LMAX MT4 Conditions

LMAX MT4 Conditions

MT4 is a standalone third party trading platform which operates independently of your LMAX Exchange Professional web trading account. Trades done on your MT4 account will not be reflected on your LMAX Exchange Professional web trading account and vice versa. Similarly, funds deposited into your web trading account are not automatically reflected in your MT4 account and need to be transferred internally between platforms. Funds withdrawn from your MT4 account need to be first transferred to your web trading account for onward remittance. Money transfers will be processed between 08:00 and 18:00 on weekdays only, following a client request.

The main differences between the LMAX Exchange Professional web trading platform and MT4 are outlined below:

LMAX Exchange Professional Web Trading PlatformLMAX Exchange MT4 Platform
1 FX contract = 10,000 notional value. 1 FX lot = 100,000 notional value.
The contract size for Metals and Indices is 10 times higher on MT4 than on the LMAX Exchange web trading platform.
Minimum trade size for Spot FX is 0.1.
Minimum trade size for Spot Metals (Gold and Silver) is 1.
Minimum trade size for Index CFDs is 1.
Minimum trade size for Spot FX is 0.01.
Minimum trade size for Spot Metals (Gold and Silver) is 0.2 (This is the equivalent of 2 LMAX Exchange contracts).
Minimum trade size for Index CFDs is 0.1.
Commission is charged based on the notional value of the trade. Commission is charged on the open and on the close of each trade. Clients not introduced by an Introducing Broker (IB) will be charged commission as a percentage of the notional value of the trade. Clients introduced by an IB will be charged commission on a fixed charge per lot irrespective of the currency pair traded. On the opening of a trade Commission is charged for both opening and closing legs of the trade (round trip).
Hedging is not available. MT4 does allow hedging. Please note that overnight financing is charged on both legs of the hedge. Hedged positions are not currently margined; however, this is subject to change.
Overnight financing is applied by using swap points.
Swap rates are updated daily.
Overnight financing is also applied by using swap points.
Swap rates on majority of instruments are updated at least once a week; however, this is subject to change.
Financing charges apply to short positions held on Indices.
There is a 70% margin close-out policy which will at first cancel all working orders, and if the account is still below the close out level, all open positions will be liquidated. There is a 70% margin close-out which will close the largest losing open positions until the margin gets above 70%.
Limit orders will rest on the exchange order book. Trades placed are sent to the MT4 server first and then fired to the Exchange as market orders.
Working limit orders sit on the MT4 server and once triggered fire as market orders into the exchange order book.
Margin is based on the current notional value of the open positions and fluctuates with changes in prices. Margin is fixed on the open trade. This does not change throughout the life of the trade.
Commission and swaps are taken from the account balance when the trade is executed and at EOD respectively. Commission and swaps are charged on the open of the trade and at EOD respectively.
Note the charges are deducted from the account balance only after the trade is closed.
Realised P/L are displayed in instrument currency and converted to the base account currency at EOD. Realised P/L is displayed and converted to account base currency in real time using the prevailing exchange rate.

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Commission will be charged (in the base currency of your MT4 account) on the opening of a trade on your account. Both opening and closing commission are charged at the time you open a trade.

InstrumentTotal charge
(per lot per round trip)

USD based MT4 accounts

FX 6.50 USD
Metals 8.25 USD
CFDs 8.00 USD
CFD minis 6.40 USD
InstrumentTotal charge
(per lot per round trip)

EUR based MT4 accounts

FX 5.00 EUR
Metals 6.35 EUR
CFDs 6.00 EUR
CFD minis 4.80 EUR
InstrumentTotal charge
(per lot per round trip)

GBP based MT4 accounts

FX 4.06 GBP
Metals 5.16 GBP
CFDs 5.00 GBP
CFD minis 4.00 GBP
InstrumentTotal charge
(per lot per round trip)

HUF based MT4 accounts

FX 1 820 HUF
Metals 2 310 HUF
CFDs 2 240 HUF
CFD minis 1 792 HUF

Financial charges for overnight positions

If you hold a position open overnight, you will be charged with a financing charge. The cumulative financing charge will be applied on the open positions on your MT4 Account each and every day that you have an open trade (including on weekends and on public holidays in England).

