LimeFx Review 2024 Is LimeFx legit or scam forex broker?

Those looking to trade metals can choose from spot gold, spot silver, and spot palladium, all versus the US dollar or, in the case of spot gold, the euro. Crypto traders can trade Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Monero, ZCash, Dash, and Ripple, and energies traders can trade spot US crude oil and spot UK brent oil. LimeFx does not have a dedicated mobile app, but clients can trade using MT4’s app, which is available from the Apple App Store and Google Play.

Trading Restrictions

MQL4 allows you to create your own EA (Expert Advisor) and automate your trading based on your own programmed strategy. Using MQL4 you can build-up your own library of custom indicators, scripts and function database. Which is authorised by the UK Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money.

LimeFx Trading platforms

If you fund your account in a different currency, LimeFx will use Hellenic Bank’s exchange rates, published here. However, traders seeking stocks or deep education and market research will need to look elsewhere. Also, the offshore regulation for non-EU traders and expensive withdrawal fees are notable drawbacks. Although some brokers like Vantage offer a similar service with less stringent qualifying criteria, LimeFx’s VPS, combined with its excellent pricing, will appeal to high-volume traders and algo traders.

Platform download

Importantly, all deposits are fee-free, and e-wallets like Skrill and Neteller process within an hour, compared to 5-7 working days for wire transfers. The broker has been around since 2010, and, though that is still pretty new compared to others, it has over a decade of industry experience. LimeFx’s business model is based on STP (Straight Through Processing), where orders are sent to financial institutions directly.

• Experienced traders will appreciate the tight spreads, access to MT4 and a VPS, plus zero strategy restrictions.
• Overall, LimeFx provides three different account types that do not require a minimum deposit amount in order to open.
• However if we see its service like compatative spread and $0 commission for trading then we can forget fee.
• As LimeFx offers consistently low spreads, it is possible to enter and exit trades several times a day, to take advantage of even small price swings.
• The $30 – $45 charges are way above brokers such as eToro, which only charges $5, and many brokers we evaluate that offer free withdrawals.

According to BIS (the bank for international settlements) the FX market is responsible for circa $6.6 trillion of turnover each trading day. The major international banks and financial institutions are responsible for the majority of this turnover. Through LimeFx and its ECN – STP model, clients can access this market in order to trade up to 28 currency pairs, from the recognised major currency pairs through to the minor and most exotic. Users will like their experience with this broker because it charges very few fees. There are no commission fees, nor is there a minimum deposit, and spreads start at 0.0 pips for some assets.

Range of platforms

This eliminates the potential for conflicts of interest or price mark-ups, making this broker pretty reliable when it comes to trade execution. LimeFx could offer more in terms of trading tools and reduce or eliminate its withdrawal fees, but these are minor complaints. The broker uses a price aggregator to ensure that counterparty orders use the best bid and ask prices currently available. The multiple industry awards are also a reassuring sign for us. I rate LimeFx’s customer service as top-notch in terms of responsiveness and speed.

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That’s a key factor for me and that’s why I decided to join them and I can say since the moment I started trading through this broker I didn’t have any problems. LimeFx is good for day trading thanks to its very tight spreads in the ECN account, leverage trading opportunities, and access to the fast and dependable MetaTrader 4 platform. Customer support is very important for new traders, and LimeFx offers it in the form of 24-hour customer service that runs five days a week. These customer service agents will help you figure out any issue you have.

LimeFx enhances the mobile trading experience by offering the MT4 application, compatible with iPhone, iPad, and Android devices, ideally suited for day traders. Still, LimeFx has done well by providing an attractive, affordable and simple account option for day traders who will appreciate having no trading restrictions or minimum deposit requirements. Ordinarily, we prefer to scammed by limefx see a choice between a commission-free account (geared towards beginners) and one with raw spreads and low commissions (geared towards advanced traders). However, LimeFx has outdone many competitors by offering the kind of tight spreads you’d expect from ECN accounts without charging a commission. With LimeFx, traders can trade Forex, crypto, indices, metals, and energies.

LimeFx’s non-forex asset list is less competitive, with the lack of shares a notable exclusion and very few other markets. Many competing forex brokers such as CMC Markets and Plus500 offer trading in thousands of global instruments including stocks from a range of international exchanges, so LimeFx is behind the competition here. Another bonus for us is the $0 minimum deposit and 0.01 minimum lot size, which makes LimeFx more accessible than forex brokers such as Plus500 and AvaTrade, both requiring a minimum deposit of $100. LimeFx has earned a good score for its fees due to the tight ECN spreads combined with no commissions, an unusual pricing model that places this brand among the cheapest forex brokers we have reviewed. Lastly, there are several offers on hand for Forex traders.

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LimeFx’s limited research and technical analysis tools are disappointing, especially given how useful these tools can be for discovering trading opportunities. Another big downside is the lack of web trader compatibility, which I find convenient because it provides straightforward and fast market access. This is low compared to many brokers, but it’s still a downside since rivals like Vantage charge nothing, https://limefx.vip/ making them a better fit for casual traders. Besides the very frustrating withdrawal charge, LimeFx’s non-trading fees include a $5 inactivity fee charged after 120 days of dormancy. I really like the ‘average spread tool’ available on the broker’s website which displays fees over recent trading sessions. This is a rare feature that you don’t see at many rivals, and a promising sign of transparency.

There are a few features that indicate that LimeFx is a good broker for beginning or new traders. Discussed individually below, these features include educational tools, customer support, and client monetary protection. The deposit is low, the MetaTrader 4 platform is one of the best for forex trading, and the tight spreads through the ECN model are competitive. Still, I feel that LimeFx could become a more attractive forex broker by expanding the range of tools it supports. One excellent addition would be copy trading, allowing rookie traders to mirror and learn from more experienced peers, who can earn commissions from copiers.

They have been running the business for over 14 years, so it seems they managed to add a lot of instruments for all this time. I like how tight spreads they provide on the forex market and the spreads are even more tighter than from other major and famous brokers. The technical support is good and it is noticeable that there are competent guys working. During testing, we have been impressed with the ECN pricing that offers spreads from 0.0 pips, while the 70+ currency pairs provide better market coverage than most alternatives. Trading forex offers up unlimited opportunities to access and trade the financial markets.