Sure how much do you think its going to cost to sue an overseas company ? Lmax is a UK based, not US. I'll give you a hint - way more than $5K. US laws are clear if you're a US person - i rather choose the path of least resistance.
How about I offer you a $1 trillion funded account (with the small restriction of $500 max adverse excursion until termination). Yes, there'll be a $750 exam fee upfront, but it's tiny compared to the $1 trillion you may get. Remember doctors and universities charge for examination, too. To solve the problem, just open a TS futures account with as little as $500 that remain yours. Free platform, free paper trading, free Globex L1 real-time data. Sim trade as long as you want and pass whatever rules. Then fund yourself with $2K, get 25% daytrade margin (e.g. $330 for MES), keep 100% of profits. Deal with a real, self-clearing FCM (Florida based, good enough?) and receive withdrawals in a business day. No need for a fictional $50K with $2K drawdown limit and "examination" fees for nothing.
The question is really whether or not you get a real brokerage account. What does it mean to provide a large fixed drawdown on a simulated account? If you don't care about this then it is irrelevant. It's just important to note that there is a distinction.
That's a completely reasonable and legitimate trading plan. Some people however might want to purchase an examination, and that is also a completely reasonable and legitimate trading plan.
It's hardly reasonable to subject oneself to overly tight rules that most likely result in termination and loss of signup fee. Feel free to prove me wrong by stating the actual failure rate in percent of Gauntlet/Mini. To correct my earlier post, TradeStation also provides Globex market depth for free.
I dont care what they're calling their account $50K, $100K, $500K - thats a marketing gimmick. $2K drawdown is a $2K account. Now if you catch one of their promotions and get in with only $99 and pass it in one billing cycle - you get $2K with $99 risk. thats a great deal. Where else do you get $2K with only $99 risk ? If you cant pass it in one month then you have no business taking these 'tryouts' anyway.
"pass it in one billing cycle" how many do that ? that is real question many parhaps don't and that is what this business model depends on that is the criticism