LMAX
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I trade CFD's on the advice of a personnel broker, who whilst has been successful I do find the charges on the high side compared to profits . His firm use IG Index market leaders in the field I know but would LMAX reduce my charges and commission . Only trade in UK equities and normally average 2/3 trades a week , average £40 - £50 thousand a trade . I am not an expert in this field and basically just want to know if the LMAX charges would represent significant savings . If you need any additional information on my trading activity to give a more informed answer please let me know
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Daymor bear in mind that IG Index is essentially a bookie. LMAX is not taking the other side of your trades, it'a a legit exchange.
You'll be able to see the actual orders in the market and there will be no funny business.
Lmax is the future.
You'll be able to see the actual orders in the market and there will be no funny business.
Lmax is the future.
Sorry - its IG Markets we use and not IG Index - commission is charged at 0.25% per trade ( 0.15% broker - 0.1% IG ). Funding rates = LIBOR +2.5%. Thus each £50,000 trade costs £250 in commission.
Joined broker in July and after 31 trades net profit = £5425 , but commission £6269 and funding £735 ( total charges 7004 ) does appear expensive . Yes I appreciate that you have to pay for expertise , broker did say that he had been a touch cautious at times as I was a new customer but I have assured him that I want him to trade only when price is right and if anything I was happy for more risk .
Have read the LMAX charges I dont really understand them , cant compare them to present charges . Just want to know if using LMAX would I be able to reduce costs . Many thanks for any advice
Joined broker in July and after 31 trades net profit = £5425 , but commission £6269 and funding £735 ( total charges 7004 ) does appear expensive . Yes I appreciate that you have to pay for expertise , broker did say that he had been a touch cautious at times as I was a new customer but I have assured him that I want him to trade only when price is right and if anything I was happy for more risk .
Have read the LMAX charges I dont really understand them , cant compare them to present charges . Just want to know if using LMAX would I be able to reduce costs . Many thanks for any advice
what are you trading...shares, Oil. Fx , or share indiexs?
right now i believe Lmax doesn't trade shares, this will start next year
Lmax should be cheaper...this the point of Lmax
Lmax charges £0.25 per index contract on the buy and again £0.25 per index contract ...and chargers 1 month Libor + 1.5%
if you buy 10 contracts of FTSE 100..about £55,000.00...you will pay 10 x £0.25= £2.50 on the buys and 10 x £0.25= £2.50 again when you sell (or close) plus you will pay Funding rates = LIBOR +1.5%
it sounds a much better deal for you then IG Markets
right now i believe Lmax doesn't trade shares, this will start next year
Lmax should be cheaper...this the point of Lmax
Lmax charges £0.25 per index contract on the buy and again £0.25 per index contract ...and chargers 1 month Libor + 1.5%
if you buy 10 contracts of FTSE 100..about £55,000.00...you will pay 10 x £0.25= £2.50 on the buys and 10 x £0.25= £2.50 again when you sell (or close) plus you will pay Funding rates = LIBOR +1.5%
it sounds a much better deal for you then IG Markets
IG Group must get hit hard by Lmax if Lmax is charging £5 to trade 1 FTSE 100 contract (open+close)...I markets will have to cut there rates, and I guess profits as well
nairda thanks for your reply - what value is one LMAX contract I cant seem to see it on their site - how does a contract work ?
value of 1 contract come down to what you buy/short...
in the case of FTSE 100 index1 contract is about £5500, so a openand close will cost you £0.50
what are you trading?
in the case of FTSE 100 index1 contract is about £5500, so a openand close will cost you £0.50
what are you trading?
Mostly trade shares but occasionally indexs , so can see from above that costs trading on LMAX are much less , when will LMAX trade shares
Lmax has said in paper that shares will start sometine in 1Q 2011
just open account and see...have a smail trade and work it out for yourself
just open account and see...have a smail trade and work it out for yourself
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