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I think this is a common misunderstanding and they should really change the language. Before I started with LMAX I was also concerned about the API fees but I have checked with two different LMAX sources (via phone support and via email support), both have told me using your own Multicharts connecting to LMAX is *not* API access. There are no required minimums when connecting and trading through your own Multicharts license. It is only when you ask them for a free MC license that you have to do the minimum trades per month.
I have the email from LMAX support stating
API access is when you want to have your own code connect to their servers directly. Java, FIX, .net are the various API available of course.
You're right Traderji with both points. A clearer explanation on their website (or perhaps a longer reply then two sentences) would have prevented much of this confusion.
They do not charge inactivity fees for MultiCharts users:
My apologies to the readers of this thread (like @Nicolas11), since in hindsight it would have been a better idea to first double-check it with LMAX before posting it in this thread. This way, I've created some added confusion. Sorry.
So now that the inactivity fee confusion is cleared up, I've continued my research of LMAX.
One thing in the Order Execution Policy I don't understand is the quote below:
I've asked them about this, since I'm not looking for a legal explanation but an explanation from a trader's viewpoint. Can someone tell me what this quote means?
I'm under the assumption that an ask price lower than a bid price is (practically) impossible since such a difference would be arbitraged away immediately (if it even occurs in the first place, since which market maker, besides Knight , would provide such quotes?).
Trading: Mini and micro US Indexes/ DAX/ FX/VIX/GOLD
Posts: 180 since Apr 2010
Thanks Given: 53
Thanks Received: 164
I've been with LMAX for over six months now. I opened my account before they added the tiered account minimums. I'm in the UK and get 100:1 I use MC DT and 6E data. There were issues with LMAX data some time ago but I think they have been resolved. MC works nicely with LMAX for DOM trading. I've used several fx brokers in the past but LMAX is superior, in my opinion. Execution is instant. No slippage or delays. Coms are fair at 32 cents/side per lot (2.50 per 100,000). If you are a scalper and can open an account (if not, you may want to take a look here-
No need to apologize. The confusion has originally been created by LMAX, not by you.
They told you by e-mail: "There are no API fees if you have your own Multicharts, we ask only for you to let us know your MC license number."
So I understand that a condition to waive the API fee when we have our own MC and the account is "inactive" is to give them our MC license number.
Fine. But, if no mistake, this is written nowhere in the contractual documents or on the Web site.
I am in this situation (own MC). And they have never asked me any MC license number. So I may have been subject to the $60 fee if I had stayed with them.
Far from being the end of the world, I know.
Anyway, I am going to close my account. Not because of this , but because I do not intend to trade FOREX any more in a near future.
I will report in this thread about the "cleanliness" of this process with LMAX.
I think you are wrong on both the assumptions there
- Trading on LMAX via MC is not API access regardless of whether you are using your own license or using the free LMAX license. If you use their MC license then you have to trade minimum 250 contracts per month otherwise they charge you $60 month for use of their MC. It has nothing to do with API access.
API access is a separate thing from Multicharts. If you have your own trading platform and you want connect and send orders to LMAX you apply for and get access to their API. An example might be if someone wrote a software bridge between Ninjatrader and LMAX. You would need LMAX API access to connect the software bridge to LMAX.
- I don't think giving them your MC license number has anything to do avoiding 'inactivity' fees. Like Jura I was also asked by LMAX support to give them my MC license number *but* only as a optional courtesy. I just laughed and told them to fuck off. There is no way I was going to give them my personal license key to an expensive piece of software. They said it's optional and not a issue if I don't give them my license key.
I open my account in April but only funded it in August because I was waiting for MC.net before I switched from NT. Since April I have had my MC Easylanguage running connected to LMAX so that I could compare the data feed between MB Trading, Interactive Brokers and LMAX. I was not charged any inactivity fees. Maybe I was lucky, maybe they don't care.
I found it odd that they asked for this. IB orders transmitted from MultiCharts are tagged with a MultiCharts segment saying that the software used was MultiCharts - I suspect the same will be the case with LMAX so they can easily see if one uses MultiCharts or not.
Perhaps I'm too critical in my LMAX research (I do feel somewhat sorry for their helpdesk ), but I couldn't resist them to ask them why they wanted my MultiCharts license:
I don't follow their reasoning here, but since it's not required to provide the license, I didn't take it further.
Thanks Traderji, good to know that one can keep his account unfunded for a while to see if the data is really okay/good.
I just wanted to report that I have closed my LMAX account without difficulties.
All funds are back on my personal bank accounts.
They have what they call a "closed loop policy": withdrawn funds can only be sent back to the bank account they were transferred from. I guess that the purpose is to avoid money laundering.