Customer service is available, however, through several avenues. There is both phone support as well as a live chat function on the website. Pepper stone is not giving visitors any indication of the payment methods available. We did reach out to a few members who claim they deposited through a bank account. It would have been ideal if the platform offered common depository channels.
Forex is such a vast and deep market, no-one can corner the market and if you’re new, you can utilize the free demo account LimeFX offers their clients. LimeFX is an FCA , ASIC , CySEC , BaFin , SCB , CMA and DFSA regulated broker. LimeFX is an ECN broker offering trading conditions where trading styles such as scalping, automated trading and hedging are allowed. LimeFX says that it is a no dealing desk broker, with no intervention in orders, automatic order fulfillment and no delays, requotes or order rejections. However, their customer support responds within a few seconds in the chat. It is as easy to create and fund an account as any other broker site.
LimeFX also provides web traders based on MT4 and MT5 and a cTrader web trader. So the platforms available can be both accessible and advanced, as required by the client. LimeFX doesn’t offer much in the way of features that you can’t find in other broker platforms, and they don’t have proprietary applications for traders to manage their trades. Instead, they white label other applications used in the mass market. Active Trader Program – This is some sort of loyalty program at LimeFX.com. If you do some high volume Forex trading, you can earn cash rebates and save a lot of money on trading commissions.
This typically means reliability of fund storage, transparency, regulations and customer service. Without these items a broker will find it difficult to portray trust, which leads to a growing client base. UK100 can have an in market hours average spread of 1.05 and an out of market hours average spread of 2.37. Gold (XAU/USD) spreads can have a minimum of 0.5 and US Crude Oil spreads can have a minimum of 0.02. LimeFX offers 1000+ markets, covering Forex Pairs, Metals, Energy, Soft Commodities, Cryptocurrencies, Indices, Futures and Stocks CFDs. Soft Commodities are instruments such as Sugar, Orange Juice and Cotton.
What Cryptocurrencies Can You Trade On LimeFX?
It is best to use reliable and reputable Forex trading robots as well when it comes to safe trading. Overall, LimeFX gives the impression to be a legit and fully functional broker that gives their clients the best chance at success. However, you still need to complete your own due diligence and doing so can be done through research and opening LimeFX review – Scam or legit forex broker? a demo account. To verify your account, you can view LimeFX’s website for a complete list, but you will need a passport, driver’s license or a government issued ID. From there, you will need to provide a secondary ID such as a utility bill or birth certificate. This is to ensure safety of your assets and to expedite further processing.
- A problem we have with their website is they claim to be regulated by the FCA.
- Even though the platform claims to be licensed by ASIC, they do have some issues.
- So the platforms available can be both accessible and advanced, as required by the client.
- However cTrader in particular while it has advanced features, is well designed and has a clear trading interface.
- New members can try out the trial version of a demo account available with the platform.
Lastly, LimeFX offers you the ability to gain exposure to the soft commodities market. These are lesser traded markets including coffee, cottons and orange juice to name a few. While these markets are well traded, they are not as heavily followed as the others and can be risky. As always, Financial regulation complete your own due diligence on a market before investing and trading. One of the fastest growing markets is the LimeFX market, which includes Bitcoin, Bitcoin Cash and Ethereum. Each of these are based on a fundamental technology but the asset is traded through various exchanges.
When it comes to opening an account, the process is easy and takes less than five minutes. Members have to confirm their ID by sending copies to the platform. We are not sure whether their channel is secure, since there have been no complaints.
MT4 has been around for quite some time and has proven themselves as a leader within the space. One of the benefits to using LimeFX is they offer a demo account. Opening a demo account is important because not only can you risk free test your strategies, but you can also test run the platform and see if it’s the right fit for you. There is no better way to get a feel for the platform then actually putting it to the test.
Finally, completing all forms online is straightforward and uncomplicated. New members can try out the trial version of a demo account available with the platform. Smart traders try out the demo account first before committing to a real account.
