With no real money at risk, the demo account simulates live trading circumstances. The trader can encounter several aspects despite the fact that the funds are virtual. When a trader is ready, they can open a Demo account, which includes all the features of a live account. The Quora community largely wrote reviews in support of LimeFx. One of the users raised a query on Quora regarding the legit status of LimeFx, in response to that, Kane Ferdinand shared his personal experience and referred to it as a promising broker. One of the users on Reddit has praised the MT4 platform by LimeFx and the trading conditions set by the brokerage.
MetaTrader platforms are renowned for their reliability, comprehensive charting tools, and extensive support for automated trading. Both MT4 and MT5 offer features such as customisable charts across multiple time frames, a wide range of technical indicators, one-click trading, and support for trading robots (Expert Advisors). Overall, forex and CFD traders will be satisfied by the MetaTrader experience provided by LimeFx, though the scope of its research and educational offering are limited, when compared to the best brokers. LimeFx stands out for the competitive pricing available to forex traders with its ECN account. However, that pricing is only available with the MetaTrader platform, and LimeFx offers only 764 symbols on MetaTrader 5 (MT5). LimeFx offers the Iress platform suite for share trading, but MetaTrader is the primary platform option for forex and CFD trading.
- The broker also provides an extensive range of charting capabilities across its platforms.
- Technical analysis can be done through charts and a set of indicators.
- LimeFx’ RAW account offers ultra competitive raw pricing, especially for AUD/USD and EUR/GBP, with spreads at 0.20 and 0.30 pips respectively.
- The mobile trading app offers 60+ currency pairs including major currencies like EUR, GBP, USD, and AUD.
Learn about trading, forex, and CFDs from some of the most trusted voices in the industry. For more information, you can visit our best UK trading platforms page. However, there are other brokers that do, which you can find on our best copy trading platforms page. We’ve researched the MetaTrader offerings of 60+ forex brokers and found that 80% of brokers offer the more famous version of MetaTrader, MT4, while only 64% offer the newest version, MT5.
What Is Forex Trading?
The Iress platform suite offers well over 10,000 tradeable symbols, but it’s mostly a share trading platform – and is generally a much pricier option. While you may be familiar with many of the brand-name online stock brokers, only some of them deal in forex trading. Instead, a plethora of more specialized niche brokers populate the space, and they may cater to high-volume currency traders looking for every possible edge. If you’re looking to get in on this action, you’ll need a broker who deals in currency, and many of the big names in stock trading simply don’t offer this feature. Because the markets are so different, you’ll also need to evaluate a forex broker on different criteria from what you would use to evaluate a stock broker.
Tighter spreads
Instead, he/she can easily follow and replicate the successful trades of professional traders. The platform allows copying multiple successful trades and ways to manage the risks as well. Note that you don’t have to install any additional software either. Another user, Alex L from Great Britain, expressed that a lot of LimeFx’s services were good, however, they had a complaint regarding the lack of more trading servers and slow history downloading process.
You will recall that the Bank of Japan (BoJ) increased its Policy Rate to +0.00%/0.10% in March, pulling the rate out of negative territory. While many, including the Research Team at FP Markets, expected the Japanese yen (JPY) to rally on the back of this, we instead witnessed a fall in the currency, consequently drawing the USD/JPY higher. Hi Clement, If you have an account with LimeFx Australia then I would expect you should be able to use the IRESS account. As I understand it, it’s only the LimeFx subsidiaries outside Australia that don’t offer IRESS, so in your case I don’t believe you should need to use the VPN. Having traded since 1998, Justin is the CEO and Co-Founded CompareForexBrokers in 2004.
Performance-driven technology and ultra-low spreads
In addition to great trading services, LimeFx also provides copy trading and additional trading tools that help the traders in understanding the trends and trading opportunities. MAM is a Multi-Account Manager in which the sub-allocations of trades are done by a portfolio manager. PAMM is a Percentage Allocation Management Module Manager that acts as a pooled money for forex trading.
Finally, we found Interactive Brokers to provide better mobile trading apps. Looking at our database, the average forex broker offers 6 of the 11 features variables we track in the commissions & fees category, and has average spreads of 1.04 when trading the EUR/USD. LimeFx offers 7 of the 11 features, while offering average spreads of 1.1 which helped contribute to the broker ranking #6 out of 62 brokers in this category. Indices are a great way to trade in both bullish and bearish markets as price moves without having any physical ownership.
There are limited ways to avail the support of the customer service team at LimeFx. However, they are constantly making an effort to minimize the waiting time while ensuring quality service to their customers. For a https://limefx.vip/ retail account, $1000 is the minimum deposit required for CFD trading and the financing rate would be LimeFx base rate + 3.0%. The 100 charts are available for traders to understand the currency and stock markets.
When trading LimeFx commission-free spreads, MetaTrader 4 and MetaTrader 5 are available as trading platform options, and for those located outside Australia and the EU, cTrader is also an option. LimeFx offers competitive no commission spreads, as low as 1.1 pips for the frequently traded EUR/USD forex pair. Interactive Brokers also began offering some cryptocurrency trading in 2021.
Other than that, he was satisfied with the swap rates and the availability of a real person customer service representative. Below in this review, you will find a step-by-step guide to opening an account on the mobile trading app. For opening an account on the desktop trading platform, the following steps are to be followed. LimeFx charges no fees for processing bank wire transfers, but for other methods of withdrawals, the intermediary fee is charged by the financial institutions.
The user is completely satisfied with the tight spreads on its raw accounts. To make up for their limited options, FP Market has set up an organized FAQ page on their website to give as much information and answers to limefx company reviews commonly asked questions regarding trading, fees and trading platforms for example. The FAQs are categorized into different categories and a search bar is also available to help find the answers to the questions.
In terms of mobile charting indicators and studies LimeFx has MetaTrader (Default), compared to the industry average of 44. Mobile charting indicators can be a useful tool to help traders analyze price trends, identify potential entry and exit points, and make informed trading decisions. Determining the legitimacy of a forex broker (and avoiding forex scams) can be a real challenge. If your broker lacks regulation, and you are scammed in any way, you often have no recourse for recovering your funds. That being said, not all regulator licenses carry the same weight.
John Bringans is the Senior Editor of BrokerNotes.co and ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.