2026 · Evidence audit

LMAX Global — institutional liquidity provider

LMAX Global is authorized and regulated by the FCA as an Investment Firm. It provides liquidity across multiple global venues, including Equinix data centers. Claims of tighter spreads and deep liquidity are self-measured and not independently verified.

LMAX Broker Limited · London, UK · last re-checked 2026-09 · evidence score 81/100

Licence, read on the register

Regulator	Licence number	Jurisdiction	Tier	Source
FCA	783200	UK	tier-1	open source ↗

Tier classification follows the same scale as the retail register: tier-1 = FCA/ASIC/CFTC-class supervision, tier-2 = CySEC/FSC-Mauritius/MFSA-class, tier-3 = offshore registration. A tier-2 licence is genuine supervision without an investor compensation scheme — never misread it as tier-1 protection.

What the firm commits to

Claims specific enough to be falsified — and the ones that remain the venue's own measurement.

Testable claims

LMAX Global is a trading name of LMAX Broker Limited, authorised and regulated by the FCA as an Investment Firm, FRN 783200 (UK company 10819525) — stated on lmax.com/global/uk
Global exchange infrastructure based in Equinix LD4, NY4, TY3 and SG1, with downloadable per-venue instrument lists for London (LD4), New York (NY4), Tokyo (TY3) and Singapore (SG1)
Prices for all LMAX liquidity pools with up to 20 levels of market depth; no 'last look'; VWAP prices for specified order size
Site states services are not directed at residents of jurisdictions where FX and/or CFD trading is restricted or prohibited

Claims we cannot verify from outside

'Tighter spreads' and 'deep institutional liquidity in over 100 instruments' are the firm's own marketing characterisations (instrument count is their published figure)

Perimeter and coverage

Asset classes	Venues	Connectivity	Clients accepted	Explicitly refused
FX spot, Metals, Equity indices, Commodities, Cryptocurrencies, Weekend FX	Equinix LD4 (London), Equinix NY4 (New York), Equinix TY3 (Tokyo), Equinix SG1 (Singapore)	Cross-connect at Equinix LD4/5, NY4, TY3 and SG1, Point of presence at Interxion, AWS Direct Connect, BeeksFX, BT Radianz, Colt, Internet / extranet & hosted service providers	Institutional clients seeking FX/CFD liquidity (brokers, funds)

A firm that publishes its own negative space — who it refuses, where it is not licensed — is materially easier to diligence than one that doesn't. The refusal list is treated here as a disclosure, not a defect.