The
Institutional
Crypto Currency
Exchange

  • Built on proven, trusted LMAX Exchange trading technology and infrastructure

  • launch

    LMAX Digital is the institutional crypto currency exchange from the LMAX Exchange Group, which operates a leading FCA regulated trading venue.

    Leveraging LMAX Exchange proven, robust technology and liquidity relationships, LMAX Digital delivers a market-leading solution for physical trading and custodial services for the most liquid crypto currencies - such as BTC (Bitcoin), ETH (Ethereum), LTC (Litecoin), BCH (Bitcoin Cash) and XRP (Ripple).

    Delivering trust, reliability and deep institutional liquidity, LMAX Digital ensures complete transparency, open access and a level playing field for all institutional crypto currency market participants - within a secure trading environment.

  • Trading features and benefits

    • Trusted, transparent and secure trading environment
    • One public rulebook applied to all members
    • Central limit order book
    • Streaming firm, deep institutional liquidity
    • Ultra-low latency, consistent execution under 350μs
    • All orders time-stamped in μs (receipt to execution)
    • Safe and secure warm/cold/vault multi-signature wallets
    • Full custodian solution
    • Bi-lateral settlement between members
  • Key facts

    • Instruments more

      BTC (Bitcoin), ETH (Ethereum), LTC (Litecoin), BCH (Bitcoin Cash) and XRP (Ripple) download instrument list

    • Access more

      LMAX FIX 4.2 /4.4, API (Java, .Net), web GUI, ITCH (market data)

    • Connectivity more

      Cross connect at LD4 and internet

    • Trading hours more

      24 hours, 7 days/ week (except 22:00 - 22:05 daily)

    • Min. trade size more

      0.01 coins (BTC, ETH, LTC, BCH); 1 coin (XRP)

    • Settlement more

      Up to T+1

    • Fee schedule more

      Category Passive Aggressive
      Trading Client 5 bps 15 bps
      Committed LP 5 bps 5 bps

      Note: Fees are charged in the second named currency of the pair traded.

    • Execution schematic launch

    • Custodian solution schematic launch

  • Trading technology

    LMAX Digital is a high capacity, low latency matching venue based on LMAX Exchange proprietary technology.

    • Trusted, secure, reliable technology infrastructure
    • Scalable architecture to meet increasing demand
    • All orders time-stamped in μs (receipt to execution)
    • Safe and secure warm/cold/vault multi-signature wallets
    • Full custodian solution

    Technology - key facts

    • Ultra-low latency, consistent execution under 350μs
    • High throughput >100,000 messages/second
    • Superior exchange performance: uptime 100%
  • Custodian solution

    LMAX Digital custodian solution is based on a tiered system of increasing security from Warm to Vault Wallets.

    Warm Wallet – holds a small number of coins and is subject to withdrawal limits; it is directly connected to LMAX Digital exchange software for automated inward and outbound payments between counterparties.

    Cold Wallet – holds minimum number of coins required for settlement between institutional counterparties and warm wallet top-ups; it is a multi-signature wallet. Offline Hardware Security Modules/Multiple Eyes process is in place to protect withdrawals.

    Vault Wallet – holds majority of coins; it is a completely offline, multi-signature wallet. Offline Hardware Security Modules/Multiple Eyes process is in place to protect withdrawals. Keys are stored on Hardware Security Modules in multiple geographically separate secure storage locations.

    Custodian solution

    Enlarge schematic

  • Members

    An LMAX Digital Member is an institution admitted to trade on the LMAX Digital exchange in accordance with LMAX Digital Rulebook, Rule 5 (Membership)

    Contract types more

    Instruments: BTC (Bitcoin), ETH (Ethereum), LTC (Litecoin), BCH (Bitcoin Cash) and XRP (Ripple) - download instrument list

    Member documents more

    LMAX Digital Rulebook downloadsave_alt

    LMAX Digital Member Agreement on requestmail_outline

    LMAX Digital Member Application Form on requestmail_outline

    Fee schedule more

    Member Category Passive Aggressive
    Member (Taker) 5 bps 15 bps
    Member (Maker) 5 bps 5 bps

    Note: Fees are charged in the second named currency of the pair traded.

    Clearing and settlement more

    Trading on LMAX Digital is facilitated via bi-lateral clearing between members under Trading Agreements. Settlement takes place on an intra-day basis between members.

    LMAX Digital closing prices launch

  • Venue controls

    • Volatility bands more

      Volatility bands are set per order book and are different for both price makers and takers. The bands reject a participant’s order if, for price makers, the price on order is more than a defined percentage away from their last accepted price. For price takers, the order is compared against the top of book price. Where a volatility band is breached, new orders from that participant will be rejected and an internal approval process is triggered to assess whether the volatility bands must be widened to enable the participant to continue to trade. Please view the Volatility Bands

    • Order throttling more

      LMAX Digital operates real-time monitoring and alerting of the message rates and performance of all orders placed on production systems, on an individual session and aggregate basis. Order per second limits are set per FIX session, which applies for all instructions received over the FIX session. If the limit is breached, the FIX session is disconnected and re-connection blocked for 15 seconds. The default setting is 750 updates per second but can vary for maker participants according to number of instruments and depth priced.

