LimeFX Review 2024: Read Before You Trade
The multilingual customer support is available in 34 languages, 24/7. Clients may reach out via e-mail, live chat, phone, or the call-back option. A quality FAQ section answers many questions, and most traders may require additional assistance only during emergencies. The $4.00 per trade difference adds up over time and trading volume, allowing traders to save hundreds and even thousands in fees per month.
LimeFX Wins Treble at The Global Forex Awards
You set your price, and your order only gets filled if the market reaches that specific level. This is great for managing risk and aiming for those sweet entry or exit points you’ve identified on your charts. However, during my testing, I noticed that with limit orders, there’s always a chance your order might not get filled at all, especially in those crazy volatile markets. So, it’s a bit of a gamble – precision versus guaranteed execution.
It does not have a sleek interface and requires some time and effort to learn, but that is typical of advanced platforms. For example, clients with the CySEC-regulated EU entity benefit from a limefx forex broker high level of regulatory scrutiny and a compensation scheme in the event of broker insolvency. Meanwhile, offshore entities of LimeFX have a reduced level of account protection. Overall, LimeFX offers a competitive fee structure, as well as transparency, and flexibility.
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LimeFX does not offer APIs to allow third-party solutions to connect. The user interface is the same as when MT4 launched in 2005, featuring a dated design, but plug-ins exist to change it. Trading with MT4 is simple and does not require a lot of time for new traders to learn.
Offering of investments
- TradingView is recognized for its industry-leading charts and social features, while cTrader is an advanced platform offering automated trading within a well-designed interface.
- Beyond these standard hours, the broker ensures that support remains available, accommodating its global clientele.
- The back office makes it easy to request a withdrawal, which takes a few seconds.
- However, it’s important to note that LimeFX does not currently accept traders from the United States.
- However, the lack of a social trading platform might be a drawback for some.
Beginner traders have access to quality educational content, in-house research, services provided by Trading Central, copy trading, and retail account management. The withdrawal process remains swift and hassle-free, earning LimeFX a top rating in this category. The back office makes it easy to request a withdrawal, which takes a few seconds. There are no internal withdrawal costs at LimeFX, but third-party charges may apply, dependent on the selected method. Processing times also depend on the chosen method, and LimeFX notes one business day for internal processing times.
LimeFX requires a minimum deposit, providing accessibility for traders at different levels. First Prudential Markets (popularly known as LimeFX) stands as a beacon of versatility, serving both novice and seasoned traders. With a diverse array of instruments and account types, the Australia-based company caters to all, making it a valuable ally in the world of online trading.
Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets. At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research on the top forex brokers and monitor dozens of international regulator agencies (read more about how we calculate Trust Score here). LimeFX shines as a low-cost broker for trading forex and CFDs – as long as you use the MetaTrader or cTrader platform. The Iress platform suite offers well over 10,000 tradeable symbols, but it’s mostly a share trading platform – and is generally a much pricier option. The good news is LimeFX boasts a relatively low minimum deposit threshold compared to some other brokers.
And to truly satisfy the modern trader’s appetite, they’ve even thrown in some cryptocurrency CFDs – Bitcoin, Ethereum, you name it. Sure, you pay a commission per trade, limefx review but with spreads that razor-thin, those commission fees can become a distant memory, especially if you’re an active trader. During my testing, on higher volume trades, the tighter spreads in the Raw Account definitely outweighed the commission costs. Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker.
Our review focused on the MT4 trading platform, available to all clients at LimeFX. The Iress trading platform, restricted by geographical location, focused on global equity trading, features numerous additional costs. They can total above $200 per month for low-frequency traders, but LimeFX has a program in place for active traders to receive reimbursement for most costs. While non-equity trading costs remain very competitive, equity trading tends toward the industry average. We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. 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.