Limefx Forex Broker Overview
Limefx forex broker is an online trading site offering binary and spreads on forex, stocks, indices, commodities, and cryptocurrencies. Since Limefx specializes in binary options, it introduces a platform designed for binary and spread trading along with other trading necessities and conditions.
Get to know more about Limefx by gleaning through this entire forex broker review.
Limefx Background
In this Limefx review, we will run down its key trading aspects, features, and conditions. We will also present Limefx customer reviews and weigh on the broker’s commitment to delivering its promised trading experience. Lastly, let us fast check the broker’s credibility by discussing some circulating allegations against the firm.
Limefx forex broker is a London-based firm that was established since 2008. Limefx is the go-to broker of short-term traders using binary options to trade across asset classes via a regulated US online exchange. The broker provides binary and spreads available in more than 5,000 contracts covering an array of financial instruments in cryptocurrency, forex, and indices, among others.
Limefx forex broker is registered as TLM Limited in St. Vincent and the Grenadines.
Account Types
Limefx offers a wide range of account types that will suit traders of all skill levels and all preferred conditions. With the lowest initial deposit is the Mini account with a $500 deposit, and a 0.01 lot minimum trade size. Next to the Mini is the Standard account that requires a $5,000 minimum first deposit and a 0.01 lo trade size.
The mid-range account is the Silver account that asks a $7,500 initial deposit with a 0.5 lot as the minimum trade size. The Gold account is locked up with initial funding of $10,000 with a 1 lot minimum trade size. Going a notch higher, the Platinum account requires a $25,000 first deposit with a 1.5 lot minimum trade size. The most lucrative account type is the ECN account as it asks for a $50,000 minimum initial funding with a 1 lot minimum trade size.
Among these six account types, the Silver, Gold, and Platinum accounts are considered VIP accounts and are given access to more trading conditions and features including a personal financial analyst, weekly trading account review session, and quarterly trading plan.
Promotions and Bonus Offerings
Limefx thrives in giving its clients special bonuses and promotional offers. Some of its promotions include referring a friend to sign up with the broker to get 15% of the amount of each deposit of the referred client.
Limefx also offers a deposit bonus to its clients. Each $10,000 worth of deposit is rewarded with a $1,500 bonus.
The broker offers its clients a 100% deposit insurance which is bound under certain conditions. Other promotions the broker offers include Investor Simulator (where traders open trades within two weeks without financial risks) and SMS Analytics (getting text notifications on profitable deals).
Trading Platforms and Tools
Limefx offers the conventional MetaTrader platform in different versions and the innovative Xcritical platform. In choosing between these platforms, traders need to know the criteria or attributes that they look for a platform.
XCritical features over 200 trading instruments, creation of investment portfolio, history of trade transactions, locking and duplicating positions, risk management using limit orders, built-in technical analysis tools, and support chat.
Meanwhile, MT4 introduces an array of trading tools a user-friendly interface, a technical analysis facility, and mobile trading through downloadable mobile apps. MT4’s strength is the optimization of analytical functions by using interactive charts, analytical objects, technical indicators, and timeframes.
Limefx’s MT4 comes in Desktop, web-terminal, and mobile versions.
Another salient trading feature or tool utilized by Limefx includes Online-TV. This feature gives traders access to reviews of major economic events, price movement forecasts, trading recommendations, and many more.
Training Facility
Another highlight of Limefx’s brokerage service is its facility for training. Traders, especially the new ones, can optimize their opportunity to learn the basics and complexities of trading by utilizing its featured training facilities. Training infrastructure comes in webinars, video training, glossary, and EBOOKS.
Limefx Customer Reviews
This segment of the Limefx review will highlight some of the reviews or feedback of the broker’s clients. To find out what Limefx traders have to say about the broker’s service, let’s read a couple of interesting comments.
The first one is from a client named Julia with her review posted on July 14, 2020. She goes on by saying,
“Scammers are unambiguous, they call you until you start the money, then everything disappears for a long time!!!”
Though the client didn’t mention the broker’s name, it was clear that she was pertaining to her broker, Limefx. In her comment, she described what scammers usually do that she most likely experienced with the broker. However, her claim was not supported by any strong basis.
Moving forward, here’s another review from a client name Gregory posted on April 13, 2020.
“Not a bad broker. I’ve been trading with him for six months. So far, there have been no serious problems. I would especially like to note the high-quality trading platform and instant order execution. But the SMS signals did not impress me. But it doesn’t really matter. Withdraw profit several times. The whole process takes about 5 days. Support is adequate.”
The client made mention of the broker’s strongest asset (on his perspective) which is the platform offering. The fast order execution was one thing that he liked best about the platform’s feature. On the downside, he called out the platform’s SMS notification feature that according to him, doesn’t really work. Nevertheless, the client was satisfied with the broker’s services as its setbacks are compensated by other aspects such as customer support and funding procedures.
These two contrasting Limefx customer reviews can be your reference to weighing your options with the broker. It is interesting to note, however, that the differing claims can be easily identified whether they are attestations or not of the broker.
Limefx Fraud
The final portion of this Limefx review will cover the allegations against the broker (as reflected by one customer review above). Many a trader claims that Limefx is a scam and tagging, Limefx fraud. What’s the truth behind this issue?
On one hand, Limefx is servicing the online trading community for more than a decade. If this is a fraudulent firm, it wouldn’t have survived this long as it faced controversies and accusations, calling the attention of traders to avoid the firm and the authorities to halt its operations.
On the other hand, some traders believe that unregulated brokers, such as Limefx, are a scam since they do not operate under strict monitoring and comply with standards set by financial authorities. If Limefx is true to its intentions, it should have secured its regulatory license from the onset.
Both cases presented are not generalizable claims to justify the legitimacy of the broker. However, between the two cases, the first one carries more weight as not all brokers assert regulatory certifications and remain in the business even without such.
