LimeFX offers a No-Dealing Desk (NDD) Forex brokerage service through genuine ECN/STP conditions, which are devoid of any conflicts of interest between LimeFX and its clients. Forex trading is a high-risk financial product that has a large number of risks in the market due to the significant amount of volatility, high leverage, and a trader’s emotional factors. Therefore, professional traders usually avoid trading with any dealing desk brokers and prefer to trade with ECN/STP brokers that offer Direct Market Access (DMA) conditions for the best trading environment. LimeFX is primarily a European Forex broker that launched its FX and CFD products in 2010.
CySEC works under an extensive set of regulatory guidelines proposed by the ECB and the MiFID, as per the input and supervision of individual regulatory agencies across Europe. All Forex trading companies domiciled in the EU are subject to the regulatory supervision and scrutiny from all allied regulatory organizations, which ensures a uniform code of conduct across the EU. LimeFX is also expected to have an effective insolvency procedure in place to ensure that all customers will be fairly compensated in the event of bankruptcy or liquidation. The CySEC has further reinforced investor safety through the Investor Compensation Fund that provides a guarantee of up to €20,000 if a broker winds up its business without warning. LimeFX is registered as a Cypriot Investment Firm (CIF) under the brand name, Forex Central Clearing Ltd., which holds at least €1 million in tangible assets. LimeFX also connects its traders through EQUINIX servers, which are considered to be among the most reliable and secure third-party systems in the Forex markets.
This type of trading model levels the playing field with more transparency and a greater degree of control over your trades. Additionally, it offers managed accounts so that trading professionals can trade on behalf of the broker’s clients. Available from the website, LimeFX’s educational articles cover an array of important trading topics, such as matters pertaining to technical analysis and margin trading.
The most frustrating absence is stocks, which are entirely missing, though traders can at least speculate on stock markets through index CFDs. It was simple to complete the demo registration process within the client portal with the benefit of not having to complete any identity verification requirements. On the surface, this is an ideal offering that provides the best of both worlds, though in practice we found some instruments pricier than others, so you shouldn’t expect superior pricing across the board. CySEC is a top-tier regulator that helps ensure LimeFX follows strict business standards and implements safeguards like negative balance protection and segregated client funds.
Is LimeFX A Regulated Broker?
The mobile application has proven to be stable and reliable during testing. 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 limefx forex broker 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. This is low compared to many brokers, but it’s still a downside since rivals like Vantage charge nothing, making them a better fit for casual traders.
Demo Account
As a comparison, Fusion Markets offers 10 deposit currencies, which can help prevent the need for often costly conversions. 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. LimeFX offers traders the core MT4 trading platform without third-party upgrades. With no minimum deposit, high leverage, and low trading costs, LimeFX is ideal for beginner traders and demanding seasoned ones alike.
Some regulators mandate compliance with the strictest financial frameworks, whereas others are less rigid. That is why traders must familiarize themselves with the safety mechanisms ensured by the entity they want to open an account. In our reviews, we examine the licenses and regulations of each entity operated by a broker, allowing us to compare their different levels of protection. We rank licenses by various regulatory bodies on a three-tier system, where limefx courses scam Tier-1 licensing indicates the highest level of regulation.
Does LimeFX Have A Mobile App?
LimeFX provides its clients with Virtual Private Server (VPS) hosting for low-latency automated trading. VPS is a tool that facilitates average execution speeds of under 3 milliseconds, which is ideal for precise order execution. The broker outperforms the broader industry in almost every aspect except for trading cryptocurrencies.
LimeFX Demo Account
- I have compiled the table below to help you better understand the difference between LimeFX’s ECN XLl account and the industry average.
- LimeFX was established in 2010 and is headquartered in Cyprus, where it is licensed and regulated by CySEC.
- LimeFX is also expected to have an effective insolvency procedure in place to ensure that all customers will be fairly compensated in the event of bankruptcy or liquidation.
- 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.
- This is suitable for implementing longer-term trading strategies (e.g. swing trading).
I really like the ‘average spread tool’ available on the broker’s website which displays fees over recent trading sessions. This is a rare feature that you don’t see at many rivals, and a promising sign of transparency. 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. LimeFX runs bonus offers in certain jurisdictions, and when I opened an account with the global entity I was offered a 100% deposit bonus up to $2000. 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.