The financing charge is calculated as follows:

F = V × I / b where:

F = Financing charge
V = notional value of your trade (quantity × contract size × average weekly price)
I = applicable Financing Rate
b = day basis for currency (quoted as the first currency in the pair -365 for GBP, HKD, AUD and NZD, 360 for all other currencies)

The Financing Rates that are applied are outlined in the table below. The Financing Rates are, however, subject to change and changes in the Financing Rates will be notified to you.

InstrumentReference rateLong FinancingShort Financing
UK instruments 1 month Libor + 1.5% - 1.5%
Euro instrument 1 month EUR Libor + 1.5% - 1.5%
US instruments 1 month US Libor + 1.5% - 1.5%

There may be instances when a financing charge is charged on short positions, rather than paid to you. This may occur if a reference rate used to calculate the financing charge is at an exceptionally low rate.

As explained above, the notional value of your trade for the purposes of calculating the financing charge is calculated using the average weekly closing price. The closing price will be calculated on a weekly basis from the average trusted bid and ask prices on the MTF.

Example of Financing on a CFD

You are long 1 MT4 contract in UK100 CFD overnight where the closing price of the instrument is 5265.0 - 5267.0. The average weekly price is 5266.0. The LIBOR rate that day is 0.725%. Your financing charge would be:

Financing = Notional value of your trade × financing rate / day basis for currency = 52660 × (0.725% + 1.5%) / 365 = £3.21

That means that you would be charged £3.21 for holding 1 long MT4 contract overnight. If you were to hold a short position in the same instrument overnight your financing would be calculated as:

Financing = Notional value × financing rate / day basis for currency = 52660 × (0.725% - 1.5%) / 365 = £1.12

Even though you are holding a short position you will be charged £1.12 overnight as LIBOR is at a very low rate.

The financing charge for a Rolling Spot FX reflects the relative interest rates of the two currencies comprising your open trade plus a premium dependent on market conditions and including a LMAX charge. When a position is held overnight night, MT4 platform will apply a financing charge on any open positions on your MT4 account. This will be reflected as a cumulative charge on individual open trades, namely relative interest rates and LMAX Exchange premium.

Spot FX trades settle on a T+2 basis, with the exception of USD/CAD, USD/TRY, EUR/RUB and USD/RUB which settle on a T+1 basis. If a Rolling Spot FX position is held through the market roll over (17:00 NY for all FX pairs except NZD pairs which roll at 07:00 Auckland), your account will be credited or debited with a financing charge. You will be credited or debited your 3-day (weekend) roll based on your open positions at the market close on Wednesday for all T+2 pairs and based on your open positions at the market close on Thursday for all T+1 pairs. The financing will accrue on your open trade and will be shown as a cumulative amount from the time the trade was opened, and will be reflected in your account base currency. The financing will be taken off your balance at the time the trade is closed.

Swap charges are quoted in swap points. The actual charges can be seen on your MT4 Client Terminal. A negative swap charge will result in your open trade paying the charge, and will result in a debit after the position is closed. A positive swap charge will result in your open trade earning the charge, and will result in a credit after the position is closed.

How to calculate financing charge

To calculate the overnight financing event, the following equation can be used:

F = V × R × D where:

F = Financing Credit/Debit
V = Notional value of your open position in the front currency (quantity × contract size)
R = Swap Point
D = Number of days the position is rolled.

Example of financing on an FX contract

You are short 10 MT4 lots of EUR/USD overnight. The position is rolled for 1 day.

The cost of holding the position overnight is:

V = 10 × 100,000 = 1,000,000
R = 0.000003
D = 1 day

Financing event: Credit = 1,000,000 × 0.000003 × 1 = $3.00

This means that a charge of $3.00 will be reflected on your open position on your MT4 account at market close.

No separate financing charge is applied on CFDs based off futures prices which have a fixed expiry date.

All open positions will incur a financing charge if held overnight. For hedged positons this means that both sides of the hedged positions will be charged financing.

