LMAX broker is a part of LMAX Group. Here, we have several entities that belong to the same owner. It was hard tracking them all and making sure that whatever entity you pick, your funds will be safe.
Read our honest LMAX review and check who the brokerage is.
- But firstly, we want to invite you to read our recently updated InstaForex and TradedWell scam broker reviews. Your funds are in danger with them!
|Broker Status:||Regulated Broker|
|Regulated by:||FCA, FMA, CySEC|
|Operating Status:||Alleged Forex Scam|
|Blacklisted as a Scam by:||N/A|
|Broker Owner:||Lmax Limited|
|Online Trading Platforms:||WebTrader, LMAX Exchange|
|Crypto Assets:||Available (only in Gibraltar entity)|
|Available Trading Assets:||Forex (FX), Commodities, Indices, Shares, Cryptocurrencies|
|Islamic Account:||Not Available|
|Free Demo Account:||Yes|
|Accepts US Clients:||US traders are not accepted|
|Global Fraud Protection Experts’ Verdict:||Beware of This Broker!|
LMAX Regulation – Is the Broker Safe?
As a part of LMAX Group, we have:
- Firstly, Lmax Limited – regulated by the UK FCA
- Secondly, Lmax Broker Limited – regulated by CySEC
- Thirdly, Lmax New Zealand Limited – regulated by the FMA
However, another entity, LMAX Digital Broker Limited, registered in Gibraltar, is allegedly regulated by FSC.
Questions About License Legitimacy – Reputation Problems
So far, the main question is whether company is regulated everywhere it operates. We did find company regulation with FSC too, but here is the thing.
“The firm is authorized to use distributed ledger technology for storing or transmitting value belonging to others in connection with the operation of a secondary market venue for trading virtual assets; and the provision of custody services.”
Nowhere can we see that the company is entitled to provide financial services or brokerage services. Therefore, their license exists but isn’t valid.
LMAX Login Problems – What Should You Do?
Suppose you have had log-in issues with LMAX forex brokerage for a couple of days. You’ve finally logged in, and all of your money is gone. The broker will claim it’s because you didn’t close your trades in time, stop loss or take profit didn’t work, and for all that, they will blame your internet connection, your mobile or desktop device, etc. They will never admit they blocked your access on purpose.
If you experience something similar, you should report it immediately. Our support is at your disposal 24/7 via online chat. Tell us what happened, and let’s try to save your money before it’s too late.
LMAX Platform Review – Available Trading Software
The only option clients have is an LMAX trading platform called LMAX Exchange. It’s a proprietary web trader with several indicators and trading charts. However, such a platform can never replace an MT4 or MT5, two of the most popular and most reliable platforms on the financial market. Depending on the assets you want to trade, you will be redirected to a different part of the platform.
LMAX App – Mobile Trading
Besides a proprietary trading platform, the broker offers a proprietary mobile app as well. For all those using Android or iOS devices, there’s an app similar to a web trader, showing all of the same charts and indicators. Still, it’s a broker’s app, and you should be careful when providing your personal information and investing funds into a platform that’s not secure.
LMAX Trading Instruments – What Can I Trade?
Clients can trade with LMAX through Exchange, Global, and Digital.
- Exchange – currency pairs
- Global – indices, commodities, shares
- Digital – cryptocurrencies – BTC, ETH, LTC, BCH, XRP
All trades are executed on the same proprietary platform. Depending on the entity, clients can get up to 1:30 leverage for the CySEC entity or up to 1:50 for FCA and FMA. Regarding the Gibraltar entity, leverage for cryptocurrencies hasn’t been disclosed.
LMAX Trading Accounts – Account Types
Broker doesn’t have account types per se. Basically, if you want to start investing, the LMAX minimum deposit is $10,000. Whether you are a professional or an inexperienced trader, the minimum is the same for everyone, and trading conditions are the same for everyone.
However, it could be really tricky since those who never traded could easily slip with such an amount and the leverage provided.
Regular brokers licensed by the FCA, ASIC, or BaFin usually require $100 or $200 for beginners, which is much more convenient.
Besides Live accounts, LMAX FX offers a Demo account as well. However, as discussed, since the broker has a suspicious entity in Gibraltar and only a proprietary web trader, with a requirement of $10,000, we advise you not to fall for this trading scam.
Scammed By LMAX Broker? – Talk To Our Experts Today!
If you were scammed by LMAX or a similar illicit operation, let us know. Global Fraud Protection is here to assist you with this matter and help you file a dispute.
No matter how good you are with paperwork, different governments have different rules and demands. Leave your case to professionals. Book a free consultation via online chat, and let’s get your money back as soon as possible!
Don’t Let the Scammers Go Away for Free!
What Is LMAX, And Should I Invest Money In It?
Basically, this is a multi-asset broker with entities in the UK, New Zealand, Cyprus, and Gibraltar.
Is LMAX Safe?
No, broker has a few entities and a discretionary right to assign you to any of those, which is unsafe.
Which Products Does LMAX Offer?
Company offers trading with currency pairs, commodities, indices, shares, and cryptocurrencies.
Are My Funds Safe With LMAX?
As we discovered, broker has several different entities with different trading conditions and a proprietary platform, making it unsafe.