LimeFX Review: UK Edition
I have been using Store platform to invest mainly in shares since March 2021 and always found the platform very easy and accommodating to use. My experiences at LimeFX are great and Charlie Kaur is an amazing account manager. She constantly checked how things are on my end and gave me some good insights.
Basic order types include market, limit, trailing stop loss, and other similar options. Support for more sophisticated order types, like order-triggers-other is important because they help traders navigate risk, quickly enter and exit positions, and take gains off the table. However, these complex order options aren’t supported by LimeFX. Beginner investors may feel more comfortable with the app’s familiar feel, since LimeFX is not modeled like other traditional brokerage offerings. Experienced traders looking to execute orders without the social feel may find LimeFX to be a bit of an adjustment, but overall the mobile app is very intuitive.
For passive investors LimeFX offers CopyPortfolios – ready made bundles of assets based on the predetermined strategies and rebalanced regularly. If you’re new to online trading, then a demo account might be a good option as it will allow you to get used to the platform without risking any real money. Once you’re more confident, you can switch to a money account on LimeFX. Alternatively, if you’re already an experienced trader, then a money account might be the better option as it offers the opportunity to make real profits.
Platform Educational Content
Eventually no, you can’t login through desktop as the only options are either Web based platform or mobile application. Also, if you prefer to use industry leader MetaTrader4 you should find another broker available from the list, as LimeFX does not offer MetaTrader4 as a trading platform. Also, LimeFX measuring criteria to choose among the traders consistent with the comprehensive research based on risk level, stable weekly indicators, trading volumes, leading trades, etc. So you always may choose the most suitable trader or a portfolio, defining the most working option for you. As for the platform features themselves, the software is simple to use and understand, you can make transactions at the LimeFX trading platforms with no need to download or install the software. Everything happens right through the LimeFX website, also as a Cryptocurrency trading platform or through LimeFX mobile App.
It made its first move into crypto in January 2014, when it began offering Bitcoin trading to the three million users it boasted at the time. At the time, these were contracts for difference trades, which meant that the trader didn’t purchase the underlying https://limefx.group/ asset (e.g., bitcoin). It provides all clients with negative balance protection, meaning that traders can never lose more money than they have in their trading accounts. LimeFX offers over 25 different cryptocurrencies for U.S. investors.
- Im investing in LimeFX since 2020, My account was verifyied and my deposits where accepted really fast.
- We got answers usually within 48 hourswhen we tested it with some basic questions.
- While there is no extra fee for this service, spreads and overnight fees may be applied according to each opened copied position.
For example, the number of tradable stocks on the Nasdaq with LimeFX is currently less than 700, which is only around 20% of the listed companies on the Nasdaq exchange. Another way to invest via Smart Portfolios is to invest in a portfolio comprised of multiple « star » traders. Copy trading is a portfolio management service, provided by LimeFX Ltd., which is authorized and regulated by the Cyprus Securities and Exchange Commission.
Most traders will qualify for payouts between $400 and $800. Terms and conditions apply, and I urge all interested traders to read and understand them carefully before getting involved. Here is a screenshot of the LimeFX proprietary trading platform during the London-New York overlap session, the most liquid one, where traders usually get the lowest spreads. One of the things I like most about LimeFX is that it started to work on an educational section for beginner traders. I also appreciate its active push into the cryptocurrency sector with the acquisitions of Dutch blockchain company Firmo and Belgian crypto portfolio tracker developer Delta in 2019.
LimeFX’s research offering is standard and could be improved. The platform offers an economic calendar, news headlines but not much else in terms of analysis. The LimeFX mobile platform aims to provide users with all the tools available on the desktop platform. Traders can see other trader’s portfolio, performance history, and risk score, allowing you to make a fully informed decision. LimeFX is a great option for highly experienced, successful retail traders who would be interested in sharing their ideas in lieu of rewards.
It’s a combination of Twitter and trading that will appeal to those who are most interested in learning how to trade cryptocurrencies or joining a community with crypto as the focus. The scope currently is limited in the U.S., so those looking for more advanced trading or trading a variety of underlyings will want to look elsewhere. Online banking can be a benefit for investors, and some brokerages do provide banking services to customers. Checking Accounts and Debit Cards are offered by Firstrade while LimeFX offers none, neither have Savings Accounts, Credit Cards and Mortgage Loans. LimeFX strives constantly develops not only its huge selection of assets while including more and more LimeFX Crypto pairs alike LimeFX xrp, or other instruments.
Cryptocurrency Coins Trading
This is a brilliant feature of LimeFX and allows small investors to effectively copy popular investors without the limitation of the typical $25 required per trade. However, when you’re copying a popular investor, the minimum trade amount is $1. Also, the minimum amount you can allocate to each popular investor is $100. For example, if a small trader deposited $300, he or she would risk 25% of their entire account if they traded the minimum position size on the GBP/USD with a stop loss of 75 pips. Their latest CopyPortFolios innovation is really worth mentioning in this review. Cryptoasset investing is unregulated in some EU countries and the UK.
