LMAX: On point review

LMAX user-ratings: $10000
  • Asset varierity - 0/10
    0/10
  • Trading platform - 0/10
    0/10
  • Support - 0/10
    0/10
  • Fees - 0/10
    0/10
  • Deposit/Withdrawal - 0/10
    0/10

Facts about the company:

  • Type: Forex Broker 
  • Regulation: FCA (UK)
  • Minimum deposit: $10000
  • Demo account: Free
  • Markets: 100+ Forex, Metals, Equity Indices, Commodities, crypto CFDs, and Weekend FX
8.7/10
Comments Rating 8.7/10 (1 review)

Pros

  • Average trade latency is 3 ms
  • Tight Spreads
  • Superior execution
  • Resilience at all levels
  • Instant payout

Cons

  • High minimum deposit
  • No bonus offer
  • Not recommendable for beginners

About LMAX

Trading in securities is also very popular outside of equities and now offers numerous opportunities. One option is to participate in trading with contracts for difference and currencies. This is a simple but lucrative form of trading. Especially the Forex trading is also suitable for beginners and can be learned easily. It is particularly practical in this context that there are now numerous brokers of this kind, where you can become active as a trader. In this way, it is easy to participate in trading and exploit the potential offered here. The broker LMAX, for example, offers a wide range of trading options and also convinces with various other features.

CompaniesLMAX Exchange
addressYellow Building 1A Nicholas Road London W11 4AN
phone0044 203 192 2555
e-mailinfo@lmax.com
Live chatNo

Because LMAX also offers its traders reliable support that can be reached reliably, and not only provides a WebTrader for trading that can be used flexibly. There are also mobile apps so that trading can be carried out easily with a mobile device such as a smartphone. With the offered demo account, the provider also offers an option to try out trading before investing your own capital and to get your bearings. The security offered is also worth mentioning at this point.

Screenshot of the LMAX landing page

LMAX in the check: Fraud or respectable?

Of course, for most traders, their own security also plays a decisive role. It is therefore particularly important to choose a safe and reputable broker where trading is possible without risk. Only a few traders would voluntarily choose a broker who is not serious. After all, one does not want to have to deal with fraud or rip-offs. The experience of LMAX clearly shows that this provider is safe for forex trading and offers traders many protection mechanisms. Trading here is therefore possible without any problems and above all the offered regulation offers traders a lot of security. This aspect naturally influences the test report of LMAX accordingly in a positive way. Rip-offs or fraud are therefore not to be feared in any way at the broker LMAX.

Serious trading is ensured by regulation and licensing

As already mentioned, security is crucial for many traders and of course for good reason. Nobody wants to take the risk of “throwing their money down the throat” of a dubious broker or losing it to a fraudulent provider. Therefore, many traders choose to trade only with a regulated broker. Although brokers without such regulations are often safe, this has become a security feature. At LMAX, there is a corresponding regulation in place, for which the FCA from Great Britain is responsible. This means that the provider is subject to the control and supervision of the FCA and voluntarily submits to this control.

The regulation thus offers a certain degree of security in any case and is to be seen as an advantage for the traders. It is then ensured in any case that the broker takes care of the interests of the traders and also protects their capital accordingly.

Furthermore, deposit insurance often plays an important role, which is mandatory within the European Union. According to EU laws, it is at least 100,000 euros per trader and trading account. Thus, the capital of the traders is protected accordingly, even if a broker should be insolvent or no longer solvent. In this case, a corresponding fund will take effect, which is enormously important for the clients’ money. As a trader, you can also benefit from this deposit protection at LMAX.

In terms of security, the broker really does offer a great deal of comfort for all traders. The test of LMAX in this area is accordingly without any complaints. After all, there are also a large number of brokers who do not require regulation and are not bound to deposit protection due to their company headquarters.

To sum up:

  • Regulated by FCA
  • Protects the capital
  • Deposit insurance of 100,000€ per customer
  • Safe and serious broker

A wide range of currency pairs offers variety

For trading currencies – i.e. Forex instruments – the range of tradable currency pairs is often of great importance. Many brokers provide their traders with a manageable selection of tradable assets. LMAX is different, and the range of tradable securities offered by this broker is very broad. As a trader, you can not only trade the well-known currency pairs such as EUR/USD but also more exotic pairs are available here. When trading currencies, you decide on a currency pair and then determine how the currency rate will change in relation to each other. You can then use this to profit from the price gain or loss. The trading is therefore quite simple but offers great potential.

Due to the wide range of products available for trading, the experience with LMAX in this area is very positive. In addition, trading with this provider is always possible with a great deal of variety and it is very easy for traders to profit from a large number of currency pairs. Narrow spreads and thus a great potential for trading offer a lot of comforts and make trading very interesting for the target group of LMAX.

For this purpose, various functions can be used for trading and trading can be very professional and profitable. With various strategies, trading can be very easily aligned and structured according to your ideas and possibilities.

A bonus is waived here

In many cases, traders pay attention to whether a broker also pays a bonus. Many providers grant their traders a bonus for opening an account or for the first deposit. With other providers, a bonus is paid if a certain minimum turnover is exceeded. Other providers, on the other hand, waive a bonus altogether. And there are also different camps with the traders. Thus, some traders take advantage of a bonus in any case, while other traders waive it completely. Thus, it is always a matter of opinion whether one needs a bonus or would rather forego it.

