The other e-wallets Neteller and Skrill process deposits within an hour of the request and are instant for withdrawals, which is competitive. We have not experienced any security concerns during our many hours using the trading platform. Although some brokers like Vantage offer a similar service with less stringent qualifying criteria, LimeFX’s VPS, combined with its excellent pricing, will appeal to high-volume traders and algo traders.
Low-Cost Trading Structure
That said, the bonus could not be withdrawn, and if your account balance reaches below 50% of the available bonus credit, the amount will be removed. This is essentially free credit that can be used for trading purposes, and I was pleased on this occasion that there were no minimum trading requirements. I only really missed having limefx company reviews PayPal available since this industry leader is one of the most widely used e-wallets and is accepted by rivals, including XTB and IG. Looking at the negatives, the coverage outside Europe, while fairly industry standard is disappointing, with the global entity registered in Nevis as an International Business Corporation (license number C55272).
The broker provides live chat and email support, ensuring that help is readily available. Customer service operates 24 hours a day, Monday through Friday, allowing traders to access assistance during market hours. Additionally, the broker provides several specialized accounts, including demo accounts for practice trading, Islamic accounts adhering to Sharia principles, and managed accounts for those preferring expert guidance. Whether you are a beginner looking for a low-cost entry into the forex market or a professional trader seeking competitive conditions, LimeFX’s ECN XL account provides a solid, flexible option. LimeFX places a strong emphasis on trust and security for its users. As a broker regulated by CySEC, MiFID, and MISA, it complies with stringent industry standards to protect traders.
- The LimeFX MetaTrader 4 Broker software transmits information to and from the markets on 128-bit encrypted connections.
- LimeFX was launched in 2010 by a group of forex experts aiming to create a competitive and supportive trading experience for clients through transparency and high trade quality.
- This long-time industry favorite is starting to show its age after decades since its release, and we prefer for brokers to offer a selection of platforms with newer and slicker options, especially for beginners.
- The $0 minimum deposit also makes the forex broker accessible for new traders.
- But there is 0 dongs and whistles, so, again, not everyone might like it.
DayTrading.com is committed to helping traders of all levels make informed decisions about which broker to trade with. If you have experience trading with LimeFX please share your personal review of the broker and what you think are strong and weak points. But there is 0 dongs and whistles, so, again, not everyone might like it. I feel like each one of us needs to find 1 broker he “clicks” with. Spreads are slightly higher on alternative products, while the withdrawal fee and inactivity penalty lower its fee rating somewhat.
Deposits & Withdrawals
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. LimeFX offers a variety of convenient deposit and withdrawal methods to accommodate traders’ needs. LimeFX does not impose any minimum deposit requirements, allowing traders to begin with as little or as much as they are comfortable with.
Does LimeFX Offer Low Forex Trading Fees?
LimeFX offers several unique features that set it apart from other brokers. The most notable is its ECN XL account, which provides spreads starting from 0 with no trading commission, a rarity in the industry. This low-cost trading environment is particularly appealing to traders looking to minimize expenses on high-frequency trades. LimeFX offers a single yet versatile account type – the ECN XL account, designed to cater to both beginners and professionals. This account features spreads starting from 0 with no trading commissions, providing a cost-effective trading environment. One of the standout benefits of LimeFX is the absence of a minimum deposit requirement, allowing traders to start with any amount that suits their needs.
How To Make A Forex Trade
The multilingual support team responded very quickly to my queries over live chat, never taking more than 30 minutes to get back to me. I also find the FAQs section on the website a useful way to solve basic queries. LimeFX’s offshore entity offers a 100% welcome bonus up to $2000 whereby new clients can double their initial deposit size. However, due to European regulations, this bonus is not available for clients from the EEA. Although LimeFX does not offer an extensive suite of forex tools, I am satisfied with the inclusion of a free Virtual Private Server (VPS).
The sign-up process is also pleasingly simple and there is a swap-free solution for Muslim traders available upon request. That said, this broker does implement negative balance protection across both EU and offshore entities, unlike alternatives such as Fusion Markets. This means that clients of LimeFX’s offshore branch won’t get the same level of protection and won’t have access to compensation schemes or trusted regulators if things go sour. An inactivity fee of $5 per month is applied after three months of no trading activity.
However, not all currency pairs are as generously priced – GBP/USD trades with a 1-pip spread, which is more expensive than the average of around 0.3 pips at Fusion Markets, for example. Withdrawals at LimeFX are also disappointing, with all methods besides cards and wire transfers incurring limefx website a percentage withdrawal fee that can reach a hefty 3.4%, depending on the method. Wire transfers incur a $30-$45 flat fee (minimum limit of $500), many times more than the $5 withdrawal fee at eToro. Traded here for a while initially on demo, then traded couple of months on a live account. Everything was okay, yeah sometimes I made fatal mistakes, but as I learned, traders should never give up, so do I.