According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $10,000
- MT4
- MT5
- WebTrader
- 2008
Our Evaluation of LMAX
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
LMAX is a moderate-risk broker with the TU Overall Score of 5.43 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by LMAX clients on our website, Traders Union expert Anton Kharitonov recommends users to thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews.
LMAX is a CFD and Forex broker that offers clients over 100 trading instruments. The company specializes in providing services for professional traders with large deposits operating in the EU, UK, and Oceania countries.
Brief Look at LMAX
LMAX Group (LMAX) is a CFD and Forex broker that has been operating since 2008. The company is headquartered in the UK. The broker offers clients trading in five classes of instruments, including Forex, stock indices, precious metals, commodities, and cryptocurrencies. LMAX operates under the licenses of the UK (Financial Conduct Authority, FCA) and Cyprus (CySec) regulators.
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- 100+ trading instruments.
- Spreads from 0.2 pips.
- Proprietary analytical system.
- No withdrawal fee.
- Licenses from two reputable regulators.
- The minimum deposit is USD 10,000.
- The fee for using the platform is USD 300 per month.
- No PAMM or copy trading.
TU Expert Advice
Author, Financial Expert at Traders Union
LMAX is a CFD and Forex broker offering over 100 trading instruments via MT4 and MT5 platforms. It caters primarily to professional traders in the EU, UK, and Oceania. The advantages include access to five classes of instruments, deep institutional liquidity, spreads starting from 0.2 pips, and no withdrawal fees. LMAX operates under the FCA and CySEC licenses, providing regulatory oversight and robust trading platforms, which experienced traders may find appealing.
However, LMAX comes with several drawbacks, including a high minimum deposit of $10,000 and a monthly platform fee of $300. Additionally, it lacks PAMM accounts and copy trading. These factors may deter novice or budget-conscious traders. Overall, LMAX is more appropriate for experienced traders who prioritize tight spreads and institutional-grade liquidity access.
- You prioritize deep institutional liquidity and tight spreads. LMAX operates as an execution venue, offering direct access to institutional liquidity pools. This can potentially result in tighter spreads and faster execution, providing advantages compared to traditional forex brokers.
- You value a wide range of tradable assets. LMAX offers access to over 100 instruments, including forex, metals, equity indices, commodities, and crypto CFDs. This diversity allows for ample diversification options to suit various trading strategies.
- A high minimum deposit is not reachable for you. The minimum deposit requirement set by the broker is USD 10,000. If you are seeking a broker with a lower entry barrier, this higher minimum deposit might be a consideration.
- You do not wish to service a monthly platform fee. This broker charges a platform fee of USD 300 per month. If you prefer brokers with no or lower platform fees, this aspect might impact your cost calculations and overall satisfaction with the broker.
LMAX Trading Conditions
| 💻 Trading platform: | МТ4 (desktop, mobile, web), МТ5 (desktop, mobile), WebTrader |
|---|---|
| 📊 Accounts: | Demo, standard |
| 💰 Account currency: | GBP, EUR, USD, AUD, CHF, JPY, PLN, SEK, SGD, HKD, and HUF |
| 💵 Deposit / Withdrawal: | Credit cards, bank transfer, Neteller, Skrill |
| 🚀 Minimum deposit: | From USD 10,000 |
| ⚖️ Leverage: | Up to 1:30 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | 0.1 |
| 💱 EUR/USD spread: | 0,1 pips |
| 🔧 Instruments: |
currency pairs (69) CFDs on indices (13) metals (7) energy (5) cryptocurrencies (8) |
| 💹 Margin Call / Stop Out: | 100%/50% |
| 🏛 Liquidity provider: | More than 20 large banks |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Order execution: | Market execution |
| ⭐ Trading features: | There is an inactivity fee on the account |
| 🎁 Contests and bonuses: | No |
The LMAX broker offers clients over 100 trading instruments. Clients have access to a single trading account. The company offers classic terminals MetaTrader 4 and MetaTrader 5. Traders can work with 1:30 leverage and clients can test the trading conditions of the broker on the company's free demo account. LMAX Group has swaps, but no Muslim accounts.
LMAX Key Parameters Evaluation
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Trading Account Opening
To start trading with the LMAX broker, you need to go through the registration and verification procedures. We offer step-by-step instructions on how to open an account on LMAX.
To start registration, click on the Client Login button.
Below there is the Apply Now button, click on it to open the online registration form.
The broker will then inform you about the regulation. The LMAX Group is regulated in three jurisdictions and each business unit provides services to clients from different countries and territories.
Next, fill out the registration form and provide detailed information about yourself, including personal information, residential address, information about the origin of your capital, trading experience, etc. After filling out the form, go through verification and confirm your data, address, and financial status.
Also in the personal account, the trader has access to:
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A detailed overview of each trading instrument. You can learn detailed statistical data, price changes, dynamics for the previous day, week, month, and other useful information.
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Market analysis tools. The broker provides clients with a proprietary service where you can learn market data, information on fundamental analysis, use charts and indicators for technical analysis, etc.
