LimeFx Review: Key Features, Pros and Cons
Transfers in from one account – say the IRA – to the account are free. In order to start trading with LimeFx , you have to deposit at least 100 USD. Both platforms, MT4 and MT5, are available for desktop as well as mobile versions, Android and iOS, for use on smartphones https://limefx.club/ and Tablets. Besides, LimeFx is a member of the Securities Investor Protection Corporation (SIPC) and the Investor Compensation Fund (ICF). So, if the broker fails to settle claims of investors or folds up, they are secured up to $500,000 and €20,000 correspondingly.
This is especially true if you only want to concentrate on the main crypto assets on the market, such as Bitcoin or Ethereum. Traders should always note that Overnight fees, otherwise known as swap fees or rollover fees, may be charged for positions held open for longer than a day. You can reach LimeFx customer support 24/7 via email or by phone or live chat on each page of the website.
- In this LimeFx broker US review, we will be vetting the truthfulness of these claims, analyze the brokerage products and detail the nature of its services.
- I like how they take an individual approach to each client regardless of your investment size and have 24/7 support.
- Also, there is a good chance to get confused about the account, as one and the same account could have different names in different places.
- When we talk about LimeFx as an online broker there are many benefits of this firm for both day traders as well as experienced investors.
You see, with most exchanges, in order to start trading cryptocurrencies, you’re going to have to purchase (or transfer) a set amount of cryptocurrency – the amount differs in accordance with the currency, of course. J2T CryptoExchange is a certified brokerage platform – it has certifications in the EU, UK, and USA. This simply means that the platform follows all of the necessary security and data protection guidelines, and that it is trusted in the aforementioned regions. By extension, it also means that you’ll be able to track the market closely, and any time that you see a great opportunity to purchase some crypto coins, you’ll have the chance to do so, right from your phone! Naturally, though, this is true assuming that LimeFx supports that specific cryptocurrency (we’ll get to that in a minute).
PART SYSTEM TO MAKE REALLY BIG MONEY IN TRADING
The discount broker is also a member of the Securities Investor Protection Corporation (SIPC) that insures the investor funds deposited with LimeFx for up to $500,000. Commissions are charged according to the type of account the trader has varying between up to US Dollar 2 per lot when using the MT5 Global Account and up to US Dollar 3 per lot when using the Forex ECN Account. No, a LimeFx sign-up bonus is not offered for first-time sign-ups or beginner traders. We have a phone, an email and, a very interesting, online chat and a service that with a single button you access a live call via the web. We found this last service interesting and novel since almost no broker has it. LimeFx has a wide variety of methods for making deposits, including Bank Transfer, Debit or Credit Card (Mastercard), and electronic means of payment, Paysafecard, Union Pay, Neteller, Skrill, and Cashu.
- Higher account types may require bigger amounts of funds, especially for those traders that are professionals and will be trading through tailored solutions.
- Traders should consider potential currency conversion fees and third-party payment processor costs.
- In case of positive swap, a certain number of points is accrued to the account, and in case it is negative – the points are written off the account.
- Since there are few decisive indicators of an effective and competent online broker, each broker is measured and examined through this yardstick.
- Deposits are processed within one business day while withdrawals can take up to 3 days.
These amounts can take up to 7 business days to reflect in your LimeFx account and can only be withdrawn via ACH 10 days after the date of deposit or 60 days via check or bank transfer. 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 MT5 Global account. During my review, the average spread for the EUR/USD ranged between 1.0 and 1.3 pips. LimeFx also offers partnership programs for institutional trading and for individuals who want to become introducing brokers (IB).
LimeFx fees spread and commissions start from US Dollar 2 per lot with spreads from 0.0 pips. LimeFx is also waiting for limefx website you in the most rapidly developing markets of the world. Open Demo account to try your hand at trading in the financial markets.
Of course, the
award-winning MetaTrader 4 and MetaTrader 5 platforms are available, but unlike
most other online brokers LimeFx doesn’t stop there. They also offer the
powerful CQG Trading Platform, the ROX Premium platform, the Sterling Trader
Pro, and the Lightspeed Trader. Yes, LimeFx Demo Account offers a free demo trading account for beginner traders to train on. The Demo account interface is ideal for traders who want to learn to trade without incurring any trading risks or losses. LimeFx Demo Account practices forex trading in a 100% risk-free environment. Yes, LimeFx offers demo accounts and setting it up is very simple and easy.
Trade with a Regulated Broker
Depending on the trading strategy, it may become the most significant fee per trade. I always recommend that traders check them before evaluating the total trading costs. Lastly, Sterling Trader Pro designed for Professional individual traders and Proprietary trading groups offers all the US equity and options exchanges, and more than 50 execution routes and venues. J2T CryptoExchange proves to be a great place to start investing, in general, since it offers a wide range of different assets for you to tinker with and, evidently, purchase. You can also create a demo account if you’re not still sure about the entire process, which will give you a chance to try out the platform at your own pace.
The commission of Alpari is higher at $ 16 than LimeFx which is only $ 3. This makes LimeFx a better option for many traders compared to Alpari. Moreover, according to the official website customer service is available 24 hours a day for the users to ask questions, seek advice or adhere to any technical support that they require. Nevertheless, many customer reviews have complained about the slow customer service of this broker. Moreover, another positive aspect of LimeFx is that it is a regulated and licensed firm with EU authorization for the security of customers’ funds. A major part of any broker’s legitimacy and reliability depends upon the legal framework it follows.
Access to the exchanges of Asia and Oceania is average – only 4, albeit rather large, exchanges. We estimated the broker’s reliability as high, but not as high as possible.
Is LimeFx a good broker?
Currently employs over 1200 employees and maintains offices in over eight countries including the United States, China, and the United Kingdom. In this broker review, we vet its reliability and look at how trimmed trading costs have affected this deep discount broker’s effectiveness and competitiveness. The minimum deposit is $100 for the Forex and CFD Standard and MT5 Global account and $200 for the Forex ECN option. All three account types have a minimum lot size requirement of 0.1 lots and five-decimal pricing. The commissions of $2.00 to $3.00 per 1.0 standard round lot are highly competitive, but the spreads make short-term trading styles expensive. I rank trading costs among the most defining aspects when evaluating a broker, as they directly impact profitability.
Therefore, LimeFxr’s regulation with Cyprus Securities and Exchange Commission (CySEC) and European Securities and Markets Authority (ESMA) is the biggest plus in the favor of this broker. The AFM evaluation has set standard criteria for the evaluation procedure of various brokerage firms. Since there are few decisive indicators of an effective and competent online broker, each broker is measured and examined through this yardstick.
A manager called us within 20 minutes, we discussed all issues and questions and our account was verified in an hour. This is one of the best results in terms of quickness of account opening among the brokers with European regulation. Citizens of other countries can also open accounts on LimeFx provided that the broker complies with the laws and regulations of such countries.
They are going to depend on the cryptocurrency of your choice, but are likely to remain super-low, and mostly dependent on the blockchain. Withdrawal fees vary by quite a bit, and usually depend on two separate factors – the exchange itself, and the blockchain of a specific cryptocurrency that you want to withdraw. Coincidentally, one of the first benefits you’ll find mentioned among LimeFx reviews are the fees available with this brokerage. LimeFx does not offer traders spread betting and therefore spread betting fees do not apply to this broker.