Considering Switching from OANDA to LMAX (via LQD Markets)

Purple Brain

Experienced member
1,613 179
I'm using metatrader for my charting and don't really want to take another new product on board, but thanks for the suggestion.

The LAMX data memory 'feature' isn't that much of an issue when you know about it. Most of my trades are in the same ballpark for number of lots, stops etc and I can always alter everything except the lots after entry if I'm in a rush.

You can always alter the size after entry as well of course if you've accidentally gone in too large which is exactly what I had to do earlier today, but not something you'd do too often before learning to take your time checking the data before entry.
 

Purple Brain

Experienced member
1,613 179
On the plus side of using LMAX: The spreads. They are generally, although not always, sharper than OANDA. On the more exotic pairs there's little in it and very occasionally OANDA beat LMAX by a small margin.

I am advised there are other benefits which a professional trader would appreciate more fully than a beginner like myself. But that's it. The spreads - mostly.

On the minus side of using LMAX:The support staff can be a bit curt with beginner type questions. They expect to be dealing with professionals and give me the impression that if I need to ask questions, I shouldn't be using their platform.

There is no GUI available similar to OANDA for placing trades, moving stops and take profit levels on a graphical basis; it's all hard slog number by number, position by position. If you have a number of trades for the same pair open such as when you scale-in to a position, you need to set the stops for each trade rather than the position as a whole.

The stops and take profits can only be set as a number of pips delta to the current price - not a specific price level. This is almost a deal-breaker for me. As a technical trader I set my stops on technical s/t levels. I don't want to have to do the math to work out how many pips that is from the current price - I just want to put in the price. And if you have more than one trade for a position and you want to set the stops/take profit the same 0- forget it. You have to calculate tick by tick what the delta will be to get them the same. Really, really painful. OK if you're hit and miss and couldn't give a toss if it's a few pip different, but for precise trading, almost useless.

Apparently they did have it where you could set the levels at a specific price, but there was demand to have it changed to number of pips. Why on earth they couldn't have provided both methods rather than forcing one set of traders to use another's preferred mode is beyond me.

While your aggregate P&L is shown in the account's base currency, the P&L for each trade/position is shown in the currency of the counter currency. Why? It just is. Can I change it? No.

There is no facility to set default for standard position size, stop or take profit levels - it all has to be done each and every time.

Will I switch to LMAX? Probably. I like to spreads advantage and I am advised the matching engines are going to give me a better price and fill than I will ever get going through a broker such as OANDA. But I will miss the ease of use, most definitely.
 

Shakone

Senior member
2,458 665
On the plus side of using LMAX: The spreads. They are generally, although not always, sharper than OANDA. On the more exotic pairs there's little in it and very occasionally OANDA beat LMAX by a small margin.

I am advised there are other benefits which a professional trader would appreciate more fully than a beginner like myself. But that's it. The spreads - mostly.

On the minus side of using LMAX:The support staff can be a bit curt with beginner type questions. They expect to be dealing with professionals and give me the impression that if I need to ask questions, I shouldn't be using their platform.

There is no GUI available similar to OANDA for placing trades, moving stops and take profit levels on a graphical basis; it's all hard slog number by number, position by position. If you have a number of trades for the same pair open such as when you scale-in to a position, you need to set the stops for each trade rather than the position as a whole.

The stops and take profits can only be set as a number of pips delta to the current price - not a specific price level. This is almost a deal-breaker for me. As a technical trader I set my stops on technical s/t levels. I don't want to have to do the math to work out how many pips that is from the current price - I just want to put in the price. And if you have more than one trade for a position and you want to set the stops/take profit the same 0- forget it. You have to calculate tick by tick what the delta will be to get them the same. Really, really painful. OK if you're hit and miss and couldn't give a toss if it's a few pip different, but for precise trading, almost useless.

Apparently they did have it where you could set the levels at a specific price, but there was demand to have it changed to number of pips. Why on earth they couldn't have provided both methods rather than forcing one set of traders to use another's preferred mode is beyond me.

While your aggregate P&L is shown in the account's base currency, the P&L for each trade/position is shown in the currency of the counter currency. Why? It just is. Can I change it? No.

There is no facility to set default for standard position size, stop or take profit levels - it all has to be done each and every time.

Will I switch to LMAX? Probably. I like to spreads advantage and I am advised the matching engines are going to give me a better price and fill than I will ever get going through a broker such as OANDA. But I will miss the ease of use, most definitely.

Yes I agree, unless you're using Multicharts, that could be annoying. You could use a separate order as a stop i.e. open a stop order which you can do by price rather than number of pips, but then you'll have the problem of the stop not cancelling when position is closed which is dangerous. Either way it is fiddly. If you're happy with Oanda there's no reason to change. Like you say the spreads on some pairs may be better on Oanda. If you only trade a couple of the majors, then LMAX with multicharts is very good.
 

kimo'sabby

Experienced member
1,622 287
Will I switch to LMAX? Probably. I like to spreads advantage and I am advised the matching engines are going to give me a better price and fill than I will ever get going through a broker such as OANDA. But I will miss the ease of use, most definitely.


Seems like you're going to be much more profitable with LMAX. Thanks for the feedback and advisement.
 
