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LMAX Group -

Score

7.19 /10
Good

LMAX Group

United Kingdom

10-15 years

Regulated in United Kingdom

Market Making(MM)

MT4 Full License

Suspicious Overrun

High potential risk

https://www.lmax.com

Benchmark

C

Influence

B

Add brokers

Comparison

Quantity 37

Exposure

Open Account
Website

Score

Regulatory Index8.37

Business Index8.55

Risk Management Index0.00

Software Index7.53

License Index8.26

The WikiFX Score of this broker is reduced because of too many complaints!
Open Account
Website

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

open now

Regulatory disclosure

Danger

ID BAPPEBTI
2022-02-02
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Broker Information

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Company Name

LMAX Group

Company Abbreviation

LMAX Group

Platform registered country and region

United Kingdom

Company website

Twitter

YouTube

Linkedin

Company summary

Pyramid scheme complaint

Expose

Check whenever you want

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WikiFX Risk Alerts 3
Previous Detection : 2024-09-22
  • The number of the complaints received by WikiFX have reached 34 for this broker in the past 3 months. Please be aware of the risk and the potential scam!
  • The number of this brokers's negative field survey reviews has reached 1. Please be aware of the risk and the potential scam!

WikiFX Survey

LMAX Group

Cyprus

WikiFX Verification

LMAX Group · Benchmark
Average transaction speed(ms)
275.9 Great
The highest transaction speed(ms)
112 Good
The highest speed of opening positions(ms)
171 Good
The highest speed of closing position(ms)
112 Great
The lowest speed of opening positions(ms)
828 Great
The lowest speed of closing position(ms)
437 Great
Ranking： 108 / 132
Test user 153
Transactions 2,117
Ocuppied margin $370,950 USD
Data Source WikiFX Data provide
Updated: 2024-09-20 01:09:00

Exposure

37 pieces of exposure in total
Pyramid scheme complaint
Expose
Unable to Withdraw

Money has been detained and cannot be withdrawn. The money need to be transferred tonight. Please deal with it with fairness, supervision.

Money has been detained and unable to withdraw. Please deal it with fairness. I had no other choice.

2021-11-27 21:05
Resolved

Unable to withdraw and the account funds will be frozen if personal tax is not paid.

Unable to withdraw and the account funds will be frozen if personal tax is not paid. The deposit is not recorded. It is easy to withdraw money in the early period, but you cannot receive a response even waiting for three days.

2021-09-13 23:10
Unable to Withdraw

Withdrawal is frozen and the account balance is cleared

The withdrawal was refused, indicating that the account was suspected of making illegal profits and has been frozen. If you need to withdraw, you need to deposit the same amount of balance to unfreeze. The user did not deposit and found that the account was emptied the next day, and the balance was reset to zero.

2021-12-11 23:35
Unable to Withdraw

Unable to withdraw in LMAX Global

When I withdrew once, I said that the account was frozen, and I had to recharge the relative amount to withdraw funds. After I rushed, I said that the account was frozen, and there was no turnover, and I couldn’t withdraw funds. I was asked to upgrade to a VIP customer to withdraw funds. I had to recharge 18 thousand. Later, it was said that the account was unfrozen and the deposit of 28888 was required to withdraw funds, so there was still no withdrawal.

2021-03-21 19:42
Unable to Withdraw

Unable to withdraw

Unable to withdraw. All the money was locked. Money will be cleared to zero without withdrawal. How to resolve it.

2021-11-27 19:46
Unable to Withdraw

Unable to withdraw

I’m thinking about whether to continue to deposit. I feel that it is too difficult about endless traps. I feel that I can’t withdraw my hard earning money and it is impossible to get help from others. Should such platform be blocked?

2021-12-13 07:08
Scam

Trash salesman and trash platform

This woman is a liar, failed to seduce, and began to curse. Everyone wiped their eyes, this kind of platform can only enter and not come out, and the platform salesmen promise to protect their capital. After inferior, regular platform salesmen are not allowed to do transactions, and the platform promises to protect their capital? ? ?

2023-04-06 12:25
Unable to Withdraw

Unable to withdraw

First, I bought a member, and later it was called no shortfall. Later, I bought a voucher, and later I paid a deposit. It said manual remittance. It has been more than ten days until now. I asked the customer service before and said it was queued to 389. Then there was no reply. Until today I can’t even enter the customer service. I can’t inquire. I can check everything else on the platform, but the customer service can’t enter the inquiry. I don’t understand what this platform means. The money is given, but I can’t enter the customer service to inquire. I don’t know this. Was it induced to pay, and then cried after paying? Is this a fraud?