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LMAX Exchange MT4 instrument information schedule

Updated on 8th May 2017

Latest instrument information* (see below the table)

 

Instrument NameMT4 instrumentContract MultiplierTick SizeTick ValueQuoted CCYMarginMin positionTrading HoursTimeTrading Days
AUD/JPY AUDJPY.lmx 100000 0.001 100 JPY 1.50% 0.01 22:05 - 22:00 London Sunday - Friday
AUD/USD AUDUSD.lmx 100000 0.00001 1 USD 1.00% 0.01 22:05 - 22:00 London Sunday - Friday
CHF/JPY CHFJPY.lmx 100000 0.001 100 JPY 5.00% 0.01 22:05 - 22:00 London Sunday - Friday
EUR/AUD EURAUD.lmx 100000 0.00001 1 AUD 1.50% 0.01 22:05 - 22:00 London Sunday - Friday
EUR/CAD EURCAD.lmx 100000 0.00001 1 CAD 1.00% 0.01 22:05 - 22:00 London Sunday - Friday
EUR/CHF EURCHF.lmx 100000 0.00001 1 CHF 10.00% 0.01 22:05 - 22:00 London Sunday - Friday
EUR/GBP EURGBP.lmx 100000 0.00001 1 GBP 1.00% 0.01 22:05 - 22:00 London Sunday - Friday
EUR/JPY EURJPY.lmx 100000 0.001 100 JPY 1.00% 0.01 22:05 - 22:00 London Sunday - Friday
EUR/USD EURUSD.lmx 100000 0.00001 1 USD 1.00% 0.01 22:05 - 22:00 London Sunday - Friday
GBP/AUD GBPAUD.lmx 100000 0.00001 1 AUD 1.50% 0.01 22:05 - 22:00 London Sunday - Friday
GBP/CAD GBPCAD.lmx 100000 0.00001 1 CAD 1.00% 0.01 22:05 - 22:00 London Sunday - Friday
GBP/CHF GBPCHF.lmx 100000 0.00001 1 CHF 5.00% 0.01 22:05 - 22:00 London Sunday - Friday
GBP/JPY GBPJPY.lmx 100000 0.001 100 JPY 1.50% 0.01 22:05 - 22:00 London Sunday - Friday
GBP/USD GBPUSD.lmx 100000 0.00001 1 USD 1.00% 0.01 22:05 - 22:00 London Sunday - Friday
USD/CAD USDCAD.lmx 100000 0.00001 1 CAD 1.00% 0.01 22:05 - 22:00 London Sunday - Friday
USD/CHF USDCHF.lmx 100000 0.00001 1 CHF 10.00% 0.01 22:05 - 22:00 London Sunday - Friday
USD/JPY USDJPY.lmx 100000 0.001 100 JPY 1.00% 0.01 22:05 - 22:00 London Sunday - Friday
EUR/CZK EURCZK.lmx 100000 0.0001 10 CZK 2.00% 0.01 22:05 - 22:00 London Sunday - Friday
GBP/CZK GBPCZK.lmx 100000 0.0001 10 CZK 2.00% 0.01 22:05 - 22:00 London Sunday - Friday
USD/CZK USDCZK.lmx 100000 0.0001 10 CZK 2.00% 0.01 22:05 - 22:00 London Sunday - Friday
EUR/DKK EURDKK.lmx 100000 0.00001 1 DKK 10.00% 0.01 22:05 - 22:00 London Sunday - Friday
GBP/DKK GBPDKK.lmx 100000 0.00001 1 DKK 10.00% 0.01 22:05 - 22:00 London Sunday - Friday
USD/DKK USDDKK.lmx 100000 0.00001 1 DKK 10.00% 0.01 22:05 - 22:00 London Sunday - Friday
EUR/HKD EURHKD.lmx 100000 0.00001 1 HKD 2.00% 0.01 22:05 - 22:00 London Sunday - Friday
GBP/HKD GBPHKD.lmx 100000 0.00001 1 HKD 2.00% 0.01 22:05 - 22:00 London Sunday - Friday
USD/HKD USDHKD.lmx 100000 0.00001 1 HKD 2.00% 0.01 22:05 - 22:00 London Sunday - Friday
EUR/HUF EURHUF.lmx 100000 0.001 100 HUF 3.00% 0.01 22:05 - 22:00 London Sunday - Friday
GBP/HUF GBPHUF.lmx 100000 0.001 100 HUF 3.00% 0.01 22:05 - 22:00 London Sunday - Friday
USD/HUF USDHUF.lmx 100000 0.001 100 HUF 3.00% 0.01 22:05 - 22:00 London Sunday - Friday
EUR/MXN EURMXN.lmx 100000 0.00001 1 MXN 3.00% 0.01 22:05 - 22:00 London Sunday - Friday
GBP/MXN GBPMXN.lmx 100000 0.00001 1 MXN 3.00% 0.01 22:05 - 22:00 London Sunday - Friday
