LMAX – Is it scam or safe?

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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:

6 Complains

  1. 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

  2. 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!!

  3. 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!

  4. 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.

  5. 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.

  6. 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!!

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