2021-04-11 21:54
Unable to Withdraw

Unable to withdraw

What happened? Verification is needed when I wanna withdraw funds. And I need to pay margin, 30% of my account balance.

2021-03-02 20:37
Unable to Withdraw

Unable to withdraw

There is an anniversary event today and offering gift money so I deposit ten thousands, but I cannot withdraw then. It requires me to deposit another ten thousands in order to wihtdraw. Why you do not state clearly when you have this event.

2021-11-28 17:54
Scam

Induced fraud

It is said that you can’t withdraw funds when you are in a leapfrog operation. First you will upgrade your membership, then you will make up your deficit, then you will make up your deficit, then you will buy a security certificate, and then you will be called a deposit. This is not an induced fraud. Don’t believe it in the future. These ones

2021-04-14 14:03
Unable to Withdraw

I would like to know if this is the company of this company or not.

At first, do mission 120000 After completing the mission, it was announced that the profit received was higher than the profit that the company had set. and let the compensation mission increase to 500000 of the next round of missions When finished, there are still 550000 final missions. Another time, at that time, the funds were no longer available. and force him to complete the mission until he can withdraw The company has borrowed 550000 until the mission is completed. Is not willing to do the last round like being forced to do And what should people who do not have money to return? If I don't return the portion borrowed from the company, I can't withdraw it. What should I do?

2023-05-13 22:26
Unable to Withdraw

Unable to withdraw

There was an anniversary celebration last night and I made an appointment for 100000 and deposited 50000. Then I could not withdraw. It asked me to deposit 50000 further. Is this a scam?

2021-10-20 11:49
Unable to Withdraw

Unable to withdraw

There is an anniversary event today and offering gift money so I deposit ten thousands, but I cannot withdraw then. It requires me to deposit another ten thousands in order to wihtdraw. Why you do not state clearly when you have this event. I won't make appointment if you state it clearly.

2021-11-28 18:41
Resolved

Unable to withdraw due to freezing account. It is complicated but withdrawal successful at the end. People may refer it

there is a little balance left which use for many years. I cannot withdraw them at first because the account has been freezed. It requires lots of documents. I unfreeze the account first and then it is able to withdraw. although it is complicated process but the fund withdraw successfully at the end. People may refer my case if you have similar situation.

2021-11-18 08:29
Scam

The platform keeps letting me recharge, but it doesn’t let me withdraw money

When I first started trading on this platform, it was very successful. Later, I booked an event customer service, and he told me that I could withdraw money by charging 50,000. I charged it but the withdrawal was unsuccessful. The customer service said that I did not have a turnover account, so it was frozen. I can withdraw money only when I have an VIP account, and I need to charge more than 60,000. Then I tried a way to charge it, but I couldn't withdraw money. I asked the customer service again, and the customer service said that a dedicated channel was needed for payment, so I need to pay another 30,000 deposit to get money. Now I don't have the money to pay the security deposit, and money has been scammed by the platform.

2021-09-28 00:23
    Sources
    Data Source WikiFX Data provide
    Updated: 2024-09-22
    LMAX Group · Company summary
    LMAX Group Review Summary in 10 Points
    Founded 2010
    Headquarters London, UK
    Regulation FCA, CYSEC
    Market Instruments Forex, precious metals, stock indices, commodities, cryptocurrencies
    Demo Account Available
    Leverage 1:100 (forex), 1:50 (metals and commodities)
    EUR/USD Spread 0.2 pips
    Trading Platforms LMAX Global, MetaTrader4
    Minimum deposit $1,000
    Customer Support 24/7 phone, email, and live chat

    What is LMAX Group？

    LMAX Group is a UK-based multilateral trading facility (MTF) that offers forex and cryptocurrency trading to retail and institutional clients. It was founded in 2010 and is regulated by the Financial Conduct Authority (FCA) and Cyprus Securities and Exchange Commission (CYSEC). LMAX is known for its transparent and fair execution model, as well as its low latency and high-speed trading technology. The company's headquarters are located in London, and it has additional offices in New York, Tokyo, and Hong Kong.

    What Type of Broker is LMAX Group？

    LMAX is an electronic communication network (ECN) broker that operates a multilateral trading facility (MTF) for forex and cryptocurrency trading. It is a pure agency broker, which means it does not take positions against its clients and earns revenue solely from commissions and fees. LMAX provides institutional and retail traders with deep liquidity, fast execution, and transparent pricing through its proprietary trading platform, LMAX Global.