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Detailed history. In your account, you will find a trading history with a detailed description of all trades carried out. You will receive information about the points of opening and closing, about placed orders, about the time and dates of opening trades, etc.
Regulation and safety
LMAX has a safety score of 10/10, which corresponds to a High security level. The safest brokers are those with Tier-1 regulation, a long history (over 10 years in the market), and participation in investor compensation schemes.
- Tier-1 regulated
- Regulated in the UK
- Track record over 17 years
- No negative balance protection
LMAX Regulators and Investor Protection
| Abbreviation | Full Name | Country of regulation | Investor Protection Fund | Regulation Level |
|---|---|---|---|---|
 FCA UK |
Financial Conduct Authority | United Kingdom | Up to £85,000 | Tier-1 |
 CySec |
Cyprus Securities and Exchange Commission | Cyprus | Up to €20,000 | Tier-1 |
 FMA NZ |
Financial Markets Authority of New Zealand | New Zealand | No specific fund | Tier-2 |
 FSC (Mauritius) |
Financial Services Commission of Mauritius | Mauritius | No specific fund | Tier-3 |
LMAX Security Factors
| Foundation date | 2008 |
| Negative balance protection | No |
| Verification (KYC) | Yes |
Commissions and fees
The trading and non-trading commissions of broker LMAX have been analyzed and rated as Medium with a fees score of 7/10. Additionally, these commissions were compared with those of the top two competitors, Eightcap and XM Group, to provide the most comprehensive information.
- Tight EUR/USD market spread
- No deposit fee
- No withdrawal fee
- Above-average Forex trading fees
- Inactivity fee applies
Trading Fees and Spread
Below, we evaluated and compared the trading commissions of LMAX with those of two competitors. We focused on the spreads and other transaction fees directly associated with executing trades (e.g commission per lot on an ECN account). This comparison aimed to provide a clear understanding of the cost efficiency of each broker.
Standard Account Spread
For Standard accounts, LMAX’s commissions are part of the floating spread, which varies with market conditions. Typical values are provided, but during high volatility, the spread may exceed these.
LMAX Standard spreads
| LMAX | Eightcap | XM Group | |
| EUR/USD min, pips | 0,2 | 0,4 | 0,7 |
| EUR/USD max, pips | 0,5 | 1,5 | 1,2 |
| GPB/USD min, pips | 0,3 | 0,8 | 0,6 |
| GPB/USD max, pips | 0,7 | 1,5 | 1,2 |
RAW/ECN Account Commission And Spread
The spread on ECN/RAW accounts is market-based and fluctuates, with average values given during active hours. It may vary during volatility spikes. A commission per lot is also charged.
LMAX RAW/ECN spreads
| LMAX | Eightcap | XM Group | |
| Commission ($ per lot) | 5 | 3,5 | 3,5 |
| EUR/USD avg spread | 0,1 | 0,1 | 0,2 |
| GBP/USD avg spread | 0,1 | 0,3 | 0,2 |
Non-Trading Fees
We conducted a detailed analysis of the non-trading fees associated with LMAX. This review offers a comprehensive overview of the additional costs that may impact traders beyond regular trading activities.
LMAX Non-Trading Fees
Account types
The LMAX Group offers retail clients only one type of trading account, so all traders work in the same conditions. For corporate clients, there is a special account, the conditions for which must be agreed directly with the broker. The company is aimed at professional traders with a large deposit. Therefore, to start trading on the platform, you need to fund your account with at least USD 10,000. We offer brief characteristics of the LMAX trading account.
Account types:
The LMAX Group is an STP broker that provides profitable trading conditions for professional traders who prefer to work with ECN technology.
Deposit and withdrawal
LMAX received a Medium score for the efficiency and convenience of its deposit and withdrawal processes.
LMAX provides a reasonable range of deposit and withdrawal options with moderate fees, in line with industry standards.
- Supports 5+ base account currencies
- No withdrawal fee
- Bank wire transfers available
- Bank card deposits and withdrawals
- Wise not supported
- PayPal not supported
- Minimum deposit above industry average
What are LMAX deposit and withdrawal options?
LMAX provides a basic range of deposit and withdrawal options, covering essential methods in line with industry standards. This set of options is sufficient for most traders, with available methods Bank Card, Bank Wire, Skrill, Neteller.
LMAX Deposit and Withdrawal Methods vs Competitors
| LMAX | Eightcap | XM Group | |
| Bank Wire | Yes | Yes | Yes |
| Bank card | Yes | Yes | Yes |
| PayPal | No | Yes | No |
| Wise | No | No | No |
| BTC | No | Yes | Yes |
What are LMAX base account currencies?
A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs for clients worldwide. LMAX supports the following base account currencies:
What are LMAX's minimum deposit and withdrawal amounts?
The minimum deposit on LMAX is $10000, while the minimum withdrawal amount is $100. These minimums may vary depending on the chosen account type and payment method. For specific details, please contact LMAX’s support team.
