Lime Fx Review 2024: Read Before You Trade
Multiple times, we asked questions regarding things such as deposit options and broker regulations, and we were met with a long pause, followed by less than sufficient answers. But, even for simple questions, we didn’t find the customer service options impressive. The Lime FxFX platform is essentially a white-label licensed version of MT5. The main advantage of this platform is easier sign up and less hassle when making deposits and withdrawals.
In article format, limefx broker reviews Lime Fx 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. Lime Fx also provides platform tutorial videos, which cover getting started with MetaTrader, using your personal account area, and how to copy trade. Client orders received by Lime Fx are offset by banks and liquidity providers. NDD (No Dealing Desk) brokers such as Lime Fx act as intermediaries between the trader and the real market and receive a defined and transparent commission for it.
Lime Fx displays a recommended amount to allocate to each Master Trader. 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.
The most popular of the three platforms is MT4, the industry-standard workhorse that more or less every retail broker offers. Lime FxFX allows you to trade on one of three different trading platforms. MetaTrader 4 (MT4), MetaTrader 5 (MT5), and Lime FxTrader, an in-house white-label program. Since the broker has no swaps for all trading accounts as a default, there is no need to have a special Islamic swap-free trading account. As seen in the module below, we found Lime FxFX spreads to be largely average for major FX pairs, and disappointing for cross-pairs. With this in mind, we think it is safe to say Lime FxFX does not live up to its claim of having the lowest spreads in the market.
ForexBrokers.com has been reviewing online forex brokers for over eight years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. Lime Fx (formerly Lime FxFX) offers a basic, low-cost MetaTrader platform experience alongside its proprietary web and social copy-trading platform.
How do I deposit USD into Lime Fx?
I like the cost savings at Lime Fx for traders who keep leveraged positions open for multiple trading days. The cost savings for a 1 standard lot EUR/USD position can amount to $60+. Lime Fx has recently improved its pricing environment, and I rank the overall trading costs among the best industry-wide, and there is no inactivity fee or currency conversion cost. Trading with Lime Fx will involve minimal fees, spreads from 0.6 pips, and commission-free trading depending on the account traders select. For both account types offered by Lime FxFX, spreads are floating and start from a minimum of 0.8 pips and have an average of 0.9 pips for the EUR/USD currency pair. This means the trading spreads will get either tighter or wider, depending on market volatility, time of day, and other factors.
Lime Fx Customer Support Test
We always recommend you trade with an appropriately regulated broker, with this in mind Lime FxFX is an option if you are based in the European Union where CySEC regulates them. If you are outside this region, we can’t fully recommend Lime FxFX as you will be trading with their subsidiary based in Saint Lucia where they only need to register as a company. Regarding education, there are platform tutorial videos and a basic forex trading course, which would probably be okay for absolute newbie traders. With Lime FxFX, you have access to most of the major trading instruments.
Deposit and Withdrawal
- By pressing ‘set up copying’, the orders of the Master Trader will be copied automatically.
- They may also use their Google, Facebook, or Apple accounts to sign-up.
- MT5 provides a greater number of technical indicators, timeframes, and graphical objects.
- Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets.
- Lime Fx is transparent about its fee structure, and there are no hidden fees.
Features like its trading glossary, platform tutorials, and dozens of Frequently Asked Questions (FAQs) help to flesh out Lime Fx’s educational offering. 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. It is higher versus many brokers but well within a reasonable range and justified by its products and services. I highly recommend the MT5 trading account for equity traders and MT4 for Forex traders due to its superior tools for algorithmic traders.
The MT4 platform has ultra-intuitive charting options and all the most common technical indicators. It’s very simple to enter buy and sell orders, as well as set stop-losses, you can even use Expert Advisors (EAs) for automated trading. Our spread module indicates that with Lime FxFX, you are paying more than your competitors, so it may be better to consider trading with other brokers. You will also find trading available with micro lots, mini lots, and standard lots with the spread variable or floating. We should also mention you shouldn’t get requotes or rejections since market execution rather than instant execution is used.
Yes, we do offer swap-free trading for most major and some minor currency pairs, allowing you to hold positions with zero rollover charges. It automatically closes when the price reaches a certain non-favourable level you can set in advance. Using a Stop Loss order protects your funds from the worst-case scenario.
Lime FxTrader uses TradingView’s charting technology allows for comfort and customisation. The success of the proprietary Lime Fx copy trading service resulted in the launch of a dedicated mobile app. Lime Fx takes it further and offers swap-free trading in its MT4/MT5 accounts. This makes a tremendous difference to leveraged traders who keep positions open overnight. Traders pay no financing fees, irrelevant of how long a trade remains open.
Swap-free trading
Lime Fx provides a range of spreads across various asset classes that cater to different trading needs. The spreads are competitive and may vary depending on the asset, account type, and market conditions. Lime Fx provides negative balance protection, ensuring that traders cannot limefx reviews lose more than their account balance. The education section on the Lime Fx 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.
Both MT4 and MT5 are known for their intuitive interfaces whereas Lime FxTrader offers the convenience of multiplatform—uninterrupted trading from any device. Yes, once your deposit is credited to your Lime Fx account, you can start trading immediately. E-wallet and credit/debit card deposits are processed almost instantly, allowing you to begin trading without delay.
Daily and weekly forecasts in the Market Insights section preview the key economic data ahead and highlight the major market movers. The reports cover significant support and resistance levels and technical signals from indicators such as MACD and Parabolic SAR. The research section also includes specific trading ideas, target prices, and key price levels to watch. Lime Fx offers the MetaTrader 5 mobile app for mobile trading, which is available for Android and iOS. The app offers popular features such as alerts, 1-click trading, and trading from the chart. As stated on their website, over 21 million trading accounts have been opened across 180 countries with Lime Fx.
