LimeFX is an electronic system that mLimeFXhes buy and sell orders in the markets eliminating the need for a third party to facilitate those trades. Since we speak about the illegal offshore operation, your funds are not safe with this broker. It all means this broker is using a $30 bonus to drag clients into the rabbit hole and then ask for more money for them to be able to withdraw anything. Of course, the main thing we decided to check is the LimeFX regulation.
My ClickTrades review suggests that they are not a legit or reliable business to work with. If investors have evidence that the broker is a scam, it is best not to follow suit. If you sign up quickly, a broker may offer transactions, or they may tell you that if you are not in a hurry to open an account, then the opportunity to make a lot of money will disappear in a day or two.
Trading Platform of ClickTradesThe main issue is that MT4 and MT 5 are not supported at ClickTrades. These are the most popular trading platforms in the LimeFXmunity and are highly trusted due to their analytical ability and to handle multiple trades at once. The broker offers a so-called Welcome account limefx for Latin American countries. They provide new clients with a $30 bonus on the Live account without requiring a deposit. In simple words, you shouldn’t do business with such a shady and greedy organisation. You can find many other forex brokers in the market, who are way better than ClickTrades.
ClickTrades offers a web-based trading platform which is unknown and very new. No information about the process of its working, its analytical ability or the credentials of its developers are provided. This makes it a highly unreliable product and this might also be involved in a scam. For testing the platform without adding the money first, LimeFX enabled its clients to start a Demo account. Here as well, you can choose if you want an MT4 or an MT5 demo version.
There are no guarantors or exchanges involved, just the credit agreement between each player. So, when it comes to an online market maker, for example, your broker’s effectiveness will depend on their relationship with banks, and how much volume the broker does with them. Usually, Volatility (finance) the higher-volume forex players are quoted tighter spreads. Some brokers may also charge a very small commission, perhaps two-tenths of one pip, and then will pass the order flow received from you on to a large market maker with whom they have a professional relationship.
- It simply means that if you want to have an app, it’s a possibility.
- Hence, it can be almost as harmful as working with an unlicensed broker.
- So what is each type of commission’s bottom line effect on your trading?
We’ve also checked some Tier1 regulators such as FCA, ASIC, and BaFin and found nothing. A promissory note is a financial instrument that contains a written promise by one party to pay another party a definite sum of money. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Investopedia does not include all offers available in the marketplace. In addition to this, they claim to impose on a fee on money withdrawal but when money is withdrawn a certain percentage is deducted from it. No, it is not a licensed or regulated broker and operates illegally.
Different Brokers, Different Service Levels
The unregulated brokers are also obliged to maintain a specific financial standing and that is why they have high minimum deposits which makes it difficult for people to invest with them. Broker trading platform includes MT4 and MT5 for both Android and iOS. Basically, the app can be downloaded using the link provided on the broker’s website, and afterward, clients should use their account number and a password for accessing the account.
Spread betting refers to speculating on the direction of a financial market without actually owning the underlying security. Payment for order flow occurs when a broker compensates another for directing trade execution as it prefers. Selwyn Gishen contributes to Investopedia and Forex Journal and has written a trading guide for Trade Station. All these are Live Accounts, while for testing the platform, you can also choose a free Demo. Regarding currency pairs, you can choose among all the majors such as EUR/USD, USD/AUD, USD/GBP, while you can also choose some of the minors.
Obviously, LimeFX did not do any of the above, and can not even be regarded as a broker, but just a scam in the foreign exchange market. LimeFX hides most of the trading conditions and raises suspicion. We do not recommend trading with LimeFX because the broker is suspected of fraud. This does not mean you are discouraged-in many cases, trading is safe and reliable, but only if you choose the right broker.
A good broker must not only be regulated but also have a good reputation, excellent trading conditions, and excellent support. There are some unusual withdrawal conditions which makes it look like that they just don’t want you to take your money out of their funds. Often, traders are found griping about these unnecessary obligations.
Are My Funds Safe With LimeFX?
Use this review to guide your trading decisions and also do your due diligence on LimeFX. Submit your LimeFX broker review below and help other traders choose the right broker. Broker LimeFX claims on its website that it complies with KYC and AML (Anti-Money Laundering) policies and standards. The company names its address Suite 110, 12 South Bridge, Edinburgh EH1 1DD Scotland, United Kingdom. The broker must have a modern trading platform supported by advanced analytical tools and the latest foreign exchange technology.
