LimeFX Forex Broker
- LimeFX Review
- What is an STP broker?
- Trading conditions
- Is LimeFX a scam?
- Trading platform
- LimeFX customer reviews
- Positive reviews
- Neutral reviews
- Negative reviews
LimeFX is a company that provides different financial services around the world. A lot of new traders are interested: Is LimeFX scam or not? This question is understandable because no one wants to lose money. Collaboration with a reliable company is a very important factor for success in trading.Today, we are going to determine “Is LimeFX fraud or not?”. What do we need to do if we want to know the answer to this question? Naturally, the basic information about this company and criteria on how to recognize dishonest brokers. Let’s do a LimeFX Forex broker review and try to understand if this company is dishonest or not.
LimeFX is a developed Forex and binary options broker that helps other people to become financially independent. This company is regulated by CFTC. This fact says that this company is one of the most reliable in the world. Why? Because the USA government requires a lot. There is a huge amount of criteria and every broker licensed by CFTC has to meet it.
This company was created in 2008 by a group of really inspired people. At first, only a small number of countries was able to collaborate with this company, but this broker has expanded its services to the whole world.
Does LimeFX cheat? No, because it is an STP broker. This means that all transactions are automated and the broker doesn’t trade with the clients. Thanks to this, there aren’t any conflicts of interest.
You can trade more than 180 different financial instruments including Forex, precious metals, oil, binary options, stocks, and others.
Also, the broker created a multi-level system of safety to make clients feel protected. No hacker can find your money and take it. Does LimeFX lie? Naturally, no. There weren’t any traders whose money has been stolen.
There are these advantages that this company has to offer:
- Very fast execution. This fact guarantees that you will definitely buy financial assets at that price you want. This is especially important in the volatile market.
- All orders are entered in the journal and you can analyze your trading sometime later. This is a great opportunity to become more professional.
- A big number of financial instruments can make you more flexible and allows to buy/sell assets with fewer risks and more potential profit.
- Professional analytics and instruments for creating a realistic prognosis of the economic situation in a certain country, prospects of a specific organization, etc. All analytics is created by real professionals with a big experience in trading.
LimeFX has a big experience in trading technologies. This fact means that this company is a real expert in them. They did not start providing financial services right away. Before this, they created robots for trading. That’s why their experts are good analysts. They needed to create qualitative strategies that had to work to sell the robot-trader.
Now, this company is providing a lot of interesting services:
- Investor simulator. This is a feature that can protect beginners from losses. If you make money, you can trade with them and withdraw when you have a profit. If you lose them, the broker returns the money and you can reinvest them and try to trade again. This is a great opportunity for beginners and is significantly better than the classical demo account. Why? Because investor simulator combines all advantages that demo and real accounts have. You are as protected as if you use a demo account and have an opportunity to have a profit as in a real account.
- Educational center. This is part of the LimeFX official site where you can read about trading on the financial markets, watch webinars, read the analytics created by professionals among other things. Information on the educational center is updated regularly. Even professionals can find something interesting for them.
What is an STP broker?
STP is a technology that can protect traders from abuse by the broker. There are two types of intermediaries in the financial market. The first ones are dealers. These are companies that buy financial assets and sell them to traders at the price established by them. This approach creates a conflict of interest because the profit of the trader is losses of the broker. Dealers want to earn more and can change prices in any way they want. They are often very different from the prices on exchanges.
If the broker works with STP technology, this company gets prices from the market makers, such as banks and other big players. One of the most important characteristics is a number of liquidity providers. The safety of traders depends on this.
One more advantage of STP protocol is the anonymity of traders. Thanks to this fact, the safety of a trader is also bigger in comparison to the classical dealers.
STP is a fully automated technology. Order processing begins when the trader opens a position and finishes when the position is closed. All money of users is saved on a separate account in the biggest world banks. This fact guarantees that traders will be protected from money stealing by the broker. STP technology makes the broker uninterested in clients losing.
The logic is very easy. If a person is unsuccessful in trading, the broker doesn’t get a commission and this is its own losses. That’s why LimeFX created an educational center. It also helps this company to earn money.
Trading conditions are average. You need to have a minimum of 500 dollars if you want to trade. This is a relatively small amount because the more money you have, the greater result you will have. In comparison to other brokers, however, this is not so attractive. Nonetheless, there is one positive moment in this fact. Very often scammers offer a very small minimum deposit with the goal to engage the most unprofessional traders that usually don’t have even 500 dollars to make an order.
There are a lot of different account types that propose different trading conditions. The basic one is described above. The most expensive plan starts with 5,000 dollars for a deposit. In all situations, the minimum volume of an order is 0,1 lot.
