It is extremely rare that individual traders actually see the foreign currency. Instead, they typically close out their buy or sell commitments and calculate net gains or losses LimeFX Review: Is This a Scam or Good Forex Broker based on price changes in that currency relative to the dollar over time. For customers using USD, the minimum deposit at LimeFX is $100 for Standard and Commission accounts.
The CFTC and Securities and Exchange Commission filed an action in U.S. District Court for the Northern District of Texas and the TSSB filed an administrative action charging PIC and its principals with engaging in an illegal $11 million forex operation. To date, the federal court has found three corporate defendants liable to pay restitution of $12 million and each was assessed a fine of $37 million. The State of Texas also has obtained cease and desist orders along with various criminal indictments and convictions. PIC’s president is currently incarcerated on charges stemming from his forex scam.
This process places importance on the things we know matter most to traders. Below you can see how LimeFX scored in each of our high-priority categories. No, there are no fees for deposits or withdrawals with LimeFX. 79% of retail investor accounts lose money when trading CFDs with this provider. Be especially cautious if you have acquired a large sum of cash recently and are looking for an investment vehicle.
LimeFX Broker Review
If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware. Yes, LimeFX is regulated by CIMA in the Cayman Islands, FCA in the UK, FSA in Japan, CFTC in the US, IIROC in Canada, and ASIC in Australia in the Cayman Islands. This vast regulatory infrastructure should provide you with confidence in the broker when opening an account.
- The support representatives are generally very professional and friendly and provide the best supportive answers to any questions via email.
- LimeFX currently supports only two methods for money transfer; Debit/Credit Cards and Bank Wire Transfers.
- 79% of retail investor accounts lose money when trading CFDs with this provider.
- In total, LimeFX has been awarded over 30 of the most prestigious online trading brokerage awards from the most reputable sources.
- Even when purchased through the most reputable dealer, forex investments are extremely risky.
- All in all, the customer support provided by LimeFX is excellent.
Also, traders can receive up to 3 free live trading sessions with LimeFX’s global analysts. Clients can reach support representatives through a variety of methods including telephone, email, live chat, and through their social media channels. Support via these methods are available 24/7 and in multiple languages as LimeFX is an international trading brokerage. All the above-mentioned support methods work very well and respond in a timely fashion.
While the mobile trading application is highly advanced and intuitively designed, traders will need to get used to it, as it can be difficult to use. However, the mobile trading application by LimeFX is still an excellent mobile trading solution. This platform is the world’s most popular trading platform and for good reason.
Be skeptical about unsolicited phone calls offering investments, especially those from out-of-state salespersons or companies that are unfamiliar.
LimeFX continues to outperform their competitors and provide traders with top of the lines services in the financial trading industry. When it comes to the trading of Forex and CFDs, there are so many online trading brokerages to choose from, it can be a daunting task. However, an option that seems to stand out from the crowd and has gained significant popularity over the years, is LimeFX. LimeFX has attracted the attention of everyone in the financial trading industry. The brokerage has come a long way since its inception in 2001 and has proven to be quite lucrative for many traders.
Often, the investor’s money is never actually placed in the market through a legitimate dealer, but simply diverted—stolen— for the personal benefit of the con artists. But the average investor should be wary when it comes to forex offers. In this review, you can find all the information you need to decide whether LimeFX is the right broker for you. Our expert team has thoroughly explored the broker, using a tested methodology and scoring system.
In particular, retirees with access to their retirement funds may be attractive targets for fraudulent operators. Getting your money back once it is gone can be difficult or impossible. Also in 2005, the CFTC and the Texas State Securities Board engaged in a cooperative enforcement effort against Premium Income Corp. and its principals.
In 2004, Gregory Blake Baldwin of Utah pleaded guilty to fraud after his firm, Sunstar Funding, accepted $228,500 from 33 investors for placement into the foreign currency market. The investors’ money was not placed in the foreign currency market but was used to pay some past investors and for personal expenses of Baldwin. If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices. Standard accounts have no commissions, and Commission accounts have commissions of $5 per 100k traded. If you qualify as an Active Trader, you will receive discounts.
Additionally, its nearly 20-year history shows that the broker has positive intentions, as does its client protection policies. So, if they trade QBRE $2.5 billion they receive a $30,000 cash rebate for that month. So, if they trade $1.5 billion they receive a $15,000 cash rebate for that month.
