There are good reasons why LimeFx became one of the most popular Forex brokers in the world. Constant innovation and a consistent improvement are crucial for LimeFx’s success. But even experienced traders can use LimeFx without restrictions. And with the 16 currency pairs you can do something as advanced traders.

The service is best aligned with traders who want a social and crypto focus, but traders seeking more than this will likely find alternative online brokers better suited to them. At LimeFx, you can trade CFDs, which are complex instruments and carry a high level of risk. Many retail traders can lose their invested money and may even owe funds if their trade goes wrong.

The minimum deposit in EEA countries is $50, while it’s $10 in the US and UK. Currently, people from the USA cannot use all services and features provided by LimeFx because US regulations do not allow trading in CFD instruments for US residents. As a result, no regulated broker will allow retail clients in the US to trade CFDs. When you use CopyTrader, you copy the trades of other LimeFx users or other users copy your trades.

What Are LimeFx’s Trading Products?

The LimeFx Money program offered is an example of how the broker continues to offer innovative new features. In this instance, those who use the free LimeFx Money service are provided with some additional features, such as instant withdrawals and deposits. Much of LimeFx’s competitive advantage is due to its online social trading community, which is among the world’s largest. If you’re looking to trade forex, equities or crypto, each market has a chat room where traders can share thoughts about what the next price move might be. Some of the contributors even go to the extent of sharing details of their strategies and how successful they have been in the past. This way, it’s possible to identify a trader to follow, and if you ever want to stop following them, it’s just a case of clicking a button to end the relationship.

Especially when you’re new to Forex trading you should try LimeFx because it’s one of the best options for novice traders. Their innovative and user friendly platform guarantee an easy start into the world of Forex trading. Also applies a risk score to each trader in addition to other stats available for each profile. Users can then allocate a portion of their capital to copy other traders. Each user remains in full control of their trading and may exit positions at their discretion; however, traders cannot close part of their position, only the full amount.

LimeFx Review UK — Should You Use It in 2023?

LimeFx provides a free digital wallet to store cryptocurrency, known as LimeFx wallet, available in iOS and Android. There is a 2% fee to transfer funds from LimeFx’s LimeFx app to its crypto wallet. LimeFx charges a $5 fee to withdraw funds from your trading account. As only USD accounts are available at LimeFx, you will need to pay a high conversion fee if you deposit or withdraw in a currency other than USD. Additionally, LimeFx also applies a risk score to each trader.

Traders simply need to log in to their accounts periodically to avoid these fees. First, traders fill out a form with some basic information and create a username. For example, if a trader opens a CFD trade on oil, they aren’t purchasing actual limefx barrels of oil that must be shipped, distributed, and stored. Instead, the trader is speculating on whether the price of oil will rise or fall over a limited time period. US states and territories that don’t allow cryptocurrency trading.

LimeFx Reviews

I also enjoy the social aspects of the platform and feel all of its features have been well integrated. Be careful when considering high-risk LimeFxs like cryptoassets & cryptocurrencies (e.g. bitcoin). Their value can go up and down significantly, without any warning.

These cover most eventualities and provide extra information on subjects ranging from how to make a withdrawal to how lead trader performance statistics are calculated. Those looking to focus on learning about particular areas of the financial markets can tap into a wide range of free and high-quality material. This includes the LimeFx Online Trading Academy, LimeFx Plus, which takes a deep dive into market events, and the Bull Club, which provides insight from industry experts.

LimeFx Broker Alternatives & Comparisons

Once the user submits all the information required for opening an account, there is usually a waiting period of 1-4 days. In the meantime, your identity would be verified and your account opened. The charges for opening an account differ from country to country.

To help beginner traders get started, its educational materials are limited compared to other similar-sized market makers. Tools compared to other similar brokers but lacks support for tools that aid market analysis, such as Trading Central and Autochartist. We tested the account opening process, which took approximately 10 minutes to complete, and once our documentation had been submitted, our accounts were ready for trading within a day.

