LMAX, a reputable liquidity provider to brokers, is subject to grave charges by both traders and brokers. Though it presents itself as a professional and regulated trading platform, the latest user experience exhibits a trend of suspicious activities in terms of fund withdrawal, communication lag, and overcharging.
Website: https://www.lmax.com/
Website Availability: Yes
Address: Yellow Building, 1A Nicholas Road, London W11 4AN, United Kingdom
Regulation: Unregulated
Warning: Financial Services Authority (Seychelles FSA)
Domain Age:
Name-LMAX.COM
Registry Domain ID-4320813_DOMAIN_COM-VRSN
Registered On-1999-03-14T05:00:00Z
Expires On-2033-03-14T04:00:00Z
Updated On-2023-05-11T16:34:14Z
Withdrawal Problems and Freezing Funds
Various traders have complained of serious problems when trying to withdraw money. One trader deposited cryptocurrency via a broker connected with LMAX and, after requesting withdrawal, discovered that LMAX would not release the money despite being shown all evidence of ownership. When repeatedly contacted, LMAX did not respond, leaving both the trader and broker in a financial standstill.
Excessive and Unfair Swap Fees
The other frequent complaint is about unusually large swap fees. Customers complain of being charged way too much to hold positions for brief periods, especially in the case of commodities like oil. Traders pointed out that the fee model seemed one-sided as investors had to pay swap fees no matter which direction the market moved. This also questions transparency and fairness.
Poor Customer Service and Delayed Compliance
Most users complained about LMAX’s unhelpful and unresponsive support staff. Some reported endless loops of emails, invasive document demands, and no resolution, all in the guise of “anti-money laundering” screening. This made traders suspect that LMAX was employing compliance measures as a strategy for stalling or denying withdrawal.
FAQs
Q1: Is LMAX regulated?
Yes, LMAX is regulated in the UK. That does not necessarily ensure ethical customer service, though.
Q2: Do withdrawals from LMAX work?
Many traders have experienced delayed or refused withdrawals, sometimes for weeks or months.
Q3: Can LMAX be trusted as a liquidity provider?
Considering several reports of bad service, high fees, and missing funds, caution is highly recommended.
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