With the broker LMAX, this question usually does not arise at all. Because this broker does not offer its traders a bonus. This means that only your own capital is available for trading and this is not further increased by a bonus. A bonus is always tied to conditions that a trader must meet or achieve. Thus, the bonus amount – if there is one – must be implemented according to the requirements before it can even be considered for payout. On the other hand, it is also possible that a bonus has to be paid back later if a trader cannot meet the requirements. In this respect, a bonus can also have negative consequences for a trader. This is also the reason why some traders are generally critical of bonus credits.

In general, a bonus can be very interesting for trading with CFDs or even Forex values. However, the fact that there is no bonus for the trader with this broker does not really negatively influence the test. After all, it shows that the provider rather addresses itself to experienced traders. This is ultimately also evident in the minimum amount for the first deposit. Beginners – who for example speculate on a bonus – are instead at the right address with other providers of this type.

In principle, however, a missing bonus can also be marked as a disadvantage if you change your perspective. Thus, a bonus could certainly arouse interest in this broker and ensure that more traders choose this provider. At least at the current time, however, no bonus is active or plans for one are known.

Deposits and withdrawals

Of course, it also plays a role in how easily and, above all, how securely deposits and withdrawals can be made with a broker. Less important is the variety of payment options. It is much more important that traders are provided with secure ways to make deposits or receive payouts. With the provider LMAX, this is in any case the case. It is possible to make a deposit by credit card or by bank transfer. Other payment options are also less suitable if you take a closer look at the minimum amount for a deposit. This is 10,000 dollars (or the equivalent in your own currency, in which the account is held with the broker).

This makes it clear that the provider is aimed primarily at experienced traders who have a budget for trading. For beginners or traders who want to start trading on a small budget, this provider is therefore less of an option. This circumstance is not bad, after all, there are also providers who are mainly aimed at beginners. With LMAX, you can always assume a secure deposit and the deposited capital will be credited to your trading account immediately after booking. This is usually the case when depositing with a credit card, but it takes a little longer for a bank transfer.

Withdrawals can also be conveniently requested by credit card or bank transfer. These are processed quickly so that as a trader you can dispose freely of your credit without long waiting periods. After all, investing money with a broker can also be seen as an investment, so that you want to access your own capital quickly if necessary. In our experience with LMAX, the prompt settlement of payouts is very positive in any case and offers traders an option to access their own earnings quickly and above all safely.

In general, LMAX could offer its traders additional payment options, but the options available are always considered safe and reliable. So there is nothing wrong with depositing money with this provider in this way. The fact that payouts are also fast confirms the positive impression of the test report.

Customer support

In addition to trading services and individual trading offers, diversity and convenience are important. Basic support is also useful if a trader has questions or cannot find solutions to problems. The broker LMAX offers extensive support for its traders so that all questions can be answered quickly and all problems can be solved directly. From Sunday to Friday there is a telephone support service that is available around the clock. In addition, the support can also be reached via e-mail, which allows traders to submit their questions and concerns in writing. In any case, this ensures that the trader is not left alone with problems and questions and instead receives direct and fast support.

Support available:Sunday to Friday 24 hours
Telephone:+44 20 3192 2555
Adress:info@lmax.com
Languages:4

The quick contact can be especially useful in case of problems with the trading tools. But even if you as a trader have more urgent questions, you can get help and support from the provider LMAX comfortably and promptly. This offers all traders a great deal of comfort and helps them to feel comfortable with this broker.

Website offers quick orientation

The website is also brightly designed and offers quick access to all important content. With just a few clicks you can find your way around as a trader and can thus enter trading quickly and easily. It is also possible to create an account for trading directly on the website or to familiarize yourself with trading using the demo access. LMAX also offers easy orientation with its own website. The Webtrader can also be used flexibly.

Mobile app

With the mobile app, the broker LMAX also offers its traders the opportunity to participate in trading flexibly and easily. The app can be downloaded quickly and free of charge for Android and for iOS and thus offers a direct usage option. The app can be used with the known access data. It also offers access to trading and you can also get an overview of your own trading account.

The test report also offers many positive aspects due to the mobile app and it becomes clear that as a trader you can participate in trading flexibly and with a lot of variety.

Conclusion

The British broker LMAX not only convinces with a demo account, low spreads, and a secure way to deposit but also with regulation and deposit protection. As a trader, you are therefore safe on the move and can participate in trading flexibly and easily. LMAX offers traders a great deal of convenience. Furthermore, there is also a mobile app with which traders can easily participate in trading. Altogether the broker offers thus numerous possibilities, addresses itself with a minimum deposit sum of 10.000 dollars however rather to experienced traders with an appropriate budget.


Most asked questions:

What is the Initial minimum deposit?

The minimum deposit for trading with LMAX is 10,000 Dollars. In the case of this broker, the minimum deposit is set up high which makes it only a preferred broker for professionals in trading.

Is there an inactivity fee?

Fees with this broker are set high, so it is predictable that there is also an inactivity fee charged. By being inactive for more than a month, an inactivity fee of $1000 is charged.

Is LMAX regulated?

Yes, LMAX is a regulated and serious broker that also protects the funds and deposits of its clients. As LMAX is a British Broker, it is also regulated in Britain by the FCA – a well-known regulation institution for financial companies.

What trading platforms are available?

With LMAX it is possible to trade via mobile devices and via computer or laptop. Moreover, it is possible to trade with the well-known MetaTrader 4 as well as the WebTrader of LMAX which can also be used on mobile devices. In addition, there is also a mobile app offered.

One Response

  1. Andre Witzel September 21, 2020

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