Is LimeFX a Scam or Not?
- LimeFX Review
- Account types
- Myths about trading
- LimeFX: Scam or not?
- What is STP technology?
- Trading platform
- Special features of LimeFX Forex broker
- LimeFX Forex Reviews
Many people don’t know, “Is LimeFX scam or not?”. This is especially important for beginners who can’t recognize a scam. Also, beginners have less money than professional traders and any losses are more significant for them.
Today, we are going to describe this company, trading conditions, positive, negative, and neutral reviews to create an independent opinion about this broker.
LimeFX is a CFTC regulated broker that provides investment services to clients around the world. This company has been growing since 2008, when a group of enthusiasts created this broker. First, there was a very limited number of countries where this broker could work, but now it is expanding.
This is an STP broker. It means that you pay money to other people directly.
The number of financial assets that you can trade is great. These include classical currency, cryptocurrency, stocks, oil, and many others. We want to mention the positive sides of this broker.
- All data is protected by a multi-level safety system. You can be sure that no hacker can steal your money. It makes operations 100% reliable. That’s why we can’t say that LimeFX cheats.
- The speed of orders execution is very high. All your operations are recorded in the journal, and you can read your trading history later.
- You can be flexible and manage your risks well because this broker provides more than 180 financial instruments.
- It provides for effective analytics. You can use professional instruments to create a great prognosis of price movement by yourself or read the prepared analytics made by experienced investors.
This company is an expert in trading technologies. Before becoming a broker, LimeFX was creating robots for algorithmic trading.
There are a lot of services that are provided by this company. This includes an educational center where you can become more professional. You can watch videos, webinars, read books and other materials.
There are a lot of special offers that LimeFX proposes:
- Investor simulator. This is an opportunity to test your trading with moneyv but without risks. This is an improved version of a demo account. You can study and learn a lot of secrets of trading. If you earn money, they are left on your account as a bonus. If you lose, the money is returned. Investor simulator is useful for practicing your personal trading strategy or if you want to try this profession without risks. You can do it for two weeks. This is one more confirmation that this broker is reliable. This is a good period of time if you want to learn the basics of trading.
- Educational center. If you feel a lack of some skills and knowledge, you have a chance to acquire them here. It is updated regularly. That’s why you will definitely find something interesting even if you are a professional.
- STP technology. This is the main reason why this broker isn’t a scam. We are going to describe this technology in more detail a little later. STP technology allows people to trade financial assets directly with other people. The broker only creates the necessary conditions.
This broker proposes a lot of different account types. They were created for all categories of traders, both beginners and professionals. Also, this company offers Islamic accounts for Muslims. They can earn money without violating the Sharia law.
Account types are divided by the minimum deposit. If you are a beginner, you need to pay only $500. If you are professional, you can create VIP-account, which is divided into different subtypes:
- Silver. This is the simplest version of the VIP-account with the support of a professional analyst.
- Gold. You have both the financial analyst and market review every week. The duration of the review is 30 minutes. This is enough to get a basic understanding of the situation of a certain asset.
- Platinum. If you activate this account, you will get your personal trading plan made specifically for you.
All subtypes of VIP-accounts bring faster transactions and withdrawals. This is the main advantage for professional traders because they often understand the market situation better and faster.
As you understand, VIP-account is also good for beginners who have a big deposit. We talked about professional traders because they have bigger capital with a higher probability to not lose their money. However, VIP-accounts can bring a lot of positive experience for the new traders.
For example, you will be more successful if you create this account type and use the «Investor simulator» service. The probability that you will get bonus money after the two-week period is higher because you get professional advice and don’t risk at all. It allows you to be more qualified and earn money. Thanks to your analyst’s help, your trading will be more effective and attractive.
In general, the company offers these conditions for making orders on the financial market:
- The minimum amount of money that you need to invest is 500 dollars.
- You can find the most appropriate trading instrument thanks to more than 200 different financial instruments.
- A big number of account types that are fit for traders with different capital and professional level.
- All orders made by traders via this broker are executed fast.
- The platform created by this company supports trading in one-click feature.
- You can withdraw money using any popular payment method.
Myths about trading
A lot of people say that Forex is a scam. However, this is not so because many of them don’t know anything about this profession. Let’s describe some myths:
- This is gambling. No, this is a profession. If a person believes this, he must think that Warren Buffett is a gambler. You need to have a good knowledge base and well-trained skills if you want to be a successful trader. You can study it, but this profession requires a lot of time. In trading, the result is up to you, unlike gambling where only luck can achieve your dream. Unfortunately, a lot of people use this approach in trading. That’s why they will never be rich. Gamblers are driven by emotions. That’s why even if they get a huge amount of money, they waste all prizes on gambling. Don’t be the same.