    • Pre-trade controls more

      Clip Size Limits set a maximum order size for each participant. Orders in excess of the clip size limit are rejected.

    • Working order limits more

      Working Order Limits restrict the total unfilled passive order volume that can be submitted ‘per participant’ on each instrument. Orders with volume that will breach the limit are rejected.

    • Post trade controls more

      Net Open Position Limits are set per member. Email alerts are sent at 75%, 85% and 95% utilisation of a participant's limit. At 95% utilisation all trading is disabled for the member. Typically clip size limits are set to 5% of the credit limit to avoid a breach of 100%.

    • Kill switch more

      Where a participant’s NOP utilisation exceeds 95% they are automatically disconnected and all working orders cancelled. Where a participant breaches their set order update limit, they are disconnected and all orders cancelled. A participant’s activity can be disabled at any point in time by removing their credit limit.

    • Trade cancellation/ re-rate policy more

      Please see Rules 14, 15 in the LMAX Digital Rulebook

    • Venue capacity more

      LMAX Digital performs frequent automated performance tests to ensure systems have sufficient capacity and can continue to meet their performance requirements. These consist of a mixture of targeted microbenchmarks that evaluate the performance of specific aspects of the system, and end-to-end tests that either generate synthetic load or replay production traffic against dedicated test environments.

  • Client documents

    Account application forms

    Instrument list

    LMAX Digital agreements and policies

    Access and connectivity

    LMAX Digital product information

  • FAQs

    • How is LMAX Digital different? more

      LMAX Digital is a global institutional digital exchange, using the LMAX Exchange trading technology and infrastructure. We offer fair, transparent, consistent and precise execution, along with proven technology, deep, robust liquidity and global distribution.

    • Who are the clients of LMAX Digital? more

      LMAX Digital is the institutional crypto currency trading exchange. Our deep institutional liquidity is particularly suited for financial institutions, banks, corporates, brokers and asset managers.

    • How do I open an account with LMAX Digital? more

      To become a client, you will need to apply for an account with LMAX Digital. Please complete the account application form or contact our LMAX Digital Sales team on +44 333 700 4096 or email: info@LMAXdigital.com.

      Account application form
      Corporate account application form

    • Minimum deposit for opening an LMAX Digital account? more

      The minimum deposit size is 50,000 USD or crypto currency equivalent.

    • Which digital currencies are available to trade? more

      We currently offer BTC (Bitcoin), ETH (Ethereum), LTC (Litecoin), BCH (Bitcoin Cash) and XRP (Ripple); all against the USD.

    • What is the minimum trade size? more

      The minimum size and order increment you can trade is 0.01 coins for all digital currencies, except XRP which has a minimum trade size of 1 coin.

    • What are my funding options? more

      We accept both fiat (via bank transfer) and crypto currency deposits. Information on how to deposit and withdraw is available via your Client Portal.

    • What fees do you charge? more

      Our standard commission charge is 15 basis points to aggress and 5 basis points for orders that are passively matched. Fees are charged in the second named currency pair.

    • What are the trading hours? more

      LMAX Digital operates 24 hours, 7 days/ week (except 22:00 - 22:05 daily)

      We perform scheduled software releases, details of which will be sent in advance to all clients and members.

    • What is the settlement period? more

      Settlement can take up to T+1.

    • Are there limits to how much I can trade? more

      Prior to trading, you are required to have the full fiat amount needed to purchase the crypto currency or the crypto amount you wish to sell deposited on your LMAX Digital account.

    • How are my orders matched? more

      Orders are matched in an anonymous central limit order book on a price-time priority basis.

    • Are my crypto currencies safe with LMAX Digital? more

      LMAX Digital offers an industry leading full custodian solution by operating a multi-tiered wallet system (Warm, Cold and Vault). The majority of clients' coins are held either in Cold (Offline Hardware Security, Multi-Signature) or Vault (Offline Hardware Security, Multi-Signature, Secure Vault) storage. The Vault storage has been designed in conjunction with a leading established security firm.

    • What are my connectivity options? more

      Connectivity is either over the Internet (SSL) or via a direct cross-connect through LMAX Proximity. As per our existing LMAX Exchange infrastructure, we support market data and orders over FIX 4.2/4.4; API (Java, .Net) and ITCH (available for cross-connected clients only), Drop Copy over FIX 4.4. View Connectivity Overview.

    • Where are your servers located? more

      Servers are located in the LD4/6 Equinix campus in Slough, United Kingdom. Cross-connects are via the LMAX Proximity Network in LD4.

Client contact & support

Contact us on +44 33 3700 4096 or at info@LMAXdigital.com

Member technical support

Email: ops@LMAX.com

Client technical support

Email: tam@LMAX.com

Postal address

Europe: LMAX Exchange Group, Yellow Building, 1A Nicholas Road, London, W11 4AN, UK

Americas: LMAX Exchange Group, Suite 8500, One World Trade Center, New York, 10007, USA

Singapore: LMAX Exchange Group, 9 Raffles Place, Level 17, Republic Plaza II, 048619, Singapore