Is LimeFx A Safe Forex Broker?

Below is a list of trading cost examples for buying and selling the EUR/USD, holding the trade for one night and seven nights, in the commission based LimeFx account using the lowest and highest commission tiers. Forextime is also acquiring a regulatory license in Kenya as it expands across the African continent. On February 26th, 2021, LimeFx ceased its retail operations from its CySEC regulated entity. It cited the uncompetitive regulatory framework introduced by the European Securities and Markets Authority (ESMA) for its reason. LimeFx is a legitimate, safe, and secure broker, as it is highly regulated, holding licenses in several jurisdictions, including the tier 1 financial center of London.

This type of questionnaire is standard procedure for a well-regulated broker such as LimeFx. The KYC (Know Your Client) information allows them to establish a user profile for new clients and ensure they follow the duty of care protocols designed to protect client interests. LimeFx offers traders the MT4/MT5 trading platforms and has developed its proprietary mobile app, LimeFx Trader. It upgrades MT4 with six plugins plus its Pivot Points Strategy, featuring live updates and commentary from the LimeFx Head of Education, and the mobile app is user-friendly and easy to use.

Brokers By Licenses

Based on our findings, LimeFx is a legit broker, as each of the entities and brands that it serves is authorized and regulated by various global jurisdictions. Due to a migration of services, access to your personal client area is temporarily disabled. Trading is the buying and selling securities, such as stocks, bonds, currencies, and commodities, to make a profit.

• We learned that the broker also provides tight spreads from 0.1 pips, and low deposit requirements, besides education is one of the best provided.
• Account opening is easy, LimeFx has one of the lowest deposit requirements and trading conditions are good with low spreads and excellent customer service, and Forex education.
• The account variety is very impressive which allows any trader the best suitable option either with flexible or floating leverage.
• And important to note that comply with the necessary regulatory guidelines in every region LimeFx operates, which gains a high score from us in terms of its trust.
• This website is using a security service to protect itself from online attacks.

The representative was professional and client-focused, and as we had chosen a beginner-grade question, they solved the query for us within 30 seconds. One final KYC check involves uploading two pieces of documentation so that LimeFx staff can verify the new user’s credentials. A passport and a driver’s licence can be used for the photo id section, and utility bills and other documents can be used to confirm the home address. In truth, it is still difficult to find any area of LimeFx that’s lacking. They have shown tremendous progress over past couple of years and, if you reside in one of their covered markets, they are well worth your patronage. PAYBACKFX does not accept applications from residents of the Iran, Iraq, Israel, Lebanon, Syrian Arab Republic.

Committed to Forex Education

Based on our findings, LimeFx trading technology and toolbar use the industry’s leading software third-party providers, which doesn’t require a presentation, as these platforms are MT4 and MT5. Based on our findings, LimeFx offers a good range selection of markets and account features among the industry brokerage offering. The minimum deposit at LimeFx for the Micro Account is $10 or a currency equivalent. The Advantage and Advantage Plus alternatives each require a minimum deposit of $500. While this latter figure is high, I rate the trading conditions offered here as more than worth the deposit size.

Choose experienced traders, follow them, and sit back while they do all the work. Your LimeFx portfolio will grow with every successful trade, while you save your time and effort. Established in 2011, the LimeFx brand is a global leader in online trading, bringing https://limefx.biz/ the opportunities of financial markets to global audiences, wherever they are and whatever their financial ambitions. During testing, our team of researchers found the LimeFx customer services team to be easily contactable, knowledgeable, and professional.

Web Trading Platform

As one of the good advantages, LimeFx covers almost the globe, so traders from various countries can sign in, also with the lowest spreads. The LimeFx Pro Account caters to professional traders, as the name suggests. It requires a minimum deposit of $25,000 or currency equivalent to open.

