro" traders and $99 EAs it might will effect the quality of its service.

I agree. Many brokers on here that start to become popular - pepperstone and IC markets being just 2 examples - seem to encounter serious problems soon after they become popular. I wonder if LMAX will go the same way.


Sent from my iPhone using Tapatalk
Title: Re: LMAX
Post by: Star on March 06, 2013, 03:37:16 AM
The one big concern that I have with LMAX is that they loose money as a company every month.Initial investors Goldman Sachs is complete out and Betfair sold 2/3 of its position.How long can you keep on losing money as a business before the problems come ?
Title: Re: LMAX
Post by: websmith on March 06, 2013, 03:38:07 AM
They say that their technology is different.
Title: Re: LMAX
Post by: trader578 on March 06, 2013, 03:41:15 AM
Pepperstone and IC Markets perhaps solved their financial problems with a virtual dealer plugin?  Perhaps this is what we will eventually encounter with LMAX, or any broker that starts losing money consistently.

 ::)
Title: Re: LMAX
Post by: Star on March 06, 2013, 03:45:11 AM
Pepperstone and IC Markets perhaps solved their financial problems with a virtual dealer plugin?  Perhaps this is what we will eventually encounter with LMAX, or any broker that starts losing money consistently.

 ::)



That is one of the things that I am afraid off.The other thing that I am afraid of , is that they will do what MF Global did when they were losing money-take the money from the clients accounts.
Title: Re: LMAX
Post by: HFT Group on March 06, 2013, 06:01:20 AM
Ok........good news for those that requested access to LMAX.

TENTATIVELY.........we have a deal for those interested. The Asia Pacific rep will submit the proposed agreement to the powers at LMAX for approval shortly.

TENTATIVELY.........1K minimum deposit and the lowest discounted commission rate available.

I will post the confirmation of approval and final details here when I have received them from LMAX.
Title: Re: LMAX
Post by: Anchorpoint on March 06, 2013, 07:34:52 AM
I was just in contact with LMax support and got confirmation that FSCS protection of customer deposits is up to 85K GBP (ca 100K EUR).
More info here:  http://www.fscs.org.uk/what-we-cover/eligibility-rules/compensation-limits/
Title: Re: LMAX
Post by: TradeNow on March 06, 2013, 09:30:05 AM
Pepperstone and IC Markets perhaps solved their financial problems with a virtual dealer plugin?  Perhaps this is what we will eventually encounter with LMAX, or any broker that starts losing money consistently.

 ::)

This is a general problem of the whole retail forex business. No broker can loose money or in other words their clients shouldnt have too much gains.
This leads to some conclusions:

1. Retail Forex is a hidden scam industry in the long run for ea traders
2. No ea should be too succesfull over a long time or too succesfull in a short period like tick scalpers
3. Retail ea traders must fly under the radar and be prepared to move their funds around anytime

Nobody will ever be rich in retail forex trading except he is a brilliant manual trader looking on H4/D1 charts.
This is something no broker plugin can prevent.  ;)

Btw its only a matter of time that LMAX will change something. This happened on any broker i know sooner or later. There is no way to create money out of nothing. Someone must pay the bill... :D

best regards
Mark



Title: Re: LMAX
Post by: websmith on March 06, 2013, 09:37:57 AM
Btw its only a matter of time that LMAX will change something. This happened on any broker i know sooner or later. There is no way to create money out of nothing. Someone must pay the bill... :D

best regards
Mark

What about this ECN stuff? I guess broker earns money from commission?
Title: Re: LMAX
Post by: TradeNow on March 06, 2013, 09:43:09 AM
What about this ECN stuff? I guess broker earns money from commission?

this is a modern myth to keep you in a safe state of mind  ;)

best regards
Mark
Title: Re: LMAX
Post by: Star on March 06, 2013, 11:07:41 AM
Btw its only a matter of time that LMAX will change something. This happened on any broker i know sooner or later. There is no way to create money out of nothing. Someone must pay the bill... :D

best regards
Mark

What about this ECN stuff? I guess broker earns money from commission?


I think that for many of the brokers commissions are just not enough to pay the bills,so they supplement it with slippage via virtual dealer plug in.
Title: Re: LMAX
Post by: Larko62 on March 11, 2013, 10:38:00 AM
Btw its only a matter of time that LMAX will change something. This happened on any broker i know sooner or later. There is no way to create money out of nothing. Someone must pay the bill... :D

best regards
Mark

What about this ECN stuff? I guess broker earns money from commission?


I think that for many of the brokers commissions are just not enough to pay the bills,so they supplement it with slippage via virtual dealer plug in.

I yhink that's just a market made price (i.e. no slippage) to real STP trading.. Too many brokers start you off on a market maker feed then you make some money and it switches over. I've seen it with 3 different Aussie brokers.. Now just stick with the same 2. sure there's slippage now and again but better the devil you know.. and I always monitor what others are getting slipped. Sorry bit off topic for this thread but still important for new traders to know how brokers play. They don't really deliberately do it (well, some do)
Title: Re: LMAX
Post by: HFT Group on March 13, 2013, 07:15:26 AM
A quick update for those forum members that inquired or were interested in a deal for LMAX............

At this point the $1K minimum deposit has been approved and a commission discount of OVER 10% is pending approval.

This will provide forum members with access to LMAX without the $10K minimum deposit and the best commission discount available anywhere.

Will post final details hopefully by the end of this week.
Title: Re: LMAX
Post by: viltsu on March 13, 2013, 07:16:36 AM
A quick question:

Why should we choose LMAX over Armada?

Thanks,
Title: Re: LMAX
Post by: websmith on March 13, 2013, 07:23:17 AM
regulation
Title: Re: LMAX
Post by: HFT Group on March 13, 2013, 07:24:38 AM
No idea really. I only approached LMAX at the request of 3 or 4 forum members that wanted to trade with them without the $10K minimum deposit and with a discount if possible.

Maybe someone could post details regarding the differences between the 2 brokers.
Title: Re: LMAX
Post by: viltsu on March 13, 2013, 07:25:00 AM
regulation
The trading conditions are the same? I think I'll move to LMAX then.
Title: Re: LMAX
Post by: HFT Group on March 13, 2013, 07:27:27 AM
regulation

Thanks........that's the only major difference I could imagine as they both use Prime XM and have a similar LP and commission structure.
Title: Re: LMAX
Post by: websmith on March 13, 2013, 07:38:42 AM
Armada is IB of LMAX as far as I know
Title: Re: LMAX
Post by: muzzamcc on March 13, 2013, 07:47:53 AM
I believe Armada has additional sources of liquidity. I think geektrader mentioned in the Armada thread that they have Citi tradestream? in addition to LMAX's liquidity.
Title: Re: LMAX
Post by: websmith on March 13, 2013, 08:01:21 AM
I believe Armada has additional sources of liquidity. I think geektrader mentioned in the Armada thread that they have Citi tradestream? in addition to LMAX's liquidity.

Probably citifxpro.com is IB of Saxo Bank. On the main page of citifxpro: "Powered by Saxo Bank". I do not know what does it mean
Title: Re: LMAX
Post by: LFN on March 13, 2013, 08:58:57 AM
A quick update for those forum members that inquired or were interested in a deal for LMAX............

At this point the $1K minimum deposit has been approved and a commission discount of OVER 10% is pending approval.

This will provide forum members with access to LMAX without the $10K minimum deposit and the best commission discount available anywhere.

Will post final details hopefully by the end of this week.
Thx. It would also be interesting to know if there could be a bigger commission discount for customers with deposits +10.000USD.
Title: Re: LMAX
Post by: HFT Group on March 13, 2013, 12:31:22 PM
A quick update for those forum members that inquired or were interested in a deal for LMAX............

At this point the $1K minimum deposit has been approved and a commission discount of OVER 10% is pending approval.

This will provide forum members with access to LMAX without the $10K minimum deposit and the best commission discount available anywhere.

Will post final details hopefully by the end of this week.
Thx. It would also be interesting to know if there could be a bigger commission discount for customers with deposits +10.000USD.

The best discount I could find for LMAX from other IB's was 10%.
I am trying to get 12.5% for you guys.
Title: Re: LMAX
Post by: nwboater on March 13, 2013, 08:36:59 PM
A quick update for those forum members that inquired or were interested in a deal for LMAX............

At this point the $1K minimum deposit has been approved and a commission discount of OVER 10% is pending approval.

This will provide forum members with access to LMAX without the $10K minimum deposit and the best commission discount available anywhere.

Will post final details hopefully by the end of this week.
Thx. It would also be interesting to know if there could be a bigger commission discount for customers with deposits +10.000USD.

The best discount I could find for LMAX from other IB's was 10%.
I am trying to get 12.5% for you guys.

Jon - Thanks very much for your efforts!

What leverage will be get on accounts $1,000 to 5,000 USD?

Thanks,
Rod
Title: Re: LMAX
Post by: HFT Group on March 13, 2013, 08:42:36 PM
A quick update for those forum members that inquired or were interested in a deal for LMAX............

At this point the $1K minimum deposit has been approved and a commission discount of OVER 10% is pending approval.

This will provide forum members with access to LMAX without the $10K minimum deposit and the best commission discount available anywhere.

Will post final details hopefully by the end of this week.
Thx. It would also be interesting to know if there could be a bigger commission discount for customers with deposits +10.000USD.

The best discount I could find for LMAX from other IB's was 10%.
I am trying to get 12.5% for you guys.

Jon - Thanks very much for your efforts!

What leverage will be get on accounts $1,000 to 5,000 USD?

Thanks,
Rod

Full details will be posted on the HFT Group website once the LMAX agreement is finalized.
Title: Re: LMAX
Post by: Shen on March 14, 2013, 04:36:39 AM
LMAX is an aggregator, all they care about is volume. For a broker to deal with LMAX from what i know you will need to do 5000 lots a month, and there will be a fix fee involve. Meaning if you don't reach 5000 lots a month you still have to pay them.

If you are looking to negotiate with them, you need to have the volume.
Title: Re: LMAX
Post by: Shortos on March 14, 2013, 08:12:35 AM
A quick update for those forum members that inquired or were interested in a deal for LMAX............

At this point the $1K minimum deposit has been approved and a commission discount of OVER 10% is pending approval.

This will provide forum members with access to LMAX without the $10K minimum deposit and the best commission discount available anywhere.

Will post final details hopefully by the end of this week.
Thx. It would also be interesting to know if there could be a bigger commission discount for customers with deposits +10.000USD.

The best discount I could find for LMAX from other IB's was 10%.
I am trying to get 12.5% for you guys.

Jon - Thanks very much for your efforts!

What leverage will be get on accounts $1,000 to 5,000 USD?

Thanks,
Rod

Full details will be posted on the HFT Group website once the LMAX agreement is finalized.


Jon - Thanks for your efforts
Waiting for the full details on the HFT Group website because I'm also intrested in join to HFT Group LMAX IB. Wondering how can we get the 10-12.5% discount, is it automatically deducted from every trade commissions or is it monthly cashback as deposit amounts

Title: Re: LMAX
Post by: HFT Group on March 14, 2013, 08:17:36 AM
LMAX is an aggregator, all they care about is volume. For a broker to deal with LMAX from what i know you will need to do 5000 lots a month, and there will be a fix fee involve. Meaning if you don't reach 5000 lots a month you still have to pay them.

If you are looking to negotiate with them, you need to have the volume.

This is incorrect in my current dealings with LMAX.
I think it unwise to post information regarding other brokers based on supposition.
Title: Re: LMAX
Post by: HFT Group on March 14, 2013, 08:20:24 AM
A quick update for those forum members that inquired or were interested in a deal for LMAX............

At this point the $1K minimum deposit has been approved and a commission discount of OVER 10% is pending approval.

This will provide forum members with access to LMAX without the $10K minimum deposit and the best commission discount available anywhere.

Will post final details hopefully by the end of this week.
Thx. It would also be interesting to know if there could be a bigger commission discount for customers with deposits +10.000USD.

The best discount I could find for LMAX from other IB's was 10%.
I am trying to get 12.5% for you guys.

Jon - Thanks very much for your efforts!

What leverage will be get on accounts $1,000 to 5,000 USD?

Thanks,
Rod

Full details will be posted on the HFT Group website once the LMAX agreement is finalized.


Jon - Thanks for your efforts
Waiting for the full details on the HFT Group website because I'm also intrested in join to HFT Group LMAX IB. Wondering how can we get the 10-12.5% discount, is it automatically deducted from every trade commissions or is it monthly cashback as deposit amounts

You are welcome.
Details will be posted on the website upon finalization.
Title: Re: LMAX
Post by: Shen on March 14, 2013, 08:32:43 AM
LMAX is an aggregator, all they care about is volume. For a broker to deal with LMAX from what i know you will need to do 5000 lots a month, and there will be a fix fee involve. Meaning if you don't reach 5000 lots a month you still have to pay them.

If you are looking to negotiate with them, you need to have the volume.

This is incorrect in my current dealings with LMAX.
I think it unwise to post information regarding other brokers based on supposition.

Yes your right, but please don't take this personally i am just sharing what i know from a brokers point of view. Will leave it here.
Title: Re: LMAX
Post by: Anchorpoint on March 17, 2013, 10:24:13 PM
LMAX is freezing on EU on today's opening...very annoying with this 150p gap down
Title: Re: LMAX
Post by: alex19771977 on March 17, 2013, 10:28:35 PM
LMAX MT4 still closed.
Title: Re: LMAX
Post by: e1vis on March 17, 2013, 10:40:54 PM
Please can someone tell me what LMAX' GMT offset is?
Title: Re: LMAX
Post by: Anchorpoint on March 17, 2013, 10:42:03 PM
Please can someone tell me what LMAX' GMT offset is?

0
Title: Re: LMAX
Post by: e1vis on March 17, 2013, 10:43:01 PM
Please can someone tell me what LMAX' GMT offset is?

0

Thanks very much. Is it the same all year round?
 
