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LMAX

United Kingdom United Kingdom
Forex & CFDs (institutional ECN) · since 2010
FCACySECFMAFSC(MU)what are these? →
4.5
/ 5 ★
RegulationFCA, CySEC, FMA, FSC(MU)
Min. deposit$10.000
Leverage1:1 – 1:100
PlatformsPropia, MT4/MT5, API FIX
InstrumentsForex & CFDs (institutional ECN)
Founded2010
🏛️ Which entity will open your account?
📍 Pick your country above and we'll tell you exactly which entity opens your account at LMAX.
How is this decided and how do I verify it? →

Regulation by region

The entity you sign with — and your protection — changes depending on where you live.

United Kingdom
FCA regulated, FSCSECN
LMAX Broker Limited (FRN 783200) — FSCS up to £85,000
European Union
CySEC Cyprus, ICFECN
LMAX Broker Europe Ltd (310/16) — ICF up to €20,000
United States
Not available (retail)
Doesn't accept US retail clients
Australia
No ASIC license
No own ASIC entity
Rest of the world
Offshore Mauritius/NZECN
LMAX Broker Mauritius Ltd (FSC GB19025016) and LMAX New Zealand (FSP612509) — no compensation

All licenses

Every regulator where the group holds a license, with its execution model. The entity that applies to you depends on your country (see above).

United KingdomFCARegulatedECNFRN 783200
CyprusCySECRegulatedECN310/16
MauritiusFSCOffshoreECNGB19025016
New ZealandFSPRRegulatedECNFSP612509

Account types

LMAX Globalstandard individual account, min $10,000
Corporate/Institutionalcorporate/institutional account
ProfessionalPro classification, direct access to the CLOB

Pros

✓Top-tier regulation
✓Funds with compensation scheme
✓Transparent operation
✓Good reputation
✓Competitive costs

Cons

✗High minimum deposit

Breakdown by axis

The total score (out of 100) is the sum of the 7 axes, with the same yardstick for everyone. Below each one, the rationale with its source.

Regulation: Top tier22/22 pts
Why: FCA 783200 + CySEC 310/16 + FMA NZ; rest of the world via Mauritius. Institutional grade, min $10,000
Withdrawals / payments: Isolated complaints10/20 pts
Why: mixed in a small/polarized sample; long-term pro clients praise its reliability
Fund safety: Full (with compensation)15/15 pts
Why: segregated (CASS FCA) + retail negative balance + FSCS (investment limit GBP50k) / EU ICF
Transparency: Clear10/10 pts
Why: clean institutional operator, no enforcement; transparent central order book (CLOB), no 'last look'
Reputation: Strong10/10 pts
Why: founded 2010 (ex Betfair lab); genuine ECN respected by professionals (small Trustpilot sample)
Costs: Competitive8/8 pts
Why: ECN raw EURUSD ~0.1-0.2 pip + low commission (~$25-45/million)

Sources

Don't take our word for it — check it yourself. These are the official registries and legal pages we relied on.

🔗 FCA registration — LMAX Broker Limited (FRN 783200)🔗 CySEC registration — LMAX Broker Europe Ltd (310/16)🔗 FSC Mauritius registration — LMAX Broker Mauritius (GB19025016)

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