Their Sydney response time is within 15 minutes based on our inquiries with the most complex issues solved within a day. Overall, IC is an ECN-style broker which means faster execution speeds and lower spreads, yet does not offer the extensive risk management features that market maker brokers offer. You can view our comparison with LimeFx to compare an ECN broker vs a market maker broker. LimeFx provide an advanced margin call facility that detects when a trader is approaching a $0 balance and exits the trader automatically. The key issue is that in extreme market events (i.e. the floating of the Swiss Franc) this software may not have the ability to exit the market fast. This can lead to losses exceeding deposits, and the Australian forex broker may request for the outstanding debt to be paid.
It is also referred to as an overnight swap or finance fee and it is defined as the interest charged for keeping trading positions open after the close of a trading day. Overall, LimeFx is regulated in two ‘tier-1’ and one ‘tier-3’ regions which means traders’ funds are safe and secure. This means that clients will receive varying levels of investor protection depending on where they live and the subsidiary they register their LimeFx account with. It should be noted that clients can only deposit money from accounts that are registered in their own names.
Experience with LimeFx
If low-cost forex/CFD trading is all you’re after and you’re not very picky about your choice of platform, Australia’s LimeFx is a worthy option. It has a competitive product selection that includes crypto; and a flexible fee structure offering very tight spreads with a reasonable commission. You can set up your account in no time and enjoy various deposit and withdrawal options, all free of charge. LimeFx is not recommended for long-term investors, as you can’t trade stocks, ETFs or funds. The MetaTrader platform used by LimeFx has its limitations in design and functionality but will be familiar to many forex traders. Unlike standard accounts, an STP-style/ECN-like, or commission-based account, comes with both types of trading fees.
LimeFx offers different trading features to its clients which include copy/social trading, advanced trading tools, and PAMM/MAM. There are basic order types on the platform but advanced order types are not present which is another limitation of this platform. Also, traders cannot set alerts and notifications to monitor their trades as this feature is only available on the desktop trading platform.
What’s the regulation of LimeFx?
The high risk of losing funds means that lower leverage may be more suited to certain traders like beginners. You can trade index CFDs on all three trading platforms with no commission fees. The minimum deposit at LimeFx starts at $200 to open a live account, regardless of the account you choose, including the Standard, Raw, and cTrader account options. There are also over a dozen funding methods available, ranging from bank transfers and credit cards to third-party payment providers such as PayPal and UnionPay. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
LimeFx has a good range of content for beginner as well as advanced traders, with over 100 written articles and dozens of videos. However, content is not organized by experience level, and there is no progress https://limefx.biz/ tracking or quizzes, which are both features I’ve come to expect from the best forex brokers in this category. ICMarkets does not have its own propriety trading platform and offers third-party trading platforms.
MetaTrader 4 and 5
Standard accounts are spread-only which means the bid-ask spread, or simply the ‘spread’ is the main cost to be aware of. These types of accounts are closer to pure STP or ECN conditions where spreads are set by liquidity providers and you pay a commission on top of this. Already a standard for Forex trading, with LimeFx, MetaTrader 4 is available for both Windows PCs and Mac. This extra package will certainly be praised by traders who seek institutional quality tools on top of the ones provided in the underlying platform. The broker also has direct access to interbank price feeds from over 50 banks and institutional liquidity providers, allowing for ultra-tight spreads and minimal slippage when forex trading. This is perfect for scalpers and traders who enjoy hedging the forex market.
LimeFx offers free extensions for the software in the form of plugins. These can be easily downloaded and then inserted into the software. This includes, for example, a tick chart extension or additional indicators. LimeFx itself states with its statistics that most of the order volume comes from automated systems. For this purpose, you can rent a Virtual Private Server at IC Market and run the system 24 hours a day.
Security and Money Guarantees
He heads research for all U.S.-based brokerages on StockBrokers.com and is respected by executives as the leading expert covering the online broker industry. Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets. Founded in 2007, LimeFx’ monthly trading volume surpassed $1 trillion in March 2021.
