LimeFX Review year Read Before You Trade!

When determining if we could add funds to our account via a simple bank transfer, the customer support person in the live chat couldn’t verify that a bank transfer was an option. But, limefx it must be said that depositing funds and holding your capital with LimeFX is definitely a higher risk than trading with other, more regulated brokers. We can tell you that LimeFX has segregated accounts, which is the minimum you would expect to see from a broker as you don’t want them to be able to access your funds. They also claim to have highly skilled security engineers and technical specialists to ensure your data is safe. The most popular of the three platforms is MT4, the industry-standard workhorse that more or less every retail broker offers.

LimeFX Opening an Account

Traders may follow signal providers, which LimeFX refers to a Master Traders. LimeFX does not charge internal withdrawal fees, but traders may incur third-party payment processor costs, blockchain fees, and currency conversion charges. Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.

1. However, the European entity of LimeFX is regulated by the top-tier Cyprus Securities and Exchange Commission (CySEC).
2. With LimeFX, you have access to most of the major trading instruments.
3. Having traded since 1998, Justin is the CEO and Co-Founded CompareForexBrokers in 2004.
4. However, LimeFX recommends depositing at least $100 to have a better trading experience.
5. The broker offers a selection of 230 CFDs across major asset classes, along with access to MetaTrader 4, MetaTrader 5, and its proprietary LimeFXTrader.
6. When questioned further, the same customer support person couldn’t verify if we could deposit via a credit card and advised us that we could probably use cryptocurrency to deposit.

LimeFX Fees

The account opening process at LimeFX is fully digital and can be completed within minutes via the company website. The broker offers three main account types; LimeFX MT4, LimeFX MT5, and LimeFXTrader. The score for this category was weighed down because only one base currency is available (USD) and there is no option for a raw spreads account.

MT4 remains the market leader for algorithmic trading and is the most versatile trading platform with 25,000 custom indicators, plugins, and EAs. I like the cost savings at LimeFX for traders who keep leveraged positions open for multiple trading days. The cost savings for a 1 standard lot EUR/USD position limefx forex brokers reviews can amount to $60+. LimeFX has recently improved its pricing environment, and I rank the overall trading costs among the best industry-wide, and there is no inactivity fee or currency conversion cost. LimeFX does not charge account opening or administrative fees, but traders must pay spreads on assets, which is the standard business model at commission-free brokers.

Customer Service

It also maintains a Trade & Win promotion, where each lot counts as a prize lot, redeemable for prizes. Terms and conditions apply, and I recommend traders read and understand them before participating. Beginner traders get the most educational value from webinars, which LimeFX also publishes on its YouTube channel. I also recommend the 21 well-thought-through articles and its 11-video beginner’s course, which introduces new traders to financial markets.

LimeFX allows you to trade on one of three different trading platforms. MetaTrader 4 (MT4), MetaTrader 5 (MT5), and LimeFXTrader, an in-house white-label program. Client orders received by LimeFX are offset by banks and liquidity providers. NDD (No Dealing Desk) brokers such as LimeFX act as intermediaries between the trader and the real market and receive a defined and transparent commission for it. The demo account features live quotes and simulates live market conditions in assets such as forex and CFDs on commodities, indices, and stocks.

The LimeFX combination of written content, charts, and videos creates a valuable product. Platform tutorials are equally available, guiding beginners through the initial steps. Additionally, I recommend that new traders seek in-depth education from third parties covering trading psychology and avoid paid-for education. The Market Information section at LimeFX provides traders with twelve categories of well-presented content. It includes technical trading signals, Forex news, and market insights.

Deposits

This allows CFD and Forex traders to either copy other traders’ trading signals or let you broadcast your own trading signals to other traders on the social trading platform. We found LimeFX spreads to be largely average for major FX pairs, and disappointing for cross-pairs. With this in mind, we think it is safe to say LimeFX does not live up to its claim of having the lowest spreads in the market. In article format, LimeFX provides dozens of detailed guides on subjects ranging from how to use moving averages to setting up the Autochartist Metatrader plugin.

An experienced media professional, John has a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. LimeFX (formerly LimeFX) offers a basic, low-cost MetaTrader platform experience alongside its proprietary web and social copy-trading platform. LimeFX offers 24/7 customer support, primarily via live chat, with fast response times.