Specifically interested in MetaTrader 4 client to LMAX account,
which this firm offers. Interested because it does not appear
to exclude U.S. persons. My personal interest is Forex only.
Long ago, before I lost a European partner, I developed
some software for LMAX. Anyway, that's ancient history;
but I notice that FairFXTrading.com offers an MT4 client to
the LMAX exchange, and this interests me for several
LMAX (in theory) will offer better pricing than typical MT4
brokers, because you can place a limit order inside the
Bid/Ask spread and... here's the key point:
Because there are not only Prime Market Maker participants,
but smaller players populating the depth of market; and
all limit orders go directly to the exchange, and... assuming
that the MT4 implementation places your Pending/Limit
orders directly on the exchange... then you have a high probability
of being the "market maker" at some price that the major
players would not pay, but that a smaller player might
take. The whole point of LMAX is that any participant
can be a Market Maker. But I digress...
THE MAIN POINT:
It does not say that U.S. persons are excluded. It does say
that the following are excluded:
LMAX Exchange is unable to accept applications from Afghanistan, Algeria, Bolivia, Bosnia and Herzegovina, Cambodia, Central African Republic, Comoros, Congo Dem. Rep., Cote D’Ivoire, Ecuador, Eritrea, Guinea, Guinea-Bissau, Guyana, Iran, Iraq, Laos, Liberia, Libya, Myanmar, Nigeria, North Korea, Pakistan, Papua New Guinea, Paraguay, Sierra Leone, Somalia, South Sudan, Sudan, Syria, Tunisia, Uganda, Vanuatu, Yemen, Zimbabwe residents."
My eyes are not that great, but U.S. persons are not explicitly excluded.
Has anyone applied to FairFXTrading.com for an MT4 client to LMAX account? If not, does anyone
want to do it, and to report back ??
[ EDIT The answer is Absolutely No Individual U.S. persons, unless they meet ECP status,
which means at least $10 million in worth. You see, money talks; but individuals of modest
means, however qualified, are denied accounts with LMAX, and therefore FairFXTrading.com
is also unable to deal with U.S. persons. This is exactly the "iron hand" of the CFTC which this
thread is dedicated to avoiding. Sorry. The relevant CFTC definitions are here:
Open LMAX trading account
Basically they are looking for a minimum of $1000 as a deposit but, if it
is the case that Pending orders are reflected directly on the LMAX exchange
or "The Book", then this has a very high potential for superior pricing, as
well as superior speed, due to a proportion of "wholesale" fills, rather than
exclusively "retail" fills, as is the case with other MT4 brokers.