You will receive different levels of investor protection depending on where you live and the subsidiary you sign up for. Add-on technical indicators can greatly enhance your technical analysis when using MT4, these range from Keltner to pivot and gravity indicators. Helps a trader identify the symbols with strong or weak correlations. This occurs on different time scales to enable superior decision-making. The interface is easy to use with prompt order management functionality and risk management tools. Steven Hatzakis is the Global Director of Research for ForexBrokers.com.
Trading Brokers is dedicated to bringing you unbiased broker reviews, the latest broker news and trading guides to help you along your trading journey. We have over 20 years of experience when it comes to trading online so we know what to look for. In addition to industry leading trading products and services, they have 24/7 support and strict regulation helps to give you the peace of mind that you are using a trusted broker. I have been with them for many years now and will continue to happily use them for my trading needs. The LimeFx management team come from a financial background with years of combined experience throughout Asia, Europe and North America. This experience means that being traders themselves, they have a strong understanding of what we need.
With the data center in New York and London , you get an unrivaled fast execution. If that’s not enough, you can hire a VPS server for even faster access. Since LimeFx is a true direct market access broker, price manipulation is excluded. In addition, there are no requotes and your position will always be executed at the next best price. In addition, the broker is supplied by various liquidity providers. This means that there is always sufficient liquidity available .
LimeFx has a security system that protects your data via encryption. They excel at service provision, because of experience, after more than a decade in the industry. There are regular updates on the Weekly Outlook and review posts. The economic calendar is on the homepage, as well as a forex calculator. The commission charged typically varies depending on the account you are using.
- The minimum initial deposit to an account by a client stands at $200.
- As discussed before, LimeFx is one of the largest forex brokers with more than 50 currency pairs available to trade.
- CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
- Traders can place their trades with a single click while viewing charts.
The brokers low commissions and the advanced trading platforms are some of the distinguishing points of LimeFx. The platform uses metaquotes language 4 for development of the trading strategies on the MT4 platform. Another cost is a commission which is a fee that traders pay for each side of the lots they trade. When commissions are charged, lime fx it means that there are narrower spreads because the broker does not get involved with the spread. Together, the spread and commission that LimeFx charges constitute what is referred to as brokerage or trading fees. LimeFx have a selection of useful educational videos to help traders who are new to using the trading platforms.
The MetaTrader is from my experience one of the best trading platforms with countless possibilities to realize his trading. The server used for this account is located in New York, which means traders experience low latency in execution speeds. Traders have access to multiple asset classes that include 64 currency pairs and Index CFDs. Account types are some of the reasons why brokers are different. The spreads, commissions, platforms, financing rates, and other important details, are usually included in the account descriptions. LimeFx review details show that the firm promotes itself as the most suitable broker for traders who move high volumes, use algorithms or scalp.
LimeFx has much lower brokerage fees for both account types. With no minimum deposit and a very wide range of funding methods, it is also a lot easier to get started with trading on LimeFx. This is another account type, which allows trading with the lowest possible Forex spreads, starting limefx courses scam from 0.0 pips, on LimeFx’ cTrader platform. In exchange for ECN trading conditions, you will be charged a small commission of $6.0 per round turn, per 1 Standard Lot. Similar to the Raw Spread account type, the cTrader Raw Spread Account will be very suitable for both scalpers and day traders.
For withdrawal, the broker may request additional documents from you. For example, if you want to withdraw to a new bank account, LimeFx will ask for a bank statement to actually confirm the account. We uploaded our LimeFx review video on youtube and we got different comments from people who say that LimeFx is a Scam Broker.
Both are well-structured and cover useful topics like technical analysis and risk management. If you are intoAPI trading, LimeFx offers cAlgo, which uses the C# language. Should you decide to give ZuluTrade a try, note that there’s a tool called ZuluGuard that can help you monitor the volatility of the various available autotrading strategies. Changing the pre-set leverage manually is very useful if you want to lower the risk of your trade. In other words, many popular asset classes, such as real stocks and ETFs, are not available. The LimeFx account opening process is easy and fully digital.The online application takes roughly minutes and our account was approved within one business day.