Title: Re: LMAX
Post by: Anchorpoint on March 17, 2013, 10:51:22 PM
Please can someone tell me what LMAX' GMT offset is?

0

Thanks very much. Is it the same all year round?

Yes
Title: Re: LMAX
Post by: muzzamcc on March 18, 2013, 01:54:55 AM
LMAX MT4 still closed.
wow i expected more from LMAX. To still not be open 1 1/2 hours after the beginning of the forex week is not at all good, especially with this huge gap down. Imagine if you needed to get out of a trade that had gone bad, or wanted to take profit from the gap.
Title: Re: LMAX
Post by: Star on March 18, 2013, 09:41:27 AM
Does anyone know why LMAX did not open on time after the gap ?
Title: Re: LMAX
Post by: jshear on March 18, 2013, 03:02:31 PM
Anyone using LMAX or Armada today there servers have been going down all day. They say metaquotes pushed an update on the weekend that is effecting them so be careful.


Cheers

Jeff


This is the latest update on the reporting issue that affects some of the clients due to the update that was made by MetaQuotes at the weekend. Orders and positions can currently be closed only as MetaQuotes is fixing the reporting issue. We will notify you immediately once they have fixed the issue. We do appologize for this inconvenience which was caused by an update that was sent to us from MetaQuotes.

Best Regards,

Armada Markets
Phone: +372 686 3163
Skype: armadamarkets
E-mail: support@armadamarkets.com
Title: Re: LMAX
Post by: jshear on March 18, 2013, 04:21:05 PM
Here is an update:

The trade reporting issue that affected some of our clients today is now fixed. The issue took place because MetaQuotes' recent update that was installed this weekend included a small coding error.

Armada Markets, LMAX, Alpari and other large brokers were affected by this today. MetaQuotes has informed us that they will release an official appology in the coming days. We are truly sorry that some of our clients were affected.

Please review your open/closed positions and orders and inform us by email support@armadamarkets.com if you see any irregularities. We are here to help as always.

We have already made steps with our close partner primeXM to protect our clients from similar issues in the future. What we are extremely happy and thankful about today is that many of our clients have sent emails and called us today and said that they support Armada and understand that this issue was not our fault. It shows that when you have a difficult moment then you truely know who your friends are. Thank you for your support.

With kind regards,

Armada Markets team
Title: Re: LMAX
Post by: mavz on March 24, 2013, 04:35:28 PM
I think Lmax was messed up becuase of the GAP last week. I hope that they learned from it, and will not be down again this opening.
Title: Re: LMAX
Post by: TradeNow on March 24, 2013, 05:50:11 PM
I think Lmax was messed up becuase of the GAP last week. I hope that they learned from it, and will not be down again this opening.

it was more a problem of mt4 upgrade last week....

best regards
Mark
Title: Re: LMAX
Post by: e1vis on March 27, 2013, 10:36:42 AM
A quick update for those forum members that inquired or were interested in a deal for LMAX............

At this point the $1K minimum deposit has been approved and a commission discount of OVER 10% is pending approval.

This will provide forum members with access to LMAX without the $10K minimum deposit and the best commission discount available anywhere.

Will post final details hopefully by the end of this week.
Thx. It would also be interesting to know if there could be a bigger commission discount for customers with deposits +10.000USD.

The best discount I could find for LMAX from other IB's was 10%.
I am trying to get 12.5% for you guys.

Any developments Jon?


Sent from my iPhone using Tapatalk
Title: Re: LMAX
Post by: HFT Group on March 27, 2013, 10:42:00 AM
A quick update for those forum members that inquired or were interested in a deal for LMAX............

At this point the $1K minimum deposit has been approved and a commission discount of OVER 10% is pending approval.

This will provide forum members with access to LMAX without the $10K minimum deposit and the best commission discount available anywhere.

Will post final details hopefully by the end of this week.
Thx. It would also be interesting to know if there could be a bigger commission discount for customers with deposits +10.000USD.

The best discount I could find for LMAX from other IB's was 10%.
I am trying to get 12.5% for you guys.

Any developments Jon?


Sent from my iPhone using Tapatalk

Yes, it is available now.
Please PM or email me for further info.
Title: Re: LMAX
Post by: WiZARD on March 28, 2013, 08:03:36 AM
http://globegain.com (http://globegain.com)] gives 12% back.

**removed affiliate links: donnaforex***
Title: Re: LMAX
Post by: HFT Group on April 07, 2013, 01:43:17 AM
Details of the LMAX deal are now available on the HFT Group website http://www.hftgroupfx.com (http://www.hftgroupfx.com)
Title: Re: LMAX
Post by: e1vis on April 08, 2013, 02:24:44 AM
Details of the LMAX deal are now available on the HFT Group website http://www.hftgroupfx.com (http://www.hftgroupfx.com)

Jon,

Earlier on in the thread someone mentioned that opening more than one account at LMAX was problematic. Do you know if we can open, say, three accounts through HFT with $1,000 or more each?
Title: Re: LMAX
Post by: HFT Group on April 08, 2013, 03:11:47 AM
Details of the LMAX deal are now available on the HFT Group website http://www.hftgroupfx.com (http://www.hftgroupfx.com)

Jon,

Earlier on in the thread someone mentioned that opening more than one account at LMAX was problematic. Do you know if we can open, say, three accounts through HFT with $1,000 or more each?

Have inquired about multiple accounts and will post the answer once I hear back from LMAX.
Title: Re: LMAX
Post by: HFT Group on April 08, 2013, 10:30:19 AM
With regard to opening multiple LMAX accounts........

Multiple mt4 accounts are permitted for different strategies subject to the minimum funding requirement for each account.

Only one web based platform account is permitted.
Title: Re: LMAX
Post by: nwboater on April 08, 2013, 03:21:23 PM
Details of the LMAX deal are now available on the HFT Group website http://www.hftgroupfx.com (http://www.hftgroupfx.com)

Jon - I see that minimum trade size is .1 lot. Does it then increment by .1 or .01 lots?

Thanks,
Rod
Title: Re: LMAX
Post by: HFT Group on April 08, 2013, 03:44:52 PM
Details of the LMAX deal are now available on the HFT Group website http://www.hftgroupfx.com (http://www.hftgroupfx.com)

Jon - I see that minimum trade size is .1 lot. Does it then increment by .1 or .01 lots?

Thanks,
Rod

Ok, this is how it works according to LMAX support.

On the web based platform the minimum lot size is 0.1 lots.
The notional value is 10,000 for 1 contract.
The incremental lot size is also 0.1 lots so 0.1, 0.2, 0.3 etc.

On the mt4 platform the minimum lot size is 0.01 lots.
The notional value is 100,000 for 1 contract.
The incremental lot size is 0.01 lots so 0.01, 0.02, 0.03 etc.
Title: Re: LMAX
Post by: nwboater on April 08, 2013, 03:50:19 PM
Details of the LMAX deal are now available on the HFT Group website http://www.hftgroupfx.com (http://www.hftgroupfx.com)

Jon - I see that minimum trade size is .1 lot. Does it then increment by .1 or .01 lots?

Thanks,
Rod

Ok, this is how it works according to LMAX support.

On the web based platform the minimum lot size is 0.1 lots.
The notional value is 10,000 for 1 contract.
The incremental lot size is also 0.1 lots so 0.1, 0.2, 0.3 etc.

On the mt4 platform the minimum lot size is 0.01 lots.
The notional value is 100,000 for 1 contract.
The incremental lot size is 0.01 lots so 0.01, 0.02, 0.03 etc.

Jon - Thanks for the prompt response. I will be sending in an account application.

BTW you may want to update the HFT web page as it shows minimum lots of .1

Cheers,
Rod
Title: Re: LMAX
Post by: HFT Group on April 08, 2013, 04:00:11 PM
Details of the LMAX deal are now available on the HFT Group website http://www.hftgroupfx.com (http://www.hftgroupfx.com)

Jon - I see that minimum trade size is .1 lot. Does it then increment by .1 or .01 lots?

Thanks,
Rod

Ok, this is how it works according to LMAX support.

On the web based platform the minimum lot size is 0.1 lots.
The notional value is 10,000 for 1 contract.
The incremental lot size is also 0.1 lots so 0.1, 0.2, 0.3 etc.

On the mt4 platform the minimum lot size is 0.01 lots.
The notional value is 100,000 for 1 contract.
The incremental lot size is 0.01 lots so 0.01, 0.02, 0.03 etc.

Jon - Thanks for the prompt response. I will be sending in an account application.

BTW you may want to update the HFT web page as it shows minimum lots of .1

Cheers,
Rod

Thanks Rod.

I did actually check this and was told a 0.1 lot minimum which obviously referred to the web based account. I will update the website accordingly.

There will also be an alternative option for Australian residents whom the HFT Group cannot take. I will update the details tomorrow.
Title: Re: LMAX
Post by: HFT Group on April 09, 2013, 12:05:11 AM
On the mt4 platform the minimum lot size is 0.01 lots.
The notional value is 100,000 for 1 contract.
The incremental lot size is 0.01 lots so 0.01, 0.02, 0.03 etc.
Is there a typo error in this info?  On MT4 is minimum lot size 0.01 or 0.1?

According to support the minimum lot size on the mt4 account is 0.01 lots. I am contacting the HFT Group account manager at LMAX now to confirm this.
Title: Re: LMAX
Post by: HFT Group on April 09, 2013, 11:14:04 AM
I have confirmed the minimum lot sizes that can be traded at LMAX.

For the web based platform account:
1 lot = 10,000
Minimum lot size is 0.1 lots
Increments are in 0.1 lots.

For the mt4 platform account:
1 lot = 100,000
Minimum lot size is 0.01 lots
Increments are obviously 0.01 lots.
Title: Re: LMAX
Post by: onlyonemike on April 09, 2013, 11:19:24 AM
Where is their main server located? do they have US (NY) based server?
Title: Re: LMAX
Post by: HFT Group on April 09, 2013, 11:25:55 AM
Where is their main server located? do they have US (NY) based server?

The mt4 account uses Prime XM in London.
Title: Re: LMAX
Post by: onlyonemike on April 09, 2013, 12:10:44 PM
jon - how are you going to arrange 12% discount? is it auto-deducted directly on each order's commission or paid every month to trading account or even paypal?
Title: Re: LMAX
Post by: HFT Group on April 09, 2013, 12:20:43 PM
jon - how are you going to arrange 12% discount? is it auto-deducted directly on each order's commission or paid every month to trading account or even paypal?

All the details are on the HFT Group website Mike. If you need further info please feel free to PM or email me.
Title: Re: LMAX
Post by: WiZARD on May 09, 2013, 03:36:11 PM
grr  20 pips spread in GBPUSD in the middle of the day...  (5 pips on armada, below 1 pip at fxopen ecn)
that cost me much :(
Title: Re: LMAX
Post by: geektrader on May 14, 2013, 05:02:29 AM
They still need a bit more liquidity. Many LPs don´t like to stream into LMAX because they have no "last look" on the orders and must execute at the price they offered - and banks don´t like if the trader get´s in at the price he/she wants and earns money:) The concept of a true MFT is great though and should be the future of Forex trading in my opinion as it can´t get more fair than that. So we should support it even though the spreads can be a bit higher at times because of the liquidity lack.
Title: Re: LMAX
Post by: Shortos on June 10, 2013, 07:35:20 PM
Anybody knows where is the LMAX server for the Web based EXCHANGE platform?
Maybe in Equinix London LD4/5 data center campus?

(i mean NOT for the PrimeXM MT4 bridge)
Title: Re: LMAX
Post by: Purri on June 27, 2013, 03:00:14 PM
Anybody knows where is the LMAX server for the Web based EXCHANGE platform?
Maybe in Equinix London LD4/5 data center campus?

(i mean NOT for the PrimeXM MT4 bridge)

The matching engine itself is in LD4. They did a press release that they are moving their stuff to that datacenter. Also see here: http://mtf.lmax.com/pdf/service-documentation/connectivity/LMAX-Customer-Connectivity-Overview.pdf (http://mtf.lmax.com/pdf/service-documentation/connectivity/LMAX-Customer-Connectivity-Overview.pdf)

Not sure if the broker-application and client-facing fix-gateways are hosted there too.
Title: Re: LMAX
Post by: WiZARD on July 04, 2013, 08:46:19 PM
9,5 pips spread on GU now...   :(
Title: Re: LMAX
Post by: bismillahwd on July 04, 2013, 08:57:44 PM
Everywhere spread widen.

Audusd 4 pips, in icmarkets,

Why is that? I just tough icmarket got bugged , but i see other report in other broker also.

Whats happened today? Is it the usa holiday make low liquidity?




Sent from my iPad using Tapatalk HD
Sorry for any typo
Title: Re: LMAX
Post by: civfan on August 26, 2013, 02:29:36 PM
Details of the LMAX deal are now available on the HFT Group website http://www.hftgroupfx.com (http://www.hftgroupfx.com)

Jon - I see that minimum trade size is .1 lot. Does it then increment by .1 or .01 lots?

Thanks,
Rod

For MT4 account, the minimum lot size is 0.01.
Title: Re: LMAX
Post by: HFT Group on August 26, 2013, 02:38:03 PM
Details of the LMAX deal are now available on the HFT Group website http://www.hftgroupfx.com (http://www.hftgroupfx.com)

Jon - I see that minimum trade size is .1 lot. Does it then increment by .1 or .01 lots?

Thanks,
Rod

For MT4 account, the minimum lot size is 0.01.

Thanks civfan  :)

0.1 minimum lot size applies to the web based trading accounts.
Title: Re: LMAX
Post by: primi on August 26, 2013, 02:46:46 PM
Details of the LMAX deal are now available on the HFT Group website http://www.hftgroupfx.com (http://www.hftgroupfx.com)

Jon - I see that minimum trade size is .1 lot. Does it then increment by .1 or .01 lots?