• The market could be located using the sidebar and the MT4 trade execution GUI is well known for keeping things simple.
• This email is sent instantly, so there was no delay in accessing MT4 to try out the platform.
• Hence you will always have access to your account at your personal convenience.
• Forex (also known as FX) is short for foreign exchange the global marketplace to buy and sell foreign currencies.
• I hope they resolve whatever issues they have in order to regain the trust of their customers.
• The one big plus point of this approach is that it was beneficial to speak with a team member without having to navigate through a LiveChat chatbot or a range of FAQ questions.

Opening an account at LimeFx is fast, and the first step requires only a few seconds. Traders must submit their name, country, a valid mobile phone number, e-mail address, and desired password. LimeFx will send a confirmation PIN to the entered mobile number to complete the process. We were able to complete this within 24 hours which was speedy and satisfactory. I find this reasonable and acceptable, and active traders will never face this cost. Here is the minimum spread for the EUR/USD and the trading costs per 1 standard lot in both.

Unique Features of Trading with LimeFx

They ensure traders have an edge versus the out-of-the-box versions most brokers offer. LimeFx maintains 60 currency pairs, 8 commodities, 21 index CFDs, 802 equity CFDs, and 639 US-listed stocks. The choice of commodities and index CFDs is limited, limefx but the overall selection of trading instruments is competitive. I also like that Forextime offers 639 stocks for direct LimeFxs, albeit only US-listed ones. Overall, the tradable assets at LimeFx will best suit Forex and US equity traders.

All necessary and useful tools are also included in the package, from risk management to analysis, as well as a uniquely developed trading tool like – Pivot points strategy and trading signals. Along with converters, calculators that designed to make trading to the trader of any level more professional. We learned that LimeFx offers separate accounts for Forex trading and Invest Accounts. Then there is a further split to your preference of the trading transactions, instrument, and the trading size, which all in all offers you 3 Account types – Micro, Advantage, and Advantage Plus.

Top 3 Forex Brokers

Beginner traders have access to one of the most comprehensive educational offerings, consisting of a video library featuring dozens of videos and written content. I find it well-structured and an excellent starting point for new traders. I also recommend first-time traders seek third-party education covering trading psychology while avoiding paid-for courses. Besides offering tight spreads for competitive commissions, LimeFx also keeps swap rates on leveraged overnight positions low. LimeFx offers traders a commission-free and commission-based Forex account. The former ranks among the more expensive ones, but the latter account is one of the best ones available.

Traders may also face third-party processing costs and currency conversion fees. I recommend checking them to determine the most convenient and cost-effective solution. Processing times vary based on method and rank from instant to ten business days. I like the regulatory framework at LimeFx, ensuring traders have access to competitive trading conditions and superior protection.

LimeFx customer support can be contacted by LiveChat, Telegram, Facebook, phone and email. That selection of messaging systems, particularly the social media ones, is a stand-out feature for LimeFx. Signing in to the MT4 platform and booking a test trade in EURUSD took seconds. The market could be located using the sidebar and the MT4 trade execution GUI is well known for keeping things simple. After our virtual trades were executed, the position was reported accurately in the Portfolio section of the platform. The cashback can be then withdrawn with the available options in the withdrawal page.

LimeFx is a member of the Honk Kong-based Financial Commission, where the Compensation Fund protects traders up to €20,000 per claim. It is identical to what CySEC offers but does not come with regulatory restrictions. The platform provided by LimeFx is the most popular forex trading platform in the world, MetaTrader’s MT4. As a third-party agent provides this software, registering for an account and downloading the platform requires new users to agree to licence agreements with MetaTrader. This process is relatively straightforward and involves simply reading and clicking on agreements. Once completed, a new set of login details will be emailed to the new user, which are required to access the trading platform.

Investors may choose to follow successful traders through managed account services. LimeFx offers the most competitive spreads in the industry – Enjoy 0.1 – 0.5 on EUR/USD and 0.1 – 0.9 on GBP/USD with our ECN trading accounts. Concluding the LimeFx review, we admit that LimeFx gives quality trading potential for both beginners and experienced traders or investors and LimeFx is one of the leaders in Forex Trading.