LMAX Web Trader Platform Review

LMAX Trading Exchange, which operates as a Multilateral Trading Facility provides traders with the web based LMAX trading interface. As a browser based trading platform the LMAX Web Trader Platform instantly eliminates any operating system compatibility issues. With LMAX Web Trader, whether you own a Windows PC or a Mac, you can trade on the LMAX Exchange straight from your browser.

Learn more about LMAX Exchange review here.

In this article, we outline a brief guide to using the LMAX Web Trader platform from LMAX.

To begin with, LMAX Exchange offers over 70 trading instruments, including forex as well as CFD’s. LMAX Web Trader, allows you to trade directly from your web browser while allowing you access to the depth of market and regular trading tools. The LMAX Web trading platform is flexible in that, traders can build their own automated trading strategies without having to manually place their entry/exit trades via the browser.

Upon logging into the LMAX Web Trader platform, you are presented with a screen that is made up of a top menu, followed by the list of trading instruments and the bottom end of the screen is made up of various tabs such as Positions, Working Orders, Order History and Activity Log.

Before you begin trading on the LMAX Web Trader platform, pay attention to the type of orders you want to place. At the very top of the screen you can choose between Market or Limit orders. It is essential that you choose one of the two options carefully.

LMAX MultiCharts - Account Management

LMAX Web Trader – Account Management

The Web Trader interface allows for drag and drop, so you can move the various modules to your preferred positions. However, in the event you are lost, simply click on the ‘Reset Workspace’ button to revert to the default setting.

LMAX Web Trader – Market Views

The Market Views tab is categorized into Forex pairs, Indices, Commodities, All Instruments and Watchlist. It can be get a bit confusing and distracting to the traders during market hours, so it is advisable to make use of the ‘Watchlist’ section to add only your preferred trading instruments.

To add an instrument to the Watchlist, select one of the tabs (FX, Indices, Commodities or All instruments) and click on the ‘+’ sign which you can find towards the right side of the instrument box. The moment you add an instrument to the Watchlist tab, the ‘+’ sign automatically becomes ‘-‘ meaning that the instrument is now available in you watch list.

If you prefer to trade just one instrument or want to monitor how the instrument is performing, click on the ‘Pop out Ticket’ button* to expand that instrument’s window.

LMAX Instrument Window

LMAX Instrument Window

*Note: Make sure that you do not have any pop up blocker as this might interfere in the trading interface from operating smoothly.

You can also sort the view as Quick Ticket (which is a visual representation) or as a List of instruments.

Instrument List - MultiCharts LMAX

Instrument Views List – Web Trader LMAX

Web Trader – Trade history and activity

The bottom end of the screen comprises of your trading history and current activity. This section is divided into Positions (sortable by Individual or Combined positions), Working Orders, Order History and Activity logs. You can drag and drop this section and even reduce its height so as to expand the main trading interface.

MultiCharts - Trade History & Order Activity

Web Trader – Trade History & Order Activity

Placing Orders on LMAX Web Trader

Orders can be placed either as Limit or Market orders. Based on the type of view that you choose, Quick ticket view or List View you can adjust the quantity and click on Buy or Sell, or click on the Trade button (in list view) and select the quantity as well as modify your order type to Limit or Market or Stop.

Under the List View, on the Web Trader interface, you are able to set your Profit Target and Stop Loss as well. Refer to the images below to see the differences in placing orders between Quick Ticket View and List View. You can also click on the ‘Open Deal Ticket’ icon via the Quick Ticket view to see the advanced options such as changing the type of order and setting your target levels and stop losses.

MultiCharts - Quick Ticket View

LMAX WebTrader – Quick Ticket View

MultiCharts - List View

Web Trader – List View

Closing your open positions is as simple as clicking on the ‘Close’ button at the bottom end of the screen under the ‘Positions’ tab. To view your past or currently open orders, clicking on the Order Details button from the ‘Order History’ tab shows you details on your orders.

MultiCharts - Order Details

Managing Order Details on Web Trader

Web Trader – Using Charts

You can open the charts for any instrument you wish to see. The charts are opened in a new window and takes a while to load up the java applet. The Charts on LMAX Web Trader platform comes with the regular features mentioned below:

  • Select Time Frame – From Intraday up to 10 years
  • Chart Frequency – From All Ticks up to Monthly
  • Select different Chart styles – Candlestick/Bar/Line/Mountain/Equi-Volume/Step/High-low band/Pointed/Point-line
  • Set Chart Scale – Linear/In Percent/Log Scale
  • Search instruments directly from chart or select different markets via drop down
  • Select list of indicators
  • Set up different chart patterns
MultiCharts - LMAX Charts

Web Trader – LMAX Charts Window

With the LMAX Web Trader, traders can set up their own views and customize the chart area to their preferences. Perhaps the only disadvantage is that traders cannot place trades directly via the charts and this is a bit inconvenient as you need to toggle the windows to get back to the main trading screen. The charts from LMAX Web Trader are quite intuitive and comes with almost all the tools needed to monitor the pricing charts, including using cross hairs.

LMAX – Web Trader Platform Review

Overall, the LMAX Web Trader comes with a very short learning curve and those with experience with MetaTrader will find it easy to navigate their way around. As long as your browser is up to date and has the latest version of Java running, there should be no problems. However as noted previously in this guide, make sure that you do not run concurrent resource intensive applications as this could slow down the web trader. When opening the charts, it takes a few minutes for the window to load.

Trading with a MTF offers traders a higher level of flexibility and LMAX MTF Exchange is something worth considering.

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