Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Hannah : Welcome to LMAX Exchange, how can I help today?
Me : Hi, I just want to check your spread on XAUUSD
Me : your website says 10. Seems too low. What am I missing
Hannah : let me check for you
Hannah : thats the difference
Hannah : the prices are shown under bid or ask
Me : yes I know. That matches with your bid ask
Me : so If I entered at 」10 per pip what spread would I pay?
Hannah : are you doing spread betting?
Me : no
Hannah : spread is variable
Hannah : commission is on top of spread
Me : ah. So if your website says 10, how much will I actually pay for the trade?
Hannah : are you on our lmax website?
Hannah : as our spreads are variable
Me : yes
Me : Yes I know you have said that already. Right now it says 10 for XAUUSD. If I enter a trade right now that it what I will pay?
Hannah : if you entered the trade you will need to pay commission
Me : How much?
Hannah : 0.00250% of notional trade value
Me : Ok. Can you give me an example? Im not sure what you mean by that.
Hannah : so for 1 million dollars traded it will be 50 USD per round trip
Me : Ok thanks. If I enter my trade at 」10 per pip - what will my round trip commission be?
Hannah : you need to specify an instrument
Me : XAUUSD
Hannah : $3.18 one way
Me : Ok. So with 10 spread my round trip fees for XAUUSD would be $16.36?
Me : Theres nothing else?
Hannah : 6.36 yes
Hannah : no
Me : Sounds good, thanks for your help
Hannah : no worries
I can confirm LMAX is an excellent broker. Sierra Charts LMAX DTC connection is rock solid (with the SC LMAX DTC connection you also avoid the $300 FIX fee when trading less than $100m notional value per month). When opening an LMAX account through fxmtf.com, which is an introducing broker to LMAX, the standard commission rate is 0.00200% (at least this was the case back in 2013 when I opened my LMAX account).
Never heard of a FIX fee, what is FIX and why would I pay for it?
What does 'Last look' mean? Ive seen that on the website but never heard of it.
What do you think of LMAX rollover rates? I read that they are horrendously expensive?
Is there anything else I should be aware of before signing up with LMAX?
LMAX normally charges a fee when using their fix connection and trading less than $100m notional value a month. But Sierra Charts has an alternative fix connection: LMAX - DTC. This is the one you want to use and where are no monthly fix connection fees from LMAX (see SC website for further explanation and instructions).
'Last look' means that if a trader wants to trade at the quoted bid or ask price, the liquidity provider is able to reject the trade last minute. This used to be common practice with a lot of retail forex brokers in the past. This is obviously NOT what you want. LMAX says that this is not possible with them and I haven't noticed it yet. Order execution is instantaneous and at the bid or ask price that was quoted (and sometimes even better).
I have never really looked at the rollover rates (I suppose you mean overnight financing terms), because I exclusively trade intraday.
The only other fee that I am aware of is a monthly inactivity fee of $50 after 6 months of inactivity.
Great explanation. Thank you.
I have applied for a live account so lets see how this all pans out. If i can stick to a single platform to trade forex and futures from then happy days.
Cheers.
Im checking out the settings for my live account and hoping that one of you can help me here.
Sierra is configured as follows for Gold spot: Tick value = $ 0.05 Tick size= 0.05
But the instrument information from LMAX:
Tick value = $ 0.10 Tick size= 0.01
So lets say gold moves +100 pips : 1276.00 - 1277.00.
According to the LMAX that would be a $10 change in price on 1 contract.
But, according to the Sierra that would be a $1 change in price on 1 contract.
Hhhmmm, this is something to do with the instruments settings in Sierra. I saw you posted about these before? I知 not a Sierra expert I知 afraid, maybe their tech support can help?
In my experience lmax tick values are normal hence it moves like the wind!
Also I know this might sound like I知 teaching you to suck eggs....but...worth checking these settings across the board. Often the cfd/forex lot sizes are miles apart. You might have to tailor each market in Sierra so it matches up with Lmax.