This allows CFD and Forex traders to either copy other traders’ trading signals or let you broadcast your own trading signals to other traders on the social trading platform. Another thing we should note is that in the case of LimeFxFX, we assume the spreads haven’t been widened. If they have, then this would be akin to an administration fee however it is difficult to prove if LimeFxFX is doing this. Steven Hatzakis is the Global Director of Research for ForexBrokers.com.
He heads research for all U.S.-based brokerages on StockBrokers.com and is respected by executives as the leading expert covering the online broker industry. Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.
If this doesn’t concern you and you assume swaps costs will be unfavourable, then this account will encourage you to trade mid-term and long-term. There is one very interesting feature with both these accounts and it’s not something we have exactly seen before. This means you can hold your position overnight (after New York markets close) for as long as you wish without needing to concern yourself with any rolling feels.
To do this, we take the Forex Fees and the average spreads brokers publish on their website and compare them with the spreads LimeFxFX public on their website. LimeFx (formerly LimeFxFX) offers a basic, low-cost MetaTrader platform experience alongside its proprietary web and social copy-trading platform. There was one slightly different trading platform, which is the LimeFx copy trading software.
As long as a broker has MT4 and MT5 it should be more than enough for most retail traders. LimeFxFX offers two types of trading accounts with both being the same except one is with the MetaTrader 4 (MT4) trading platform and the other is with the MetaTrader 5 trading platform (MT5). Founded in 2011, LimeFx holds a regulatory license in Europe via its Cyprus-based entity – LimeFx Markets Cyprus Ltd – which is regulated by the Cyprus Securities and Exchange Commission (CySEC).
The main appeal of this broker is that you can use it if you want unlimited swap-free trading. This feature is a unique offering given that most brokers limit the swap-free period, replace the swap fee with an administration fee, or require you to prove your Islamic faith. The broker only offers a spread-only account with spreads from 0.6 pips, if you are hoping for RAW spreads then you https://limefx.club/ will need to look at other brokers. To trade you can choose between MetaTrader 4 and MetaTrader 5 trading platforms, both platforms are excellent options but many brokers in the market offer these options. We found Forex Broker LimeFxFX most interesting feature to be that they have no swaps. Other features include MT4 and MT5 trading platforms and commission-free spreads from 0.8 pips.
If you are not of Islamic faith, having no swaps can work for or even against you. Remember that swaps can either be a source of income or an expense, depending on how markets open. Profiting off swaps is a legit trading strategy but this won’t be possible with LimeFxFX.
The availability of these payment methods may also depend on your country of residence. LimeFx is regulated in Cyprus by the Securities & Exchange Commission (CySEC) and in South Africa by the Financial Sector Conduct Authority (FSCA). limefx company reviews LimeFx holds just one Tier-1 license and one Tier-2 license, resulting in a grade of “Average Risk” within the ForexBrokers.com Trust Score rating system. Use our country selector tool to view available brokers in your country.
Becoming regulated in more jurisdictions – especially in Tier-1 jurisdictions – will go a long way towards building trust with existing and prospective customers. Rather than specializing in any one field, LimeFx provides a wide assortment of content types. However, when compared to research leaders IG, Saxo, and CMC Markets, LimeFx has room to enhance its research offering.
Further researching the deposit options, we concluded that bank transfers and credit cards were entirely off the table for Australian traders trying to get funds into their accounts. LimeFxFX is extremely limited regarding payment method options for funding a trading account. LimeFxFX allows you to trade on one of three different trading platforms. MetaTrader 4 (MT4), MetaTrader 5 (MT5), and LimeFxTrader, an in-house white-label program. While the above module takes the spreads from the broker’s website, we at CompareForexBrokers have done our own testing using 20 MT4 brokers to find out their average spreads. As seen in the module below, we found LimeFxFX spreads to be largely average for major FX pairs, and disappointing for cross-pairs.
With this in mind, we think it is safe to say LimeFxFX does not live up to its claim of having the lowest spreads in the market. LimeFx offers barely 277 tradeable instruments, which varies by platform, with the most on its MT5 offering. By comparison, industry leaders Saxo, IG, and CMC Markets all offer over 10,000 tradeable instruments. LimeFxFX does not charge internal withdrawal fees, but traders may incur third-party payment processor costs, blockchain fees, and currency conversion charges. However, LimeFxFX recommends depositing at least $100 to have a better trading experience. We always recommend you trade with an appropriately regulated broker, with this in mind LimeFxFX is an option if you are based in the European Union where CySEC regulates them.
Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables. The security of your funds – in terms of regulatory protection – will depend on which LimeFx entity holds your account, and which –if any – relevant regulations provide customer protections. It’s worth noting that LimeFx’s primary execution venue is one of its own entities in St. Lucia. LimeFxFX provides demo accounts that are accessible with both MT4 and MT5. The trial period for these accounts has no time restrictions, making them a perfect platform for practicing and testing trading strategies.
The broker is regulated by Cyprus’ CySEC (Cyprus Securities and Exchange Commission), which means it can offer trading services to all clients in the EU. CySEC must comply with the same requirement set by ESMA (the financial body for the EU) that all financial regulators within the EU borders must follow. The standards set by ESMA are quite high, not dissimilar to those set by the FCA in the UK and ASIC in Australia.
This means no commission costs in addition to the spread with these spreads starting from 0.8 pips for the EUR/USD currency pair. The broker uses a no-dealing desk trading model, which means they send your trades directly to the liquidity providers, who will be the counterparts of your order. This trading model is called straight-through-processing (STP) or electronic communication networks (ECN) and is used by many brokers that don’t use a market maker execution model. You will also find this model has the advantage of no requests and very few rejections since market rather than instant execution is being used. At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers.
Many brokers offer a swap-free account and while we are not experts in sharia law, we suspect they may not be truly sharia compliant. This is because the swap has been replaced with a periodic administration fee meaning you receive a charge every certain number of days you hold your position open. Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time.