- Success is guaranteed. Almost every beginner thinks that he will certainly be rich and successful. Unfortunately, this is a false statement because you need to do huge work to achieve your professional goals. This fact isn’t specific only for trading. You will never find a reliable broker who can guarantee a great income. In the sphere, almost all is up to you. Yet, even if you are a professional, the risks do not go away. Every political, economical and social crisis can make you poorer.
- There are some assets with a price that always grows. It is incorrect because the direction of the price is changing. All assets are volatile but to a different extent. This is actually good news because if you buy a financial instrument when the price is lowest, you can earn more.
- Lack of any risks. The greater potential income is, the greater risks. This is a law of trading, and you can’t do anything about it. For example, trading stocks is better than cryptocurrency if you are a beginner because of the greater volatility of cryptomoney. You should always diversify your risks by distributing them among different instruments in the investment portfolio.
To sum up, the broker is only responsible for risks that depend on its work. Almost all factors that affect the trading result are not up to the intermediaries.
LimeFX: Scam or not?
The easiest thing that traders without any qualification can do when they lose is to say that LimeFX lies. This statement is incorrect because there are some signs that really tell that a certain broker is a scammer. Let’s describe them and compare with LimeFX:
- Lack of regulation. All dishonest companies aren’t regulated, but this is not about LimeFX. This company is regulated by CFTC – the government organization that controls traders’ rights in the USA. Also, this company is regulated by a lot of different non-government organizations around the world. That’s why LimeFX is a very honest broker. It can’t be dishonest because the regulator will take away its license.
- Very high spreads and commissions. They significantly decreased last time. Naturally, the more money is in your account, the more attractive trading conditions are. However, if they are too wide, this fact can point out a scam. Clients of LimeFX are totally satisfied with spreads. Also, brokers can mask high spreads with low commissions and vice versa. This fact doesn’t say anything about a scam, but this is a dishonest action that certainly doesn’t make the broker reliable. After all, who knows what dishonest action will be next.
- Troubles with work. The company can withdraw money for a long time, but if they say so in the terms and if payments are stable, there is nothing to worry about. However, if the broker paid money immediately before and now there are unclear delays, this fact can point out a possible scam. The types of these troubles can be different. It can be bugs in the trading platform, website, responses from customer support that take forever and are not typical for this broker (if it is always long, it isn’t a problem). Also, if the price changes unexpectable or orders are canceled, this fact says about possible scam actions of this company.
- If prices are very different from the market. Every broker sets its own price because it is its profit. This is normal because the broker doesn’t want to work for free, but if the prices are totally different from the market, you must be cautious. For every rule, there are some exceptions. For example, if the news that can affect the market appear, the price can change very fast. The price of a certain asset associated with these news can be different from other exchanges and brokers. This is also a normal situation. Moreover, some traders earn a lot of money with this difference. This type of strategy is named arbitration.
- How this company works. Some brokers don’t bring deals to the market. These are scammers. However, there are STP and ECN brokers that can’t trade with the client directly, so there aren’t any conflicts of interest. All honest brokers work via the NDD technology, which allows traders to make deals with other members of the financial market directly. Those brokers don’t have any interest conflicts. They take a commission or some amount of money from clients and make a great profit this way. The NDD brokers do not have to lie if they want to earn money. They can do it honestly.
What is STP technology?
Let’s describe what STP technology is in more detail. This is a method of transaction execution that protects traders from abuses by brokers. The STP is a type of NDD technology. The broker sends the client’s orders directly to the liquidity providers, such as banks and other market makers. The more liquidity providers collaborate with the broker, the more protected the client is.
The fact, that traders have access to the real market and opportunity of an immediate execution without dealing with the broker makes this system extremely attractive for most traders.
All that the STP broker can do is increase the price of the assets by several points.
Usually, trading via an STP-protocol is anonymous and orders execution occurs significantly faster than without support of this technology. This is one more argument in favor of the fact that LimeFX isn’t a scammer.
Actually, the largest banks in the world and big financial companies that trade different assets in huge amounts are market makers or liquidity providers, as they are also named, for this broker.
The STP is an automated network where the order processing starts with the moment of opening the position and finishes after closing. This system allows traders not to worry about the safety of their investments because brokers are not so much interested in the private finances of the clients.
STP brokers, such as LimeFX, get the money regardless of profit or losses of a certain trader. The broker doesn’t take any risks. That’s why it doesn’t mind winning or losing. Moreover, they are interested in clients’ success because investors will bring in more money if they get more. Due to this, brokers very often create educational centers where traders can become more successful. LimeFX isn’t an exception.
LimeFX is a company that was able to create its own trading platform. You only need to go to the LimeFX official website and register. After creating an account you need to enter your LimeFX login and make your first deposit. After this, you can start trading. You can use it from any device, both computer and mobile gadgets. A stable internet connection is the most important feature. You can use a lot of different indicators, types of graphics, time frames, etc.
