The standards set by ESMA are quite high, not dissimilar to those set by the FCA in the UK and ASIC in Australia. To make the demo account interesting, LimeFxFX has a demo contest for which you win prizes. Each month, up to $1000 in real prize money is available with $500 for the winner, $300 for the runner-up, and $100 for third place.
- The idea of making the trading space more comfortable was the start.
- If you are not of Islamic faith, having no swaps can work for or even against you.
- However, when compared to research leaders IG, Saxo, and CMC Markets, LimeFx has room to enhance its research offering.
- You will learn how the Forex market works and how you can profit from it.
- The big changes in MT5 are increased charting options, such as timeframes and lesser-known technical indicators.
I was also pleased to see a risk score assigned to each trader, to help users differentiate between traders with historically conservative results versus those that have had more volatility and risk. It would be useful to be able to sort the columns from highest to lowest, but that feature is not yet available when looking at the Master Rating results page. ForexBrokers.com has been reviewing online forex brokers for over six years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. LimeFx (formerly LimeFxFX) offers a basic, low-cost MetaTrader platform experience alongside its proprietary web and social copy-trading platform. The best time to trade specific Forex pairs depends on the active session.
Trade currency efficiently and securely with LimeFx
This will help you understand the overall sentiment and direction the market might take. Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Though it has been granted regulatory status in Cyprus and South Africa via an intermediary (Orinoco Capital), LimeFx’s lack of additional reputable licenses heavily weighs down its Trust Score. Becoming regulated in more jurisdictions – especially in Tier-1 jurisdictions – will go a long way towards building trust with existing and prospective customers. LimeFx’s market research is well organized and varied in its content.
Forex Risk Disclaimer
LimeFxFX only has a spread-only account, meaning no commissions are charged in addition to the spread.
Their live chat team is mostly based in St Lucia or Cyprus and is 24/7. The customer service reps seemed not to be trained to handle very basic questions, so we imagine if you have a complex inquiry, you will be pulling your hair out. When questioned further, the same customer support person couldn’t verify if we could deposit via a credit card and advised us that we could probably use cryptocurrency to deposit. It is a similar story for credit card deposits, which seemed only to be available for certain countries, VISA for example appears only available for clients in the EU – very odd. The big changes in MT5 are increased charting options, such as timeframes and lesser-known technical indicators. You will also find trading available with micro lots, mini lots, and standard lots with the spread variable or floating.
There are 35 currency pairs to trade for most traders across the globe, but only 28 pairs are available if you live in the European Union. While 35 pairs mean LimeFxFX offers all the popular pairs to trade with, less popular pairs can be more volatile which means more opportunity to profit from this volatility. 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). We do not limit the array of assets available on demo accounts—trade anything you like and diversify your skills.
Market insights launched
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. We’re helping traders build stronger futures by offering a wide variety of educational articles and videos, insights from which can be applied to our unlimited demo accounts. By participating in monthly Champion MT4 Demo Contests, you can win up to $1,000 without making a single deposit. There is a very high degree of risk involved in trading securities. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.
We found the trading platforms offered by LimeFxFX to be sufficient. As long as a broker has MT4 and MT5 it should be more than enough for most retail https://limefx.group/ traders. If you are of the Islamic faith meaning you comply with Sharia law then this account is one of the best options on the market.
No, you can start trading right after you sign up and create your first demo account with LimeFx. LimeFx does have a proprietary app for social copy trading (the LimeFx Copytrading app), yet it still trails behind industry leaders such as IG and Saxo. Check out my picks for the best mobile trading apps in the industry.
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. We can only trust they are not since spreads are generally decent. Download our app and keep track of your orders whether you’re in the office, on vacation, or at home. We don’t want to explain as we understand that this term is quite self-explanatory, but we do want to stress the importance of glancing at the news from time to time.
LimeFxFX also offers the chance to trade energy products like Texas Crude, Brent Crude, and Natural Gas. If you’d like to trade stock market indices, pick from one of ten major global indices. These include the SP500, Nasdaq, French CAC40, and Australian SPI 200. Regarding account currency, if you join the LimeFxFX European subsidiary, you will use Euros. All other clients will be using USD as the account currency, so if you are in the UK and prefer GBP as your account currency, you cannot choose it.
Each year we publish tens of thousands of words of research on the top forex brokers and monitor dozens of international regulator agencies (read more about how we calculate Trust Score here). 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. 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). In South Africa, LimeFx provides financial services to clients through an intermediary, Orinoco Capital, which is licensed by the Financial Sector Conduct Authority (FSCA).
The actual list of available trading instruments is specific to each trading platform. To practise your trading skills safely, try opening a risk-free Forex demo account before creating a real one. With the LimeFx demo account, you get a full trading experience while using only virtual funds without risking any real money. Features like its trading glossary, platform tutorials, and dozens of Frequently Asked Questions (FAQs) help to flesh out LimeFx’s educational offering. That being said, there isn’t much educational content for learning how to trade or understand market dynamics.
You can trade on your demo account for as long as you want—there is no time limit. We disable accounts that stay inactive for too long, but you can always limefx forex brokers reviews create a new one for free. Make a deposit via LimeFx trading app or on our site and we’ll give you a 50% bonus, which you can manage directly in our app.