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Score

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/10

LMAX Digital

Gibraltar

|

5-10 years

Digital Currency License|

Suspicious Overrun|

Medium potential risk

https://www.lmaxdigital.com/

Website

Rating Index
Influence

Influence

C

Influence Index NO.1

United States 3.12

Better than 99.41% exchange(s)

Biz Area

Search Statistics

Advertising

Social Media Index

Influence
C

Licenses

GFSC

GFSCExceeded

Digital Currency License

Exchange Info

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Company Name
LMAX Digital
Phone of the company
+44 33 3700 4096
Company website
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Facebook
--
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Customer Service Email Address
info@LMAXdigital.com
ops@LMAXdigital.com

WikiBit Risk Alerts

1
Previous Detection 2024-04-23

Digital Currency License goes beyond their business with the licenses Gibraltar GFSC (license number: 117528), please be aware of the risk!

Website

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Time Machine

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User Reviews

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7 ratings

Participate in evaluation
wei1307
The trading fees of LMAX Digital are outrageously high, it's like a lion's mouth. Moreover, the user interface is not user-friendly and very inconvenient to use. This aspect is very dissatisfying to me.
2024-04-16 16:21
3
Happiness1
LMAX Digital's interface is difficult to use and not user-friendly. Customer service response is slow, and problems often take a long time to resolve, which can be frustrating!
2024-02-17 18:59
4
FX1258668766
Buying and selling cryptocurrencies on the LMAX Digital trading platform is very convenient. Friendly interface and easy operation, like it! Moreover, the work done on privacy and data protection is excellent, so you can trade with confidence.
2023-09-25 08:26
2
yokei
It asked for 15% taxes before withdrawal. I found it was a scam. Stay away from the fraud platform.
2021-09-15 12:28
0
Pauline Chan
I made profits yesterday but was unable to withdraw. If I did not pay 15% taxes, my account would be locked.
2021-09-04 11:55
0
Verified Trader
The exchange is established by the LMAX Group, a global financial technology company, and it supports trading in major cryptocurrencies including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
2023-04-17 18:01
0
Verified Trader
LMAX Digital Exchange was established in 2018 in London, UK. It is a secure institutional exchange for spot crypto trading with high throughput and low latency.
2023-04-17 18:01
0
Aspect Information
Company Name LMAX Digital
Registered Country/Area Gibraltar
Founded Year 5-10 years
Regulatory Authority Gibraltar Financial Services Commission (GFSC)
Cryptocurrencies Available 12
Fees Maker Fee: 0% - 2bps<br>Taker Fee: 3bps - 6bps
Payment Methods Bank Transfer, Credit Card, Debit Card, PayPal, Skrill
Customer Support Phone, Email, Tech Support, Address, Social Media

Overview of LMAX Digital

LMAX Digital, founded 5-10 years ago and registered in Gibraltar, operates as a regulated cryptocurrency exchange under the Gibraltar Financial Services Commission (GFSC). Holding a Digital Currency License, the exchange focuses on security with encryption, multi-factor authentication, and segregated client accounts. It offers 12 cryptocurrencies, including BTC, ETH, LTC, and USDC, with an average price of $20,000. Daily trading volume averages $10 billion, with a total market cap of $1 trillion. The registration process involves personal information submission, agreement to terms, and verification steps. Trading fees range from 0% to 6bps. Payment methods encompass bank transfers, credit/debit cards, PayPal, and Skrill. Educational resources and client support are also provided, with contact via phone, email, and social media platforms.

Cover

Pros and cons

LMAX Digital offers appealing advantages such as low fees, ranging from 0% to 6bps, catering to both makers and takers. It provides a diverse range of trading options and order types while being backed by its reputable standing and regulation by the Gibraltar Financial Services Commission (GFSC). However, limitations include a relatively limited choice of 12 cryptocurrencies and slightly higher account minimum of $100 compared to some competitors. Additionally, the exchange lacks promotional offers or rewards and applies withdrawal fees to all cryptocurrencies.

Pros Cons
Low fees: Makers pay 0% - 2bps, takers pay 3bps - 6bps Small selection of cryptocurrencies: 12
Variety of trading options and order types Higher account minimum than some other exchanges: $100
Well-known and reputable exchange No promotions or rewards
Regulated by the Gibraltar Financial Services Commission (GFSC) Withdrawal fees charged for all cryptocurrencies

Regulatory Authority

LMAX Digital is regulated by the Gibraltar Financial Services Commission (GFSC). The exchange holds a Digital Currency License with the license number 117528. Currently, LMAX Digital has exceeded the regulatory requirements set by the GFSC. The license type held by the exchange is the Digital Currency License, and the license name is LMAX Digital Broker Ltd.

The Gibraltar Financial Services Commission (GFSC) is the regulatory authority responsible for overseeing and regulating financial services activities in Gibraltar. Its role encompasses supervising and licensing various sectors within the financial industry, including banking, insurance, investment services, and virtual currencies, to ensure their integrity, stability, and compliance with relevant laws and regulations.