L

Liquid validity

0 0
Yes I agree, unless you're using Multicharts, that could be annoying. You could use a separate order as a stop i.e. open a stop order which you can do by price rather than number of pips, but then you'll have the problem of the stop not cancelling when position is closed which is dangerous. Either way it is fiddly. If you're happy with Oanda there's no reason to change. Like you say the spreads on some pairs may be better on Oanda. If you only trade a couple of the majors, then LMAX with multicharts is very good.

I'll second that, the thing with MC free is you don't permanently restrict yourself
to just 2 instruments, you can delete 1 or both so you can add others.
Bit of a kludge I know, but until you decide to get a full MC license, or not,
its a decent workaround.
 

random12345

Established member
793 280
Their finances are a concern.

The last report I read, their volume had gone from 25 billion per month to 125 billion per month in a year. At 25 billion, they were running a loss.

Aye, annualised turnover was only 5 mill last year and they have a pretty hefty outstanding amnt due to Betfair on their books. Total loss was around £15 million (non annualised - accts are for 8mths after MBO).

I have significantly more than the FSCS guarantee deposited with them however... sometimes you get a feeling that people are playing by the segregation rules.
 

Purple Brain

Experienced member
1,613 179
There appears to be no way to order either individual or combined positions or even the instrument list itself. Are these things that concern only small fry like me? I'm not looking for Bloomberg functionality here, just basic facilities to order my book in a way that suits me best.

Spreads aside (and at the size I'm currently trading) - OANDA feels like a Savile Row made-to-measure while LMAX is an off-the-peg at M&S.
 

Purple Brain

Experienced member
1,613 179
I have significantly more than the FSCS guarantee deposited with them however... sometimes you get a feeling that people are playing by the segregation rules.
Does LMAX fall under deposit or investment definition? And is that still £85K and £50K respectively?

What do you mean by your last comment?
 

Purple Brain

Experienced member
1,613 179
Thought I'd check out the FSCS situation with LMAX. Wasn't anybody available to talk to when I tried first thing so I contacted OANDA.

I am covered up to £50K. I asked if it would be possible to open multiple accounts and be covered for £50K on all of them. The answer is no, as a client of OANDA Europe division I am only covered in the UK as an individual regardless of the number of accounts I have and regardless of how much I have deposited with them. The former point is moot as OANDA will only allow you one primary account. I asked if I could register with any other division for better protection and they said as a UK resident I couldn't. But they were helpful, I'll give htem that.

Finally found someone at LMAX to chat with. Transcript follows.

Am I being sensitive or it this chap being a bit snotty? Got the same sort of curt responses from him the other day. Less and less impressed with LMAX. Especially if he's got the amount wrong and it's only £50K not the £85K he says.

{Apologies for typos and format, but I had to do a screen dump to get the transcript, you can't cut & paste it).
 

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VielGeld

Experienced member
1,421 179
I don't get the impression he's being snotty. Perhaps curt, but I'm sure he can't spend too much time answering customer questions. I find his responses satisfactory as they answer your questions concisely. That may just be me. :)

Though on topic, I'm reminded I really should move up from Oanda, but I've been very satisfied with their service. Can't complain.
 

Purple Brain

Experienced member
1,613 179
I don't get the impression he's being snotty. Perhaps curt, but I'm sure he can't spend too much time answering customer questions. I find his responses satisfactory as they answer your questions concisely. That may just be me. :)
Not from New York are you?

On a more serious note, while I don't expect effervescent enthusiasm neither do I expect to come away from these encounters feeling I've been a nuisance rather than a potential customer. And it's not the first time. This is client services right? If they're the front end of attracting and welcoming new clients to the company - Jeeezus.

As for spending time answering questions, that's presumably his job - or what's the point of having a live chat service if you're going to get an irritable Balasz who'd rather have been doing whatever he was doing before you interrupted him?

Perhaps they can small how little money I have and would rather not be bothered. That's genuinely how I come away from these encounters with them.
 

random12345

Established member
793 280
There appears to be no way to order either individual or combined positions or even the instrument list itself. Are these things that concern only small fry like me? I'm not looking for Bloomberg functionality here, just basic facilities to order my book in a way that suits me best.

Spreads aside (and at the size I'm currently trading) - OANDA feels like a Savile Row made-to-measure while LMAX is an off-the-peg at M&S.

You will find an inverse relationship between GUI quality and broker quality unfortunately (as you do in most professions). When you get to use a Currenex or Hotspot PB etc, you'll wish you had LMAX back. The more they're meant to facilitate algos or big clips the less pretty everything will be.

I believe there is a CSV instrument list in the client portal area.
 

random12345

Established member
793 280
Also, if you do stay with them, ask your acct manager to sign you up for daily account statements (dispatched at 10pm) and monthly account statements to your e-mail as these are vastly superior to a morning trade list.
 

babyjake1961

Well-known member
391 13
I have significantly more than the FSCS guarantee deposited with them however... sometimes you get a feeling that people are playing by the segregation rules.
Now, the FSCS has not even confirmed to the LQD Markets liquidators that the company's products are covered by the FSCS insurance. And there's an estimated shortfall of as much as 60% of the client funds allegedly held in segregated accounts.
 
 
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