Founded in 2011, LimeFX (formerly LimeFX) is part of a group of global entities, which include LimeFX Markets LTD (based limefx courses scam in the island of Mwali) and LimeFX Markets Cyprus Ltd (based in Cyprus). LimeFX also provides financial services through its intermediary, Orinoco Capital (based in South Africa). 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. LimeFX offers barely 277 tradeable instruments, which varies by platform, with the most on its MT5 offering. By comparison, industry leaders Saxo, IG, and CMC Markets all offer over 10,000 tradeable instruments. LimeFX (formerly LimeFX) offers a basic, low-cost MetaTrader platform experience alongside its proprietary web and social copy-trading platform.
Account Application
Robust charting is provided by TradingView, featuring 11 time frames, 11 chart types, and over 100 technical indicators. Various drawing tools, from trend lines to Fibonacci retracements, are also available. Copy and automated trading are only available on the MT5 desktop platform. MetaTrader is also popular due to its copy trading and automated trading features.
One of the reasons that traders are attracted to the forex and CFD markets is the high degree of available leverage. Leverage is the use of borrowed funds to increase the size of your trading positions beyond what would be possible using only the cash in your account. The account opening process at LimeFX is fully digital and can be completed within minutes via the company website. The broker offers three main account types; LimeFX MT4, LimeFX MT5, and LimeFXTrader. The score for this category was weighed down because only one base currency is available (USD) and there is no option for a raw spreads account. The broker offers a selection of 230 CFDs across major asset classes, along with access to MetaTrader 4, MetaTrader 5, and its proprietary LimeFXTrader.
- Moreover, LimeFX is a crypto-friendly broker – traders can choose from 34 CFDs on cryptocurrencies and make deposits and withdrawals in crypto.
- Steven Hatzakis is the Global Director of Online Broker Research for ForexBrokers.com.
- We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points.
- It also bucks the industry trend by not charging swaps or inactivity fees.
- Robust charting is provided by TradingView, featuring 11 time frames, 11 chart types, and over 100 technical indicators.
It’s important to note that minimum deposits and trading costs will also depend on which LimeFX entity you choose for establishing your trading account. Though it has been granted regulatory status in Cyprus and South Africa via limefx company reviews 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. Rather than specializing in any one field, LimeFX provides a wide assortment of content types. However, when compared to research leaders IG, Saxo, and CMC Markets, LimeFX has room to enhance its research offering.
Tradable Instruments
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 education section on the LimeFX website is well thought out, clearly presented, and made for different levels of traders – beginners, intermediate, and experienced.
Data safety
For example, the “minimum expertise” field lets you choose between newer systems, all the way up to those with legend status. 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.
LimeFX has a strong selection of CFDs on cryptocurrencies, numbering 30 in total. By pressing ‘set up copying’, the orders of the Master Trader will be copied automatically. Traders have complete control over the process and can stop copying anytime. LimeFX clients with an MT4 account can also elect to become Master Traders. They can then trade as usual and earn additional income whenever others choose to copy them. For example, LimeFX clients in the European Union benefit from the oversight of the Cyprus Securities and Exchange Commission (CySEC).
Why is it important to know where your broker subsidiary (entity) is regulated?
That being said, there isn’t much educational content for learning how to trade or understand market dynamics. It’s worth mentioning that the broker does have a blog and a YouTube channel, yet I was still left wanting more. In article format, LimeFX provides dozens of detailed guides on subjects ranging from how to use moving averages to setting up the Autochartist Metatrader plugin. An 11-lesson course on forex basics is available in video format and makes a good primer for new traders. LimeFX also provides platform tutorial videos, which cover getting started with MetaTrader, using your personal account area, and how to copy trade.
In our tests for the Trust category, we also cover factors relating to stability and financial strength. Here, we focus on how long the broker has been in business, what is the company size, and how transparent the broker overall. Read our full explanation and accounting of our research and testing process to learn more about how we test.