USD/MXN USDMXN.lmx 100000 0.00001 1 MXN 3.00% 0.01 22:05 - 22:00 London Sunday - Friday
EUR/NOK EURNOK.lmx 100000 0.00001 1 NOK 1.50% 0.01 22:05 - 22:00 London Sunday - Friday
GBP/NOK GBPNOK.lmx 100000 0.00001 1 NOK 1.50% 0.01 22:05 - 22:00 London Sunday - Friday
USD/NOK USDNOK.lmx 100000 0.00001 1 NOK 1.50% 0.01 22:05 - 22:00 London Sunday - Friday
EUR/NZD EURNZD.lmx 100000 0.00001 1 NZD 2.00% 0.01 22:05 - 22:00 London Sunday - Friday
GBP/NZD GBPNZD.lmx 100000 0.00001 1 NZD 2.00% 0.01 22:05 - 22:00 London Sunday - Friday
EUR/PLN EURPLN.lmx 100000 0.00001 1 PLN 2.00% 0.01 22:05 - 22:00 London Sunday - Friday
GBP/PLN GBPPLN.lmx 100000 0.00001 1 PLN 2.00% 0.01 22:05 - 22:00 London Sunday - Friday
USD/PLN USDPLN.lmx 100000 0.00001 1 PLN 2.00% 0.01 22:05 - 22:00 London Sunday - Friday
EUR/SEK EURSEK.lmx 100000 0.00001 1 SEK 1.50% 0.01 22:05 - 22:00 London Sunday - Friday
GBP/SEK GBPSEK.lmx 100000 0.00001 1 SEK 1.50% 0.01 22:05 - 22:00 London Sunday - Friday
USD/SEK USDSEK.lmx 100000 0.00001 1 SEK 1.50% 0.01 22:05 - 22:00 London Sunday - Friday
EUR/SGD EURSGD.lmx 100000 0.00001 1 SGD 10.00% 0.01 22:05 - 22:00 London Sunday - Friday
GBP/SGD GBPSGD.lmx 100000 0.00001 1 SGD 10.00% 0.01 22:05 - 22:00 London Sunday - Friday
USD/SGD USDSGD.lmx 100000 0.00001 1 SGD 10.00% 0.01 22:05 - 22:00 London Sunday - Friday
EUR/TRY EURTRY.lmx 100000 0.00001 1 TRY 1.50% 0.01 22:05 - 22:00 London Sunday - Friday
GBP/TRY GBPTRY.lmx 100000 0.00001 1 TRY 1.50% 0.01 22:05 - 22:00 London Sunday - Friday
USD/TRY USDTRY.lmx 100000 0.00001 1 TRY 1.50% 0.01 22:05 - 22:00 London Sunday - Friday
EUR/ZAR EURZAR.lmx 100000 0.00001 1 ZAR 2.00% 0.01 22:05 - 22:00 London Sunday - Friday
GBP/ZAR GBPZAR.lmx 100000 0.00001 1 ZAR 2.00% 0.01 22:05 - 22:00 London Sunday - Friday
USD/ZAR USDZAR.lmx 100000 0.00001 1 ZAR 2.00% 0.01 22:05 - 22:00 London Sunday - Friday
NZD/USD NZDUSD.lmx 100000 0.00001 1 USD 1.50% 0.01 22:05 - 22:00 London Sunday - Friday
AUD/NZD AUDNZD.lmx 100000 0.00001 1 NZD 1.50% 0.01 22:05 - 22:00 London Sunday - Friday
NZD/JPY NZDJPY.lmx 100000 0.001 100 JPY 2.50% 0.01 22:05 - 22:00 London Sunday - Friday
AUD/CHF AUDCHF.lmx 100000 0.00001 1 CHF 5.00% 0.01 22:05 - 22:00 London Sunday - Friday
AUD/CAD AUDCAD.lmx 100000 0.00001 1 CAD 1.00% 0.01 22:05 - 22:00 London Sunday - Friday
CAD/CHF CADCHF.lmx 100000 0.00001 1 CHF 5.00% 0.01 22:05 - 22:00 London Sunday - Friday
CAD/JPY CADJPY.lmx 100000 0.001 100 JPY 1.50% 0.01 22:05 - 22:00 London Sunday - Friday
NZD/CAD NZDCAD.lmx 100000 0.00001 1 CAD 2.00% 0.01 22:05 - 22:00 London Sunday - Friday
NZD/CHF NZDCHF.lmx 100000 0.00001 1 CHF 5.00% 0.01 22:05 - 22:00 London Sunday - Friday
NZD/SGD NZDSGD.lmx 100000 0.00001 1 SGD 10.00% 0.01 22:05 - 22:00 London Sunday - Friday
USD/CNH USDCNH.lmx 100000 0.0001 10 CNH 10.00% 0.01 2:30 - 22:00 London Monday - Friday
NOK/SEK NOKSEK.lmx 100000 0.00001 1 SEK 1.50% 0.01 22:05 - 22:00 London Sunday - Friday
EUR/RUB EURRUB.lmx 100000 0.00001 1 RUB 5.00% 0.01 7:00 - 21:00 London Monday - Friday
USD/RUB USDRUB.lmx 100000 0.0005 50 RUB 5.00% 0.01 7:00 - 21:00 London Monday - Friday
           
