LMAX Broker always seem to have sub 1 pip spreads during the UK day!

D

dkennedy1001

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Just want to give a heads up to any scalpers out there that I have using LMAX as my broker and not only do they not trade against you they also have sub 1 pip spreads throughout the day. Anybody else use these guys as i am impressed?

lmaxtrader.co.uk/average-spreads/

I was mainly drawn to them due to the java api to be honest though.

Happy scalping!
 
They've just added A LOT more FX pairs including good carry trade pairs which I have been waiting for!! +/- 0.3% financing charge; carry traders dream :)

Just be careful in this market though...
 
dkennedy1001 said:
Just want to give a heads up to any scalpers out there that I have using LMAX as my broker and not only do they not trade against you they also have sub 1 pip spreads throughout the day. Anybody else use these guys as i am impressed?

lmaxtrader.co.uk/average-spreads/

I was mainly drawn to them due to the java api to be honest though.

Happy scalping!
Click to expand...

what about margin and leverage?

and commission?
 
It's a very good service provided by lmax in terms of spreads, costs and liquidity. The only problem is that they have a 10k minimum on each account. But I opened an account with them through an IB, that has no minimum and same costs.
 
dkennedy1001 said:
Just want to give a heads up to any scalpers out there that I have using LMAX as my broker and not only do they not trade against you they also have sub 1 pip spreads throughout the day. Anybody else use these guys as i am impressed?

lmaxtrader.co.uk/average-spreads/

I was mainly drawn to them due to the java api to be honest though.

Happy scalping!
Click to expand...

mark my words smaller ECN's are going to rip away at the bucketshops market share unless the bucketshops adapt quickly. The issue with 'retail' ECN's is the commissions which in some cases can be huge. Someone moving volume should not be paying more than $10 per million.
 
cablemonster said:
mark my words smaller ECN's are going to rip away at the bucketshops market share unless the bucketshops adapt quickly. The issue with 'retail' ECN's is the commissions which in some cases can be huge. Someone moving volume should not be paying more than $10 per million.
Click to expand...

You are absolutely right. I pay less then 10$ per mil. going through an IB of LMAX.
 
dyno said:
It's a very good service provided by lmax in terms of spreads, costs and liquidity. The only problem is that they have a 10k minimum on each account. But I opened an account with them through an IB, that has no minimum and same costs.
Click to expand...

bbmac,

Sorry, with being a new member I can send private mesages,yet.

So,

I use FX iCube as an IB to LMAX. I got the same platform same execution costs, but with a much smaller minimum ammount. No problems untill now, everything looks good.
 
Thanks

dyno said:
bbmac,

Sorry, with being a new member I can send private mesages,yet.

So,

I use FX iCube as an IB to LMAX. I got the same platform same execution costs, but with a much smaller minimum ammount. No problems untill now, everything looks good.
Click to expand...
 
dkennedy1001 said:
Just want to give a heads up to any scalpers out there that I have using LMAX as my broker and not only do they not trade against you they also have sub 1 pip spreads throughout the day. Anybody else use these guys as i am impressed?

lmaxtrader.co.uk/average-spreads/

I was mainly drawn to them due to the java api to be honest though.

Happy scalping!
Click to expand...

ref sub 1 pip spreads. it all depends on trade size you need to get off. nobody at the institutional level is paying more than 0.5pips spread for taking liquidity ever unless they are doing size. $5 to $8 per million would be what you pay for commission through a prime broker for any sort of volume. also it depends on the size you need to get off. obv you can get a tighter spread if you are trading 1 retail lot say against someone trading 10 normal lot which = 100 retail lots.
 
On surface they look good but liquidity and reliability is an issue. My friend at a big bank say in UK, other brokers see LMAX as a joke. Recently, their owner (I think Betfair) sold them because they are a loss business. Only worth $3.2M. So be careful if they go under, they have cash shortage if you want to get your money back if bad thing happen. I used them before, never again.
 
Good point, GS pulled out, BF pulled out, why? Because expected returns arent there, suggesting the company is struggling. I'd be concerned about giving LMAX money.

AARasheed said:
On surface they look good but liquidity and reliability is an issue. My friend at a big bank say in UK, other brokers see LMAX as a joke. Recently, their owner (I think Betfair) sold them because they are a loss business. Only worth $3.2M. So be careful if they go under, they have cash shortage if you want to get your money back if bad thing happen. I used them before, never again.
Click to expand...
 
i have followed the firm since inception and am intrigued about their ideas and approach, at the end of the day they have examined weaknesses in the way orders are executed currently and hence their solution rectifies these such as; slippage, requotes and rejections.
 
adilfx said:
i have followed the firm since inception and am intrigued about their ideas and approach, at the end of the day they have examined weaknesses in the way orders are executed currently and hence their solution rectifies these such as; slippage, requotes and rejections.
Click to expand...

AdilFX, Please tell us more about their ideas and approach so we can understand exactly what it is they do that is so different?

Thanks
 
AARasheed said:
On surface they look good but liquidity and reliability is an issue. My friend at a big bank say in UK, other brokers see LMAX as a joke. Recently, their owner (I think Betfair) sold them because they are a loss business. Only worth $3.2M. So be careful if they go under, they have cash shortage if you want to get your money back if bad thing happen. I used them before, never again.
Click to expand...

AFAIK in that case funds with LMAX UK will be compensated by the FSCS up to 50K pounds ...


FSCS > Investments
 
tar said:
AFAIK in that case funds with LMAX UK will be compensated by the FSCS up to 50K pounds ...


FSCS > Investments
Click to expand...

Tar, you are legendary member so you may know. The UK compensation scheme up to £50k, does that cover residents of the UK only or can someone outside the UK have compensation too?

Thanks
 
AARasheed said:
Tar, you are legendary member so you may know. The UK compensation scheme up to £50k, does that cover residents of the UK only or can someone outside the UK have compensation too?

Thanks
Click to expand...

"Legendary member" doesn't mean anything , however i think it covers offshore clients as well , but to be sure contact the fscs ....

FSCS > Home
 
tar said:
"Legendary member" doesn't mean anything , however i think it covers offshore clients as well , but to be sure contact the fscs ....

FSCS > Home
Click to expand...

I spoke to my current broker's compliance officer. He told me that compensation is determined by the location of the brokers official/main office. For example if a broker has a UK office and his client is from Australia then the Australian client will have access to compensation.
However, if the broker is based in Cyprus (main office) and opens a satellite/branch office in the UK then their clients are not covered.

Makes sense
 
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