Thanks,
Rod

For MT4 account, the minimum lot size is 0.01.

Thanks civfan  :)

0.1 minimum lot size applies to the web based trading accounts.
I believe they are the same. MT4 trades 0.01 on a 100.000 contract while web based can trade 0.1 on a 10.000 contract. But don't take my word for it, check for yourself if it's important.
Title: Re: LMAX
Post by: HFT Group on August 26, 2013, 02:51:58 PM
Details of the LMAX deal are now available on the HFT Group website http://www.hftgroupfx.com (http://www.hftgroupfx.com)

Jon - I see that minimum trade size is .1 lot. Does it then increment by .1 or .01 lots?

Thanks,
Rod

For MT4 account, the minimum lot size is 0.01.

Thanks civfan  :)

0.1 minimum lot size applies to the web based trading accounts.
I believe they are the same. MT4 trades 0.01 on a 100.000 contract while web based can trade 0.1 on a 10.000 contract. But don't take my word for it, check for yourself if it's important.

You are totally correct  ;)
Title: Re: LMAX
Post by: viltsu on September 05, 2013, 04:58:00 PM
Does LMAX offer Metatrader 4?
Title: Re: LMAX
Post by: Anchorpoint on September 05, 2013, 05:04:18 PM
Does LMAX offer Metatrader 4?

Yes
Title: Re: LMAX
Post by: civfan on September 07, 2013, 06:16:26 PM
I see in myfxbook comparison spreads http://www.myfxbook.com/forex-broker-spreads (http://www.myfxbook.com/forex-broker-spreads) that lmax comission is 5$ per round lot.

Of course that could be an average ofh MT4 and web plataform (cheaper).

But with HFTgroup is 5.72$ with 12% discounted applied? (that will do a commission of 6.5$ without rebate.)

Edit:

I'm still a bit confuse. I see others IBs for LMAX that point out that MT4 lmax commission is 5.6$ (not mentioned discount):

"Forex trading (MT4):   $0.28 per $10,000 contract   0.01 lot ($0.028)"

I am interesting in try LMAX through an IB (preferable you) but I would like to know what is afterall the standard commission structure which the discount apply?
Title: Re: LMAX
Post by: trader_john on September 08, 2013, 07:20:20 AM
Does LMAX offer Metatrader 4?

Yes, but their MT4 solution is anything but perfect.
Title: Re: LMAX
Post by: jubal on September 12, 2013, 07:31:28 PM
Does LMAX offer Metatrader 4?

Yes, but their MT4 solution is anything but perfect.

If MT4 isnt great how does web based account work.  I havent a clue about web based accounts.  anyone got a dummies guide to how it works.   Can you run EA;s etc etc.  ( well, I did say I was a dummy  :P )
Title: Re: LMAX
Post by: Purri on September 15, 2013, 05:48:10 PM
Does LMAX offer Metatrader 4?

Yes, but their MT4 solution is anything but perfect.

If MT4 isnt great how does web based account work.  I havent a clue about web based accounts.  anyone got a dummies guide to how it works.   Can you run EA;s etc etc.  ( well, I did say I was a dummy  :P )

Its just a basic web-based trading platform for manual order entry. You cant run EAs with this. I am using this since a year, and it is exceptionally stable. Here is the manual: http://www.lmax.com/pdf/Trading-Manual.pdf (http://www.lmax.com/pdf/Trading-Manual.pdf)

Apart from MT4 and the web-platform, there is also Multicharts.
Title: Re: LMAX
Post by: ichfunktion on October 31, 2013, 07:41:16 AM
I started an account on LMAX MT4 with HFT as IB to setup a beta test for the goldtar by Hans

First I started on Demo and all works well.
XAUUSD.lmx traded with 0.01 lot - I was a little bit confused that no commisions was shown

Yesterday I moved to the real account and after my first transaction was done by the EA (copy service) I was
horrified. The tarde was open with 0.2 lot! Also the commison was higher as expected
Then I wanted to close the trade, but for more than 1 hour no trading in XAUUSD was possible. Calling the desk --> some daily maintenace task

I have never seen that demo accounts works other (min lot and commision) as real account. How I can test something there in this case?
If you try to find something about the specification for MT4 (min lot size, commisions) you are lost o the LMAX web side :-(

There are two questions:
1) Why min lot size for Gold is 0.2? Could I change this?
2) Is there a daily time window when Gold could not traded?

Thanks & Regards

@HFT group
I will send also an email as I do not understand the commisions
Title: Re: LMAX
Post by: HFT Group on October 31, 2013, 07:51:35 AM
I started an account on LMAX MT4 with HFT as IB to setup a beta test for the goldtar by Hans

First I started on Demo and all works well.
XAUUSD.lmx traded with 0.01 lot - I was a little bit confused that no commisions was shown

Yesterday I moved to the real account and after my first transaction was done by the EA (copy service) I was
horrified. The tarde was open with 0.2 lot! Also the commison was higher as expected
Then I wanted to close the trade, but for more than 1 hour no trading in XAUUSD was possible. Calling the desk --> some daily maintenace task

I have never seen that demo accounts works other (min lot and commision) as real account. How I can test something there in this case?
If you try to find something about the specification for MT4 (min lot size, commisions) you are lost o the LMAX web side :-(

There are two questions:
1) Why min lot size for Gold is 0.2? Could I change this?
2) Is there a daily time window when Gold could not traded?

Thanks & Regards

@HFT group
I will send also an email as I do not understand the commisions

I will check with our account manager but would imagine minimum lot size to be 0.01 for XAUUSD as with other pairs. Maybe try place a pending order at 0.01?
LMAX have notional commissions but yours will be discounted 8% regardless.

Maybe look at trade copier setup regarding 0.2 lot size?
Title: Re: LMAX
Post by: user456 on October 31, 2013, 08:10:23 AM
Anyone looked at the LMAX swap lately? Seems its almost 3x higher than e.g. at Armada. Talking about EURUSD on EUR account.
Title: Re: LMAX
Post by: ichfunktion on October 31, 2013, 08:26:56 AM
I was not able to trade 0.01 lot Gold manual (button was not active - I have seen this for other broker if the min lot is not reached)

Commissions:
That was not clear for me. I was open from your web side and assumed it will be 5.72$
And why 8% discount instead 12% from your web side?

Do you have a link for the national commissions? I could not find this on LMAX web side.
Based on what I have seen in MT4 so far:
For me it looks that it will be 5Euro / RT for FX and 5,6Euro/RT for metal

As I wrote my questions here now - I did not send an email to you

Cheers,
Jan
Title: Re: LMAX
Post by: HFT Group on October 31, 2013, 09:10:14 AM
I was not able to trade 0.01 lot Gold manual (button was not active - I have seen this for other broker if the min lot is not reached)

Commissions:
That was not clear for me. I was open from your web side and assumed it will be 5.72$
And why 8% discount instead 12% from your web side?

Do you have a link for the national commissions? I could not find this on LMAX web side.
Based on what I have seen in MT4 so far:
For me it looks that it will be 5Euro / RT for FX and 5,6Euro/RT for metal

As I wrote my questions here now - I did not send an email to you

Cheers,
Jan

Apologies.......the discount is 12%  :-[

The discounted notional commission rate is 22 per million (normally 25 per million).
The MT4 discounted commission charge is approx $5.72USD per lot r/t (normally approx $6.50USD per lot r/t)

Regardless, all the normal commission rates are discounted 12%.

Will check into the XAUUSD minimum lot size.
Title: Re: LMAX
Post by: ichfunktion on October 31, 2013, 05:38:15 PM
LMAX hotline confirmed:
-min lot size for gold on real is 0.2
-demo and real are working not in the same way
-customer could not find enough mt4 related information on the web side

the general reason is that mt4 is not directly from lmax

as spreads are low, I will give us a try for another ea, not sure which one
as i'm looking for a new broker to replace one of my accounts which will be closed, I know now lmax will be more a small account for me
Title: Re: LMAX
Post by: HFT Group on November 01, 2013, 12:27:20 AM
Have heard back from our LMAX account manager and can confirm that the minimum mt4 account lotsize for Gold and Silver is 0.2 lots.
Title: Re: LMAX
Post by: e1vis on November 05, 2013, 05:43:52 PM
If LMAX would only offer higher leverage (even 200:1) I would be completely happy with them. Jon - is there anything you can do in this regard for HFT members? As it is, I'm reluctantly considering changing brokers (again) as I find 100:1 too restrictive.


Sent from my iPhone using Tapatalk (http://tapatalk.com/m?id=1)
Title: Re: LMAX
Post by: HFT Group on November 05, 2013, 10:04:13 PM
If LMAX would only offer higher leverage (even 200:1) I would be completely happy with them. Jon - is there anything you can do in this regard for HFT members? As it is, I'm reluctantly considering changing brokers (again) as I find 100:1 too restrictive.


Sent from my iPhone using Tapatalk (http://tapatalk.com/m?id=1)

I have contacted our LMAX account manager regarding this and will post the response.
Title: Re: LMAX
Post by: e1vis on November 06, 2013, 12:06:35 AM

If LMAX would only offer higher leverage (even 200:1) I would be completely happy with them. Jon - is there anything you can do in this regard for HFT members? As it is, I'm reluctantly considering changing brokers (again) as I find 100:1 too restrictive.


Sent from my iPhone using Tapatalk (http://tapatalk.com/m?id=1)

I have contacted our LMAX account manager regarding this and will post the response.

Many thanks. I have asked them myself but I'm conscious that they may be more accommodating for the HFT group. I'm sure other people would love to have the option of increased leverage.


Sent from my iPhone using Tapatalk (http://tapatalk.com/m?id=1)
Title: Re: LMAX
Post by: WiZARD on December 18, 2013, 07:27:23 PM
yeahh 60-80 pip slippage....
-35k$ in a few seconds, thanks to lmax
:(
Title: Re: LMAX
Post by: Fraois on December 18, 2013, 07:52:42 PM
Now I'm sure the MT4 bridge does not put pending orders into LMAX MTF. LMAX do support pending stop orders. Just look at the FIX document on their website

They just purchased their own MT4 liscence and they're going to change the server IP. Don't know if this makes any difference...
Title: Re: LMAX
Post by: HFT Group on December 19, 2013, 06:23:35 AM

If LMAX would only offer higher leverage (even 200:1) I would be completely happy with them. Jon - is there anything you can do in this regard for HFT members? As it is, I'm reluctantly considering changing brokers (again) as I find 100:1 too restrictive.


Sent from my iPhone using Tapatalk (http://tapatalk.com/m?id=1)

I have contacted our LMAX account manager regarding this and will post the response.

Many thanks. I have asked them myself but I'm conscious that they may be more accommodating for the HFT group. I'm sure other people would love to have the option of increased leverage.


Sent from my iPhone using Tapatalk (http://tapatalk.com/m?id=1)

LMAX will look at each request for 1:200 leverage on an individual basis based on trading style and exposure etc. Best to request increased leverage directly to LMAX and answer the questions they present.
Title: LMAX win at 2014 WSL Institutional Trading Awards London.
Post by: HFT Group on February 27, 2014, 11:26:37 PM
LMAX Exchange press release regarding awards won for "Best FX Trading Venue - ECN/MTF" and “Best Infrastructure/Technology Initiative by Exchange/ATS” for those interested.
Title: Re: LMAX
Post by: Eric on February 27, 2014, 11:41:49 PM
Yes, Jon - LMAX is way ahead of the time vs. the rest. MTF is the way to go; it is to my mind the benchmark of all brokers as we speak. No question! Thanks for this.
Title: Re: LMAX
Post by: tbooo on April 10, 2014, 10:03:43 PM
Hi there,
Can anymone please let me know how long it takes to get a feedback for my account application?
Its day 3 now and I don't have any feedback so far. Customer live chat told me they have received my application and is now processed by another department. But how long will it take?
Thanks for any feedback.
Best regards,
Tbooo
Title: Re: LMAX
Post by: HFT Group on April 11, 2014, 06:37:22 AM
Hi there,
Can anymone please let me know how long it takes to get a feedback for my account application?
Its day 3 now and I don't have any feedback so far. Customer live chat told me they have received my application and is now processed by another department. But how long will it take?
Thanks for any feedback.
Best regards,
Tbooo

Shouldn't take more than a couple of days if everything is in order. Compliance checks on clients from some countries can take a little longer I believe.
Title: Re: LMAX
Post by: tbooo on April 11, 2014, 01:07:40 PM
Hope so, as of now I wasn't even asked for any identity proofing documents... Couldn't also find any area where I can upload them... Strange.
Title: Re: LMAX
Post by: HFT Group on April 11, 2014, 01:51:28 PM
Hope so, as of now I wasn't even asked for any identity proofing documents... Couldn't also find any area where I can upload them... Strange.

Did you apply for your account directly with LMAX or through an IB?
Title: Re: LMAX
Post by: tbooo on April 12, 2014, 09:54:05 AM
An IB... Is there a difference in handing those applications?
Thanks a lot for your input.
Title: Re: LMAX
Post by: forexfish on April 12, 2014, 10:20:23 AM
An IB... Is there a difference in handing those applications?
Thanks a lot for your input.

I think LMAX requires minimum $10k capital if you go directly and via an IB they consider new applications with $1k deposits as well.

In general application process would be same but if it is through an IB then IB might follow up on his side and it might speed up the process. (IMO)
Title: Re: LMAX
Post by: HFT Group on April 12, 2014, 12:47:56 PM
An IB... Is there a difference in handing those applications?
Thanks a lot for your input.

No, but if it was one of my clients and they contacted me I would chase it up with the broker for them. Maybe you can approach the IB you went through and ask them to look into it for you?
Title: Re: LMAX
Post by: tbooo on April 13, 2014, 04:07:49 PM
Will do - Thanks a lot.
Title: Re: LMAX
Post by: adewes on April 25, 2014, 04:43:31 PM
Anyone here trade the news with LMAX?

