LimeFX is one of the brokers considered young in the trading industry. It has been offering trading services in foreign exchange, cryptocurrencies, and indexes trading for a little over ten years. Below is a brief but detailed review of the advantages and disadvantages of trading with LimeFX.
LimeFX Forex Broker: Company Background
LimeFX is a relatively young broker that was founded in 2008 by a team of analysts. Its headquarters are in London. When it was created, it focused on the European markets until it expanded into the Russian and the Commonwealth of Independent States markets in 2015. Before LimeFX went public, it prioritized the development of trading robots.
LimeFX forex broker is a subsidiary of TLM Limited, which is the international business company that handles LimeFX and other brokers. It is licensed to operate in the country of Saint Vincent and the Grenadines with business number 23988IBC registered in 2017. However, it is unclear whether LimeFX is regulated by any trusted international authority. Below is a detailed LimeFX review, focusing on the broker’s services, reputation, and overall quality.
LimeFX Review: What You Need to Know
LimeFX boasts many qualities that set it apart from other brokers. One such quality is its zero risks brought by a 100% deposit insurance that protects clients from potential losses.
LimeFX offers the xCritical trading platform to their clients, a user-friendly and intuitive online platform that provides fast order execution, among others. It can be accessed through a web terminal in your own personal computer or through its mobile application. It also boasts of the Autochartist technology that provides a round-the-clock analysis of the markets.
LimeFX provides a generous leverage of 1:200. This is standard in many brokerage firms especially those that are active in foreign exchange markets. This leverage is recommendable for beginners since it allows them to trade without the need of big investments and it lessens their exposure to risks.
To protect their clients from systemic risk, LimeFX partners with the best banking institutions and financial organizations in providing 100% deposit protection. This is a big advantage in foreign exchange and stock markets where high levels of volatility and large amounts of investment are involved. This insurance entitles each client to be compensated for their losses. This also serves as a bonus of sorts from LimeFX.
With this feature, you can receive SMS signals from the analytical department of LimeFX, which you can use as a guide in your trades. These SMS signals allow you to spend less time reading the market and trade with even bigger success rates. You no longer need to spend hours and hours solving complex calculations and tracking trends to close a successful trade.
Personal Financial Analyst
Having your own financial analyst available 24/5 lets you be more at ease about your trades. This trading expert will help you identify which trades to take considering what type of trader you are. If you are a day trader looking for short trades and quick profits, or if you are more of a long-term investor, your own analyst will help you attain a successful trading career.
LimeFX has a Demo-Real Campaign which allows clients to have two accounts–a real one and a virtual one–with just one deposit. You can trade on the real market with virtual money two weeks after your registration. The money on your virtual account is owned by LimeFX. If the trades you make in your virtual account turn out successful, the firm will transfer your profit to your real account. If your trades fail, a financial analyst will tell you the mistakes you made that led to your losses. It’s a win-win situation for the client.
LimeFX Customer Reviews
Ten years since LimeFX was established, it still has a relatively small client base. This is clustered in the European and Russian markets, but LimeFX is looking to expand its reach in the coming years. Because of this, there are only several LimeFX customer reviews on the web.
Brokerage firm reviewers such as safe.shop gave it a 100 Trust rating. Another reviewer, scamadviser.com, also gave it a high trust score of 100, labeling it a safe broker to trade with. Scamadviser.com listed two positive and two negative highlights of LimeFX. For the positive highlights, scamadviser says that according to its online analysis of the website, LimeFX has a legitimate SSL certificate and that it has been active for nearly seven years. For the negative highlights, scamadviser states that the website owner’s identity is hidden from the public and that the setup of the website is linked to two countries.
LimeFX forex broker also has a Facebook page where there are more customer reviews posted. However, these reviewers bring LimeFX in a bad light due to the many claims of scam and fraudulent services. Most of the allegations come from Russian clients who are angered by the treatment they received from LimeFX, to put it mildly. A customer reviewer named Larisa Kislinska said that LimeFX’s brokers are “terribly intrusive” to her privacy. Many clients also complain of incessant calls that they receive daily from this broker. Another reviewer named Lesyunya Martischuk directly claimed that this broker is made up of “fraudsters.”
LimeFX Fraud, Scam, and Other Issues
As stated on the LimeFX customer reviews above, this broker faces many scamming allegations. To go deeper on the allegations hurled against this broker, we will be presenting more claims against it. A customer named Galyna Boyko described LimeFX as “obsessive scammers” and detailed how she fell into its trap of scams. She said that representatives of LimeFx called her several times every day for two months and that these representatives were neither professional nor polite. She also stated that she tried blocking the representative’s number, but they called her from different phone numbers every time, making her move futile.
Anna Stasyuk directly claimed that LimeFX’s “financial analysts steal money,” although it was unclear whether it was her own experience. Lesyunya Martischuk, who claimed that LimeFX is composed of fraudsters, indirectly warned the broker of their fraudulent actions, stating that scamming clients and using other people’s money for their own profit won’t let them last long in the industry.
The allegations stated above give a strong indication that LimeFX scams their clients, although still unproven. No trusted LimeFx reviewer site has yet come forward to confirm these scamming claims. While forex and the rest of the financial markets present their own risks, brokers also play a hand at the success and losses of their clients. Since these allegations remain allegations, traders must only be extra careful about trading with this broker. Also, ensure that before you sign up with any brokerage firm, you have done enough research about them. Make sure that you weigh the advantages and risks before opening an account.