Markets and tradable assets
LMAX offers a limited selection of trading assets compared to the market average. The platform supports 100 assets in total, including 80 Forex pairs.
- Indices trading
- Crypto trading
- 80 supported currency pairs
- No ETFs
- Limited asset selection
LMAX Supported markets vs top competitors
We have compared the range of assets and markets supported by LMAX with its competitors, making it easier for you to find the perfect fit.
| LMAX | Eightcap | XM Group | |
| Currency pairs | 80 | 40 | 57 |
| Total tradable assets | 100 | 800 | 1400 |
| Stocks | Yes | Yes | Yes |
| Commodity futures | Yes | Yes | Yes |
| Crypto | Yes | Yes | No |
| Stock indices | Yes | Yes | Yes |
| Options | No | No | No |
Investment options
We also explored the trading assets and products LMAX offers for beginner traders and investors who prefer not to engage in active trading.
Customer support
The broker's technical support service is open 24/5, from Sunday 22:00 to Friday 22:00 London time. On weekends, support is provided only for clients who trade on Weekend FX, as well as exchange cryptocurrencies.
Advantages
- In the online chat, you can ask a question without being a client of the company
- Support is available in English
Disadvantages
- Works 24/5
This broker provides the following communication channels for existing clients and potential investors:
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phone number (as specified in the Contact section);
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email;
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online chat on the website and in the personal account;
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feedback form.
Not only a registered client but also a trader without an active account can ask a broker's representative a question.
Contacts
| Foundation date | 2008 |
|---|---|
| Registration address | Yellow Building, 1A Nicholas Road, London W11 4AN |
| Official site | https://www.lmax.com/ |
| Contacts |
+44 20 3192 2572
|
Education
There is no tutorial section on the LMAX website. The company is focused only on professional traders who have the necessary knowledge and experience to work in the financial markets.
The broker does not have cent accounts, so the only way to practice the knowledge gained will be training on a demo account.
Comparison of LMAX with other Brokers
| LMAX | Eightcap | XM Group | RoboForex | Bybit | Markets4you | |
| Trading platform |
MT4, MT5 | MT4, MT5, TradingView | MT4, MT5, MobileTrading, XM App | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | MetaTrader5 | MT4, MobileTrading, MT5 |
| Min deposit | $10000 | $100 | $5 | $10 | No | No |
| Leverage |
From 1:1 to 1:30 |
From 1:30 to 1:500 |
From 1:1 to 1:30 |
From 1:1 to 1:2000 |
From 1:1 to 1:500 |
From 1:10 to 1:4000 |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | 10.00% | No | No |
| Spread | From 0.1 points | From 0 points | From 0.8 points | From 0 points | From 0 points | From 0.1 points |
| Level of margin call / stop out |
100% / 50% | 80% / 50% | 100% / 50% | 60% / 40% | No / 50% | 100% / 20% |
| Execution of orders | Market Execution | Market Execution | Market Execution | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | No | No | Yes | No | Yes |
Detailed Review of LMAX
The LMAX Group is primarily targeted at large traders. The platform provides clients with the opportunity to work with five classes of trading instruments. Traders have access to the Market execution tool. The company's clients can use the LMAX automated services and analytics from a broker. For practice, clients have access to a free demo account.
LMAX by the numbers:
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More than 10 years of experience.
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100+ trading instruments available.
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15 awards to its credit.
LMAX is a broker for active trading
The LMAX broker works on ECN and STP technologies. Thus, the company does not conduct transactions itself, per se, because traders get direct access to liquidity providers. This allows clients to trade with the lowest spreads and the fastest order execution possible. The broker offers clients the opportunity to work in the Forex market, as well as with CFDs on stock indices, precious metals, commodities, and cryptocurrencies.
For passive investors, there are no tools provided here, but for traders, LMAX offers great opportunities. Trading is carried out through the trading terminals MetaTrader 4 and MetaTrader 5. You can set up trading with one click. The broker does not impose any restrictions on trading strategies.
Useful services of the LMAX broker:
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P2P cryptocurrency exchange platform. The broker provides clients with the ability to quickly exchange cryptocurrencies through its own exchanger. The exchange is made through the LMAX trading account.
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Economic calendar. On the LMAX website, customers can follow important economic events two weeks in advance. Filters are also available that are triggered by importance, trading instruments affected by the event, expected volatility, etc.
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Analytical platform. The LMAX broker offers its clients access to its own analytical service. Here traders can receive news, materials for fundamental analysis, and set up charts and tools for technical analysis, etc.
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Blog. The company's specialists offer clients daily and weekly reports on important economic events. Events are published in text format as well as in podcast format.
Advantages:
There are five asset classes available for trading.
To ensure the safety of client funds, the company stores them in segregated accounts.
Negative balance protection is active.
Tight spreads (from 0.2 pips).
The broker provides free analytics and online tools to improve the quality of trading.
All clients, regardless of the size of the deposit, have access to the economic calendar and the company's blog. There are also paid services, which are charged in the format of a monthly subscription.
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