UK 100 UK100.lmx 10 0.1 1 GBP 1.50% 0.1 22:05 - 22:00 London Sunday - Friday
Wall Street 30 WS30.lmx 10 1 10 USD 1.50% 0.1 22:05 - 22:00 London Sunday - Friday
Wall Street 30 mini WS30m.lmx 10 1 1 USD 1.00% 0.1 22:05 - 22:00 London Sunday - Friday
US SPX 500 SPX500.lmx 250 0.1 25 USD 1.50% 0.1 22:05 - 22:00 London Sunday - Friday
US SPX 500 mini SPX500m.lmx 10 0.1 10 USD 1.00% 0.1 22:05 - 22:00 London Sunday - Friday
US Tech 100 NDX100.lmx 100 0.1 10 USD 2.00% 0.1 22:05 - 22:00 London Sunday - Friday
US Tech 100 mini NDX100m.lmx 10 0.1 1 USD 1.00% 0.1 22:05 - 22:00 London Sunday - Friday
Germany 30 GDAXI.lmx 25 0.1 2.5 EUR 1.50% 0.1 7:00 - 21:00 London Monday - Friday
Germany 30 mini GDAXIm.lmx 10 0.1 0.1 EUR 3.00% 0.1 7:00 - 21:00 London Monday - Friday
France 40 FCHI40.lmx 10 0.1 1 EUR 2.00% 0.1 22:05 - 22:00 London Sunday - Friday
Europe 50 STOXX50.lmx 10 0.1 1 EUR 2.00% 0.1 22:05 - 22:00 London Sunday - Friday
Australia 200 AUS200.lmx 10 0.1 1 AUD 2.00% 0.1 22:05 - 22:00 London Sunday - Friday
Japan 225 J225.lmx 1000 1 1000 JPY 2.00% 0.1 22:05 - 22:00 London Sunday - Friday
Spain 35 SPN35.lmx 10 0.1 1 EUR 3.00% 0.1 8:00 - 21:00 London Monday - Friday
           
