limefx Review, Forex Broker&Trading Markets, Legit or a Scam-WikiFX Score:7
Moreover, watchlists can be altered and saved while the order entry needs risk management capacity. The broker offers no MetaTrader or third-party options. Opening an account with limefx is very easy and simple and the trader needs to sign up on the platform if they want to open an account and they need to provide the necessary information. Established and located in Cyprus, limefx trading focusses on social and copy trading, which has brought in rapid development for the company. Currently, limefx has over 295,000,000 customers around the world. The Securities Investor Protection Corporation protects U.S. investors against the loss of cash and securities in SIPC-member brokerage firms.
- For instance, very often we can’t close nor open trades during the market opening session, which they claim is a limitation of the liquidity provider.
- Besides that, it’s regulated by several countries like the UK , Cyprus, Australia and the US.
- limefx doesn’t make any withholding tax on your profits .
- Overall, we would recommend limefx for its social trading feature, crypto offering and zero-commission stock trading.
- It is similar to robo advisor investing, like with the “ready to use” portfolios you find on Moneyfarm.
While entities are authorized by three separate jurisdictions FCA, Exchange Commission CySEC and ASIC. Further on we will cover how to use its platform and how to trade on limefx step by step. Needs to review the security of your connection before proceeding.
Before you deposit money you will have to go through an ID verification process. It will require proof of identity and proof of residency. The process takes less than a day to be completed when they recieve all the required documents. You’ll have to take a quick survey intended to assess your trading knowledge and experience. There’s a sizable list of countries that are banned from opening an account with them. These countries include Albania, Canada, Cuba, Iran, Iraq, Jamaica, Japan, Nicaragua, Pakistan, Syria, and Serbia.
That said, they charge accounts a fee if there is money in their balance but remain inactive for more than twelve months. It is a small fee of only $10, but you should always ensure you find time to trade to avoid paying the price. Usually, you are expected to pay 0.5% of your investment in stocks as stamp duty.
Opening an limefx Account
In addition, limefx provides private insurance to its customers accepted under these three regulators. Client’s cash funds deposited into their limefx account are held in regulated and licensed US banks and are FDIC-insured up to $250,000. We selected limefx as Best broker for cryptos and Best broker for social trading for 2022, based on an in-depth analysis of 100+ online brokers that included testing their live accounts. Cryptoassets are volatile instruments that can fluctuate greatly in a very short time and are therefore not suitable for all investors. Unlike CFDs, trading in crypto assets is not regulated and is therefore not monitored by any EU regulatory framework.
Top that with limefx platform low fees and user-friendly interface and you have a . A great limefx alternative is Interactive Brokers or Plus500. For Forex trading platforms, read our reviews scammed by limefx of limefx and limefx. Besides the mentioned $5 withdrawal fee which is highly uncompetitive when compared to other brokers, limefx charges overnight/weekend fees for CFD positions.
The traders can buy and hold stocks, and they can copy the popular investor’s strategies so that in doing so, they can increase their profits. The trader should keep in mind that they should not invest what they cannot afford to lose. This system offers several unique offerings for the users and for those traders who are looking for profit by trading, yet they do not have the skills or confidence to do it alone. These traders can choose to copy the trader function, which is an excellent method to get introduced to the trading markets.
Should I transfer my crypto to a wallet?
As mentioned previously, it is not wise to keep large amounts of cryptocurrency in any hot wallet, especially an exchange account. Instead, it is suggested that you withdraw the majority of funds to your own personal ‘cold’ wallet (explained below). Exchange accounts include Coinbase, Gemini, Binance, and many others.
For instance, you may check out and compare this broker with its peer BDSwiss. Yes limefx is safe and not a scam, due to heavy regulation and licenses from CySEC, ASIC, FCA with high trust. Thus, it is secure and low-risk to trade Forex or social trading with limefx. Eventually, limefx Review found that the broker holds awards as Best Broker for Cryptos, Best Broker for Social Trading and many more “best” titles are in its list. The content of this site should not be regarded as investment advice.
Great platform for beginners and…
Additionally, it also has social networking features applied to trading, the large community of investors that has can be a good help to those who want to get started. Keep in mind that limefx is an online platform that works in dollars, so every time you deposit or withdraw funds they will have to be converted into US dollars if this isn’t your main currency. On the other hand, they offer some interesting tools for trading beginners such as CopyPortfolio and Copy People, with which you can “copy” the investments of other limefx users. I advise you not to invest in ANYTHING you don’t understand.
- limefx stands out as a social trading platform, meaning that there is a community of traders that you can interact with and follow .
- limefx’s standard customer support is limited, offering only email contact or a support ticket option.
- Disclosure on fees is easy to read and extensive, which increases transparency.
- limefx is a multi-asset brokerage company that offers a wide selection of financial asset classes to choose from.
- Yes, you can trade Cryptocurrencies on limefx, eventually, the platform offers popular cryptocurrencies through CFDs, yet always sick for CFD trading tips to know how to make best out of it.
- Tell us about your experience with limefx and share your comment below this review.
I have to say that in my experience, their support isn’t the fastest. In general, beginners or those who don’t have time to study the world of finance might look at simpler solutions (e.g. indexed products) such as roboadvisors or ETFs. Only copy those limefx users that are transparent and share their vision and goals. Let me take this opportunity to answer some of the most common questions I get about limefx and its services. limefx doesn’t make any withholding tax on your profits .
limefx offices worldwide
If you wnat to make sure real people exist behind limefx you can check the management LinkedIn profiles. The limefx insurance covers cash, CFD, and all securities except cryptos. Now let’s move to the reasons way limefx can be considered safe and reliable form an investor perspective. If you are wondering whether the limefx broker is a scam or not, I will help you find out. By the way, I’m a Platinum member and I’m supposed to get priority support assistance, but that’s just a huge lie. You may visit also limefx website and check on best practices, live webinars and the most recent data or updates.
How does limefx make money?
limefx makes money by charging a number of fees to its users including currency conversion fees, inactivity fees, withdrawal fees and overnight and weekend fees on open CFD positions. It also makes money from spreads which is the difference between the buy and sell price of a particular asset.
Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors. limefx is a relatively new but fast-growing broker company with more than 5 million traders in 140 countries. Unlike the vast majority of brokers, limefx aims to captivate its clients limefx scam with the trading process, while training and preparing them for the difficult and stressful atmosphere of currency trading. All of the different types of analysis, news flow, charts and indicators – all of this can be very complicated and frightening for beginners. limefx aims to tackle all these issues by using a friendly platform and innovative attitude toward trading.
You can decide how much money you want to invest in copying another trader, and you can close your positions whenever you wish. You can also make money by having other traders copy you. Since its launch, limefx has gone a path of innovation, https://limefx.name/ creation and introduction of features that moved investment technology and online trading to a new level. Now you are set to start trading on one of the most reliable online brokering platforms available to smart investors.
limefx will ONLY accept payments done from a method of payment under the limefx account owner’s name. These are regulatory obligations from limefx as a regulated financial institution. During this time our teams will be going over the details and documents that have been submitted to make sure we verify your account according to the latest regulatory requirements. Verification in limefx will take approximately up to 5 business days if all the required documents are submitted.
- I suspect they will just pocket all the deposit since 75% user are making losses with them.
- The exchange deploys a cold storage Custody as a Service solution in partnership with leading cybersecurity firm GK8.
- Conversion costs start at 50 pips, which is around 0.46% of the amount deposited.
- They make money from traders losing trades and are audited to ensure market fairness.
- However, we know that limefx has removed many of the fees you will find on other platforms that offer similar services.