This company proposes VIP-accounts that offer higher withdrawal speed. There are three types of VIP-accounts:
- Silver. Your money is withdrawn faster and you get a personal analyst to help you understand the situation on the financial market and choose the most appropriate asset at this moment.
- Gold. You get a personal analyst and a 30-minute review once a week.
- Platinum. This account is best for beginners who have enough money because they can create their personal trading plan with a professional analyst.
This company proposes more than 180 different assets. Traders who want to understand the market deeper can use automatic indicators.
You need to follow these steps to start trading:
- Go to the LimeFX site.
- Register an account by filling in a small questionnaire.
- Enter the LimeFX login.
- Make your first deposit.
After these steps, you can trade. Next, try investor simulator for two weeks. If you combine the VIP account with the investor simulator, you will have fewer risks. First, you are protected by the investor simulator. Secondly, you can work with a professional analyst to reduce the possibility of unpredictable results. At the same time, you should understand that only you are responsible for the money you earn. The analyst can only give advice, but the responsibility is yours.
Scammers don’t implement the functions that can make you rich or minimize your trading risks.
One more special account is an Islamic account. It is created with a goal to make trading possible for the Muslims. If you want to activate the Islamic account, you have to write to your personal manager.
Is LimeFX a scam?
If put in one word – no. There are a lot of reasons why this company isn’t a scam.
- CFTC regulation. Although the lack of regulation is relatively seldom, we should be attentive if a broker isn’t regulated by a reliable organization. Far more often brokers have regulators because they can only act in the frames of law. Besides the main regulation, there are a lot of local organizations that regulate this company. That’s why you can trust this company. If some illegal actions are done by the broker, the regulator will revoke a license.
- Tight spreads. Usually, dishonest brokers establish very wide spreads to make traders losers. LimeFX, on the other hand, has very tight spreads, and this fact is confirmed by our Forex review. You should be attentive because some brokers mask unprofitable spreads with low commissions. This fact does not always say that a certain broker is a scammer, but if it is connected with other signs, you should be cautious.
- Unexpectable troubles with work. Naturally, this fact also doesn’t say this broker is a scammer. If troubles, however, occur very often, then this is a sign of a possible scam. Also, scammers can ignore questions from the clients, especially if they are about these troubles. In addition, if the price changes too fast or orders are canceled in the wrongest moment, this is also a negative sign, especially if these troubles weren’t in the past. This fact can point out a scam.
- If prices are very different from exchanges. Naturally, brokers take the spreads, but if the price is very far from the market price, this fact alerts a professional trader. However, there are some exceptions. For example, if price changes too fast (during the crisis for example), different brokers can establish a different price. This is not bad. Moreover, this is a great opportunity to get an income via arbitrage strategies. Also, the price can be changed so fast if news associated with certain assets are printed in the newspapers and other media.
- This broker brings deals to the market. That’s why it isn’t a scammer. Some companies, as we said, buy assets and sell them to the traders directly. This is also isn’t a sign that a certain company is a scammer. Yet, this fact increases the probability that this can negatively impact the trader because there is a huge conflict of interest. The broker can be honest even in this situation because most of the traders have a wrong approach to making orders. Due to this, dealers also have profit even when a certain part of traders are successful.
A lot of people want to explain why Forex is a scam. Yet, they can’t do it because it can depend on the broker you choose.
This company created its own web platform with the support of many devices, including computers and mobile phones. You can trade from any point in the world. Previously, there was a mobile application, but now this company proposes to trade on the web platform if you want to make orders from a smartphone.
How to start trading? You need to go to the LimeFX.com site, register, make a deposit. After this, you can trade. Ensure that your internet connection is great because every delay costs you money.
What does this platform support?
- Many technical indicators. An automated mathematical formula can predict the future tendency according to the existing market situation. There are two basic types of indicators. The first says what trend there is in the market. The second type of indicator is oscillators. Their task is to predict future tendency. That’s why most of your actions can be automated.
- Binary options. This is a type of financial instrument. You have to predict the price in the future, but not a specific price. You need to press a button «Up» if you think that price will be higher in comparison to this moment and press the button «Down» if you have an opposite opinion.
- Leverage. This option increases the income and risks by a certain number of times. This feature isn’t for beginners. If you only have started your trading, you should look for more conservative financial instruments and trade only an amount of money that you are not afraid to lose.
- Demo account. This is one more opportunity to train your skills without risks. You get a virtual deposit and can make all orders in the sandbox. The difference between investor simulator and the demo account is in the possibility to get the real income. If you use investor simulator, you earn real money that you can withdraw when your trade turnover will be a specific amount.