Afterward, you will be asked to specify the currency, account type, leverage, and preferred balance. ClickTrades allows bank deposit and withdrawal using VISA, Master Card, Maestro and online money transfer services such as Neteller and Skrill. New money transaction services such as PayPal and Payoneer are not supported, moreover, there is no option to use cryptocurrency Put option such as bitcoin. ClickTrades offers managed accounts, they offer to manage your account for you, and in return earn profit. The thing which makes it all a lot more suspicious is that ClickTrades is a market maker, they earn when their clients lose. So, it would be a sheer conflict of interest for a market maker to make a profit for its clients and face loss itself.
Withdrawal And Deposit
The most common sign of broker fraud or foreign exchange trading fraud is that the broker is either not regulated at all or has a low-quality regulatory license. In the case of a commission broker, whether you should pay a small commission depends on what else the broker is offering. In this case, it may be worth paying the small commission for this additional service. Even after slightly widening the spread to account for profit, the dealer can pass a more competitive spread on to you than competitors that are not well-capitalized. Some firms offer a fixed spread, others offer a variable spread and still others charge a commission based on a percentage of the spread. At first glance, it seems that the fixed spread may be the right choice, because then you would know exactly what to expect.
If you choose to trade on the LimeFX MT5 platform, you will have the option to install the software on your PC or a phone. The only way to even start the trading procedure is via the software itself. A bid is an offer made by an investor, trader, or dealer to buy a security that stipulates the price and the quantity the buyer is willing to purchase. Even if errors occur when logging in, the broker must have the resources to remedy the situation as soon as possible so as not to miss out on trading opportunities. If you do not receive a timely response or the customer support agents do not resolve the real issue, the broker may be a scam.
Huge Minimum Deposit
As a part of the LimeFX MT4 platform offer, we have a platform available for PC, Android, and iOS devices, and WebTrader. It simply means that if you want to have an app, it’s a possibility. If not, you can log in from any web browser and still access your trades.
Here we’ll show you how to evaluate forex broker fee/commission structures and find the one that will work best for you. The reason behind the huge amount might be the fact that this is an unregulated broker and they are required to limefx scam maintain a certain financial standing to justify their position in the market. This financial standing is maintained by claiming huge deposits from the traders and then making them entangle themselves in complex trade structures.
Report A Trading Scam And Trace Bitcoin!
We advise all investors and traders to avoid LimeFX and other Vanuatu brokers. ClickTrades is owned by Key Ways Solutions Limited, located in Cyprus and unregulated, but the company that manages it is named KW Investments Limited, located and registered and Seychelles. ClickTrades, however, are not regulated by any financial regulatory authority which makes it more prone to commit malicious acts such as fraud, scam, money laundering and corruption. It is notoriously famous about almost al offshore brokers that they can not ensure the safety of the funds of their clients. Hence it is a dare and an absurd decision to invest with a broker who can’t even be trusted.
Such brokers only need to provide easy access to trading tools, nothing more. Some brokers may offer a wide variety of trading products, while other brokers may specialize in one area, such as foreign exchange. Traders should trade with well-regulated brokers and reputable brokers. However, what might sound like a bargain to inexperienced traders may not be the best deal available — or even a deal at all.
If you are dealing with a broker that can offer guaranteed liquidity at attractive spreads, this may be what you should look for. On the other hand, you might want to pay a fixed pip spread if you know you are getting at-the-money executions every time you trade. Slippage, which occurs when your trade is executed away from the price you were offered, is a cost that you do not want to bear.
LimeFX Deposit Bonus
We thrive for helping the marketplace become less ambiguous and more transparent. ClickTrades offers CFDs on bonds, stock, EFDs and precious limefx review metals such as gold and silver. This is the only attractive feature of this business and makes it just better in this sense.
There is a welcome bonus offered by ClickTrades to all its traders. There are no prerequisites in this context but then they claim that one may not withdraw their money until they have traded at least $10,000 in a tenure of 90 days. Normally, they range from 1.8 pip to 1.9, which is a very high pip. This kind of spread may cause huge loss for the traders and hence it might not be an option for them to work with ClickTrades at such a high trade spread.