very tight spreads (on average seem to be about 0.15pips lower than Pepperstone - ref Myfxbook)
UTC offset +2/+3 (only interested in Brokers that use NY close candles ie +2/+3)
Estonia regulated - well, at least preferable to Cyprus
Website is not to my liking
ECN and Standard accounts
Does not accept AUD funding
default 500:1 leverage (maximum preferred so as to reduce Broker default risk - 1000:1??)
rebates available (always first ask for a better price)
I've heard reports of their execution getting slightly worse after moving from the PrimeXM MT4 bridge to their own in house MT4 servers. They also mixed in enough non-LMAX liquidity feeds to make execution differ greatly from LMAX's own PrimeXM MT4 bridge.
The change is new, so maybe they'll shore things up..
If anyone has accounts with LMAX directly, and can compare an MT4 account to Armada's new MT4 offering, that would be interesting.