LMAX – Is it scam or safe?
LMAX Limited is as a ‘multilateral trading facility’ (MTF) and is authorized and regulated by the Financial Conduct Authority (FCA) in the UK. The FCA license allows it to conduct financial services, including forex.
Although LMAX claims to offer a ‘real exchange, which just matches the orders’, transparency and ‘no last look’ orders, there are some posts in forex forums that inform about applying too big swaps, excessive spreads widening during important news, shifting trading conditions (sometimes several times a day) and poor customer support.
So far, we haven’t received any complaints from clients of LMAX.com.
If you feel frustrated by LMAX.com and have something to share with us, please fill in the form below, describing your case:
I have been trading with LMAX for several years and when there is no market volatility everything is ok and order execution is quick. Sometimes, mainly during the news there are spikes in prices. I had bad experience with the USD/RUB pair. Recently they changed margin requirements several times and even they called me to inform that they would increase this margin to 100%. One hour later my position was closed partially when the new margin became active. OK, I could live with this, I would leave this position for more than a week. They then sent me mail they would stop trading this pair in 6 hours. I had to close my position and lost about 12% of my account. That was my biggest loss in my trading history. I decided to withdraw the remaining part of my money and put them in another broker. They destroyed my trust… too sad
They have the worst customer support and sales team. They are arrogant and think they are special ones. They act as if they are the best broker in the entire world but guys, look at their platform, spreads and SWAPS!!
They have misleading clauses in their websites! They claim all incoming and outgoing transfers are free of charge I have been charged nearly EUR18. This is ridiculous!
I have an account with LMAX for many years. I am pleased with their service; the platform doesn’t show any issues. BUT the swaps are shocking. When I compare them to other brokers I have been trading, there is a difference od USD6,000 for the last four months!!! I had the same positions but the result was awful.
As a whole, I am glad to trade with LMAX, I can trust them, they act quickly and are dependable. Their Metatrader platform works fine, it never crashed and the spreads are relatively tight. When some market uncertainty appears, they don’t change margin requirements immediately like some other brokers do. However, I don’t like being in limits – they limit the maximum leverage to 1:100 only. Moreover, I still need to contact them via live chat when I want to transfer money between accounts. Regarding their swap rates – probably they are the highest in this branch. So, if you are a daily trader, they are OK but if you use long-term strategies, find another broker.
I wouldn’t recommend them, they discriminated me and maybe they do this to other clients as well. I applied for a live account with them. I was surprised when my account opening request was rejected. I contacted them via their live chat and asked the employee Marcela what was wrong and why my request was rejected. She only confirmed the rejection and refused to tell me anything else. So, for me this is nothing but discrimination!!
I got a call from a trader for the first time in August 2019. Less than a year later, through a fabricated process of baiting me with unbelievable profits, and matching my losses, I was in over $185,000. The platform had assigned my personal broker to me, that called me from time to time to tell me about their new offers. And they said he was one of their top brokers, they further told me the broker had made a lot of people so rich. The broker told me there was an insurance that they get on them, every trade that we do that’s secured and we could never lose money, he will put in there that it’s an insured secure trade, and they buy the insurance for it. so i was assured, I won’t lose any money on if we lose. Okay? But the catch is, you have to bring in an additional $25,000 in order to get that secured trade status on your account. I stupidly did this. Once I hit a certain profit level, I tried to remove money from them. That’s when they denied me being able to take out my own money. They also told me to pay an additional fee to bring out my money. I was blocked out of my accounts and denied withdrawal even after i contacted them in various ways. Of course they never told me that up front. So when I heard that, then it was pretty obvious to me that they were running a scam.I was very sad and confused after investing a lot. Earlier this year i was researching for a recovery team luckily i came across a comment on a recovery website that recommended a funds recovery expert on binary/forex and bitcoin investment recovery, in the person of Mr Albert Murray, and i contacted him immediately through his email address and explained my issues with my investment broker to him, God so kind, him and his team worked relentlessly to get my refund, and was able to build a case against the scam broker with the information i provided about my trading experience and my funds was refunded back to me within a week interval, i was able to get access to my funds with his help, feel free to reach out to him if you are having issues withdrawing your funds, via his email address: [email protected] and he will guide you on steps to take and get your invested capital including your bonus refunded back to you.
They are heartless scammers, they ruined my life, by making me develop interest to invest my hard earn money. I deposited 45.7850eur in June 2018,which was R8,700.263 in Rands, the was an impressive improvement in few days, 2 months later I had a car accident and needed money to pay my insurance access, Suddenly I was been send from Pilar to post, they cut the live chats and got harassed from 1 to the other, until they told me I will forever be poor its their JOB to help me with withdrawal. I just want my money back! God so kind i was able to reach out to recovery guru on every binary, forex and Bitcoin trade, i was able to recover my funds with the help Mr Rodriguez Jones his an expert on binary, forex recovery, I feel obligated to recommend him and his team, there recovery strategies, and for working relentlessly to help recover my funds. feel free to reach out to him via his email address: [email protected] and will guide you on how to recover your invested capital, i advise everyone to be careful with this heartless motherfuckers stealing people’s money.
LMAX has proven time and time again that they are a scam company. I had to consult capitalrefunds. org before I could recover all my funds.Stay away from them.Also do not trust phoney individuals with emails claiming to be recovery experts.Stay alert.
I came across LMAX through an online advert.Their unrealistic returns made me fall for their scam as I was in a critical financial position.I invested $10K with them.I traded and made profit of $3K.At some point,I requested for withdrawal of $5K.They kept on stalling and giving me excuses.
After some months,I was locked out of my account and could not access the account.It was then I figured out I had been scammed.I searched online for reviews and my fears were confirmed.I had to consult with capitalrefunds. org for consultation on how to recover my funds and was able to recover all.
Stay away from LMAX.