    LMAX Group's website

    Pros & Cons

    LMAX has several advantages, such as being a regulated broker, offering transparent and direct market access, providing a range of trading instruments, and offering a professional trading platform.

    On the other hand, LMAX has some drawbacks, including limited account types and high minimum deposit requirements.

    Pros Cons
    • Regulated by FCA and CySEC • High minimum deposit requirement
    • Offers DMA (Direct Market Access) •High commission fees
    • Low latency and fast trade execution • No social trading or copy trading features
    • Transparent pricing and deep liquidity
    • Advanced trading technology and tools
    • Professional and institutional grade services
    • Segregated client funds and investor protection

    Note: This table is not an exhaustive list of all the pros and cons of LMAX and is only meant to provide a general overview.

    Overall, LMAX is a suitable choice for experienced traders who value direct market access and professional trading tools.

    LMAX Group Alternative Brokers

    There are many alternative brokers to LMAX Group depending on the specific needs and preferences of the trader. Some popular options include:

    • IG

    • Saxo Bank

    • CMC Markets

    • Admiral Markets

    • Pepperstone

    IG, Saxo Bank, and CMC Markets are all well-established and reputable brokers, with strong regulatory oversight and a range of trading instruments and platforms available to their clients. Admiral Markets and Pepperstone are both popular among traders for their low spreads, fast execution speeds, and user-friendly platforms.

    Some traders may prefer brokers with a wider range of trading instruments than what LMAX offers, and these alternative brokers may fit the bill. Additionally, some traders may prefer brokers with more robust educational and research resources, and may find these alternative brokers more suitable in that regard. Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.

    Is LMAX Group Safe or Scam？

    As a regulated broker by reputable financial authorities such as FCA and CySEC, LMAX is considered a reliable broker. The company also prioritizes the security of its clients' funds by keeping them in segregated accounts and offering negative balance protection.

    How are you protected？

    Protection Measures Detail
    Regulation FCA, CySEC
    Segregated client funds To protect them in case of any financial difficulties or insolvency
    Financial Services Compensation Scheme (FSCS) A member of the FSCS, which provides eligible clients with protection up to £85,000 per person in the event of the broker's insolvency
    Negative balance protection Ensures that clients can never lose more than their account balance
    Two-factor authentication Adds an extra layer of security to clients' accounts
    SSL encryption To protect clients' personal and financial information from unauthorized access

    Note that this table is for informational purposes only and is not exhaustive. It is important to conduct your own research and due diligence when choosing a broker.

    Our Conclusion on LMAX Group Reliability:

    LMAX is a highly regulated and reputable broker that takes the security of its clients' funds seriously. It is regulated by the FCA and CYSEC, and it implements various measures to ensure the safety of its clients' funds, such as holding them in segregated accounts and offering negative balance protection. Overall, LMAX appears to be a reliable and trustworthy broker.

    Market Instruments

    LMAX provides access to a range of financial instruments across various asset classes, including:

    • Forex: Major, minor, and exotic currency pairs

    • Indices: CFDs on major global indices, including UK100, GER30, US30, and more

    • Commodities: Precious metals such as gold and silver, as well as energy products like crude oil and natural gas

    • Cryptocurrencies: CFDs on Bitcoin, Ethereum, Litecoin, and Ripple

    • It is important to note that the range of trading instruments may vary depending on the specific entity of LMAX and the jurisdiction in which it operates.

    Accounts

    LMAX offers different account types, each with different features and benefits:

    • LMAX Global Account: This account is designed for institutions, hedge funds, asset managers, and professional traders. It offers access to the LMAX Global trading platform, deep liquidity, and low latency execution.

    • LMAX Professional Account: This account is designed for experienced traders and offers access to the LMAX Exchange central limit order book, low latency execution, and competitive pricing.

    • LMAX Prime Account: This account is designed for brokers, banks, and other financial institutions that want to access LMAX Exchange liquidity and offer it to their clients. It offers deep liquidity, low latency execution, and access to a range of trading tools and services.

    • LMAX Interbank Account: This account is designed for banks and other financial institutions that want to access LMAX Exchange liquidity and offer it to their clients. It offers deep liquidity, low latency execution, and access to a range of trading tools and services.

    All of these accounts have different minimum deposit requirements and fee structures.

    Leverage

    The maximum leverage offered by LMAX varies based on the account type and the asset being traded. For example, the maximum leverage for forex trading is up to 1:100, while for metals and commodities, it is up to 1:50.

    It's important to note that leverage can increase both potential profits and losses, so it should be used with caution.