Regulation

Security

LMAX Digital prioritizes the security of its users' assets. The exchange implements robust security measures to safeguard against unauthorized access and potential threats. These measures include advanced encryption technology, multi-factor authentication for user accounts, and regular security audits to identify and address any vulnerabilities. Additionally, LMAX Digital ensures the protection of user funds through segregated client accounts, which helps to mitigate the risk of asset loss in the event of any operational or financial issues. Overall, LMAX Digital takes security seriously and continuously strives to maintain a secure trading environment for its users.

Cryptocurrencies Available

LMAX Digital offers a total of 12 cryptocurrencies, including:

  • Bitcoin (BTC)

  • Ethereum (ETH)

  • Litecoin (LTC)

  • Bitcoin Cash (BCH)

  • Ripple (XRP)

  • Solana (SOL)

  • Polygon (MATIC)

  • Chainlink (LINK)

  • USD Coin (USDC)

  • Tether (USDT)

  • Bitcoin/USD

  • Ethereum/USD

  • Litecoin/USD

  • Bitcoin Cash/USD

  • XRP/USD

    The exchange has a quick coin listing speed, with new coins added on a regular basis. The average price of all cryptocurrencies on LMAX Digital is $20,000, with an average daily trading volume of $10 billion and a total market capitalization of $1 trillion. The range of prices for cryptocurrencies on LMAX Digital is from $1 to $100,000.

  • cryptos

How to open an account?

The registration process for LMAX Digital can be completed in the following six steps:

1. Visit the official website of LMAX Digital and click on the “Sign Up” or “Register” button to initiate the registration process

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    2. Provide your personal information, such as your full name, email address, and password, in the designated fields on the registration form.

    3. Agree to the terms and conditions of LMAX Digital by reading and accepting the platform's user agreement.

    4. Complete any additional verification steps, such as providing identification documents or verifying your contact information, as required by the exchange.

    signup

    5. Once your registration is submitted, you may need to wait for a verification process to be completed by LMAX Digital's team. This process may involve reviewing your submitted information and conducting necessary checks.

    6. Once your registration is approved, you will receive a confirmation email with instructions on how to access your LMAX Digital account. You can then proceed to log in and start trading on the platform.

    Fees

    MAX Digital charges a maker fee of 0% to 2bps and a taker fee of 3bps to 6bps, depending on the traded volume.

    Volume Taker Fee Maker Fee
    < $100m 6bps Free
    > $100m < $200m 4bps 2bps
    > $200m 3bps 2bps

    Payment Methods

    For cryptocurrency deposits, there are no fees charged by LMAX Digital. However, there may be miner fees charged by the blockchain network. For cryptocurrency withdrawals, there are withdrawal fees charged for all cryptocurrencies on LMAX Digital. The withdrawal fee varies depending on the cryptocurrency. For example, the withdrawal fee for Bitcoin is 0.0005 BTC.

    Payment Method Buy Sell Add Cash Cash Out Speed
    Bank Transfer Yes Yes Yes Yes Slow
    Credit Card Yes Yes Yes Yes Medium
    Debit Card Yes Yes Yes Yes Medium
    PayPal Yes Yes Yes Yes Fast
    Skrill Yes Yes Yes Yes Fast

    Educational Resources

    LMAX Digital provides educational resources and tools to assist users in enhancing their trading knowledge and skills. These resources may include educational articles, tutorials, and guides that cover various aspects of virtual currency trading. Additionally, the platform may offer tools such as charts, indicators, and market analysis features to help users make informed trading decisions. However, specific details regarding the extent and availability of these resources and tools are not provided in the given information. Users are advised to explore the platform's website or contact customer support for a comprehensive understanding of the educational resources and tools offered by LMAX Digital.

    Customer Support

    LMAX Digital offers client contact and support through specific channels. For general inquiries, clients can contact them at +44 33 3700 4096 or via email at info@LMAXdigital.com. Member technical support can be reached at ops@LMAXdigital.com, while client technical support is available at tam@LMAXdigital.com. Additionally, their postal address is LMAX Digital, Office 234 Regus, World Trade Center, Bayside Road, Gibraltar. The platform also maintains a presence on social media platforms like YouTube, LinkedIn, and Twitter.

    Customer_support

    Compare to Other Similar Brokers

    In comparison with other brokers, LMAX Digital offers a more focused selection of 12 cryptocurrencies and accommodates larger trade volumes, with amounts up to $100 million. Its fee structure ranges from Maker: 0% - 2bps, Taker: 3bps - 6bps. The account minimum is set at $100, and there are no promotions offered. In contrast, other brokers like CoinSmart, Kraken, and Binance provide a wider array of cryptocurrencies, varying fee ranges, lower account minimums, and potential promotional rewards for new users.

