Copiers may copy trades in full or proportionally to their trading balance versus the Master Trader. I recommend the former, as it will result in superior trading results, as it adjusts positions based on portfolio size and leverage. I highly recommend the MT5 trading account for equity traders and MT4 for Forex traders due to its superior tools for algorithmic traders. LimeFX classifies the MT4 trading account for the Traditional Trader and MT5 for the Innovative Trader.
Non-Trading Fees
There’s an economic calendar and regular news updates, which could be useful if you must keep up to date with the latest fundamentals. We think it is odd that LimeFX does not have an email or phone contact and we thought their live chat could be more knowledgeable. This wasn’t good, and we’d like to see LimeFX improve greatly in this department. All in all, LimeFX does have a good range of funding options but it does seem they are lacking in funding options you would expect to see such as BankTransfer and VISA. On the plus side, the company has been around since 2011 and seems to have plenty of positive reviews across the internet. Copy trading is a cool concept, but we urge you to be very cautious about who you copy and do your due diligence into the skills and trading strategy of anyone you want to follow.
How much is the LimeFX fee?
For example, LimeFX clients in the European Union benefit from the oversight of the Cyprus Securities and Exchange Commission (CySEC). CySEC requires that clients have negative balance protection, which means they cannot lose more than their deposit. 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. For example, the “minimum expertise” field lets you choose between newer systems, all the way up to those with legend status. It would be useful to be able to sort the columns from highest to lowest, but that feature is limefx forex brokers reviews not yet available when looking at the Master Rating results page.
How do I deposit USD into LimeFX?
When questioned further, the same customer support person couldn’t verify if we could deposit via a credit card and advised us that we could probably use cryptocurrency to deposit. It is a similar story for credit card deposits, which seemed only to be available for certain countries, VISA for example appears only available for clients in the EU – very odd. The LimeFX platform is essentially a white-label licensed version of MT5. The main advantage of this platform is easier sign up and less limefx forex brokers reviews hassle when making deposits and withdrawals. Another thing we should note is that in the case of LimeFX, we assume the spreads haven’t been widened.
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.
- However, LimeFX states that it provides clients with segregated accounts and negative balance protection.
- 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.
- Steven Hatzakis is the Global Director of Online Broker Research for ForexBrokers.com.
- 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.
- If they have, then this would be akin to an administration fee however it is difficult to prove if LimeFX is doing this.
The broker only offers a spread-only account with spreads from 0.6 pips, if you are hoping for RAW spreads then you will need to look at other brokers. To trade you can choose between MetaTrader 4 and MetaTrader 5 trading platforms, both platforms are excellent options but many brokers in the market offer these options. LimeFX provides a solid range of educational materials, including articles, videos, webinars, and a video course. Content is updated frequently and is accessible to all levels of traders.
However, trailing stop-loss orders are only available from the desktop. To change the language of the MT5 app, you must change the language for your entire phone. As with the desktop and web platforms, the interface is not highly intuitive, but the MT5 app offers an above-average range of features. The broker offers a selection of 230 CFDs across major asset classes, along with access to MetaTrader 4, MetaTrader 5, and its proprietary LimeFXTrader.
Customer Support
The education section on the LimeFX website is well thought out, clearly presented, and made for different levels of traders – beginners, intermediate, and experienced. Material includes live trading sessions, workshops, and trading strategy-themed presentations. The AutoChartist plugin for MetaTrader is available to clients with $1,000 or more in their accounts. In my tests, I received speedy responses—the same day for email and a wait of just a few seconds for live chat. Despite the lack of phone support, I rate LimeFX as average in this category.
MT5 provides a greater number of technical indicators, timeframes, and graphical objects. We performed our tests with a live account, using the MetaTrader 5 and LimeFXTrader platforms, opened with the LimeFX Saint Lucia entity (LimeFX Markets Inc.). Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time.