One of the additional services of this broker is binary options. This is a type of financial instrument where you should guess what direction of the price movement at a certain moment and where the price of the asset will be in some time.
Mobile users can open a mobile version of the trading platform on the official website. It has a very simple interface. Every beginner will understand what every function is for.
You only need to register on the LimeFx.com site, next enter your LimeFX login and earn money.
Special features of LimeFX Forex broker
One of the most interesting features is support of the Binary options. Also, you can use the leverage if you want to earn more money. However, you should understand that leverage increases the risks. If you choose 1:100 leverage and invest 50 dollars, you will be able to trade with 5,000 dollars, but 4,950 USD the broker will pay for you for a fee.
Also, this company proposes a demo account for beginners and professionals who want to test their strategies. Using a demo account in addition to the investor simulator and VIP-account can bring the biggest results in your learning process. Also, professionals can consult with another professional. You will be two times more effective thanks to this feature.
LimeFX Forex Reviews
One of the best methods to understand the reliability of a certain broker is reading the reviews. You should look at the number of positive and negative reviews and their content. Both of these components are important. You need to pay special attention to the number of negative reviews. This is one of the best methods to find a scammer because satisfied traders leave positive feedback very seldom, while unsatisfied write negative reviews very often.
Let’s read some reviews to get a better understanding if this broker is a scam or not.
- I can say only good things about this broker. I have been working with it for more than half a year. I am satisfied with trading conditions. As for me, the most interesting feature is an investor simulator. I wasn’t able to make a profit, but my money has been returned. These were my first steps as a trader. There couldn’t be any other results because beginners have very little chances to have a very big profit. Sometime later, I was able to earn my first money via this company and I didn’t have any trouble with a withdrawal. Money has come to me in 4 days. This is not a bad result for me.
- Thanks to this company for help in becoming a good trader. I received a very good experience. That’s why I am continuing to work with this company. I have read all texts and watched webinars made by this broker. Its educational center is excellent. Also, I like their trading platform. It is convenient and has a user-friendly interface. Thanks to this fact, I understood how to predict the movement of prices very fast. The broker pays money that I withdraw in relatively short terms. Not immediately, naturally, because it has to check all transactions on the subject of honesty of all operations.
- I am glad to collaborate with this perfect company. Their managers are polite and helped me very much. The trading platform is fantastic, conditions are normal. I did not trade until I found out about this company. Now, I am a trader and was able to earn my first income and got money in the declared time. Investor simulator is the best feature, really. I could earn my first money using it. Since I didn’t lose money, I had more to invest. After some learning, I could manage to earn my first income. This is great news.
As we see, beginners are glad to collaborate with LimeFX. This is understandable because this company does a lot to help them to make their first steps on the financial market. This company is great for new traders.
Neutral reviews usually describe both the positive and negative sides of a certain company. In our situation, a big number of neutral reviews says that these opinions are honest because both positive and negative reviews can be bought. There are a lot of neutral reviews that this company has.
- Not a bad company. I can’t say that it is the best broker because I worked with brokers that have a smaller minimal deposit. Nonetheless, this is a good choice for traders who only start their way. I am not satisfied with the terms of withdrawal. They are too long. I know brokers who withdraw money significantly faster. At the same time, this company pays. In general, I don’t mind working with this broker. I keep it in reserve.
- Trading conditions are good. Special features are great. This company pays honestly. I would be satisfied if there wasn’t one disappointing fact. The technical support is annoying. They wanted me to invest more. I and only I can decide how much I want to invest. These are my finances and no one has the right to tell me how I have to spend them. In general, this complaint isn’t only about this company because almost all brokers want our money. This is understandable. The more we invest, the more is their commission. However, they should not be so annoying. In other aspects this company is good.
- Unfortunately, this company doesn’t have a mobile version of the trading platform. I need to use the web. This is not so bad, I can do it. But this is quite inconvenient.
- LimeFX official site https://limefx.com is quite inconvenient, but this isn’t a problem for me.
We see that neutral reviews often describe the same points that the positive. It says that people have different opinions. Yet, the broker is reliable according to them.
Negative LimeFX customer reviews
There are some negative reviews that this company has. Let’s read some of them:
- Very high minimum deposit. That’s why this company isn’t for me. It is unfriendly for traders with small financial possibilities. Can I say that LimeFX lies? No, this is an honest broker, but definitely not for me.
- I want immediate withdrawal. I don’t want to wait more than one day.
As we see, these reviews describe the opinions of users. They don’t say that this company is a scam. A lot of people find reasons why Forex is a scam, but they haven’t ever tried trading professionally. How can they know this? Is LimeFX fraud? No, definitely not. Your result depends only on you.