I was successfully trading until I got an email from them asking me to stop immediately or my account would be suspended. Take a look in what they wrote:

"...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:..."


Basically I was placing market orders (not straddling) during the first seconds the news were released.
I was not using MT4, but their C# API to do it. I wonder if using MT4 would be any different for them.

I would like to hear if others had the same problem with them.


Title: Re: LMAX
Post by: dk2 on April 25, 2014, 06:48:46 PM
Yes, I heard that they don't like News Traders. What volume have you traded ?
Title: Re: LMAX
Post by: Shortos on April 25, 2014, 09:37:19 PM
Anyone here trade the news with LMAX?

I was successfully trading until I got an email from them asking me to stop immediately or my account would be suspended. Take a look in what they wrote:

"...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:..."


Basically I was placing market orders (not straddling) during the first seconds the news were released.
I was not using MT4, but their C# API to do it. I wonder if using MT4 would be any different for them.

I would like to hear if others had the same problem with them.



Very unusual from lmax. I think your flow as an individual retail shouldn't be toxic for them. Can i ask how many lots you traded with that strategy? How many orders did you send to the server to entry positions at the same time?
Title: Re: LMAX
Post by: adewes on April 25, 2014, 10:42:46 PM
Very unusual from lmax. I think your flow as an individual retail shouldn't be toxic for them. Can i ask how many lots you traded with that strategy? How many orders did you send to the server to entry positions at the same time?

I was trading from 0.1 to 2 lots. My account has around 10k in funds. I place just one market order (with SL of course).
Title: Re: LMAX
Post by: GoldenBoy on April 26, 2014, 04:27:04 AM
"...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:..."


Aren't LMAX supposed to be an Exchange? Anonymous trading with no last look from liquidity providers??? Well......umm.
Title: Re: LMAX
Post by: cyberryder on April 26, 2014, 01:36:45 PM

Very unusual from lmax. I think your flow as an individual retail shouldn't be toxic for them. Can i ask how many lots you traded with that strategy? How many orders did you send to the server to entry positions at the same time?

I was trading from 0.1 to 2 lots. My account has around 10k in funds. I place just one market order (with SL of course).
Ah this is VERY interesting! It is unusual for LMAX to issue such statement if you are on MT4, but if you do API trading you are a lot faster and should reach 10-50ms execution. Maybe you was too fast for them?

Your lotsize is far from being anormal.

However i would chase them with questions, as there is nothing wrong with news trading and LMAX is allowing it.
Title: LMAX
Post by: oci on April 26, 2014, 01:47:10 PM
english is not my native language, can "you have carried out on a few occasions" mean something else i don't understand?

i also didn't have any issue like this on lmax. even straddling with many modifying orders in a few seconds on a few pairs at the same time..

they are supposed to connect you with the market. if a broker doesn't allow news trading, it means "it's a market maker playing against you". and if they are "playing", bankruptcy is possible with one crazy winning big player, this market saw a lot of examples of this. i wouldn't even wait if i get a warning like that, from any broker. i hope it's a technical issue..
Title: Re: LMAX
Post by: kitesurfer on April 26, 2014, 01:59:28 PM

Very unusual from lmax. I think your flow as an individual retail shouldn't be toxic for them. Can i ask how many lots you traded with that strategy? How many orders did you send to the server to entry positions at the same time?

I was trading from 0.1 to 2 lots. My account has around 10k in funds. I place just one market order (with SL of course).
Ah this is VERY interesting! It is unusual for LMAX to issue such statement if you are on MT4, but if you do API trading you are a lot faster and should reach 10-50ms execution. Maybe you was too fast for them?

Your lotsize is far from being anormal.

However i would chase them with questions, as there is nothing wrong with news trading and LMAX is allowing it.

It is fairly common at LMAX, especially if you are profitable and have a sizable account...they will treat you like an illegal immigrant.  I told them before opening an account that I would be trading news and they said it was no problem.  Since then I guess they changed policy.  The same person called back a month later to tell me to leave.  Next time the message came through email...and so forth.  This is based on more than one experience with them.  Good luck
Title: Re: LMAX
Post by: jshear on April 26, 2014, 02:04:15 PM
LMAX is hooked up to LP's and Banks. Both do not like news trading. They find it toxic. I have been trading with LMAX for almost 2 years with a sizeable account with no issues. As my orders are non toxic .So your statement they don't like profitable traders is incorrect. My account has grown tremendously with them with no issues. Actually my account rep came to visit me in Canada.


Cheers

Jeff :)
Title: Re: LMAX
Post by: kitesurfer on April 26, 2014, 02:21:11 PM
LMAX is hooked up to LP's and Banks. Both do not like news trading. They find it toxic. I have been trading with LMAX for almost 2 years with a sizeable account with no issues. As my orders are non toxic .So your statement they don't like profitable traders is incorrect. My account has grown tremendously with them with no issues. Actually my account rep came to visit me in Canada.


Cheers

Jeff :)

Hi Jeff,

We were discussing news trading and therefore my comment is relevant to news and is correct (in my repeat experience).
I also have "non toxic"  ;)  profitable trading accounts at LMAX without problems, but am giving these guys a heads-up on what can happen when you go the profitable, but "toxic" route and LMAX is very strict in that arena.  If some news traders are getting away with it...why not  8)   Both styles can be significantly profitable in the right hands...one style the broker promotes, whereas the other is frowned on.

Good luck with the run tomorrow!
Title: Re: LMAX
Post by: HFT Group on April 26, 2014, 11:36:35 PM
Does LMAX Exchange mt4 offer one-click trading and show market depth?
Title: Re: LMAX
Post by: adewes on April 27, 2014, 02:12:41 AM
Execution times with their API is very quick, it takes maximum 20ms (usually around 5ms).

I just don't understand why the LPs and banks don't withdraw their offers from the market during news times instead of hunting down the traders. In this way, just the ones wishing to provide liquidity during volatile times stay in the market...
Title: Re: LMAX
Post by: jshear on April 27, 2014, 11:43:13 AM
LMAX offers one click trading through the MT4 solution via metaquotes solution and does not offer a one click that shows market depth.


Cheers

Jeff
Title: Re: LMAX
Post by: Krej on April 27, 2014, 11:49:01 AM
Great broker, very tight spreads.They claim to be a somekind of revolutionary system, does anyone understood what they really mean? I got a phone call, but didn't understand much from what they said :)
Title: Re: LMAX
Post by: HFT Group on April 27, 2014, 02:27:52 PM
LMAX offers one click trading through the MT4 solution via metaquotes solution and does not offer a one click that shows market depth.


Cheers

Jeff

Thanks Jeff.
Title: Re: LMAX
Post by: Fraois on April 30, 2014, 05:26:16 PM

Very unusual from lmax. I think your flow as an individual retail shouldn't be toxic for them. Can i ask how many lots you traded with that strategy? How many orders did you send to the server to entry positions at the same time?

I was trading from 0.1 to 2 lots. My account has around 10k in funds. I place just one market order (with SL of course).
Ah this is VERY interesting! It is unusual for LMAX to issue such statement if you are on MT4, but if you do API trading you are a lot faster and should reach 10-50ms execution. Maybe you was too fast for them?

Your lotsize is far from being anormal.

However i would chase them with questions, as there is nothing wrong with news trading and LMAX is allowing it.

Please take a look at this link
An e-Forex Magazine in depth interview with David Mercer, CEO of LMAX
http://www.lmax.com/pdf/full-eforex-lmax-interview.pdf (http://www.lmax.com/pdf/full-eforex-lmax-interview.pdf)

In short...

LMAX CEO: Hey guys! We're an Exchange! However, you're not supposed to exchange anything during news time! :P

Cheers

--
In the FX market there are certain styles of trading that don’t benefit the marketplace and don’t serve any commercial value to us, as a venue. News traders for example, who only trade on news and probably trade quite rarely. I don’t think there is much value from people who only trade in that style though it must be said that we tend to do the most volume around news events, US non-farm payroll for example. I think that most venues should discourage news traders.

Likewise, there has been an evolution in the marketplace of people who look for arbitrage– technology arbitrage between different platforms. There is not much point in hitting banks on this venue or that venue because you have a minor technology advantage. We discourage that and we feel that there is an obligation in all venues to discourage that.

It’s about KYC. We know our clients and we speak to them. We ask them to fill out a simple questionnaire. And 99.95% of our clients are open and get on and trade. Every once in a while someone comes along and says “this is the way we trade,” and we say “well, this is probably not the best place for you.
Title: LMAX
Post by: oci on April 30, 2014, 11:14:02 PM

In short...

LMAX CEO: Hey guys! We're an Exchange! However, you're not supposed to exchange anything during news time! :P

Cheers


great summary.. maybe they are not really an exchange, even those marketmaker brokers do not talk like this..

btw' lmax also freeze the feeds around news times, just a few seconds before data.. both webtrader and mt4. very strange that sometimes armada has ticks while lmax doesn't have..

the thing is; while he says "technology advantage", there is almost no advantage at news times, just decent fills with big slippage. many good mt4 brokers give almost the same fills..

the other paradox is, armada directly promotes news trading, they even share nfp videos etc. i mean all of the brokers tied to the same 15 banks. people buy and sell whenever if they want to, if you want to change something in this market, you are the manipulator..

if there is a toxic thing, it's expecting people to go blind with economic data while fed, ecb, boj are watching them :) every single fomc report is completely about unemployment, inflation, interest rates etc. these central banks change the interest rates and money supply to control the value of the currency and some brokers find it toxic to watch :):) this is really really really toxic :)
Title: Re: LMAX
Post by: adewes on April 30, 2014, 11:40:46 PM
If I'm not wrong Armada has added more liquidity providers, so during news times they don't depend only on Lmax. This is what I think at least.

Enviado de meu XT1058 usando Tapatalk

Title: Re: LMAX
Post by: Purri on May 01, 2014, 12:52:07 AM
I never noticed any quote freezing, and i stare at their quotes pretty much all day.

WRT the news trading: i suppose they value their relationship with their banks/LPs more than the relationsip with the news traders. I have read the interviews with the CEO too - they dont tolerate arbitrage or excessive news trading. Personally i can live with it.

By the way, there are no such rules on lmax institutional. But consequently LPs quote wider spreads there.
Title: Re: LMAX
Post by: Fraois on May 01, 2014, 06:34:39 PM
What LMAX do is damaging their integrity- that is to stay neutral.

LMAX should act like a clearing service and technology provider. If LPs feel uncomfortable during a news release, they are free to widen the spreads. If the don't want to get hit, they're free to widen spreads any time they want no matter it's news time or non-news time. Also there's no restrictions on minimum quote life with LMAX. That means LPs can withdraw their liquidity as fast as they want. LPs should only provide liquidity they feel comfortable with.

Unless they made a secret deal with LMAX to keep their "average" spread artificially low.
That's probably why LMAX as an exchange ask clients to leave.
Title: Re: LMAX
Post by: TradeNow on May 01, 2014, 06:55:09 PM
and its always the same story.....brokers or lps didnt want to loose money.
Only a bit to keep the pack online  ;)

best regards
Mark
Title: Re: LMAX
Post by: Purri on May 01, 2014, 07:29:57 PM
It was probably a concession to LPs to stream prices to lmax at all. Fastmatch tried also to setup a no-last-look pool - but failed because LPs didnt like it and refused to stream prices. You know, starting a new exchange isnt easy. Lmax was able to do it because they dont charge LPs commission at all, and promised to get rid of toxic flow. So if you are doing latency arbitrage or API-news trading, its not the right place. But for me it works perfectly.
Title: Re: LMAX
Post by: iwillsurvive on May 02, 2014, 11:56:34 AM
Abundance Trading Group is pleased to be working with LMAX.
Title: LMAX
Post by: oci on May 09, 2014, 02:11:53 PM
they started to reject the orders at news times..

interesting; you may want to exit a technical trade, or you might have an autotrading system with oco orders set in your algo etc. this can be killing for any kind of trader..

in short; lmax is manipulating and can be defined as a scam rather than a trustable exchange anymore..

if this is a policy, this can effect armada clients soon..
Title: Re: LMAX
Post by: Dr ea on May 09, 2014, 02:28:30 PM
they started to reject the orders at news times..

interesting; you may want to exit a technical trade, or you might have an autotrading system with oco orders set in your algo etc. this can be killing for any kind of trader..

in short; lmax is manipulating and can be defined as a scam rather than a trustable exchange anymore..

if this is a policy, this can effect armada clients soon..

That is a bad a news if is true.
Title: Re: LMAX
Post by: user456 on May 09, 2014, 02:35:46 PM
That is a bad a news if is true.

indeed ... anyone got an official statement from LMAX?
Title: Re: LMAX
Post by: adewes on May 09, 2014, 02:40:31 PM
It is true. Please read a few pages back, I pasted en email I received from their representative asking me to stop news trading.
Title: Re: LMAX
Post by: Dr ea on May 09, 2014, 02:45:04 PM
Does doing news trading is absolute toxic order?

Then what is the exact definition of toxic orders to lp and banks?
Title: Re: LMAX
Post by: Purri on May 09, 2014, 02:46:40 PM
What do you mean by rejected? Did the trading platform refuse to execute a stop or market order? Or did they send you an email telling you to stop news trading?
Title: Re: LMAX
Post by: Dr ea on May 09, 2014, 03:01:54 PM
Arb trading definitely would not be allowed.