LimeFX customer reviews
Reviews are one of the methods that can help you understand if can you can work with this company effectively or not. You should be careful, though, because some of them can be bought by a company or its competitors.
How can we understand that, for example, positive reviews are bought? Usually, a big number of complaints with a huge number of positive opinions points out to a scammer. Also, we should read the content of every review attentively. If there is a big difference in the facts, this can also say that a certain company is a scammer. If facts are similar and everyone says that the company is dishonest, this is likely a truth.
What do we have in general? There are a lot of positive and neutral reviews of LimeFX. Most of them are about terms of withdrawal (but all people, even those who weren’t satisfied, don’t say that this company is a scammer and they could get their money). Negative reviews are usually about trading conditions or other official information that isn’t a secret (for example, withdrawal period or minimum deposit).
Let’s look at some reviews to create a complete understanding if the LimeFX is a scam or not.
- I started trading with this company only recently. At first, there were a lot of doubts in my head. I decided to still risk and now I am happy with my decision. I tried investor simulator and could get my first income. The trading platform is very simple and understandable. Thanks to an educational center, I got all the necessary information about the basics of trading and economics. I recommended this company to my friends, and they are also satisfied because they could get an additional income. One of my friends was unsuccessful at first, but thanks to an investor simulator, all money he lost during two weeks have been returned. The broker withdraws the money in time. I don’t have a VIP account, so I didn’t have a priority, but this fact doesn’t bother me.
- I have been collaborating with this company for almost a year. There were different periods during this time. In the beginning, I was unsuccessful because of my poor knowledge base. When I got some skills my trading went uphill. I can’t say that I am totally successful, but this is not associated with the LimeFX. You need to practice a lot if you want to earn money, but I don’t have enough time to do it. However, even such little time was enough for me to get basics thanks to the educational center. I read books, watched webinars and practiced. That’s why I am getting better and there are no limitations in the skills improvement.
- My first impressions weren’t very good because of quite annoying managers. I decided to stick with this broker and now I am not complaining. They were very persistent, but later they helped me very much. Now, I can withdraw my first money. I am going to celebrate this fact.
As we see, there are a lot of positive reviews. We have not described all of them. In general, positive reviews are not as important as neutral and negative. Therefore, let’s find out the less optimistic opinions.
Neutral reviews consist of both the positive and negative sides of a certain broker. In general, they mean that people who wrote them don’t mind working with the LimeFX, but they think that this company has some areas to work on.
- A relatively good company. It has a lot of positive sides and one of them is an investor simulator. This is a really good opportunity for beginners, so they don’t give up at the start of trading. Also, this company provides a lot of different financial services such as currency, stocks, cryptocurrency, oil and others. However, the managers are really annoying. This is understandable. The broker is interested in my money because it takes a specific percent from the money I invest. LimeFX is good, but this fact makes me look for another company. In other aspects, this broker is great. Yet, attitude towards clients is the main criteria for me.
- An average broker. Trading conditions are not very good in comparison with other companies, but they are appropriate for most traders. The list of features that this company offers is also standard. I can’t say that it is unique. I tried to work with LimeFX and I am satisfied in general. I traded with other brokers that offered better conditions in my opinion. At the same time, I don’t have anything bad to say about this company. An investor simulator is one of the most interesting features, but it is not for me because I have trading experience. The web platform is not bad. It has an interface that is understandable for beginners and every feature can be accessed in a few clicks. In general, I recommend it.
- I have been trading with this broker for 6 months and I can now share my opinion. I liked the investor simulator and polite customer support. Some people say that managers are annoying, but I can’t say this. I am totally satisfied. What I am not satisfied with is such a high minimum deposit. It would be better if it was smaller. Also, I am not satisfied with the web mobile platform. I want a full mobile application. Using the web platform is quite inconvenient. I can’t say that it significantly affects trading, but this fact prevents me from trading. I am continuing to trade with this company because I can earn money with it.
Negative reviews are divided into two categories. The first is complaining about a scam. There aren’t any reviews related to this type. The second type is complaining about things which are not satisfactory for a certain person. Those reviews are very subjective. If you see the first type of negative reviews, you’d better find another company. The good news, there aren’t any reviews of this type about LimeFX.
Let’s check some of them:
- I don’t want to work with such annoying managers. The minimum deposit is high for many. Also, there isn’t a mobile application. I don’t see any reasons to trade with this company. I tried to do it, withdrew my first deposit, and now I am not going to work with them.
- I want to get my money immediately. I got them in four days. This is not good for me. This is not a scammer, but I want a faster withdrawal without having to get a VIP account.
We see that this company isn’t a fraud. You can trade with this broker without any concerns.