LMAX Fees and Spreads
LMAX Fees and Spreads
LMAX Fees Spreads and commissions are not fixed but determined by trading activity.
LMAX has an incredibly competitive spread when compared to what other brokers offer by offering a spread list which can change on a daily basis depending on market conditions. The typical spreads are between 0.1 to 0.2 pips.
Traders who open a LMAX Global Account qualify for commission rate structures that are competitive depending on the level of trading activity.
Traders have two options regarding accounts and although there is no account comparison that can be done, the difference between them is quite distinctive. The LMAX Global Account has the following features:
- Caters for broker dealers, money managers, MT4 and MT5 brokers, and professional traders
- Tight spreads
- Over 100 financial instruments
- Strict price and/or time priority order matching
- Real time reporting as well as reconciliation
- Competitive commissions as well as overnight financing rates
- Clearing via margin account
- Global Liquidity pools
The LMAX Corporate account is intended for corporations that want to open an account through which they trade various financial instruments, there is little to no information regarding the features or benefits of using this account.
The maximum leverage that traders qualify for is not indicated but according to FCA regulations, EU-clients are only eligible for leverage up to 1:30 when trading Forex majors.
The minimum deposit that LMAX requires to open an account is $10,000 which indicates the professional level required to trade through this broker.
Traders should note that certain financial instruments can only be traded during a certain time of the day, especially when considering different time zones, and additional fees may be charged should they hold these positions after they have closed.
Traders should always note that Overnight fees, otherwise known as swap fees or rollover fees, may be charged for positions held open for longer than a day.
There is no indication of whether LMAX offers the option of an Islamic account to traders who are of Muslim faith and who operate under the Sharia Law.
LMAX does not offer traders with spread betting and therefore spread betting fees are not applicable to this broker.
LMAX does not charge any deposit fees or withdrawal fees.
There is a dormant accounts fee of $50 for retail clients and $100 for corporate accounts should the account remain inactive for six consecutive months.
Traders will have to verify the possibility of additional fees with the broker before applying for an account.
Traders are advised to ensure that there are no fees waived by their payment provider in terms of depositing funds from their bank account to their trading account in addition to transaction costs when withdrawing funds and having it transferred to their bank account.
Pros and Cons
|1. Tight and competitive spreads||1. Broker only caters for institutional, corporate, and professional traders.|
|2. Commissions according to trading volumes|
How many instruments can I trade with LMAX?
You can trade the following instruments:
- Commodities, and
Which platforms are supported by LMAX?
LMAX provides the following popular trading platforms:
- FIX 4.4
- Web GUI
- Mobile Apps
- MetaTrader 4 and MetaTrader 5 bridges
Does LMAX offer leverage?
The leverage levels are not indicated on the website. LMAX is regulated by the FCA and CySEC, which typically means that EU-clients may only be eligible for leverage up to 1:30 while traders in other regions qualify for more.
What spreads can I expect with LMAX?
Spreads are typically from between 0.1 to 0.2 pips.
Does LMAX charge commission?
Commissions are not fixed and will be determined by the trading volume and activity.
Is LMAX regulated?
Yes, LMAX is regulated by the highly reputed CySEC in Cyprus, and the FCA in the UK.
Is LMAX a recommended forex trading broker for experts and beginners?
No. LMAX only caters for expert and professional traders.
What is the overall rating out of 10 for LMAX?