Islamic traders will also be pleased that a swap-free account is available upon request. LimeFX adheres to important rules set by this regulator including the segregation of client and business funds and the use of reputable international banks for the safekeeping of client money. Above limefx company reviews all, our experts assess whether a broker is trustworthy, taking into account their regulatory credentials, account safeguards, and reputation in the industry. DayTrading.com is committed to helping traders of all levels make informed decisions about which broker to trade with.

LimeFX offers a decent selection of payment methods including standard card and wire transfers as well as crypto and e-wallet solutions. This is a convenient range and I was especially happy with the inclusion of crypto payments as these are highly flexible and should work for traders based almost anywhere. 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. Yes, it is possible to have a profitable strategy when trading with LimeFX, which offers the reliable MetaTrader 4 platform and plenty of analysis to support forex trading. LimeFX was launched in 2010 by a group of forex experts aiming to create a competitive and supportive trading experience for clients through transparency and high trade quality. Our team highly rates LimeFX’s forex offering, which includes 72 major, minor and exotic currency pairs and is on par with competitors like OANDA, which offers 68 pairs, and Forex.com with its 82 pairs.

Is LimeFX A Good Or Bad Forex Broker?

This app comes equipped with sophisticated charting tools, including 30 technical indicators, 9 different timeframes, and 3 varieties of charts, ensuring a comprehensive trading experience. Although some brokers like Vantage limefx company reviews 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. However, not all currency pairs are as generously priced – GBP/USD trades with a 1-pip spread, which is more expensive than the average of around 0.3 pips at Fusion Markets, for example. I take advantage of broker’s competitive pricing and market execution to apply trading bots. For example, the EUR/USD currency pair is the most liquid currency pair in the forex market, so it generally has the tightest dealing spread. If an important news event occurs, such as a key economic data release, the EUR/USD dealing spread can widen considerably depending on how much market volatility the event causes.

Compare the markets and instruments offered by LimeFX and its competitors. Please note, some markets may only be available via CFDs or other derivatives. Compare LimeFX with the top 3 similar brokers that accept traders from your location. I used the live chat function on several occasions and received timely responses in a few minutes each time. The agents were friendly, and provided suitable answers to all my queries, in a personalized manner with no frustrating chatbots in sight. Similarly, the ‘Market Analysis’ section had a focus on just three currency pairs during testing which is not wide enough in my opinion.

Platforms & Tools

With fast processing times and no deposit fees, LimeFX makes it easy for traders to manage their funds efficiently. LimeFX could offer more in terms of trading tools and reduce or eliminate its withdrawal fees, but these are minor complaints. Importantly, we never recommend choosing a forex broker based on their bonuses as they can encourage bad trading habits. LimeFX’s offshore entity offers a 100% welcome bonus up to $2000 whereby new clients can double their initial deposit size. However, due to European regulations, this bonus is not available for clients from the EEA. The online broker covers a range of important topics including guides on foundational information for the forex market that all beginners should read.

Platforms & Apps

Security is a paramount concern for traders, and LimeFX addresses this with a commitment to maintaining a secure trading environment. The broker is regulated by the Cyprus Securities and Exchange Commission (CySEC), adding an extra layer of credibility and assurance for traders. To ensure we offer traders accurate and current information, our forex broker reviews also undergo rigorous editing and fact-checking.

1. Spreads on other key currency pairs are also competitive, coming in at 0.5 pips on the EUR/GBP and 0.7 pips on the GBP/USD.
2. With a background in business operations and management, Luke brings valuable expertise to his position, overseeing various aspects of Benzinga’s operations.
3. To my surprise everything was better than I expected, I didn’t have any problems with the registration process.
4. LimeFX does not have a proprietary mobile app, though MT4 can be downloaded to Android and Apple devices.

LimeFX is an excellent low-cost choice for beginners due to its decent range of educational resources and free demo account – a great way to build up experience before trading with real capital. The $0 minimum deposit also makes the forex broker accessible for new traders. 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. The broker supports the popular MetaTrader 4 trading platform with multiple terminal capabilities and a multi-account manager. You can also access the LimeFX MT4 platforms on Android and iOS smartphones and tablets. LimeFX employs an electronic communications network/straight-through processing (ECN/STP) model, so you get tight forex dealing spreads from top Interbank liquidity providers.

In our experience, the 0.2-pip average spread on EUR/USD is far tighter than most commission-free accounts, which regularly charge 1 pip or more for this major pair. Withdrawals at LimeFX are also disappointing, with all methods besides cards and wire transfers incurring a percentage withdrawal fee that can reach a hefty 3.4%, depending on the method. Wire transfers incur a $30-$45 flat fee (minimum limit of $500), many times more than the $5 withdrawal fee at eToro. Traded here for a while initially on demo, then traded couple of months on a live account. Everything was okay, yeah sometimes I made fatal mistakes, but as I learned, traders should never give up, so do I.

support

With over 200 available assets, traders can diversify their portfolios and take advantage of different market conditions. Our forex broker ratings are the result of a blend of quantitative data and qualitative insights gathered during the testing process. This approach allows us to identify the best forex brokers for a variety of trading styles, skill levels, and financial parameters. On the negative side, there is a slim selection of trading platforms with access to MetaTrader 4 (MT4) only.