News trading i dun see it as toxic as long the trade hold more than a few seconds.
Title: LMAX
Post by: oci on May 09, 2014, 03:20:38 PM
What do you mean by rejected? Did the trading platform refuse to execute a stop or market order? Or did they send you an email telling you to stop news trading?

i didn't get any warning email etc. i just couldn't enter the market by clicking a few times. i didn't write it here on my first experience on nfp. now today at cad news, it's third time i experienced this.

until the last month, i was seeing grayed feed, but it was accepting the orders even if the feed was grayed out. now they simply don't accept the orders around ten seconds or smt like that, they accept after prices arrive at the moon :)

i think i'll close my account next week, this is unacceptable for me. i cannot also trade technical with that kind of killing/manipulating approach..
Title: Re: LMAX
Post by: Dr ea on May 09, 2014, 03:24:43 PM
What do you mean by rejected? Did the trading platform refuse to execute a stop or market order? Or did they send you an email telling you to stop news trading?

i didn't get any warning email etc. i just couldn't enter the market by clicking a few times. i didn't write it here on my first experience on nfp. now today at cad news, it's third time i experienced this.

until the last month, i was seeing grayed feed, but it was accepting the orders even if the feed was grayed out. now they simply don't accept the orders around ten seconds or smt like that, they accept after prices arrive at the moon :)


i think i'll close my account next week, this is unacceptable for me. i cannot also trade technical with that kind of killing/manipulating approach..

which broker are u going to use? armada?
Title: LMAX
Post by: oci on May 09, 2014, 03:31:02 PM
Arb trading definitely would not be allowed.

News trading i dun see it as toxic as long the trade hold more than a few seconds.

seeing a trading style as "toxic" is the absolute toxic approach. if you have any idea about economy, you know that economic data is the thing that defines prices. if you say toxic, you see all of the central banks and governments as toxic, because they watch the employment and cpi to decide where the worth of the currency should be..

if you are trying to prevent people to buy or sell, this is exactly "manipulation", toxic looks as an ultra innocent word near it.. today somebody stole my 50 pips. 170 pips in total this month. think about it again..
Title: Re: LMAX
Post by: Purri on May 09, 2014, 03:52:13 PM
oci: are you using the lmax web platform? If so, look in the notification window and activity log. There should be a relevant entry there.

I have never seen a greyed out quote, but i will look next week at news releases.
Title: Re: LMAX
Post by: expertrader on May 09, 2014, 04:01:13 PM
LMAX is asking people to stop news trading?? Then LMAX isn't an exchanger  ::)
Title: Re: LMAX
Post by: Shortos on May 09, 2014, 07:16:06 PM
Does doing news trading is absolute toxic order?

Then what is the exact definition of toxic orders to lp and banks?

Toxic order flow is jargon in the Forex industry for order flow that brokerage or a bank doesn’t want and there are couple of ways that Toxic order flow affects them. More often than odd its just the bottom line they are not making any money or they are losing money because of a specific traders behavior or trading actions so they try and kill it. If you want to sell expert advisors and if you want to develop some sort of relationship with the brokerage the first question out of VP’s mouth is what kind of workflow is it or just directly is it toxic and toxic order flow usually comes from a handful of Expert Advisor types. Most of them are scalpers that enter and exit the market quickly.

There are couple of reasons why quick trading affects everybody but it’s really down to the broker or the person that the broker is working with can't make money. I am referring to the banks and the banks are they pretty much control Forex there is only 10 or 15 that really matter and if you are going to open brokerage you have to have a relationship with at least with one of them if not all of them. When most brokerages either try and make their own market or they pass the order flow through now if they are making their own market scalpers are irritating because they can’t control their anatic exposure.

If you are a small brokerage maybe you want something like 10million Euros long on the Euro US dollar and if you are trying to maintain that and somebody keeps entering and exiting the market with two standard lots every 5minutes you are watching your positioning size fluctuate up and down in a way that you don’t want to and it’s because of one specific person. If you have a group of scalpers and they are all placing the same trade with the same EA its expediential more irritating because instead of fluctuating by two standard lots may be its fluctuating by 5 or 10 million and that really catches their attention because they are no longer maintaing close control over their risk now. If they are passing the order flow off to a bank it’s a different problem. The bank has the same idea where they want to maintain a certain amount of exposure on the Euro dollar and all those different currencies and if a certain brokerage is catering to scalpers and those scalpers are entering and exiting the market as a group it affects the bank.

Now you probably wondering what the Forex broker actually care about the bank and the reason is because his business depends entirely on it the bank is sort of supplier of the product and the broker is just the middleman. So if the supplier is upset and decides to cut off the business relationship entirely it means the brokerage is either out of business or has to go desperately begging for another vendor.

 That’s very hard because in Forex there is only 10 or 15 banks as a matter and it’s a little incestuous community where if you tick off one you tick off all of them because word gets around so the brokerages will do everything in their power to maintain a solid strong working relationship with the bank and if that means irritating some of their customer so be it, now the most famous example with toxic order flow is FAP turbo FAP Turbo was a scalper but it had the more irritating problem of focusing on low liquidity markets currencies like Euro Pound or the Euro Swiss. Whenever the price would spike which usually indicates low liquidity anyway the EA would attempt to enter and then it would try and exit 3 pips later. So you have this heard of several thousand traders trying to play straights all in the same direction and when that market is couple million Euros deep and then you have 30 to 40 million Euros worth of orders all in a split second it just causes chaos.

The brokers can’t fill the order the counter party to that order doesn’t actually want it the serves gets crash because you have too many orders coming in at the same time. Customers are upset because only 5% or 10% of them getting filled basically nobody is a winner in that situation and that’s why it’s called toxic its poisonous to the business nobody is making money.

If you want to read more article about what is toxic order flow and measuring toxic flow for trading & risk management:

http://jonathankinlay.com/index.php/2011/09/measuring-toxic-flow-for-trading-risk-management/ (http://jonathankinlay.com/index.php/2011/09/measuring-toxic-flow-for-trading-risk-management/)


.
Title: Re: LMAX
Post by: Fraois on May 10, 2014, 06:13:03 PM
Is this news ban going to apply to stop loss orders as well?

I personally use a news filter to avoid news because I don't have the guts to do news trading. However, I can't always clean up my positions every time when there is a news. By just imagining all my stop losses are temporarily disabled during all news time, this will really make me jizz in my pants

Anyone knows if "stop loss orders" are affected?
Please share. Please
Title: LMAX
Post by: oci on May 12, 2014, 10:07:44 PM
oci: are you using the lmax web platform? If so, look in the notification window and activity log. There should be a relevant entry there.

I have never seen a greyed out quote, but i will look next week at news releases.

sorry i missed this message..

yes i'm using web platform for news times. as i said in one of my previous messages the feed almost always grays out for a few seconds during news times, sometimes starts even 30-40 seconds ago, grays and come back a few times etc. but it wasn't effecting the orders until the end of april (i also asked and they confirmed that it's normal but doesn't effect orders. you could click and your orders were getting filled. now the buttons are clickable but nothing happens, you even see the button clicking but no fill. i'm not sure how many seconds they reject orders but it happened three times and i tried a few clicks in all. in activity log, actually i only saw my old trades. no message for the unaccepted clicks..
Title: Re: LMAX
Post by: Purri on May 14, 2014, 01:49:32 PM
yes i'm using web platform for news times. as i said in one of my previous messages the feed almost always grays out for a few seconds during news times, sometimes starts even 30-40 seconds ago, grays and come back a few times etc. but it wasn't effecting the orders until the end of april (i also asked and they confirmed that it's normal but doesn't effect orders. you could click and your orders were getting filled. now the buttons are clickable but nothing happens, you even see the button clicking but no fill. i'm not sure how many seconds they reject orders but it happened three times and i tried a few clicks in all. in activity log, actually i only saw my old trades. no message for the unaccepted clicks..


oci: just now at the core PPI release, there was nothing greyed out for me.

I suspect what you are seeing is what they call "untrusted markets" - you can read about it in the trading manual. It means, that when spreads become too wide, the market is considerd "untrusted" and no orders can be posted nor will they be executed. That would explain why it doesn't happen at every news release, just at those where the spreads widen beyond the untrusted market treshold.

I emailed them ages ago about that(even tho i never saw it live), and they said it is to protect clients against extremely unfavourable stop-loss fills, when spreads blow out during news.

I personally don't like it much. It may save some customer stops from being triggerd on wide spreads, but at the same time its equally possible that the stop would be filled at an even worse price when the market becomes trusted again.
Title: Re: LMAX
Post by: Fraois on May 14, 2014, 02:43:14 PM
They have "untrusted market" feature on the web platform. How about MT4? Has anyone experienced no incoming ticks and price "freeze" before and during the news?
Title: LMAX
Post by: oci on May 14, 2014, 04:26:28 PM
yes i'm using web platform for news times. as i said in one of my previous messages the feed almost always grays out for a few seconds during news times, sometimes starts even 30-40 seconds ago, grays and come back a few times etc. but it wasn't effecting the orders until the end of april (i also asked and they confirmed that it's normal but doesn't effect orders. you could click and your orders were getting filled. now the buttons are clickable but nothing happens, you even see the button clicking but no fill. i'm not sure how many seconds they reject orders but it happened three times and i tried a few clicks in all. in activity log, actually i only saw my old trades. no message for the unaccepted clicks..


oci: just now at the core PPI release, there was nothing greyed out for me.

I suspect what you are seeing is what they call "untrusted markets" - you can read about it in the trading manual. It means, that when spreads become too wide, the market is considerd "untrusted" and no orders can be posted nor will they be executed. That would explain why it doesn't happen at every news release, just at those where the spreads widen beyond the untrusted market treshold.

I emailed them ages ago about that(even tho i never saw it live), and they said it is to protect clients against extremely unfavourable stop-loss fills, when spreads blow out during news.

I personally don't like it much. It may save some customer stops from being triggerd on wide spreads, but at the same time its equally possible that the stop would be filled at an even worse price when the market becomes trusted again.

actually news traders don't care about ppi releases, so no broker does. that's why you don't see price freeze etc on a ppi release..

yesterday there was us retail sales, and no order was accepted again, fourth time!!

i traded interest rate releases, us nfp and huge employment change reports from gbp, nzd, au etc on lmax. and until these last four consecutive/successive times, my orders were never ever rejected on lmax, there isn't even one example. these last news releases are nothing near some of those news, i saw much bigger movements and traded them with no problems. i think that untrusted market is smt about the markets when there is no liquidity, a few seconds meaningless spikes etc everywhere you know like holidays christmas etc. rather than markets millions of lots trading freely, with real movements supported by fundamental realities..

as i said, price freezes were not an issue for orders until the end of this april. and price freeze is something that they confirm already. but if the prices are frozen, how will you know spreads are wide? :) and those price freezes are sometimes one-sided (i.e. ask price freezes only). how will you know ask-bid? :)

i know and i had known that lmax is owned by a sports betting, kind of gambling company that put some doubt for me but i didn't think they would start to manipulate like this. but we got used to it, companies now starts as a honest and helpful with great experience, until "the time they plan" comes.. now i can't say they are an exchange anymore, just a broker like hundreds of them which are tied to the same banks..

anyways i withdrew half of my money today, i think i'll close until friday going for a currenex account probably. it was nice, i'll miss the old lmax..
Title: Re: LMAX
Post by: Purri on May 14, 2014, 06:53:40 PM
oci: what did they confirm exactly? Did they say they would freeze price during news?

BTW: Betfair (the sportsbetting firm) is no longer involved since the management buy-out
Title: LMAX
Post by: oci on May 14, 2014, 08:28:35 PM
they confirmed exactly what i wrote, and i didn't write what you wrote :).. the feed on the webtrader grays out, flashes  price updates during volatile news events. but it was no problem for the orders as i said, they weren't rejecting orders. the feed freezes only effects pending orders or things like multicharts codes that are working only when a new tick comes. when there is no tick, your code is kicked out of the game, under huge risks if there is an open trade.

price freezes also occur on mt4 accounts. i have order modification in the ea i use and many times it cannot get tick and it cannot modify the orders on time. 5-8 seconds without any ticks is not uncommon for lmax during news times (intersting while armada has ticks). i've been using mt4ticker because of that..

afaik betfair still owns %33, which is big compared to a management "team" and additional "investors". maybe i missed if they bought the remaining shares, sorry if they bought the rest..
Title: Re: LMAX
Post by: Purri on May 14, 2014, 09:20:20 PM
I will watch tomorrows Core CPI and unemployment clains on web then.

I enter orders using the Multicharts DOM and never had any issues(also no freeezing). I am not a news trader tho, maybe thats why.

Not saying what you say isnt true, i am just a bit sceptical - since staring at lmax quotes is pretty much what i do all day.
Title: LMAX
Post by: oci on May 14, 2014, 10:41:02 PM
I will watch tomorrows Core CPI and unemployment clains on web then.

I enter orders using the Multicharts DOM and never had any issues(also no freeezing). I am not a news trader tho, maybe thats why.

Not saying what you say isnt true, i am just a bit sceptical - since staring at lmax quotes is pretty much what i do all day.

sure, if you're not trading news, and if you're out at news times, everything is perfect. also the thing i'm talking about is just a few seconds, 10 seconds at most. i could trade nfp after the spike, and i closed a position 30 seconds before the release..

btw you can't test what i'm saying since you won't trade at that dangerous time already.. freeze thing is not a complete platform freeze, you just don't get some of those ticks, for 5-8 seconds for example. you just see the same price and maybe bid price freeze but ask moves or vice versa. also it was not the problem for me. you don't need to watch webtrader to see it, just send a mail to support that you see some graying out freezes and flashes on webtrader price feed and they'll answer it for you saying volatility causes that..

so, no problem for you. just don't trust your stop orders at news times because there is no difference between a multicharts stop order and a manual click, both market orders and not native you know. i'm not sure about webtrader stops, maybe they execute them on those times i don't know, i was just manual trading on webtrader on only surprising releases without sl or tp..
Title: Re: LMAX
Post by: Purri on May 15, 2014, 12:45:59 AM
But i should be able to observe the greyed out quotes on the web platform, i suppose.

