Is LimeFX good for Forex?

As you read through your options, remember that the majority of forex brokers can help you open a basic account and begin your investing journey. With these 6 brokerage houses, you are choosing based on the services and extras they provide above and beyond what a traditional broker would do. LimeFX also has a social media aspect that allows users to connect with other users, limefx scammers share their ideas and learn from others’ experiences. It provides a social trading platform where investors can copy the trades of successful forex traders. LimeFX provides services in the field of LimeFX and trading. It offers a trading platform, helps to open demo accounts, increases the financial literacy of its clients, and also helps to trade in crypto.

BitFlyer is a Japan-based crypto-asset exchange and marketplace dedicated to providing its customers with convenient ways to buy, sell, and spend Bitcoins. Stick to demo trading for now, read my previous articles on how to develop a working strategy. Once you can show a minimum of 100 trades in a row without a loss, you are ready to place 10K and earn profits the same week already.

At BrokerChooser, we consider clarity and transparency as core values. BrokerChooser is free to use for everyone, but earns a commission from some of its partners with no additional cost to you . Is LimeFX legit features all the key aspects you need to look at to see if a broker is safe and legit. Our ultimate guide to the LimeFX minimum deposit is updated regularly. The content discussed is intended for educational purposes only and should not be considered LimeFX advice. There are some analyst recommendations and market sentiment indicators available, but no comprehensive fundamental data.

LimeFX forex broker

LimeFX representatives claimed that the positions had reached a “default” and “mandatory” stop loss of $0.01 per share. Connections were drawn to a similar incident in July 2021, where positions in Ryanair Holdings plc were sold without permission for $0.01 a share. As of March 2022, LimeFX had 27 million users and 2.4 million financed accounts.

Customer Service

In December 2017, it joined CoinDash to develop Blockchain-based social trading. In 2018, it raised a further $100 million in a private funding round. Overall, more than $162 million has been invested in the company by LimeFX firms. I’ve had a https://limefx.club/ great experience in using it myself, and I can recommend LimeFX to anyone who would like to trade the markets, become a popular investor or copy some of these popular investors. This makes the whole trading experience easier, as well as educative.

  • Step 2 – If you want to add funds for trading, the next step will be to go through identity verification.
  • The absence of trading commissions at LimeFX results in higher spreads, and each trader must evaluate the cost structure based on their trading and investing requirements.
  • Sign up to get the latest market updates and free signals directly to your inbox.
  • With CopyTrader, users can choose from a pool of professional traders and automatically copy their trades.
  • LimeFX doesn’t disclose order execution quality statistics, but it has a best execution policy and has a very low level of payment for order flow, suggesting that the broker follows it.
  • LimeFX’s live and recorded webinars hosted by its trading experts are a great way to accumulate valuable trading tips.

LimeFX is a privately-owned fintech startup, with owners including venture capital funds like Commerz Ventures Gmbh, the VC arm of Commerzbank, as well as Israeli, US and Chinese investors. Other investors will have their live trading accounts with LimeFX Limited, which is regulated by the Cypriot watchdog, CySEC. The amount of LimeFX protection coverage at LimeFX Europe is a maximum of €20,000. This threshold is set by the Cypriot Investors Compensation Fund.

Is LimeFX safe?

For further information about LimeFX and taxes, we recommend you contact your local tax authority. LimeFX Ltd – UK – is regulated by the UK financial authority, the FCA . In addition, there is financial information publicly available on the company. Citizens of the United Kingdom can open an account at LimeFX Limited and thus they will be protected by the FCA. If LimeFX becomes insolvent, LimeFX UK clients can expect to be compensated by the maximum amount of £85,000 guaranteed by the Financial Services Compensation Scheme . LimeFX has various educational tools available in different formats, but the overall quality is mediocre.

The UK Financial Conduct Authority , the Cyprus Securities and Exchange Commission , and the Australian Securities & LimeFXs Commission provide regulatory oversight at LimeFX. In the US, LimeFX maintains registration with FinCEN as a Money Services Business. LimeFX is a trading name of UK-based Gain Capital, which operates under the oversight of the FCA.

LimeFX forex broker

LimeFX offers third-party analytics from TipRanks, a valuable tool for equity traders. Beginner traders, particularly millennials and GenZ who desire social trading, have a platform catering to their needs. LimeFX focuses on social trading, but I do find a minor inconvenience in how clicking on an asset opens the feed section instead of the chart. Also, ProCharts requires a separate login and is unavailable from the trading platform, where traders have no analytics tools.

Markets and products

For example, if a small trader deposited $300, he or she would risk 25% of their entire account if they traded the minimum position size on the GBP/USD with a stop loss of 75 pips. This is something I personally don’t like about the platform because it forces small traders to expose themselves to more risk than appropriate. Their latest CopyPortFolios innovation is really worth mentioning in this review.

LimeFX forex broker

LimeFX is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs. However, you can also trade real stocks, ETFsand variouscryptos. LimeFX also has some unique features, such as social trading and Smart Portfolios . Since your forex broker will be your primary trading partner, you want to choose one carefully to make sure they are reputable and will fit your requirements as a trader.

How to Deposit on LimeFX

LimeFX charges no deposit fees, but they have currency conversion fees that might be high; for example, as much as 1.4% for depositing EUR by card. Note that a 50 pip charge is not the same percentage in AUD to USD conversion as in EUR to USD conversion, so in the table below we added an estimation of the percentage charge as well. For other methods, like credit cards, a higher fee applies for some currencies. To have a clear overview of LimeFX, let’s start with its trading fees. LimeFX USA LLC; LimeFXs are subject to market risk, including the possible loss of principal. This broker accepts U.S. clients and is regulated in the U.S. by the Commodities Futures Trading Commission and the National Futures Association .

LimeFX Review Conclusion

When evaluating offers, please review the financial institution’s Terms and Conditions. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. We believe everyone should be able to make financial decisions with confidence. Because the platform is easy to use and both quite affordable compared to many of its competitors, it is recommended for beginners. On the platform, funds are also always in dollars, as the euro is not directly subsidized. Thus, there are small additional costs for the user to change the currency and the value of the portfolio fluctuates according to the dollar exchange rate every day.

For Non-US Traders – If you are not using the local currency, you will need to pay the exchange fee. In this LimeFX review, we will cover all the important aspects that you need to know about this broker before opening an account. LimeFX was formed in January 2007 when a couple of entrepreneurs set out to make the world of trading accessible to anyone, anywhere, without depending on global financial institutions. Founded by Yoni and Ronen Assia, the core team of LimeFX is comprised of seasoned experts from the world of Finance and Technology. Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page.

The E Toro professional account is another type of account provided by the trader to its clients. Just like the name, this is an account designed for professional traders who have experience in trading and are willing to stake large amounts of cash in their trade execution. To have this account, a client will have to apply for it on their online platform and if the client meets the set criteria, he or she will be able to get the professional account.

This matters because the entity you belong to defines the amount ofinvestor protectionyou get. LimeFX Academy offers a variety of resources including written guides, videos, webinars and podcasts, as well as in-person and online training courses. However, there are some country-specific rules as discussed above.

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