Lmax

[Luminox]

"Traditionally CFDs have been traded through a broker. Your broker makes a price for a given underlying instrument like the UK100 and you have no option but to accept the price that they offer you. By accepting the price you have entered in to a contract with the broker. In many cases the broker will 'hedge' the position by trading into the underlying market, but often they won't and will only profit if your trade goes against you. In effect they are running risk against you and need you to lose in order for them to make a profit."

http://www.lmaxtrader.co.uk/cfd-trading

Only the more uninformed retail punters would believe that, which means Betfair looks set to make a fortune. Again.

It'd be great to see a small CFD shack take 'em down for misrepresentation.

 

[bbmac]

LMax (New Betfair Financials order matching platform)

Has anyone opened an a/c or is using the new LMAX platform from Betfair. Do you think it will take off? I wonder what the liquidity and volumes will be like when/if it gets going? May be worth keeping an eye on, particularly for Forex that has no current centralised exchange save for say CME Globex (futures.)


G/L

 

[CFDplayer]

Re: LMax (New Betfair Financials order matching platform)

I don't believe their so-called MTF could work like ECN system for retails.Let's keep an eye on it.

 

[Benny Dorm]

Re: LMax (New Betfair Financials order matching platform)

Has anyone opened an a/c or is using the new LMAX platform from Betfair. Do you think it will take off? I wonder what the liquidity and volumes will be like when/if it gets going? May be worth keeping an eye on, particularly for Forex that has no current centralised exchange save for say CME Globex (futures.)


G/L

Opened up an account and now trading.

Good points.
1. Commission free trades for 30 days
2. Instant fills so far
3. Spreads narrower (fx) than most, even MBT
4. Helpful staff
5. Easy platform - a bit like IG in layout

Not so good points.
1. Charting
2. No Buy/Sell stop orders (you can place stops on an open trade)
3. Inflexible windows ie altering size of columns and windows like "quick tickets" within main windows

Early days yet and I guess much for them to address.

 

[Umbrella]

LMAX is a completely misleading concept. Veteran traders will stay with IG alike and see no benefit for switching. Amateur traders may enjoy the novelty for a while, but will eventually come to their senses that losing on 'your own exchange' is after all, losing.

 

[juanbyte]

Re: LMax (New Betfair Financials order matching platform)

I have to agree with Benny Dorm.

Some of the quickest fills I have seen and no requotes

 

[Benny Dorm]

Update.
It is now around 10.15pm and there is no one at Lmax to contact. It would appear that their site is down so what happens to open orders I wonder? Fortunately, when I placed the order I put stops on but will they be honoured? We shall see!
Ah, it's back on again after around 20 mins. It'll be interesting to see what the story is and if any clients were affected re their positions.

 

[Benny Dorm]

Lmax close their site for half an hour between 10.00pm and 10.30pm for maintenance.
So if you are trading around then make sure your stops are in place!

Update on the above.

Stops are not operated during the closed period. At your own risk then.

 

[Gromito]

Just opened an account.

Drawn in by the low overnight rolling costs (+/-0.3%!!) and the £100 offer.

Interface looks horrible and charts as well but quick fills and tight spreads as others have mentioned.

Just testing it out really and may use it as a carry trade account. Not a lot of FX crosses to chose from though...

 

[francisfinley]

Check this about LMAX and BF..

Betfair parts ways with LMAX chief Robin Osmond - Telegraph

april?