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 Funds withdrawn from your MT4 account need to be first transferred to your web trading account for onward remittance.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 Platform||LMAX 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.|
Online trading increases the speed and efficiency of trading. But does not lower the risk. The use of higher leverage together with not knowing the specificity of certain derivatives and other instruments could lead to total loss of your investment. FX and CFDs are leveraged products that can result in losses exceeding your deposit. They are not suitable for everyone so please ensure you fully understand the risks involved.
UltraFX is the name of the service provided by Moneywheel Research Zrt. Moneywheel Research Zrt. is a tied agent of LMAX Limited which is authorised and regulated by the Financial Conduct Authority in United Kingdom (firm registration number 509778). Moneywheel Research Zrt. is registered with the Central Bank of Hungary (identifier: 23521050) under the Act CXXXVIII of 2007 on Investment Firms and Commodity Dealers, and on the Regulations Governing their Activities with reference number 26590-2/2013.