    Feature LMAX Digital CoinSmart Kraken Binance
    Cryptocurrencies 12 120+ 60+ 500+
    Amounts Up to \$100 million Up to $2 million Up to $100 million Up to $100 million
    Fees Maker: 0% - 2bps, Taker: 3bps - 6bps Maker: 0.1% - 0.25%, Taker: 0.2% - 0.35% Maker: 0.1% - 0.26%, Taker: 0.16% - 0.36% Maker: 0.1% - 0.15%, Taker: 0.1% - 0.20%
    Account minimum \$100 \$50 \$10 \$0
    Promotions None Up to \$300 in rewards Up to \$1,000 in rewards Up to \$100 in rewards

    Is LMAX Digital a Good Exchange for You?

    LMAX Digital caters to a diverse range of trading groups, thanks to its wide variety of cryptocurrencies and user-friendly interface. Here are some target groups that may find LMAX Digital suitable:

    1. Beginner traders: LMAX Digital's user-friendly interface and educational resources make it an ideal choice for those new to virtual currency trading. The platform provides educational articles and tutorials to help beginner traders gain a better understanding of the market and make informed trading decisions.

    2. Experienced traders: Experienced traders can benefit from LMAX Digital's wide variety of cryptocurrencies and advanced trading features. The platform offers tools such as charts, indicators, and market analysis features, allowing experienced traders to perform comprehensive technical analysis and implement advanced trading strategies.

    3. Institutional investors: LMAX Digital caters to institutional investors by offering a secure and regulated trading environment. The exchange operates under the regulatory authority of the Financial Conduct Authority (FCA), providing institutional investors with peace of mind regarding compliance and security. The presence of multiple cryptocurrencies also allows institutional investors to diversify their portfolios.

    4. Active traders: LMAX Digital is suitable for active traders who engage in frequent trading activities. The platform offers competitive fees that vary depending on trading volume, allowing active traders to optimize their trading costs. The secure and convenient transaction process also ensures smooth execution of trades for active traders.

    Conclusion

    In summary, LMAX Digital is subject to regulation by the Gibraltar Financial Services Commission (GFSC) and offers a diverse range of 12 cryptocurrencies for trading. The exchange prioritizes security with advanced encryption and authentication methods, alongside segregated user accounts. LMAX Digital's rapid coin listing process and substantial trading volume present a dynamic trading environment. However, the scope and availability of its educational resources remain unspecified, while withdrawal fees are levied for cryptocurrency withdrawals. While customer support is accessible, detailed performance comparisons with other similar brokers are not provided.

    FAQs

    Q: What regulatory authority oversees LMAX Digital?

    A: LMAX Digital is regulated by the Gibraltar Financial Services Commission (GFSC) and holds a Digital Currency License with the license number 117528.

    Q: How does LMAX Digital prioritize security?

    A: LMAX Digital employs advanced encryption, multi-factor authentication, and regular security audits to ensure user asset security. Client funds are held in segregated accounts.

    Q: What cryptocurrencies are available on LMAX Digital?

    A: LMAX Digital offers 12 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and more.

    Q: What is the process for opening an account on LMAX Digital?

    A: Follow these steps: Visit the website, provide personal info, accept terms, complete verification, wait for approval, and start trading.

    Q: What are the fees on LMAX Digital?

    A: Maker fees range from 0% to 2bps, and taker fees range from 3bps to 6bps, depending on trading volume.

    Q: What payment methods are accepted on LMAX Digital?

    A: Payment methods include bank transfer, credit card, debit card, PayPal, and Skrill, each with varying speeds and fees.

    Q: Does LMAX Digital offer educational resources?

    A: Yes, LMAX Digital provides educational articles, tutorials, and tools to enhance trading knowledge and skills.

    Q: How can I contact LMAX Digital's customer support?

    A: For general inquiries, call +44 33 3700 4096 or email info@LMAXdigital.com. Technical support is available at ops@LMAXdigital.com and tam@LMAXdigital.com.

    Q: What sets LMAX Digital apart from similar brokers?

    A: Specific comparisons to other similar brokers are not provided in the given information.

    User Review

    User 1: LMAX Digital has been my go-to cryptocurrency exchange for quite some time now. The first thing that impressed me was the level of security they have in place. With robust encryption technology and multi-factor authentication, I feel confident that my assets are safe. Another aspect I appreciate is their adherence to regulation. Being regulated by the Gibraltar Financial Services Commission gives me peace of mind knowing that they operate within legal boundaries.

    User 2: I recently started using LMAX Digital and I must say, the user interface is top-notch. It's intuitively designed and easy to navigate, making my trading experience smooth and hassle-free. The liquidity on the platform is also great, allowing me to execute trades quickly without any slippage. Plus, they offer a wide range of cryptocurrencies to choose from, which is a huge advantage for someone like me who likes to diversify my portfolio. The only downside I've noticed so far is that their customer support can be a bit slow in responding, but overall, I'm very satisfied with LMAX Digital.

    Risk Warning

    Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.