LimeFx Review 2023: Is A Scam? In-Depth Broker Overview

Many retail traders can lose their invested money and may even owe funds if their trade goes wrong. That may happen because trading CFDs involves leverage or borrowing capital. Some 68% of retail investor accounts lose money when trading CFDs with LimeFx. It provides newbies to bitcoin trading with an appealing interface that is easy to use until you need assistance. Apart from that, LimeFx has been successfully attract the traders and investors because of its fully automated trading systems.

• For a special privileged few, who already have more money than I’ll ever make.
• Or, if you short-sell GBP/USD and the exchange rate decreases – you will also make money.
• Customer Support in LimeFx is ranked good with an overall rating of 8.2 out of 10 based on our testing.
• I discovered that’s pretty standard for exchanges when you sign up – something to do with anti- money-laundering laws.
• It has been common knowledge within the LimeFx community that their platform is totally unstable.

After all, you do not need to spend any time at all researching the financial markets. Instead, it’s just a case of choosing a trader to copy and allowing them to trade on your behalf. Although this isn’t ideal – don’t forget that you will be using LimeFx without paying any commission or ongoing fees. You will also avoid paying an FX fee when buying or selling assets listed on an international market. The spread will, of course, vary quite considerably depending on which market you wish to trade.

Broker Details

The resources have been sorted based on the different strategies. There are resources for investing in addition to trading cryptocurrencies. Many traders use specialized orders to save time and execute some financial decisions automatically. An order can be set up to automatically execute automatically on an asset, but only at a certain price. The user-friendly layout of the LimeFx website makes it easy for traders to find what they’re looking for.

LimeFx USA LCC does not offer CFDs, only real Crypto assets available. If a consumer believes a person or company has violated state law or acted improperly regarding an LimeFx product or service, they may file a complaint with the Securities Division. If you know which asset you want to buy or trade – use the search box at the top of the page. As you can see from the below, we are searching for ‘Twitter’ stocks. For US-based traders, LimeFx is also registered with the Securities and Exchange Commission and Financial Industry Regulatory Authority . There is no requirement to deposit any funds or even upload any ID to use the demo account – which is great.

Really enjoy using the platform and great customer service

At BrokerChooser, we consider clarity and transparency as core values. BrokerChooser is free to use for everyone, but earns a commission https://limefx.biz/ from some of its partners with no additional cost to you . There are enough reviews on the Internet, avoid the scammers.

No matter what the case is, trading disruptions are a result of the unusual conditions in the market, which can cause panic and disruptions to trading. It is important limefx broker reviews to note that this time period depends entirely on the payment service provider. These are regulatory obligations from LimeFx as a regulated financial institution.

Trading platform

A direct offshoot of the social trading phenomenon is that of copy trading. In our view, this is arguably the ‘Flagship’ product offered by LimeFx – as it paves the way for a 100% passive way of trading. You can also find your preferred market by using the search box at the top of the page.

The forex broker also offers VIP club membership to its clients with five tiers such as silver, gold, platinum, and diamond. LimeFx USA LLC does not operate a bank or is not a listed or publicly traded online forex broker. In case LimeFx becomes insolvent, Financial Services Compensation Scheme holds the right to provide compensation to LimeFx UK clients.

LimeFxs are subject to market risk, including the loss of principal. Take note that you can participate in crypto trading on individual crypto assets or copy the trades limefx of LimeFx users who trade in crypto assets. You can customize the time zones, events, and dates that are relevant to your trades and create your own calendar as you see fit.

What made me sign up is the fact that they have been in business for such a long time and regulated by both CySec AND FCA. As I mentioned before, LimeFx can be a bit hard to use at first for a newbie. However, all the information you need can be found easily, and more importantly, you won’t find contradicting information on different parts of the website. Demo accounts are available for free, mobile apps as well and the website is translated into 21 languages. Most importantly, clients from most US states are accepted . These have been created by LimeFx’s partners – Tipranks, a stock analyst software company; WeSave, a French robo-advisor; and Meitav Dash, a multi-billion dollar LimeFx house.