I'm not trying to be argumentative, i'm just interested in the facts. How often and for how long does it happen, etc. and does it have to do with wide spreads/untrusted markets - or is it in fact a deliberate arbitrary blocking of execution at some select news releases, as you say (platform-wide or only specific accounts?).

Title: Re: LMAX
Post by: Fraois on May 15, 2014, 09:24:13 AM

so, no problem for you. just don't trust your stop orders at news times because there is no difference between a multicharts stop order and a manual click, both market orders and not native you know. i'm not sure about webtrader stops, maybe they execute them on those times i don't know, i was just manual trading on webtrader on only surprising releases without sl or tp..

Thanks for this important information!
Title: Re: LMAX
Post by: Purri on May 15, 2014, 02:09:54 PM
No freeze/greyed out quotes for core CPI and unemployment clains. Guess i have to wait for FOMC or NFP then..
Title: LMAX
Post by: oci on May 15, 2014, 02:43:00 PM
No freeze/greyed out quotes for core CPI and unemployment clains. Guess i have to wait for FOMC or NFP then..

there was some in gold only and it was just a few seconds before the release. i didn't trade so i don't know about the execution this time..

no doubt on nfp, price freezes and flashings occurs %80 percent of the time. you can also look at during interest rate decisions, or some other countries' important news.. next thursday for example, on gdp&retailsales gbpusd can get crazy..

btw about your previous message; those grayed out buttons and flashing price updates has nothing to do with orders. also according to their answer, this is normal but doesn't effect the orders (it only effects ticksensitive pending orders). until last month :) i mean my complain has nothing to do with ticks, i traded lots of times during those flashes. order rejections are new, started this month..
Title: Re: LMAX
Post by: gavind on May 17, 2014, 02:20:02 PM
Hi. For news about interest rate decisions, is there a way for me to get update here? (https://imagicon.info/cat/10-3/1.gif)
Title: Re: LMAX
Post by: Purri on May 21, 2014, 07:06:21 PM
No greyed out quotes or lag during FOMC on Gui or Api. Maybe i have a VIP account.
Title: Re: LMAX
Post by: geektrader on May 22, 2014, 06:35:42 AM
Unbelievable that a NEUTRAL EXCHANGE as they promote themselves for just matching orders between clients with no last look etc is public admitting that they don´t allow news trading. I mean what´s this exchange for then? You can just use any broker then, no need for LMAX! This kills the whole idea of LMAX in my view for promoting to be a new approach to Forex trading by just matching client orders without any restrictions and then when you do it they put restrictions on you. Also news are actually the only real events that drive the Forex market fundamentally, the rest is actually speculation and a few companies hedging themselves for currency exposure. How can LMAX say that news traders are not important for the market and have no value for the market while they actually are the only traders that trade what really makes the exchange rates. That is absolutely stupid and the LMAX idea is officially dead for me from that day after having read that. I hope people spread the word about this.
Title: Re: LMAX
Post by: cyberryder on May 22, 2014, 08:30:59 AM
I can't agree more. If you want to point LMAX to this thread and to make them think, just let them save money by doing so. All you have to do is to give yourself some ugly name the one day, another name the next day and chase them in the live chat by asking questions on news trading and that you've read something different here....
Title: Re: LMAX
Post by: dns_di on May 22, 2014, 10:29:24 AM
Unbelievable that a NEUTRAL EXCHANGE as they promote themselves for just matching orders between clients with no last look

It just downed to me, that LMAX in essence like any other retail forex broker out there :), just different packaging, inside everthing is the same. In essence, canceling news trading is the same as being last look! Because last look option is vital on a fast market. Congrats to LMAX's LPs, they just found a way around it :), at least for now, well for ever, they are not in a business to lose money so it is hardly we ever see no last look broker out there for retail crowd.

Title: Re: LMAX
Post by: geektrader on May 24, 2014, 04:11:42 AM
Funnily though I know that many LPs, if they know that they are getting many news traders, DO like news trading. See for example Global Prime, we run a MAM there and I know from the liquidity manager that they talk to their LPs and tell them they get X % of their clients doing news trading. The LPs of them do not have a single problem with that as they know what they get and have been informed before-hand so that they know what will hit them. It´s all about the relationship a broker has with their LPs and telling the LPs what the brokers clients will do so they can adjust their feed for that. LMAX most likely does not seem to have great relations with their LPs, or, maybe even worse, are b-booking and hence don´t like news trading, that´s an option no one has thought about yet. Just saying....
Title: Re: LMAX
Post by: GoldenBoy on May 25, 2014, 04:40:39 AM
Funnily though I know that many LPs, if they know that they are getting many news traders, DO like news trading. See for example Global Prime, we run a MAM there and I know from the liquidity manager that they talk to their LPs and tell them they get X % of their clients doing news trading. The LPs of them do not have a single problem with that as they know what they get .................

Except that those liquidity providers and brokers who do like us doing news trading are those who have set their system up to give us a horrible fill. I have not traded with Global Prime but I read in their thread that the fills at news time are not good with maximum slippage. And as for LMAX they don't appear to be a true Exchange following what's been reported regarding them not liking news traders. I wonder how their regulator the FCA would look at them in respect of truth in advertising themselves as an Exchange.
Title: Re: LMAX
Post by: geektrader on May 25, 2014, 07:13:38 AM
Funnily though I know that many LPs, if they know that they are getting many news traders, DO like news trading. See for example Global Prime, we run a MAM there and I know from the liquidity manager that they talk to their LPs and tell them they get X % of their clients doing news trading. The LPs of them do not have a single problem with that as they know what they get .................

Except that those liquidity providers and brokers who do like us doing news trading are those who have set their system up to give us a horrible fill. I have not traded with Global Prime but I read in their thread that the fills at news time are not good with maximum slippage. And as for LMAX they don't appear to be a true Exchange following what's been reported regarding them not liking news traders. I wonder how their regulator the FCA would look at them in respect of truth in advertising themselves as an Exchange.

If they know your trading style and you´ve got a special feed setup based on these facts, then you´ll get great fills too even during news. It´s all about the LPs knowing what they get from you. Of course this only is possible with huger volume though.

Yes, someone should report LMAX for this, I get the serious feeling that they are b-booking and hence don´t like the news trading. I´ve never seen such a fishy statement about news trading as on their website, and that under the hood of a neutral exchange. This rather sounds like a typical market maker who doesn´t like to loose money by their clients doing news trading. It´s not even the majority of market makers nowadays that disallow news trading - many of them do allow it actually the last years - now a broker like LMAX that calls themselves an exchange that just matches orders comes around, claiming to have the newest and most neutral approach to Forex trading ever, yet they disallow news trading. They are acting like an oldschool market maker from 2010 instead of like a modern exchange (or even a modern market marker). This is as much of a joke as it can be and I bet they are b-booking instead of matching orders by showing this kind of behavior!
Title: Re: LMAX
Post by: Purri on May 26, 2014, 12:43:19 AM
So you are getting "a serious feeling they are b-booking" lol

Your feelings aside, do you really think they outright lie in their published rulebook, on the website and documentation, into the face of the FCA? Please, get real.

Title: Re: LMAX
Post by: oci on May 26, 2014, 01:45:36 AM
they are already lying into the face of the FCA, and millions of people by defining themselves as an exchange. an exchange is an exchange, which is supposed to fill your your market order immediately when you want. otherwise there is no difference between lmax and a scam marketmaker broker. have you ever heard of chicago merchandile exchange rejecting orders because they don't like your trading style? :) no, it's impossible, because cme is an exchange, lmax is lying on its brand/name already. somebody is selling, i'm buying, exchange isn't there to manipulate this, it's there to provide the platform between buyers and sellers..
Title: Re: LMAX
Post by: geektrader on May 26, 2014, 01:48:54 AM
So you are getting "a serious feeling they are b-booking" lol

Your feelings aside, do you really think they outright lie in their published rulebook, on the website and documentation, into the face of the FCA? Please, get real.

Many brokers, even FSA regulated ones, do exactly just that. Trade a while longer and you´ll see for yourself that this one of the most corrupt markets out there. I have filed 2 disputes about UK brokers reversing my (profitable) trades to the FSA (previously FCA) and none of them has lead to anything except to the recommendation that if I think the broker has done wrong I should hire a lawyer and go this way. The regulators give nothing about the small retail investor. CySec in Cyprus is even worse, it took 1 whole year until they even replied, of course just to say they can´t find anything wrong with the broker having reversed my trades - although that broker is a ECN broker without the ability to even do that (of course!). ASIC is not that much better, I´ve issued a warning to them that 4XP (see Forex Peace Army) is operating under a new scam company in Australia now, I am still waiting for a reply since 3 months on this one and the broker is still fully in business. I suggest that you get real my friend and make your own experiences in this market and I can almost guarantee you they will be unpleasant - not when you lose (the brokers and LPs just will love you and do everything so that you continue and you will be there most appreciated client!), but when you start to make some (serious) profits, the whole game will change....
Title: Re: LMAX
Post by: GoldenBoy on May 26, 2014, 06:54:00 AM
Geektrader, I completely agree with your post above. Unfortunately, people have to learn all this by experience and believe me I have been in this game long enough to have seen it all for myself. I have also had problems with a UK broker reversing my profitable trades. The right place to complain is the FOS (Financial Ombudsman Service) in the UK. It took one and a half years to resolve with the FOS but I got all my profits back from that particular broker.
Title: Re: LMAX
Post by: semaj on May 26, 2014, 08:58:05 AM
Geektrader, I completely agree with your post above. Unfortunately, people have to learn all this by experience and believe me I have been in this game long enough to have seen it all for myself. I have also had problems with a UK broker reversing my profitable trades. The right place to complain is the FOS (Financial Ombudsman Service) in the UK. It took one and a half years to resolve with the FOS but I got all my profits back from that particular broker.

I had a same problem with an Australian broker about a year ago, and Ombudsman help me to sort out the issue in couple of weeks time. And their link is as follows:

http://www.fos.org.au/centric/home_page/resolving_disputes/how_to_lodge_a_dispute.jsp (http://www.fos.org.au/centric/home_page/resolving_disputes/how_to_lodge_a_dispute.jsp) (Ombudsman, Australia)
Title: Re: LMAX
Post by: Purri on May 26, 2014, 01:15:46 PM
Fine. So to sum it up, so far we have established in this thread that:

* lmax is, in fact, not an exchange
* lmax is b-booking, because feeling
* lmax is owned by betfair
* lmax freezes quotes
* lmax would sometimes block the webplatform/grey out quotes
* "canceling news trading is the same as being last look"
* lmax is a scam
* when you make profits, they will "play games"

Did i forget anything?
Title: Re: LMAX
Post by: oci on May 26, 2014, 02:32:13 PM
yes. they have some defenders that checks the real experiments that tries to confirm on the news that no news trader cares :) even on the things that company confirms themselves :)

lmax is for sure not an exchange, there is no brain in the world that can claim this; "an exchange is a company that is trying to decide about the time for people to buy or sell..".. there are dictionaries in all over the internet that you can learn what a word means..

it's not uncommon to think about a broker's possibility of b-booking when they try to reject winners. even if you trade news, you have no problem if you're losing.. it just can be a possible thought with a big possibility for a company that goldman kicked and betfair sold a serious percentage for a small money because of huge losses, which tries to prevent some trading styles.

lmax is a betfair creation, and betfair still has 1/3 shares. they sold 2/3 to the management team and some additional investors for just £2.4m after huge losses..

lmax freezes/greys out quotes around news times, there is no doubt on that. not even sometimes, "almost" always for tradable data..

nobody in the world can cancel news trading. they can just kick off winning news traders, but they will trade on another broker, through the same banks (with brokers that don't market themselves as an exchange" or through futures market with real exchanges that has serious regulation. a company that was bought for just £2.4m cannot change this market reality.

sending an email to a client saying "you cannot trade like this, we don't want people to care about the fundamental realities that central banks and governments completely base their decisions on. we like other trading styles like looking at technical analysis that we did not even care about while developing our revolutionary platform. we will reject the orders and let you trade maybe after a 200pips movement"  is a complete scam attitude..

i've been trading news for long time and i know all kind of styles for news trading and maybe read everything written about that including all forums and trading rooms. and i have never ever seen a single losing person that got a mail like this from a broker..
Title: Re: LMAX
Post by: dns_di on May 26, 2014, 03:50:37 PM

nobody in the world can cancel news trading. they can just kick off winning news traders

oci how much money did they allow you to make (percentage from initial account size) before proposing you to go do business elsewhere?
Title: Re: LMAX
Post by: Fraois on May 28, 2014, 09:55:16 AM
Despite LMAX has some issues during news, I found they have the most tick counts among others. It means more entries and opportunities for scalpers.
Title: Re: LMAX
Post by: dns_di on May 28, 2014, 10:38:58 AM
Despite LMAX has some issues during news, I found they have the most tick counts among others. It means more entries and opportunities for scalpers.

Whom did you compare them to? I would not compare them to mt4 brokers. Can you send me some tick data to examine?
Title: Re: LMAX
Post by: oci on May 28, 2014, 12:33:44 PM


nobody in the world can cancel news trading. they can just kick off winning news traders

oci how much money did they allow you to make (percentage from initial account size) before proposing you to go do business elsewhere?

it wasn't me that got a warning mail. someone else pasted the mail he got, just 2-3 pages ago. i didn't get any mail, i just can't enter a market during the seconds the news are released..

i mean they found the way to kick by just rejecting orders :) which is also a way that can kill fully technical traders since stoploss is just an opposite order :)
Title: Re: LMAX
Post by: oci on May 28, 2014, 12:43:08 PM

Despite LMAX has some issues during news, I found they have the most tick counts among others. It means more entries and opportunities for scalpers.

yes, great opportunities with rejected orders. you can just watch the opportunities :) or you can be killed with a rejected exit order..

btw, i don't know which broker you compared it to, but i don't even need to know. because i know that even armada has more ticks than lmax during news. i saw up to 8 seconds without any single tick before the spike on lmax. it is more obvious if you use modifying orders in your ea.
Title: Re: LMAX
Post by: Fraois on May 28, 2014, 04:04:05 PM

Despite LMAX has some issues during news, I found they have the most tick counts among others. It means more entries and opportunities for scalpers.

yes, great opportunities with rejected orders. you can just watch the opportunities :) or you can be killed with a rejected exit order..

btw, i don't know which broker you compared it to, but i don't even need to know. because i know that even armada has more ticks than lmax during news. i saw up to 8 seconds without any single tick before the spike on lmax. it is more obvious if you use modifying orders in your ea.

