LMAX Exchange is a forex and CFD trading venue that offers its customers direct access to institutional liquidity.
The biggest advantage of the exchange to any ECN broker
is, in our view, the fact that it offers complete pre- and post-trade transparency. LMAX offers an open order book, doesn't run risk, and doesn't employ a “last look” policy – this means that orders are not checked and/or delayed before being executed. Streaming limit orders are supplied by the exchange's General Members so at any given moment its customers know the price and the true cost of trade for each and every matched order.
Some of the other benefits offered by LMAX include outstanding execution, trading anonymity, access to margin clearing facility, streaming limit-order liquidity from top-tier banks and proprietary market makers, strict price/time priority matching, etc.
All this is possible through the exchange's multilateral trading facility (MTF), which has every reason to brag about its performance. Some of LMAX's technological highlights are average trade latency of under 3 milliseconds, processing capacity of 400 million orders per day, 100% uptime, etc. Furthermore, LMAX MTF is authorized and regulated by the Financial Conduct Authority (FCA
) in the United Kingdom.
LMAX Exchange's services are targeted at brokers and introducing brokers, institutional asset managers, commodity trading advisers, and corporate treasuries.
Individual investors can apply for accounts as well but if they do so straight through LMAX Exchange, they'll need an initial investment of at least $10,000. Another option is to sign up with a broker that's an official partner of LMAX Exchange and offers its liquidity – you can open an account with Deltastock
or Armada Markets
for example, and start with as little as $100.
Both institutional and private LMAX traders can benefit from the exchange's vast trading instruments list, which features more than 60 currency pairs, precious metals and major indices.
Below is a list of brokers offering LMAX liquidity. Keep in mind that the forex software provider PFSOFT is an official partner of LMAX Exchange, so all the brokers using PFSOFT's platform Protrader are also LMAX brokers.