As long as using LimeFx is permitted legally in your country, one can use LimeFx. As of now, the countries where LimeFx can’t be used comprise of- Canada, Cuba, Japan, North Korea, Iran, Syria, Turkey, Serbia, Albania, Sudan and more. You can check full country list above in our LimeFx opening account section.

• For example, in the case of forex and stock index trading the most important fees are spreads, commissions and financing rates.
• This amount is needed to pay during registration for the first time.
• Upon confirmation, you will receive a notification about the withdrawal request along with updated statuses in your email.
• Search for the cryptocurrency you would like to invest in and click on “Trade”.
• When testing their website for this LimeFx review, it’s hard not to be aware of their open desirability to be the ‘social media of financial trading’.

You can also compare its offerings side-by-side with those of other brokers using our Comparison Tool. For the StockBrokers.com 13th Annual Review published in January 2023, a total of 3,332 data points were collected over three months and used to score 17 top brokers. This makes StockBrokers.com home to the largest independent database on the web covering the online broker industry. One potential issue for some is that you can’t sell shares short, you can only buy and sell. And while I was impressed with the speed of email from customer support, there are reports that direct contact can be difficult.

Mobile App

For example, it is not possible to initiate a stock transfer between LimeFx and another brokerage . This means that all positions that are opened with LimeFx must be closed with LimeFx. LimeFx allows only USD accounts, which means that funds in other currencies might need to be converted by LimeFx to USD.

However, you can also trade real stocks, ETFsand variouscryptos. LimeFx also has some unique features, such as social trading and Smart Portfolios . At LimeFx, you can trade CFDs and forex, as well as real stocks, ETFs, many cryptos and options. Innovative services like social trading and Smart Portfolios are also available.

It’s also possible to filter the data by periodicity and use more sophisticated tools like chande momentum oscillator or Fibonacci retracements. Each investor’s profile provides a detailed breakdown of their performance, holdings, risk assessment, and more. Cryptocurrencies – There are currently 71 coins included for crypto trading, with the list being updated regularly. It goes against our guidelines to offer incentives for reviews.

Many currency pairs quoted in the forex market show substantial volatility or fluctuations, which can result in gains or losses for traders. You can review the EUR/USD pairing over the past week, month, year or more. Seeing the history of the pairing gives you quite a bit of information, and you can compare the stock’s movements to current events in either limefx official site the U.S. or European Union. In the forex market, traders agree to exchange 1 currency for another to make a transaction in that currency pair at a particular level known as the exchange rate. Like stock prices, this exchange rate fluctuates based on supply and demand factors, as well as on the forex market’s overall expectations of future events.

Until recently, LimeFx did not offer beginner traders any assistance, relying solely on its community. It now provides a well-structured platform consisting of videos, webinars, and guides. I rate LimeFx Academy as one of the best educational https://limefx.biz/ tools and recommend beginner traders take full advantage of it. One of the most ignored trading costs is swap rates on leveraged overnight positions. Depending on the trading strategy, it may become the most significant fee per trade.

Nor PublicFinanceInternational or any of our affiliates makes any recommendation or implies any action based on the information we proved to you. We don’t make any solicitation or recommendation to take any action or trade or invest in any financial instrument, asset, or commodity. LimeFx is better for Forex Trading, while LimeFx is the better broker overall.

An e-mail and phone number are available for clients for the LimeFx Australian subsidiary. I think most clients may not require customer support, but LimeFx remains readily available for existing clients. The pride of LimeFx is its proprietary trading platform, with its clean user interface and social trading tools CopyTrader and CopyPortfolios. LimeFx segregates client deposits from corporate funds and offers negative balance protection. After becoming a publicly-traded company on the NASDAQ, it will comply with another layer of regulation and financial standards, strengthening its overall security environment. One of the things I like most about LimeFx is that it started to work on an educational section for beginner traders.