During the comparison process, you may notice that the pairing moves inverse to the news you’re reading. As you read further, you learn how to anticipate where currencies will move based on current events. The platform is available through WebTrader, MetaTrader 4, as well as native mobile apps for Android, iPhone, and HarmonyOS . Once you have done this, you will need to upload some personal ID documents in order to satisfy regulatory requirements.
- LimeFX also provides an Islamic account where the minimum deposit is $1,000, while most traders can open it between $50 and $200.
- No fundamental data is available for asset classes other than stocks.
- They allow you to browse through a large number of available securities on their mobile devices.
- For our 2022 annual broker review, we spent hundreds of hours assessing 15 brokerages to find the best online broker.
These countries include Albania, Canada, Cuba, Iran, Iraq, Jamaica, Japan, Nicaragua, Pakistan, Syria, and Serbia. U.S. customers outside the US territory cannot open an account. You can find a details section next to instruments on their platform.
Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker, and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker. 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.
LimeFX presents clients with four regulated entities EU by CySEC, UK by FCA, AUS by ASIC and Seychelles by the Seychelles Financial Services Authority. While LimeFX does not offer in-house research, it provides analytics from third-party TipRanks, which I find an excellent choice. There is so much quality research online that the absence of an in-house team is not a negative. Is LimeFX legit features all the key aspects you need to look at to see if a broker is safe and legit. Any profit realized by trading on LimeFX can be subject to taxation laws and regulations.
Joint accounts, retirement accounts, trust accounts, and custodial accounts are not available. This aspect can be a severely limiting factor for users looking to open accounts that are better suited for a wide variety of goals. An online educational portal is accessible through LimeFX’s Online Trading Academy.
Based on our analysis and research, LimeFX is great for beginners. Their trading platform is easy to use, intuitive, with clear fees and a safe login. LimeFX offers a demo account, low minimum deposit and a great mobile trading platform, which makes it perfect for beginners. You should consider whether you can afford to take the high risk of losing your money. 67% of retail investor accounts lose money when trading CFDs with this provider. LimeFX has an external crypto wallet called LimeFX Money for users who want to move their crypto off the platform.
In addition, LimeFX provides private insurance to its customers accepted under these three regulators. Client’s cash funds deposited into their LimeFX account are held in regulated and licensed US banks and are FDIC-insured up to $250,000. Overall, we would recommend LimeFX for its social trading feature, crypto offering and zero-commission stock trading. If you are a long-term stock investor, a traditional stockbroker might make more sense to you as some of the drawbacks of LimeFX might outweigh the benefits of free trading. There is a $5 withdrawal feeand LimeFXonly allows USD accounts, which means that conversion costs on deposits and withdrawals can be high if your funding currency is not USD.
Ways to Avoid Losing Money in Forex
She no only share regular insight reports but also pro-activity contact me regularly for any questions I might have. And when I have any urgent need, she is always there and helpful. I have experience with most of the European brokers and LimeFX is by far the worst experience. The trading system was easy to use and the manager was helpful and friendly. Besides, my partner and I also enjoyed the complimentary concert at the assigned VIP room.
LimeFX offers free stock and ETF trading, while forex and CFD fees are low. On the negative side, non-trading fees are high, including a $5 withdrawal fee. The minimum deposit in EEA countries is $50, while it’s $10 in the US and UK. When you use Copay Trader, you limefx scammers copy the trades of other people or other people copy your trades. You can search for traders and other users in the LimeFX network and check how their portfolio performed historically. When you find a trader you like, you can copy their trades automatically.
Although there are only 5 charts available on mobile, in comparison to 67 on the web platform, they are responsive. The app is missing drawing tools though, which is a disadvantage. You simply allocate whatever amount you decide to another trader of your choice. Their trades are then automatically copied until you decide to stop.
Many retail investors lose money when they trade CFDs with this provider or other providers. Investors should act judiciously and consider whether they can afford to take the high risk of losing money or not. CFD stands for ‘Contract for Difference.’ limefx This derivative trading allows the users to analyze the fall or rise in the financial markets. With CFD, the user doesn’t buy or sell the assets, but instead the user trades a specific number of units of that particular asset.
Getting up and running doesn’t take long and you can begin trading quickly. LimeFX has a straightforward, simple design that makes it easy for traders to find what they’re looking for. The app and website experience provide similar functions and features, so users can seamlessly transition to trade through their preferred version. CopyTrader and Popular Investor are flip sides of the same coin. When users enroll in CopyTrader, they can duplicate the crypto trading strategies of leading traders, termed Popular Investors.