Three platform types for different kinds of traders, including MT4, MT5 and cTrader, where all their instruments are available. It is both a Forex and CFD broker which now has offices in London too – which is great news for its European customers. Thanks to its multi country headquarters, it is regulated by several reputable financial authorities. They are the FCA for the UK, BaFin for Europe and ASIC for Australia. Having such strong authoritative oversight should give customers huge confidence.
Receive Updates & Offers
Yes, LimeFX is regulated by the various entities within Australia. You can view their about page for a complete list of details, which is mentioned at the beginning of this article. Being regulated adds a level of trust that clients are being cared for properly. The best way to close any account is to email customer service and request your account be closed. Once closed, ensure you obtain confirming documentation that your account is closed.
However, unlike many other broker companies, they do not guarantee stop loss or stop-outs. Only UK and EU clients are guaranteed negative balance protection. You should check your local regulations about CFDs, forex, and LimeFX before you try to sign up.
The library of tutorials helps those who aren’t experts get started. In general, CFD trading is complicated, and the multiple interfaces on LimeFX make it even more complicated. The platform is really only for advanced traders with CFD experience.
Security Of Funds With LimeFX
The only difference is Neteller, Skrill, and Paypal incur a $1 withdrawal fee. These payment methods also have a 50,000 base currency withdrawal limit. International wire transfer withdrawals will also incur a $20 fee. Credit, debit, and local wire transfers are free, and there are no limits.
However, the amount you get as rebate depends on the number of standard Forex lots you trade every month. The online Forex broker pays cash rebates every day and you can use them immediately. LimeFX is not just an online Forex broker, but also a trading tutor. It is home to a dynamic community of traders who appreciate unique features that spice up the online trading experience.
These are ways to ensure you get to find out the execution speed and spread available. The problem with their demo account is it gives a limited time trial. 30 days is not enough for newbie traders to fully grasp every detail regarding trading. The various accounts with LimeFX are the Standard account, the Razor account, the Swap-Free account and the Active Traders account.
Why they fail to inform traders about the depository channels remains a mystery. They also fail to inform members about the withdrawal procedure and time. The client managers have been unprofessional when dealing with newbie traders. Newbie traders who give control of their accounts to these account managers end up losing. And this is attributed to these account managers who are in league with other rogue entities. The account manager with LimeFX is likely to lose your money.
Unique Features Of LimeFX
LimeFX doesn’t limit deposits, except for Paypal, Neteller, and Skrill which have a max deposit limit of 50,000 of your base currency . Only five crypto CFDs are available on the platform, and they offer far fewer instruments in general than platforms like Capital.com, Naga, and eToro. What we did not like about Institutional investor the platform was the fact that there is no two factor authorisation. A popular and always evolving market is the energy market, which includes oil and gas. There are many local and global factors that can make the market profitable. Some of the risks to keep in mind include leverage trading puts your capital at risk.
An Honest LimeFX Review In 2022
LimeFX Markets Limited is incorporated in The Bahamas and licensed by the Securities Commission of The Bahamas (number SIA-F217). For the average retail investor, eToro is a better choice across the board. That’s why they have 17+ million users, compared with LimeFX’s 57,000. LimeFX has indemnity insurance and is regulated, but there is limited protection for users. UK residents are protected up to £85,000 under the FSCS Protection.
How To Get Customer Support At LimeFX
LimeFX can open accounts for clients from most countries in the world but not from countries including the United States of America and Belgium. LimeFX’s infrastructure which connects to Interbank liquidity uses optical fiber cross connects. The aim is to unify different pools of FX liquidity to deliver depth of market to the trader. So the objective is to deliver very fast execution with good prices.
On the cTrader Razor account, commissions round trip per lot are 7 units in the first quoted currency being traded. They are available 24 hours a day, Monday through Friday, Melbourne time. Spreads vary from instrument to instrument and especially among cryptocurrencies. Conversely, forex typically has tighter spreads, less than one pip, because of the small day to day changes in prices.