Gold (Spot) XAUUSD.lmx 100 0.01 1 USD 1.00% 0.1 23:00 - 22:00 London Sunday - Friday
Silver (Spot) XAGUSD.lmx 5000 0.001 5 USD 3.00% 0.1 23:00 - 22:00 London Sunday - Friday
Gold (Spot mini) XAUUSDm.lmx 10 0.01 0.1 USD 1.00% 0.1 23:00 - 22:00 London Sunday - Friday
Silver (Spot mini) XAGUSDm.lmx 500 0.001 0.5 USD 3.00% 0.1 23:00 - 22:00 London Sunday - Friday
           
US Crude (Spot) XTIUSD.lmx 1000 0.01 10 USD 2.00% 0.01 23:00 - 22:00 London Sunday - Friday
UK Brent (Spot) XBRUSD.lmx 1000 0.01 10 USD 2.00% 0.01 1:00 - 22:00 London Monday - Friday

 

 * – Latest instrument information can be found on the MT4 platform:

  1. In the MT4 in Market Watch window right click on the instrument

    MT4 instrument info 1

  2. Left click on Symbols

    MT4 instrument info 2

  3. Left click on drop down „+” for the choosen instrument’s group

    MT4 instrument info 3

  4. Left click on the instrument

    MT4 instrument info 4

  5. Left click on Properties

    MT4 instrument info 5

  6. Instrument info

    MT4 instrument info 6

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Margin is fixed on the open trade. This does not change throughout the life of the trade. There is a 70% margin close-out which will close the largest losing open positions until the margin gets above 70%.

For more details please read the trading manual 5.1, 5.2 and 5.3 paragraphs »

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To make a deposit onto LMAX MT4 account first need to fund your LMAX Exchange Professional web account (please see: Transfer info in the LMAX Professional Conditions > Transfer info ») and then request an internal transfer from the LMAX web account to the LMAX MT4 account in email sent to This email address is being protected from spambots. You need JavaScript enabled to view it. with a “Your name internal transfer request” subject.

Transfer request email sample:

Dear Sir/Madam,

Please be so kind to make an internal transfer for:

  Name: Your name
  From LMAX Account ID: Your LMAX Account ID
  To MT4 Account no.: Your MT4 account number
  Amount: The amount you wish to move

Best regards,
Your name

Where to find your LMAX Account ID

  1. First login into your LMAX web account
  2. Click on Account

    Find your LMAX Acc ID 1

  3. Click on Account details

    Find your LMAX Acc ID 2

  4. The Account ID is there where red arrow pointing

    Find your LMAX Acc ID 3

To withdraw money from your LMAX MT4 account first need to send and internal transfer request from the LMAX MT4 account to the LMAX Professional web account in email sent to This email address is being protected from spambots. You need JavaScript enabled to view it. with a “Your name internal transfer request” subject. Thereafter the money can be withdrawn from the LMAX Professional web account (please see: Transfer info in the LMAX Professional Conditions > Transfer info »)

Transfer request email sample:

Dear Sir/Madam,

Please be so kind to make an internal transfer for:

  Name: Your name
  From MT4 Account no.: Your MT4 account number
  To LMAX Account ID: Your LMAX Account ID
  Amount: The amount you wish to move

Best regards,
Your name

Where to find your LMAX Account ID

  1. First login into your LMAX web account
  2. Click on Account

    Find your LMAX Acc ID 1

  3. Cllick on Account details

    Find your LMAX Acc ID 2

  4. The Account ID is there where red arrow pointing

    Find your LMAX Acc ID 3

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  1. to open an MT4 account you have to first open your LMAX Professional Live account (using the form on the Open live account page »)
  2. after your LMAX Professional Live account is open and you fund it, you have to request the MT4 account in email sent to This email address is being protected from spambots. You need JavaScript enabled to view it. with a “Your name MT4 account request” subject 
  3. in the email you have to add your LMAX Account ID and confirm how much money you wish to transfer from your LMAX Professional Live Account to your MT4 account

MT4 account request email sample:

Dear Sir/Madam,

Please open an MT4 account for:

  Name: Your name
  LMAX Account ID: Your LMAX Account ID
and please transfer from the LMAX web account to the MT4 account the following Amount: The amount and its currency you wish to move to the MT4 account
Best regards, Your name

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