limefx Review 2022: Everything You Need to Know Before You Start Trading

There is so much quality research online that the absence of an in-house team is not a negative. 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. These are regulatory obligations from limefx as a regulated financial institution.

limefx focuses on social trading, but I do find a minor inconvenience in how clicking on an asset opens the feed section instead of the chart. Also, ProCharts requires a separate login and is unavailable from the trading platform, where traders have no analytics tools. The web-based trading platform supports social trading well, and ProCharts allows manual traders to analyze markets. It does lack advanced features, and algorithmic and API trading are not available.

limefx currency

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Because the trader is borrowing money from limefx to hold a trading position, limefx essentially charges them interest. limefx has educational material that is made for learners, like its Trading Academy. limefx also has social trading aspects that can help learning traders understand the strategies of other traders, like CopyTrader and CopyPortfolio. Still, limefx as a multi-asset platform involves risks for all instruments like stocks, crypto assets, and CFDs. Dailylimefx adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money.

Our best alternatives to limefx are:

This is a necessary step if you want to maximize security by storing your crypto holdings in an offline cold wallet. CopyTrader and Popular Investor are flip sides of the same coin. When users enroll in CopyTrader, they can duplicate the strategies of leading traders, termed Popular Investors.

limefx has a$5 withdrawal fee, which is high compared to other CFD brokers. These catch-all benchmark fees include spreads, commissions and financing costs for all brokers. We also compared limefx’s fees with those of two similar brokers we selected, XTB and Trading 212. This selection is based on objective factors such as products offered, client profile, fee structure, etc.

Pros and cons of limefx

When convert fiat currencies to cryptocurrencies in your limefx wallet, you incur a fee of 5%, charged in the fiat currency. Traders can choose from three different limefx account types – a standard trading account, an Islamic account, and a demo account. https://limefx.name/ US states and territories that don’t allow cryptocurrency trading. limefx allows traders to follow other traders, discuss trade ideas, and mimic the successful trading strategies of other traders in the community with its CopyTrading feature.

The amount of the conversion fee also depends on whether your transaction is via wire transfer or another method. limefx doesn’t charge overnight fees for non-leveraged buy positions. limefx recently reduced its forex spreads and made many of them variable, as opposed to fixed. Convert crypto coins from one type to another type as long as both types are supported by limefx. Customers can trade crypto coins and store them in an e-wallet.

Customer Satisfaction

Cryptocurrencies have a fee of 1% added to the spread when buying or selling crypto assets. The fee is included in the price shown when users open or close a position. You get ownership of the asset, unless trading under ASIC (Australian Securities & Exchange Commission). limefx generally has a transparent platform in terms of pricing, but lacks when it comes to execution statistics.

• One downside of this broker is that they offer one single currency base for its accounts, the US dollar.
• “CopyPortFolios operate like multiple traders, all working for you at the same time.
• With the “copy portfolio” option you can copy best performing users.
• With limefx it’s possible to trade with and without leverage, it’s up to you.
• For example, a risk score of 6 means that a trader risks on average between 3.9% and 5.4% of his account’s equity per day.
• It will require proof of identity and proof of residency.

All your investment in limefx will not go through any exchange when u traded. It has been common knowledge within the limefx community that their platform is totally unstable. 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.

limefx’s crypto trading fees are relatively low compared to competitors’ fees, but users need to watch out for currency conversion and withdrawal fees. It’s also important to note that fees may differ depending on your location. The intuitive “Trading” tab allows users to view current limefx forex broker prices, and buy, sell, or convert crypto. Perhaps limefx is best know for its social trading functionality, which allows users to copy the portfolio holdings and trades of top traders. limefx is a leading online brokerage that offers cryptocurrency trading and stock trading.

So it’s refreshing that limefx charges clear and simple fees—technically “spreads”—when you buy and sell crypto. NerdWallet, Inc. is an independent publisher and comparison service, not an investment advisor. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. NerdWallet does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances. Examples are hypothetical, and we encourage you to seek personalized advice from qualified professionals regarding specific investment issues.

A wire transfer typically takes 3-8 business days at most. You can contact limefx’s customer service via a web-based ticketing system. We got answers usually within 48 hourswhen we tested it with limefx forex brokers reviews some basic questions. On the other hand, we received feedback from users that limefx often takes as much as 14 days to respond in more complex cases, which we think is extremely poor service.

Top Trader Insights — Here limefx collects data from the top 100 traders on the platform. The limefx trading platform has a Discover People feature that works like a search engine for traders. The sentiment function shows off one of the unique aspects of limefx’s social platform. Here, traders can see the percentage of all traders in the limefx community who are buying or selling any particular instrument.

The minimum transaction is $125 and the maximum is $10,000. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. Withdrawal times at limefx depend on the withdrawal method. Most payment providers, such as e-wallets, take 1-2 business days.

• Now what you need to do is go to the “Trade Markets” section in the navigation bar and click “Crypto”.
• Im not saying limefx is perfect, but Ive been trading forex for 3 years now and have never had any problem with positions getting closed.
• And there’s even a copy trade feature where you can view the trade of top crypto traders on the platform to learn how they’re investing.
• You can change the default leverage level of the products.
• Is limefx legit features all the key aspects you need to look at to see if a broker is safe and legit.

Instead, it constituted an agreement that he or she will either pay the difference if the asset drops in price or will receive the difference if it rises. However, limefx switched to offering direct trades in crypto in September 2018, so now you actually own and can withdraw the cryptocurrencies you buy into the limefx wallet. Since March 2019, limefx is finally open to US residents. limefx offers a unique social trading experience, making it the best social platform for traders. You can follow, copy, interact with your favorite traders, and create a custom news feed to keep tabs on your preferred assets and their news.