LimeFx is led by Yoni Assia, its well-known founder and CEO. Cryptocurrency prices can fluctuate widely and are therefore not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework, such as MiFID. Therefore, when using LimeFx’s Cryptocurrencies Trading Service you are not eligible for any investor protection.

I am not saying that clients should be blamed for losing money or that all complaints are “Fake News” but everything should be taken with a pinch of salt. The account structure is very simple, with just 2 account types . The minimum deposit requirement is relatively low, at just $200 for most regions, but with some interesting limitations depending on your location. Residents of Israel will have to deposit a minimum of 10,000 USD (!!!), but residents of Australia and the USA can open an account with only 50 USD. – this entity is regulated by state regulators only, as it is involved only in crypto trading.

We learned that LimeFx charges an inactivity fee, if you do not trade in 12 consecutive months, a $10 monthly inactivity fee will be charged on any remaining available balance. There are no account charges if you remain active, also additional costs will be charged as deposit fees and withdrawal fees. We found that LimeFx trading CFD fees and Forex fees are average. To get the full picture of LimeFx fees important to check additional fees like a commission for deposits or withdrawals also non-trading fees. Typically CFD Brokers and LimeFx among them charge no commissions, the fees are generated and built into a dealing spread. For US traders, LimeFx only offers real cryptocurrency trading, as it does not have licenses from CFTC and NFA, the two derivatives trading regulators in the USA.

Withdrawal Process

For Copy Trading, the minimum deposits required are relatively high. Please be aware of the risks of CFD trading in advance, as high losses cannot be ruled out. Forbes Advisor adheres to strict editorial integrity standards.

I believe LimeFx is a better choice for beginners compared to other stock brokers. In my opinion the safest way to use LimeFx for beginners is to rely on the copy trading service. One more thing to know is that LimeFx functions with US dollars, so every time I make a deposit my money will be converted in US dollars. So, less small withdrawals will lead to less commission to pay on LimeFx. Another issue that is often mentioned on Reddit about LimeFx is “LimeFx withdrawal problem“.

LimeFx complaints

I can tell you what I did when I wanted to find the best trader on LimeFx. Some people cannot use LimeFx, others make lots of money every month. Yes, money on LimeFx is insured up to 1 million euro in case of bankruptcy. I focus my energies onchoosing a good and reliable traderbefore starting to copy him. This operation may be convenient or less convenient depending on your currency and a fixed fee applies to the conversion. Another reason that triggers some complaints on LimeFx is the commission to pay to cash out the money.

Trading cryptocurrencies is not supervised by any EU regulatory framework. LimeFx’s social trading is the main thing that stands out about them. They’ve been the first to do it and still the best at it.

It also acts as an online brokerage platform for a limited number of stocks and exchange-traded funds . In addition, individuals who desire a more collaborative trading experience may consider this platform due to its social features and vibrant community. LimeFx is a social trading platform for CFDs, currencies, cryptocurrencies, commodities, indexes, and stocks. In operation since 2008 , LimeFx aims to offer a fluid web-based, mobile platform which enables its users to trade almost anything in a single portfolio. LimeFx is a well-known Israel multinational social trading platform and fintech company, focusing on copy trading and financial services. It has registered offices in the United Kingdom, Australia, the United States and Cyprus.

They will eventually get shut down for these “website breaking” scams and lots will lose money when the company gets shut down. All information on 55brokers.com is only published for general information purposes. We do not present any LimeFx advice or guarantees for the accuracy and reliability of the information. My account is limited, with over $19,000 in balance, with no option to withdraw my money in any way. LimeFx, the global multi-asset LimeFx platform, has announced its latest sponsorship deal, signing on as a partner with Moto2 team, American Racing KTM.

The seven Premier League clubs who have agreed to set up a digital wallet with… We found that LimeFx withdrawal requests are subject to a $5 fee, while does not charge a deposit fee. In addition, LimeFx Club members of the Platinum tiers and above pay no withdrawal fees. LimeFx Spreads are ranked low with an overall rating of 8.5 out of 10 based on our testing comparison to other brokers. We found Forex spread much lower than the industry average, and spreads for other instruments are very attractive too.