    Spreads & Commissions

    LMAX offers a variable spread on EUR/USD, which can start from as low as 0.2 pips during peak trading hours. However, the average spread is usually around 0.5-1 pip. It's worth noting that the spread can widen during periods of low liquidity or high market volatility.

    The commission fee varies depending on the account type and the trading volume of the client. Here is a breakdown of the commission fees for LMAX:

    LMAX Global: The commission for forex pairs ranges from $2.5 to $4.5 per $100,000 traded, depending on the trading volume. For indices, the commission ranges from $1.25 to $5 per lot traded, depending on the instrument and the trading volume.

    LMAX Professional: The commission for forex pairs ranges from $2 to $3 per $100,000 traded, depending on the trading volume. For indices, the commission ranges from $1 to $3 per lot traded, depending on the instrument and the trading volume.

    Below is a comparison table about spreads and commissions charged by different brokers:

    Broker EUR/USD Spread Commission
    LMAX 0.2 pips $2-$4.5 per lot/trade
    IG 0.6 pips None
    Saxo Bank 0.9 pips None
    CMC Markets 0.7 pips None
    Admiral Markets 0.5 pips $6 per lot/trade
    Pepperstone 0.16 pips $3.76 per lot/trade

    Note that the above information may vary depending on the account type, trading platform, and other factors. It's always a good idea to check with the broker directly for the most up-to-date and accurate information.

    Trading Platforms

    LMAX offers its proprietary trading platform called LMAX Global, which is a web-based platform accessible from any device with an internet connection. It also offers connectivity through industry-standard APIs, allowing clients to connect directly to LMAX Global's liquidity pool through third-party platforms.

    Additionally, LMAX offers the MetaTrader 4 platform for traders who prefer using a familiar interface.

    See the trading platform comparison table below:

    Broker Trading Platforms
    LMAX LMAX Global, MT4
    IG IG Trading, MT4
    Saxo Bank SaxoTraderGO, SaxoTraderPRO, SaxoInvestor, MT4
    CMC Markets MT4, proprietary mobile trading platform
    Admiral Markets MT4, MT5, proprietary Supreme platform
    Pepperstone MT4, MT5, cTrader

    Overall, LMAX Group's trading platforms are well-designed, user-friendly, and offer a range of advanced features suitable for both beginner and experienced traders.

    Deposits & Withdrawals

    LMAX offers a variety of deposit and withdrawal methods, including:

    Payment Options:

    • Bank Wire Transfer

    • Debit/Credit Cards (Visa and Mastercard)

    • Skrill

    • Neteller

    LMAX does not charge any deposit or withdrawal fees. However, fees may be charged by the payment provider or bank involved in the transaction.

    Minimum deposit requirement

    The minimum deposit requirement for LMAX varies depending on the type of account. The LMAX Global account has a minimum deposit requirement of $1,000, while the LMAX Professional account has a minimum deposit requirement of $10,000.

    LMAX Group minimum deposit vs other brokers

    LMAX Group Most other
    Minimum Deposit $1,000 $100

    LMAX Group Money Withdrawal

    To withdraw funds from LMAX, you need to follow these steps:

    Step 1: Log in to your LMAX account and go to the “My Account” section.

    Step 2: Click on the “Withdraw Funds” button.

    Step 3: Select the account you want to withdraw from and enter the amount you wish to withdraw.

    Step 4: Choose your preferred withdrawal method and fill out the necessary information.

    Step 5: Submit your withdrawal request.

    LMAX processes withdrawal requests within one business day, and the time it takes for the funds to reach your account will depend on the withdrawal method you choose.

    Fees

    LMAX charges various fees for trading and account maintenance. Here is an overview of some of the fees charged by LMAX:

    • Swap Fees: LMAX charges a swap fee for positions held overnight. The swap fee is based on the interest rate differential between the two currencies of the trading pair.

    • Deposit/Withdrawal Fees: LMAX does not charge any deposit or withdrawal fees. However, fees may be charged by the payment provider or bank involved in the transaction.

    • Inactivity Fee: LMAX does not charge any inactivity fee.

    It's important to note that the fees charged by LMAX may vary depending on the type of account and trading instrument. Traders are advised to check the latest fee schedule on the LMAX website before trading.

