LMAX is a multilateral trading facility built in 2010 by Betfair and Goldman Sachs alumni that offers institutional-grade, no-dealing-desk execution, and is dual-regulated by the FCA (UK) and CySEC (Cyprus).
| Regulated entity | LMAX Broker Europe Ltd |
|---|---|
| Regulation | CySEC No. 310/16 + FCA-licensed (FRN unconfirmed) |
| Other Tier-1 regulators | None confirmed |
| Founded | 2010 |
| Headquarters | London, United Kingdom (LMAX Group parent, set up by Betfair/Goldman Sachs alumni); LMAX Broker Europe Ltd is the CySEC-licensed Cyprus entity serving EU retail clients |
| Minimum deposit | $10,000 |
| Avg. spread (EUR/USD) | 0.3 pips |
| Platforms | MT4, MT5, Proprietary (LMAX Trader) |
| Instruments | LMAX publishes a specific, independently reported range rather than a vague estimate: 100+ instruments across forex, spot metals (bullion), equity indices, commodities, and cryptocurrency CFDs, plus a "Weekend FX" product (cash-settled FX CFDs tradable over the weekend). No shares/stock CFDs were found in any source. |
See LMAX's full regulation dossier → · How to check whether a forex broker is regulated
Derived from the same confirmed data behind this broker's score (regulation, cost, platforms, deposit minimum) -- not a separate editorial judgment.
Via its FCA-regulated UK entity, eligible clients are covered by the UK's Financial Services Compensation Scheme (FSCS) up to £85,000 per person if the firm fails. Via its CySEC-regulated Cyprus entity, eligible clients are covered by Cyprus's Investor Compensation Fund (ICF) up to €20,000 per person if the firm fails.
Beyond the headline spread and minimum deposit above. Where our research hasn't independently confirmed a specific detail, we say so rather than guess -- verify directly with the broker before relying on it.
| Account types | Reported as Demo, Standard, and ECN/Raw-spread accounts; one source explicitly states LMAX does not offer Cent, Micro, Swap-Free/Islamic, VIP or managed accounts, though it's also described elsewhere as having a "Prime Account" for professional/institutional clients with top-tier bank liquidity access -- worth double-checking the Islamic-account absence directly before relying on it. |
|---|---|
| Execution model | ECN, no-dealing-desk, positioned as institutional-grade with direct liquidity access -- LMAX Broker Europe is a retail/intermediary extension of the group's institutional ECN infrastructure. Worth knowing: this Cyprus entity was an acquired and renamed shell (formerly CB Capital Business Ltd) rather than an organically built Cyprus operation. |
| Withdrawals & deposits | No deposit or withdrawal fee from LMAX itself (bank/provider fees may apply); minimum withdrawal $100. The minimum deposit is notably high at $10,000, consistent with LMAX's institutional/professional-client positioning. A separate, possibly outdated reference to a $300/month platform fee may apply only to a specific professional platform tier and wasn't clearly reconciled. |
| Overnight financing (swap) | Not found -- no rate-calculation methodology was located, consistent with the apparent absence of an Islamic/swap-free account on this entity. |
| Currency conversion cost | Not found -- no specific fee or percentage was located. |
| Inactivity fee | One source states $10/month; single-source, not cross-confirmed. |
| Customer service | Not found in detail. Its Trustpilot rating is notably low (2.2/5) but from only around 18 reviews -- a small sample consistent with LMAX's institutional/professional client base rather than a mass-market retail broker, so this shouldn't be read the same way as a low score from thousands of retail reviews. |
| Mobile experience | No app-store rating was found; platforms listed are FIX API, a web GUI, a mobile app, and REST/WebSocket access. |
| Educational offering | Not found in detail. |
See how LMAX's spread cost compares across every researched broker → · Forex broker fees explained
Is LMAX regulated?
Yes -- CySEC No. 310/16 + FCA-licensed (FRN unconfirmed). See the regulation dossier on this page for the underlying licence numbers.
Is my money protected if LMAX fails?
Via its FCA-regulated UK entity, eligible clients are covered by the UK's Financial Services Compensation Scheme (FSCS) up to £85,000 per person if the firm fails. Via its CySEC-regulated Cyprus entity, eligible clients are covered by Cyprus's Investor Compensation Fund (ICF) up to €20,000 per person if the firm fails.
What is the minimum deposit at LMAX?
Our research confirms a minimum deposit of $10,000.
What trading platforms does LMAX offer?
LMAX offers MT4, MT5, Proprietary (LMAX Trader).
What is LMAX's average spread on EUR/USD?
Our research confirms an average EUR/USD spread of 0.3 pips. See our cost calculator to compare this across every broker we've reviewed.
When was LMAX founded?
LMAX was founded in 2010.
How is LMAX's overall score calculated?
LMAX currently scores 3.36/5 overall under our disclosed nine-category methodology -- regulation & client protection 30%, trading costs 20%, non-trading fees 10%, platforms & tools 10%, execution/trading conditions 10%, product range 5%, deposits/withdrawals 5%, transparency 5%, track record 5%. It is not a comparison to other brokers and not based on hands-on testing.
A dated log of when our own published data about this broker actually changed -- not a reconstructed history of what the broker itself did. See the full change log tool for every broker.
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