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LMAX Global Trading

Latest release: 4.4.33 ( 15th March 2022 ) 🔍 Last analysed 10th November 2021 . Can't send or receive bitcoins
0 ★★★★★
0 ratings
6th June 2014

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Do your own research!

Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.

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The Analysis 

(Analysis from Android review)

App Description

Provide access to the LMAX Digital central limit order book streaming firm, deep liquidity for the most liquid crypto currencies: BTC, ETH, LTC, BCH and XRP (all against USD, EUR & JPY)

The Site

They have a live Crypto CFD ticker with the following pairs, and more:

  • XBTUSD
  • XBTJPY
  • XRPUSD
  • XRPJPY

The App

You cannot login until you apply for an account with LMAX Global. They have to approve it.

They require users to verify identity and country of residency. If you are an individual and a resident of the UK, Sweden, Germany or Canada, the details you submit will be checked by a third party credit agency.

All LMAX Global clients have access to our liquidity pools in London, New York and Tokyo and are able to trade over 100 instruments: FX, metals, equity indices, commodities and crypto CFDs:

How do I fund my account? LMAX Global UK We currently offer accounts denominated in GBP, EUR, USD, AUD, CHF, JPY, PLN, SEK, SGD, HKD and HUF. We accept funds via bank transfer and debit/credit card.

LMAX Global EU We offer accounts denominated in GBP, EUR, USD. Currently we only accept funds via bank transfer.

LMAX Global NZ We offer accounts denominated in AUD, EUR, GBP and USD. We accept funds via bank transfer, debit/credit card, Skrill and Neteller.

Verdict

We could not find any proof that you could deposit Bitcoin on the platform. Deposits are made in fiat. Withdrawals can only be in fiat.

Financial trading platforms that support crypto CFDs usually do not allow deposits or withdrawals in cryptocurrency. These services are necessarily custodial which makes the app unverifiable.

(dg)

Verdict Explained

The product can't send or receive BTC.

As part of our Methodology, we ask:

No send/receive!

Can it send and receive bitcoins?

If the answer is "no", we mark it as "Can't send or receive bitcoins".

If it is for holding BTC but you can’t actually send or receive them with this product then it doesn’t function like a wallet for BTC but you might still be using it to hold your bitcoins with the intention to convert back to fiat when you “cash out”.

All products in this category are custodial and thus funds are at the mercy of the provider.

The product cannot be independently verified. If the provider puts your funds at risk on purpose or by accident, you will probably not know about the issue before people start losing money. If the provider is more criminally inclined he might have collected all the backups of all the wallets, ready to be emptied at the press of a button. The product might have a formidable track record but out of distress or change in management turns out to be evil from some point on, with nobody outside ever knowing before it is too late.