    See the fee comparison table below:

    Broker Deposit Fee Withdrawal Fee Inactivity Fee
    LMAX Free Free Free
    IG Free Free (over $100) $18/month after 2 years
    Saxo Bank Free Free €100/year after 2 years
    CMC Markets Free Free £10/month after 12 months
    Admiral Markets Free (except bank transfer) Free (over $150) Free
    Pepperstone Free (except bank transfer) Free (over $100) Free

    Customer Service

    LMAX provides 24/7 customer service through phone, email, and live chat. You can also follow LMAX on some social networks such as LinkedIn, Facebook and YouTube.

    Customer Service

    Overall, LMAX's customer service is considered to be of good quality with responsive and helpful agents.

    Pros Cons
    • 24/7 customer support through email, phone, and live chat • Limited language support with customer service available only in English
    • Dedicated account managers for all clients
    • Responsive customer service with quick resolution of issues

    It's worth noting that the quality of customer service can be subjective and may vary from client to client. However, this table provides a general overview of the strengths and weaknesses of LMAX's customer service.

    Education

    LMAX provides a range of educational resources for its clients, including:

    • Video tutorials: LMAX offers video tutorials on various topics related to trading, such as technical analysis, fundamental analysis, and risk management.

    • Webinars: LMAX hosts regular webinars that cover a wide range of topics, including market analysis, trading strategies, and risk management.

    • eBooks: LMAX provides a range of eBooks on various topics related to trading, such as forex trading strategies and technical analysis.

    • Trading guides: LMAX offers a range of trading guides that cover a variety of topics, including forex trading, CFDs, and cryptocurrencies.

    • Glossary: LMAX has a comprehensive glossary of trading terms that clients can refer to when needed.

    • Overall, LMAX's educational resources are comprehensive and cover a wide range of topics, making it a good choice for traders who are looking to improve their knowledge and skills.

    Conclusion

    In conclusion, LMAX is a highly-regulated broker that offers institutional-level trading services to retail clients. The broker offers a wide range of trading instruments and a powerful trading platform. LMAX's low-latency trading environment, deep liquidity pool, and transparent pricing model make it an ideal choice for traders who demand high-quality execution and a fair trading environment.

    However, LMAX's high minimum deposit requirement and limited account types may not be suitable for beginner traders. Additionally, the broker's relatively high trading costs may not be attractive to cost-sensitive traders. Overall, LMAX is a reliable and competitive broker for experienced traders looking for top-tier trading services.

    Frequently Asked Questions (FAQs)

    Q 1: Is LMAX regulated？
    A 1: Yes. It is regulated by FCA and CYSEC.
    Q 2: Does LMAX offer demo accounts？
    A 2: Yes.
    Q 3: Does LMAX offer industry-standard MT4 & MT5？
    A 3: Yes. LMAX supports LMAX Global and MetaTrader4.
    Q 4: What is the minimum deposit for LMAX？
    A 4: The minimum initial deposit to open an account is $1,000.
    Q 5: Is LMAX a good broker for beginners？
    A 5: Yes. It is a good choice for beginners because it is regulated well and offers various trading instruments with competitive trading conditions on the leading MT4 platform. Also, it offers demo accounts that allow traders to practice trading without risking any real money.

    News

    NewsTrading platform LMAX worth $1bn after injection

    Currency trading platform LMAX Group has been valued at $1bn (GBP720m) after New York-based private equity investor JC Flowers agreed to pay $300m for a 30pc stake.

    WikiFX
    2021-12-07 15:01
    Trading platform LMAX worth $1bn after injection
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    Fortenor
    more than one year
    LMAX Group offers a positive experience with its diverse account types, including FCA-regulated options in the UK and New Zealand. The spreads are competitive, especially with the ECN+commission model, providing traders with cost-effective trading opportunities.
    LMAX Group offers a positive experience with its diverse account types, including FCA-regulated options in the UK and New Zealand. The spreads are competitive, especially with the ECN+commission model, providing traders with cost-effective trading opportunities.
    Translate to English
    2024-07-17 18:34
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    Afra
    more than one year
    I signed up for LMAX Group and wasn't given the option to deposit and start trading immediately, at first I was disappointed, but John my account manager who is awesome, called and spoke to me about my account, apparently LMAX Group wanted to be sure if I had experience trading, unlike other services that want to take your deposit and see you trade and loose so they gain, I feel LMAX Group is taking the right steps.
    I signed up for LMAX Group and wasn't given the option to deposit and start trading immediately, at first I was disappointed, but John my account manager who is awesome, called and spoke to me about my account, apparently LMAX Group wanted to be sure if I had experience trading, unlike other services that want to take your deposit and see you trade and loose so they gain, I feel LMAX Group is taking the right steps.
    Translate to English
    2024-06-14 14:57
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