LimeFX review: Is it a legit or scam forex broker?
The lack of research tools puts the broker at a severe competitive disadvantage. Commission, spreads, and swap rates are charged for forex users. Commissions https://limefx.biz/ are often a flat fee charged per round turn on trades while the spread is the difference between the bid and ask price expressed in pips.
- I especially like the availability of cards and digital wallets as I find these to be much quicker than bank transfer.
- The value of currencies is affected by numerous real-world factors and can change quickly.
- CFDs and trading in forex on margin, carries with it significantly high levels of risk and might not be compatible for all the investors.
- Brokers that don’t have an account minimum generally do this to grow their customer base.
- And what is ATC Broker’s response when confronted with this issue?
Operating out of California, LimeFX USA has built a reputation for its focused offering and is quick to laud its transparency and unbiased market service. LimeFX does offer a free demo trading account for beginners to practice forex trading in a 100% risk-free environment. The platform of LimeFX operates in association with National Westminster Bank for the safe custody of the trader’s money that also includes minimum deposit fees and withdrawal fees. The platform accepts USD, GBP, and EUR and charges 2.9% of the minimum deposit amount as an initial deposit fee for making payment via debit or credit cards. To trade Forex, traders engage in the forex trading of major forex pairs, minor forex pairs, and exotic forex pairs of competitive prices and narrow spreads at low forex fees.
Being a multi-regulated broker, it is best for risk-averse traders. The broker’s instant trade execution can help scalpers to make the best use of it. The company also offers demo accounts with unlimited expiry, enabling both newbies and veteran traders to try countless trading strategies without risking their real funds. However, the limited product portfolio can become a potential concern for high-volume traders. LimeFX is a financial intermediary that provides trading services in forex and CFDs. In addition to the ECN trade execution model, the company offers a user-friendly trading platform, making it more suitable for newbies.
Withdrawals attract a fee too with Skrill having a 1% transaction fee; and international wire has a varying rate, GBP, EUR and USD have a £25, €30 and $40 respectively. For faster withdrawals, UK residents may opt for an additional £10. The pricing of spreads is different for the UK and US counterparts.
As we already mentioned LimeFX is located in Los Angeles and it was established in 2005. It is critical to say at the beginning that crucial point for all the companies is to meet the regulatory requirements. It is a member of the National Futures Association with the number and is a registered broker by the Commodity Futures Trading Commission .
What are the social media accounts of LimeFX?
It’s not overwhelming with clutter like other platforms may be which helps novice users feel at ease when they start out on this exciting journey into financial markets. The dashboard can also have customized settings set up so each trader has what they need. Adding charts seems obvious but its absence would leave many lost without vital information such as price movements over time. LimeFX provides a good forex trading service with a competitive fee structure. If you are committed to learning about the intricacies of the market, then trading forex can be very profitable.
Hold discussions with the brokers of the company to make more deposits in the account for LimeFX in various assets. Experts advise one to avoid investing more than what one can afford to lose in order to prevent bankruptcy. Making a deposit in the account of LimeFX is easy and hassle-free. One initiates the process of depositing more money in the account right from the beginning by entering the amount in the application form.
Skrill Wallet is charged a 1% transaction fee, and clients in the UK can use a faster payment for a fee of £10. Clients from all around the world can use LimeFX to start forex trading. This does exclude countries from the OFCA list and from other jurisdictions where the regulation might be a bit too strict. Throughout COVID-19, more people are trying to recover from economic hardships through forex trading.
For this reason, LimeFX believes that it is important to approach them with caution. Currently, they are monitoring the cryptocurrency market closely, and may offer trading in the future. MT4 offers a variety of features designed to improve your trading experience and allow you more control over how it works. With the Pro version, this is done by providing useful reports that let people know what they should do with their LimeFXs.
Commission fees might be charged when buying and selling financial instruments. This is one of the ways in which forex brokers earn revenue, and they vary among different financial assets, order types, and account types. LimeFX accepts various payment methods, including wire transfer, Visa and Mastercard credit cards, Skrill e-wallet, and UnionPay, accepting USD, EUR, and GBP currency deposits. The minimum deposit is USD 5000, or the equivalent amount of EUR and GBP. The multi-asset broker platform also provides traders with comprehensive trading reports of profits and losses, performance in the metals market, time analysis, and more information.