Hey oci,

I compared it with Advanced Markets (pure bank feed) and it was not during any news. I didn't record the tick history through tick story or something like that. It was just a visual observation. I know LMAX manipulate the feed and execution during news not limited to web platforms. http://www.donnaforex.com/forum/index.php?topic=5892.msg296377#msg296377 (http://www.donnaforex.com/forum/index.php?topic=5892.msg296377#msg296377) What's your experience during non-news times using their web platform? Is the slippage rate high and how much? How's their fill quality during non news? Any recommendation on the maximum order size? (They don't have a deep market depth on the top of the book and over 40+ brokers are sharing their liquidity)
Title: Re: LMAX
Post by: gavind on May 30, 2014, 07:24:55 PM
Scalpers definitely have some huge advantage here. Just my opinion though. (https://imagicon.info/cat/10-3/1.gif)
Title: Re: LMAX
Post by: iwillsurvive on June 08, 2014, 07:55:24 AM
One of LMAX's representatives and shareholders just came to Singapore, and I met up with him - Andreas Wigstrom

I mentioned to him about the 'news trading' issues that have faced some donnaforex members here. He mentioned that LMAX prefers not to have news traders primarily because their LPs do not like news traders. During the news, because there is no last look, spreads will widen significantly for 30 seconds to 1 minute as LPs don't want to get hit. It is also during this time that the execution box is temporarily greyed out.

I then mentioned to him about what geektrader said, that in order for LMAX to be a true exchange, they have to be indifferent to what kind of styles are traded, just like CBOT, or CME. His response was, yes that is absolutely true. LMAX sees itself as a matching engine (exchange), rather than a broker. However, currently client to client matched orders constitute about 30% of total orders matched compared to client to LP matched orders (which is the other 70%). This is different from CBOT, or the CME where there are less designated LPs to provide liquidity, and so there is less 'relationships' to maintain. In LMAX, and in spot FX in general they have to maintain the relationship between LPs, because the balance of power is in their favour (because they fill most of the orders). At this point in time, LMAX is rapidly expanding into Asia, and have registered themselves in Singapore, Hong Kong and Japan, (which explains why they now accept SGD, HKD JPY denominated accounts). I think this expansion into Asia will surely help shift the balance of power away from the LPs, and increase the number of client to client matched orders, thereby hopefully making news trading more tolerable.
Title: Re: LMAX
Post by: Larko62 on June 08, 2014, 08:13:45 AM
One of LMAX's representatives and shareholders just came to Singapore, and I met up with him - Andreas Wigstrom

I mentioned to him about the 'news trading' issues that have faced some donnaforex members here. He mentioned that LMAX prefers not to have news traders primarily because their LPs do not like news traders. During the news, because there is no last look, spreads will widen significantly for 30 seconds to 1 minute as LPs don't want to get hit. It is also during this time that the execution box is temporarily greyed out.

I then mentioned to him about what geektrader said, that in order for LMAX to be a true exchange, they have to be indifferent to what kind of styles are traded, just like CBOT, or CME. His response was, yes that is absolutely true. LMAX sees itself as a matching engine (exchange), rather than a broker. However, currently client to client matched orders constitute about 30% of total orders matched compared to client to LP matched orders (which is the other 70%). This is different from CBOT, or the CME where there are less designated LPs to provide liquidity, and so there is less 'relationships' to maintain. In LMAX, and in spot FX in general they have to maintain the relationship between LPs, because the balance of power is in their favour (because they fill most of the orders). At this point in time, LMAX is rapidly expanding into Asia, and have registered themselves in Singapore, Hong Kong and Japan, (which explains why they now accept SGD, HKD JPY denominated accounts). I think this expansion into Asia will surely help shift the balance of power away from the LPs, and increase the number of client to client matched orders, thereby hopefully making news trading more tolerable.

Makes sense that if they set the rules/the rule book to have no last look i.e. no rejections as I understand it?? (correct me if wrong) then the LP's obviously spoke to LMAX to say either we stop getting F*** on the news or we pull out. So LMAX is protecting them to try offer the rest of their clients the idea of the exchange.

I've tried news trading before but gave up, sounds like people found a loophole with LMAX and they've closed the loop now. Case closed?

The fact they openly discussed it with you Iwillsurvive is a good sign of transparency and the kind of thing the rest of these brokers could do with! Kudos.
Title: Re: LMAX
Post by: jeuro on June 08, 2014, 09:48:34 AM
.
What gets me, is the fact that so many retail traders do not understand or are clueless that whole forex market is an
"exchange"  ..

That is why is called "Foreign Exchange". 

If during the news, no one in the world wants to "exchange" with you, the volume and at the price you want, is not a Brokers issue.

Why would I sell you my currency at at under-price when I know the demand is so huge that I can sell it a few second later at a better price?

In the other hand,  No Broker  or LP can "fabricate" units of currency at a certain price. I mean they can take your order assuming they would be able to place it somewhere  (is what Market  makers do. including Most LPs) but involve a risk for them... and for an average of $5-6  in comm per lot, it makes no sense for anyone to take that risk.. figure, if they can not hedge themselves for some 10 pips , 1 lot would cost them $100 ... would you risk a likely  $100 just for the sake of earn $6?


J.
Title: Re: LMAX
Post by: GoldenBoy on June 08, 2014, 02:10:24 PM
If during the news, no one in the world wants to "exchange" with you, the volume and at the price you want..................

No one disagrees with you on this. The point though is that LMAX advertises itself as an "Exchange" when it looks like in reality they appear to be part "Exchange" and part STP to their liquidity provider. For transparency, they should say so in their terms and conditions and may be not call themselves an "Exchange" as it is misleading.
Title: Re: LMAX
Post by: supertrader9 on June 08, 2014, 03:12:03 PM
So you want the LPs to get out right? If  LPs get out then LMAX would truly be an exchange but then does anyone want to exchange with you during the news? LMAX have a need for the liquidity providers to provide some liqudity to improve trading conditions. Know that liquidity providers have the right of not to stream prices in extreme volatility. So stop trading the news or trade the news at a market maker broker but remember to only make a few bucks because if you make too much they will kick you out.
Title: Re: LMAX
Post by: oci on June 08, 2014, 03:59:41 PM
.
What gets me, is the fact that so many retail traders do not understand or are clueless that whole forex market is an
"exchange"  ..

That is why is called "Foreign Exchange". 

If during the news, no one in the world wants to "exchange" with you, the volume and at the price you want, is not a Brokers issue.

Why would I sell you my currency at at under-price when I know the demand is so huge that I can sell it a few second later at a better price?

J.

there is no "price you want" with market orders, i want it in any price. if i want to give a price, i would use limit orders and i wouldn't complain if it doesn't get filled.. do you really think that every single person can be at the same side during a news release? even if that's possible, do you think there might be "0" pending limit or stop orders in the world? even the curreny futures don't go to zero. if a broker does not fill your market order while dozens of brokers fill, this is a broker issue.. these are probably same liquidity providers, we know all of their names..

it is better not to try to teach trading here, if any trader wants to learn how to trade, or why to trade, i'm sure there are topics about that in this forum..

it's COMPLETELY a broker issue if your market order is not filled when you want. we all know what a market order is, right? if you want to sell 10 pips higher, or 30pips higher, or 300pips higher, put your sell limit order, and if there is noone else, i'm buying it at that price. this is my risk, my money, my strategy, my style, and i don't ask broker's idea about how i trade. their job is to match my orders..

"protecting the customers" is a complete lie, we have limit orders if we want that kind of protection. unfilled market orders can only be for "killing" the customers not protecting.. do they think the clients do not have brain to know what a market or the slippage is?

again; if a broker does not fill your market order while dozens of brokers fill, this is a broker issue..
Title: Re: LMAX
Post by: GoldenBoy on June 09, 2014, 04:26:41 AM
there is no "price you want" with market orders, i want it in any price. if i want to give a price, i would use limit orders and i wouldn't complain if it doesn't get filled.. do you really think that every single person can be at the same side during a news release? even if that's possible, do you think there might be "0" pending limit or stop orders in the world? even the curreny futures don't go to zero. if a broker does not fill your market order while dozens of brokers fill, this is a broker issue.. these are probably same liquidity providers, we know all of their names..

it is better not to try to teach trading here, if any trader wants to learn how to trade, or why to trade, i'm sure there are topics about that in this forum..

it's COMPLETELY a broker issue if your market order is not filled when you want. we all know what a market order is, right? if you want to sell 10 pips higher, or 30pips higher, or 300pips higher, put your sell limit order, and if there is noone else, i'm buying it at that price. this is my risk, my money, my strategy, my style, and i don't ask broker's idea about how i trade. their job is to match my orders..

"protecting the customers" is a complete lie, we have limit orders if we want that kind of protection. unfilled market orders can only be for "killing" the customers not protecting.. do they think the clients do not have brain to know what a market or the slippage is?

again; if a broker does not fill your market order while dozens of brokers fill, this is a broker issue..

+ 1

I could not have put it any better myself and I have highlighted some important points in the above quote.
Title: Re: LMAX
Post by: rockit on June 09, 2014, 11:48:47 AM
However, currently client to client matched orders constitute about 30% of total orders matched compared to client to LP matched orders (which is the other 70%).
Now, if they would lower the entry hurdles (i.e. initial deposit to 100 ccy), I'm sure they had a lot more clientele..

Title: Re: LMAX
Post by: Purri on June 10, 2014, 10:16:51 AM
I have yet to see the greyed out quotes and the "not ticks during news". Didnt see it thorugh the ECB announcement last week, nor NFP. At this point, im not convinced it even exists.
Title: Re: LMAX
Post by: GoldenBoy on June 10, 2014, 10:57:17 AM
I have yet to see the greyed out quotes and the "not ticks during news". Didnt see it thorugh the ECB announcement last week, nor NFP. At this point, im not convinced it even exists.

If you don't trade during the news you may never see it because they have not flagged your account for special treatment during news time. In other words, they can disable those who as per their past records are likely to hit them at this particular time.
Title: Re: LMAX
Post by: Purri on June 12, 2014, 02:43:53 AM
I actually saw the greyed out quotes just for the first time in aud/usd for the employment numbers. IMO its what they call "untrusted market" in the trading manual - when the spread blows out. It was >20 pips for a split second, and during this time the order window went grey (like a closed market in indices).

They say its to protect clients from fills on extremely wide spreads during news. But who says the price is going to be better when the spread becomes tighter again. So they probably shouldn't do it and let clients deal with this risk.

Also i doubt this is to prevent news trading - a news trader shouldnt click on a 30 pip wide quote anyways, and i saw plenty of news releases without grey quote windows. If they think you are 'toxic', they will ask you to leave manually. They will tell you as much if you ask support. As for "no ticks" i can only assume its on MT4 or a client side problem since i never had that on web nor api.
Title: Re: LMAX
Post by: peleus on June 21, 2014, 02:47:17 PM
Quote
IMO its what they call "untrusted market" in the trading manual - when the spread blows out. It was >20 pips for a split second, and during this time the order window went grey (like a closed market in indices).

Two thumbs up to that! :) (https://imagicon.info/cat/10-3/1.gif)
Title: Re: LMAX
Post by: iwillsurvive on July 03, 2014, 07:25:54 AM
However, currently client to client matched orders constitute about 30% of total orders matched compared to client to LP matched orders (which is the other 70%).
Now, if they would lower the entry hurdles (i.e. initial deposit to 100 ccy), I'm sure they had a lot more clientele..

Currently through an IB, you can get a minimum of $1,000 deposit for LMAX. However, I speculate that LMAX prefers not to have their min deposit lowered any further because they'd like to attract more profitable clients. I once spoke to the CEO of REXFO Jonas Nielsen (white label of CFH markets) and he mentioned statistically, account balances with $10,000 or above are more likely to be profitable traders, and not blow their accounts within the first 6 months of trading. Given that LMAX is a pure a-book broker / exchange (trying to get there), they would prefer to see more profitable clients who drive large volumes, (just like global prime who is also pure A book). Hence LMAX doesn't have such a low min deposit as IC markets, Axi, etc. (no offence to Axi, or IC. They are great brokers in their own right and just have different business strategies)

Quote
IMO its what they call "untrusted market" in the trading manual - when the spread blows out. It was >20 pips for a split second, and during this time the order window went grey (like a closed market in indices).

Two thumbs up to that! :) (https://imagicon.info/cat/10-3/1.gif)

Yes, this is what would be called an untrusted market, where the spreads become very high for a few seconds. The reason for this, as explained to me by Andreas Wigstrom from LMAX during our singapore meeting, is that since it is a no last look feed, and they cannot reject trades, the LPs are afraid to get hit during the first few seconds of news releases where volatility is the highest. So what the LPs do to protect themselves is that they widen the spread in order not to get hit, or discourage you from hitting a shitty price (20 pip spread). Since the spread is extremely high for this few seconds, the order window goes grey and it is called an untrusted market.

Some may argue that other brokers do not have super high spreads during news releases, which is true, but their LPs have last look and are able to reject your trades, meaning that you may not be filled at the price you clicked on, but at a worse price.