Don’t Miss Out On Great Trading Opportunities
Unfortunately, they are, and investors need to be on guard against these scams. They may look like a new sophisticated form of investment opportunity, but in reality they are the same old trap—financial fraud in fancy garb. Sign up to our newsletter in order to receive our exclusive bonus offers and regular updates via email. We look for specific features such as customizability and trading signals. We include different instruments and holding positions overnight. Yes, it’s regulated by 8 reputable regulatory authorities from around the world.
The dashboard interface is fully customizable and traders can easily switch between multiple order types. Traders also have access to 15 pre-defined trading strategies and can customize and create their own using the built in Strategy Wizard. The platform includes over 70 technical indicators and a wide array of advanced trading tools and chart types. This resource provides traders with the latest market moving news which has been compiled from LimeFX’s award winning global research team. Also, traders have access to a variety of analysis tools including advanced charting, trade alerts, an economic calendar, pivot points, and more. One more extra feature in which traders can gain access to is a highly trained market strategist to work with.
Our LimeFX review team has carefully researched and evaluated the broker to confirm that it is highly reputable and well-regulated. LimeFX is authorized by six different governing bodies and offers more than 4,500 instruments for trading. Since 2001, LimeFX has been providing market access to clients around the world. This outstanding broker offers proprietary platforms and MetaTrader 5, as well as account types for all trading styles. This is LimeFX’s proprietary trading platform and is designed for professional traders as it integrates top-notch research and analysis tools for trading successfully.
The LimeFX desktop trading platforms are highly sophisticated and so are LimeFX’s downloadable mobile trading applications for Apple and Android smart devices. Traders can manage their portfolio and trade on the go with the highly advanced and fully optimized LimeFX trading application. Apart from the advanced features the app incorporates, the mobile user interface is very well designed and user-friendly. It’s difficult to take a desktop trading platform and make it fully compatible with mobile devices, but LimeFX seemed to do the trick fairly well. The interface is even customizable so that traders can easily access features important to them.
The website in general has loads of content which is there to answer the majority of questions a user might have. All in all, the customer support provided by LimeFX is excellent. LimeFX does not feature any bonuses or promotions for signing up for an account and depositing funds. LimeFX Speculation is confident with their services and know they will receive many new clients without the need to promote their services through bonuses and promotions. In total, LimeFX has been awarded over 30 of the most prestigious online trading brokerage awards from the most reputable sources.
It comes complete with a highly advanced charting package with numerous analysis tools and technical indicators. Another great feature is the integration of “Expert Advisors” , which are programmable scripts and indicators for automated trading. Overall, the LimeFX MT4 trading platform is an excellent platform. LimeFX provides traders the choice to choose from 2 different and highly advanced trading platforms. The renowned MetaTrader 4 platform, and their very own proprietary FOREXTrader platform. Both platforms offer advanced tools and features and are intuitively designed and user-friendly to accommodate both beginner and advanced traders.
Because of the volatility in the price of foreign currency, losses can accrue very rapidly, wiping out an investor’s down payment in short order. However, one aspect of LimeFX which can be considered a bonus or promotion is their FX Rebate Program. This program allows traders to earn cash rebates on their monthly forex trading volume and can be quite substantial for trader with very large trading volumes. See below, the details regarding the different trading volume tiers for the FX Cash Rebate Program. Even when purchased through the most reputable dealer, forex investments are extremely risky. If you are tempted to invest, make sure you understand these products and above all, only invest what you can afford to lose.
LimeFX currently supports only two methods for money transfer; Debit/Credit Cards and Bank Wire Transfers. Both options are very simple and easy to use and provide fast deposit and withdrawals with no fees imposed by LimeFX. See below, the details pertaining to these two money transfer methods. Forex markets are among the most active markets in the world in terms of dollar volume. The participants include large banks, multinational corporations, governments, and speculators.
Orion, and its president Russell Cline, misappropriated virtually all the customer funds. In 2006, the Court entered fines and restitution orders against the defendants totaling almost $150 million. Cline is currently incarcerated on charges stemming from his forex scam. In 2005, the CFTC and the Commissioner of Corporations of the State of California sued National Investment Consultants, Inc., and others in U.S.