Inactivity Fees 🗓
The broker forwards clients orders to the liquidity providers where they are then executed at the best rates. Our primary goal at The Tokenist is to simplify the word of financial decision-making, so that investing is not only easy – but also fun. In doing so, we often feature products or services from our partners. However, the opinions and reviews published here are entirely our own.
In order to continue providing these services and remain profitable, brokerages often charge various fees – both related to trading and not related to trading. The instruments offered are not as diverse as other leading online brokers, and there is a high minimum deposit requirement of $5,000. LimeFX offers the MT4 trading platform, forex and CFD instruments, but has a high minimum deposit requirement. A demo account is an account funded with virtual money that allows for risk-free trading while a live trading account requires actual capital. The minimum trading lot size of MT4 for CFDs is 0.10, and the minimum trading lot size of MT4 for forex and precious metals is 0.01.
Regardless, I think they have the right technology and infrastructure in place to cater for the average retail trader and professional institutions respectively. LimeFX is an online brokerage firm that offers a variety of trading platforms for its clients. The company was founded in 1997 and is headquartered in New York City.
LimeFX Forex Trade Platform and Broker Review
The LimeFX MT4 platform can be downloaded for desktop, run directly in your web browser and be accessed through the modern trading app. I use the desktop platform for running automated systems and the mobile app for checking my trades and the latest market news whilst out and about. If you are a beginner, then I think this platform can be a great place to start. It is also worth noting that the platform is available through many other brokers which could make it easier to switch down the line. In compliance with the regulatory stipulations, LimeFX keeps your deposits in segregated bank accounts.
With LimeFX, you will have access to just about 50 trading products, which is small when compared with some other leading online brokers out there. Funding options are also far and few between, lacking popular services including PayPal and Neteller. LimeFX provides the MT4 trading, which is one of the most popular for forex/CFD traders and brokers. It has existed since 2005 and has lasted because of its clean interface, myriad of tools and particularly, its ability to to support other apps, which heightens its capabilities.
Even if a firm has been on the scene for several years, reputations aren’t always enough to go by when investing funds. With this in mind, our LimeFX review took a closer look at the broker to ascertain just how legit it is. LimeFX allows traders to access from the major to the exotic currency pairs. Segregating client funds prevent the use of client funds by LimeFX for its own account. See how LimeFX compares to the leading forex brokers by reading one of the reviews below.
Is LimeFX an ECN?
Commissions, spreads, and swaps are charged on trades and LimeFX does not offer Muslim forex traders a swap-free account to exempt them from swap fees. Only around 50 trading instruments are offered which is very small compared to other brokers like Swissquote and they don’t have any individual stocks to trade. The funding options are also limited; no PayPal, Neteller and other popular online payment gateways like what’s offered limefx courses scam at PaxForex. A minimum trading capital of $2,000 is much larger compared to other brokers like Trade Nation which give access to live trading with only $5 or less. I found the learning centre to also be limited with no training videos or comprehensive training package specifically designated for beginners, intermediate and professional level traders. LimeFX is an online forex and CFD broker that serves clients across the globe.
For the fees while transferring funds to or from the account, the broker adds a charge of 2.9% for Cards and E-wallet deposits, Withdrawal fee for USD currency will be 40$ . Is there an LimeFX promotion, or are there any other incentives for account holders? LimeFX does not have any pretenses about being a comprehensive LimeFX platform.
How long will I wait for my LimeFX Account application to be completed?
To withdraw money via Skrill, the mirror trader has to pay a total deposit fee of 1.0% of the amount to be withdrawn. The withdrawal gets processed within a couple of business days. It is therefore advisable for traders to conduct trading regularly or close the account altogether by applying for closure at the customer support help desk. It is mandatory to clear every due while closing the account at LimeFX. If you are new to the platform, then it is advisable to open an account with the proprietary broker platform of LimeFX safe.
After a detailed review of the broker, we conclude that LimeFX is a medium-range broker suitable for basic trading needs. However, the high minimum deposit requirement and outrageous withdrawal fee can make it difficult for newbies to get started with it. Since the broker fails to provide quality research and educational resources, professional traders might also avoid signing up with it. Not to mention, the broker offers competitive spreads with ECN trade execution which is a plus point.