How does this work on the futures markets?(since there is no last look) Do you get poor fills and high spreads during news? Maybe someone who has futures trading experience can shed some light on this.
Title: Re: LMAX
Post by: cyberryder on July 03, 2014, 05:03:02 PM
...means that the highly advertized "no last look" is useless when you need it most - during news...
Title: Re: LMAX
Post by: geektrader on July 03, 2014, 06:51:11 PM
This explanation from LMAX is bullocks to me, I am educated enough to trade when I think I have to trade! I don´t need such a kind of "noob protection" because if I think the market will raise 100 pips, I might even accept a 20 pips spread and still make profit. This is crap that LMAX is doing there, honestly. The trader should be free to trade whenever he / she wants, and luckily there are more than enough brokers which permit this. No need for LMAX!
Title: LMAX
Post by: oci on July 03, 2014, 07:20:04 PM
I see too many people in this topic that are trying to make themselves comfortable..

guys wake up, the LP's are the same, there is around 15 of them, and what they do is not only for lmax, that's for all brokers..

danger of 30pip spread is none of their business, how long have you been thinking that your broker is thinking for your safety? :) rejecting orders can be also for exiting the trade, they reject the market orders at all? that means they can blow your account completely by rejecting your exit order..

they are again lying like their "exchange" lie by explaining the things that everyone knows about the lp's that every broker uses. do they think their clients do not have brain to think? that's worse :)

edit; i like 30pip spread and i don't care what you or anyone else thinks :) this thread is not about trading risks etc, it's about the brokers. questioning if they do their job or not. so their job is to match orders, not protecting or breastfeeding etc :)

extra note; greyed out quotes has nothing to do with protecting clients. it's not something new, i saw it dozens of times in most of the tradable data releases and my orders were getting filled. and also greyed out quotes and missing ticks is the same thing already. I mean if you saw greyed out quote, that means there is no tick at those seconds, that's why you see gray. it's not something you can claim about without comparing with other brokers. and if there is missing ticks, how can you calculate the spread? that's another lie :):)

I think Armada left Lmax because of this, afaik Armada is not using Lmax anymore. Did they find LP's that lmax has never heard of in their entire life? :) so lmax, please learn about your own job before trying to teach people about trading..
Title: Re: LMAX
Post by: Purri on July 04, 2014, 02:27:02 PM
oci: then tell me any other broker that actually matches orders as opposed to routing orders out to LPs and see what comes back (thats what most ecns do). There is the cme and some institutional ecns, but not much more. If you think Armada matches anything, plz wake up. They can blow you out on a bad news trade if they want to too.

This stuff here is blown way out of proportion. If you arent explicitly a api news trader, you wont be affected. If you are, dont use lmax.

And for the record, i agree that the 'untrusted market' thing is bullshit, but it plays virtually no role in practice, at least in the liquid products that i trade.
Title: Re: LMAX
Post by: Fraois on July 04, 2014, 05:48:37 PM
oci: then tell me any other broker that actually matches orders as opposed to routing orders out to LPs and see what comes back (thats what most ecns do). There is the cme and some institutional ecns, but not much more. If you think Armada matches anything, plz wake up. They can blow you out on a bad news trade if they want to too.

This stuff here is blown way out of proportion. If you arent explicitly a api news trader, you wont be affected. If you are, dont use lmax.

And for the record, i agree that the 'untrusted market' thing is bullshit, but it plays virtually no role in practice, at least in the liquid products that i trade.
Perhaps the best way to trade the news is not using a real exchange like CME or other institutional ECNs that provide firm limit orders and get filled on a 20 pip spread spike. It's better off using "kill or fill" order type, so you get filled with slippage in control or no fill at all if the order is rejected by the LP. It's possible to get filled around news time. Who knows some of the LPs really need your trade to hedge against other trades during news? GKFX ECN seems to offer this option, but I haven't got a chance to try this out because I have to develop a news trading strategy first. Spreads during non-news are higher though.
Title: Re: LMAX
Post by: Purri on July 04, 2014, 06:16:16 PM
You can send FOK or IOC orders on pretty much every ecn, on lmax(on api and fix), hotspot currenex and so on. But still - for classical news trading to succeed, the LP must basically be slow or otherwise fk up - if you define news trading as trying to get a fill right at the moment of the release and profit from the immediate spike. I doubt there is any edge in news trading to be had, the LPs have been doing this since a while.
Title: Re: LMAX
Post by: Fraois on July 06, 2014, 12:58:31 PM
In depth discussions on news trading here:
http://www.donnaforex.com/forum/index.php?topic=12920.0 (http://www.donnaforex.com/forum/index.php?topic=12920.0)

Volatility has died this year which in turn forced traders to jump into news trading
http://www.forexticket.com/en/tools/02-01-volatility (http://www.forexticket.com/en/tools/02-01-volatility)
Title: Re: LMAX
Post by: peleus on July 06, 2014, 02:41:43 PM
I'll check that out and see how it goes. (https://imagicon.info/cat/10-3/1.gif)
Title: Re: LMAX
Post by: TradeNow on July 25, 2014, 06:37:55 PM
LMAX is down since one hour on my VPS. Anyone else or is it only me?  ???
Title: Re: LMAX
Post by: RoBiK on July 25, 2014, 06:46:32 PM
LMAX is down since one hour on my VPS. Anyone else or is it only me?  ???

Works fine over here.
Title: Re: LMAX
Post by: TradeNow on July 25, 2014, 08:21:48 PM
LMAX is down since one hour on my VPS. Anyone else or is it only me?  ???

Works fine over here.

thanks for info. it was in fact a vps issue at cns. solved quickly as usual  :D

have a nice weekend
Mark
Title: Re: LMAX
Post by: hyperscalper on February 06, 2015, 02:58:58 AM

We have spent months developing a high performance API based
live trading application at LMAX.  So far, during low volume testing,
we actually get wholesale pricing, and the best performance I have
ever seen.

BUT, I am concerned that when we start trading "in anger" that we
may run afoul of their "no news trading" or "no arbitrage" or some
other ARBITRARY reason to limit our activity.  Paranoia?

The main reason I am so paranoid is that we have invested so much
effort into this, and it's the most remarkable exchange I've ever used,
so anything which would get us "banned" would be disastrous for
our business.

Many have complained using their manual trading platform that
things get "grayed out".  But HAS ANYONE USING API received
warnings about "improper" trading practices at LMAX ??

HyperScalper
Title: Re: LMAX
Post by: jshear on February 08, 2015, 08:24:51 PM
I personally trade a large sum of funds at LMAX using MT4 and I can say they have been excellent for me.  My experience with them has been over  2 years.

Cheers

Jeff  ;)
Title: Re: LMAX
Post by: jeuro on February 09, 2015, 10:19:43 AM

We have spent months developing a high performance API based
live trading application at LMAX.  So far, during low volume testing,
we actually get wholesale pricing, and the best performance I have
ever seen.

BUT, I am concerned that when we start trading "in anger" that we
may run afoul of their "no news trading" or "no arbitrage" or some
other ARBITRARY reason to limit our activity.  Paranoia?

The main reason I am so paranoid is that we have invested so much
effort into this, and it's the most remarkable exchange I've ever used,
so anything which would get us "banned" would be disastrous for
our business.

Many have complained using their manual trading platform that
things get "grayed out".  But HAS ANYONE USING API received
warnings about "improper" trading practices at LMAX ??

HyperScalper


If they are an "exchange" as they claim to be, you should have no problems.
I assume their "no news" trading or no arbitrage policy is to protect those clients
that have no clue about the market and think that orders in those times "must" be accepted by the system
even if no counterpart is found. ... and then complain and bitch against them in forums if they don't .

Your API as any other API is only limited by the exchange market itself..

For example.. if your API places trades in high volumes during news...when most banks withdraw the liquidity (do not take orders)
and the only counter parties are fellow retail traders... of course they would question your system.. I mean, you not only do not get filled
yourself for lack of liquidity, but also become a contributor of a bigger spike to reach "Zero sum" , therefore making it worse for every-else.

So, most likely they would issue a warning... right?? I would if I was part of the management.

J.     
Title: Re: LMAX
Post by: HFT Group on February 09, 2015, 11:29:44 AM

We have spent months developing a high performance API based
live trading application at LMAX.  So far, during low volume testing,
we actually get wholesale pricing, and the best performance I have
ever seen.

BUT, I am concerned that when we start trading "in anger" that we
may run afoul of their "no news trading" or "no arbitrage" or some
other ARBITRARY reason to limit our activity.  Paranoia?

The main reason I am so paranoid is that we have invested so much
effort into this, and it's the most remarkable exchange I've ever used,
so anything which would get us "banned" would be disastrous for
our business.

Many have complained using their manual trading platform that
things get "grayed out".  But HAS ANYONE USING API received
warnings about "improper" trading practices at LMAX ??

HyperScalper

HFT Group has a reasonable amount of clients trading with LMAX through our IB agreement. Of these, a number trade via API. I am yet to receive a negative report from any client trading with LMAX including those trading via API.
Title: Re: LMAX
Post by: drodgytrader on February 17, 2015, 01:48:52 AM
Hi All,

Can anyone tell me why LMAX doesn't reject any trades. How does the FX Exchange work? Is it only upside, or is there any downside to trading on this venue? Just keen to learn.

Thanks,
Title: Re: LMAX
Post by: Kristofer on September 21, 2015, 08:28:57 PM
I read mixed reviews about the company. So I do not understand how to work with that broker. To me personally,  technical terms and withdrawal are the most important things. I would like to know how does this broker handles withdrawal?
Title: Re: LMAX
Post by: Managed-Forex.com on September 21, 2015, 10:20:26 PM
Quote from: hyperscalper link=msg=332151 date=1423191538


We have spent months developing a high performance API based
live trading application at LMAX.  So far, during low volume testing,
we actually get wholesale pricing, and the best performance I have
ever seen.

BUT, I am concerned that when we start trading "in anger" that we
may run afoul of their "no news trading" or "no arbitrage" or some
other ARBITRARY reason to limit our activity.  Paranoia?

The main reason I am so paranoid is that we have invested so much
effort into this, and it's the most remarkable exchange I've ever used,
so anything which would get us "banned" would be disastrous for
our business.

Many have complained using their manual trading platform that
things get "grayed out".  But HAS ANYONE USING API received
warnings about "improper" trading practices at LMAX ??

HyperScalper



Depends on what kind of flow you are generating and of course how profitable you are.
Title: Re: LMAX
Post by: ochosama on January 25, 2016, 11:27:09 PM
Hi traders,

To those of you who currently have an account with LMAX, could you please advise which platform would be the best if one wanted the lowest latency possible (between MT4, multicharts or their webtrader platform)

Also, could you please recommend a VPS provider to use with LMAX ? I'm currently using CNS and they advertise a latency of 8 milliseconds. I am just wondering if you have used VPS providers with a lower latency

Thank you in advance for your replies

Kind regards
Title: Re: LMAX
Post by: primi on April 20, 2017, 01:51:20 PM
I must say of all the brokers I'm using LMAX has by far the worst swap rates. Really, nothing comes close.
Title: Re: LMAX
Post by: Scalptastic on May 23, 2017, 08:50:44 PM

hi all,

anybody has experience trading with LMAX; what are your thoughts?

Title: Re: LMAX
Post by: primi on May 26, 2017, 02:29:56 PM
Works fine for me but if you're tick scalping, then not sure it's the way to go.
Title: Re: LMAX
Post by: primi on January 02, 2019, 11:54:38 PM
During this little "flash crash" or whatever that was LMAX performed the worst of all my brokers I must say unfortunately. While there may have been some quotes on majors (not sure if tradable) most of other pairs just stopped and for a long time. Couldn't get out neither for profit nor loss and TP that was hit on every other broker was not filled. And price went way beyond! Shame on you.
Title: Re: LMAX
Post by: reinerh on January 03, 2019, 01:34:56 AM
During this little "flash crash" or whatever that was LMAX performed the worst of all my brokers I must say unfortunately. While there may have been some quotes on majors (not sure if tradable) most of other pairs just stopped and for a long time. Couldn't get out neither for profit nor loss and TP that was hit on every other broker was not filled. And price went way beyond! Shame on you.

they cant fill you with no liquidity, big banks just pulled it = gangsters


https://www.forexfactory.com/showthread.php?t=864836
Title: Re: LMAX
Post by: Nasdaq100 on January 03, 2019, 03:48:26 AM
I always thought that LMAX was best of the best. Never knew they could possibly do that to their clients.

To all those who say that the currency market is too big to get manipulated with. This is not the first middle finger. This type of pure price manipulation which is clearly done by a single small gang with deep pockets have been played many times in the past decades.

I can point out many incidents for you, the main one that I remember was in 2009 when the EURUSD went up 600 pips in 60 minutes with no news at all that day.

I stopped trading currencies many years ago and never looked back.
Title: Re: LMAX
Post by: primi on January 03, 2019, 07:49:54 AM
they cant fill you with no liquidity, big banks just pulled it = gangsters


https://www.forexfactory.com/showthread.php?t=864836

I know they can't fill me with no liquidity, but there was only no liquidity going down. There seemed to be enough around the bottom and slowly going up. LMAX was just frozen on many pairs and I was only able to close the trades 20 minutes later than with any other broker when at least half of the move back up was over.
Title: Re: LMAX
Post by: ahtiong on January 13, 2019, 11:33:09 AM
Why Lmax no longer taking Singaporeans? How do i sign up lmax? Is there any alternative way?
Title: Re: LMAX
Post by: HFT Group on January 13, 2019, 12:13:28 PM
Why Lmax no longer taking Singaporeans? How do i sign up lmax? Is there any alternative way?

Did you try LMAX NZ?
Title: Re: LMAX
Post by: ahtiong on January 13, 2019, 12:28:08 PM
Why Lmax no longer taking Singaporeans? How do i sign up lmax? Is there any alternative way?

Did you try LMAX NZ?

I try too. No too.

I received lmax hk say I need to show 40m hkd asset proof which is ridiculous. If I had that amount of money, I would not go to retail forex.