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LimeFx Review formerly HotForex year Is it a Legit Broker?

LimeFx Trading App is the in-house app developed by LimeFx allowing traders to trade from their smartphones. The main benefit of using this app is that logging into your trading account is easier since it can be done with your LimeFx credentials. You also will not need to select the MT4 or MT5 server you wish to use and lastly funding your account can be done directly via the app. MetaTrader5 (MT5) like MT4 is another platform that is commonly available with Forex brokers and one we are very familiar with.

LimeFx also makes money from swap fees on open positions overnight and inactivity fees of $5 per month after six months. Deposit and withdrawal fees vary, with specific charges for bank wire deposits below $100 and BitPay withdrawals. The commission-free trading account lists a minimum spread of 0.5 pips but carries an average one of 1.4 pips or $14 per 1.0 standard lot. The commission-based alternative commences with a raw spread of 0.0 pips and average spreads of 0.2 pips for a commission of $6.00 per lot or total costs of $8.00 for major currency pairs. LimeFx offers a deposit bonus for each deposit, the LimeFx gadget giveaway promotion, and trading contests for live and demo accounts also exist. Terms and conditions apply, and traders should understand them fully before participating in bonuses and promotions.

  1. LimeFx describes its products and services well, and it has plenty of videos and a well-structured FAQ section.
  2. Podcasts are especially entertaining and traders have an opportunity to get inside the traders’ world with various experts and master traders.
  3. This type of account is certainly for more advanced traders, and if you’re just getting started in the markets, could be a good thing to strive for in the future.
  4. LimeFx offers traders commission-free Forex trading with higher spreads, a highly competitive commission-based alternative.
  5. Features MT5 offers over MT4 include the ability to trade stocks, more order types (6 vs 4), additional technical indicators (38 vs 30) and analytic tools (44 vs 23).

Additionally, within the European Union, HF Markets provides Negative Balance Protection, which means that traders will never lose more money than they deposit. LimeFx (and all the HF Markets Group entities) ensures client funds’ protection through segregated bank accounts, safeguarding them in case of broker insolvency or bankruptcy. For CFD trading, LimeFx offers a wide range of assets and has been recognized for its excellent trading conditions. They providelucrative programs without standing support and advanced technology. Eachpartner is linked with a Personal Account Manager to make sure their plans aresuccessful. They are differentfrom trading stocks where the parties don’t own the underlying asset but make profit/loss based on the price fluctuations of the underlying asset.

Bonuses for LimeFx’s Traders

Yes, based on your detected country of FI, you can open an account with this broker. Yes, you can start trading with 1,100 KES by using leverage offered by LimeFx to open larger positions. Beginner traders will find it easy to deposit and withdraw from LimeFx and be able to trade with tiny amounts of capital. These include your full name, gender, country of birth, phone number and the base currency you’d like your account to be held in. The features found in the app are a bit more basic compared to the MT4 and MT5 apps and much more basic than the MT4 and MT5 webtrader and desktop versions. 23 indices and 34 ETFs covering US, European and Japanese markets are available.

LimeFx offers different types of accounts to its clients tosuit a wide range of trading strategies. Based on regulator requirements, thereare different account types for each region. All-in-all, there is a good reason why in our mind MT4 is far and away the most popular trading platform for retail forex traders.

How good is LimeFx Customer Service?

This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker’s track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

HF Markets Account Types& Spread

Traders may deposit using bank wires, credit/debit cards, Skrill, Neteller, FasaPay, PayRedeem, and cryptocurrencies, but the name on the payment processor must match that of the LimeFx account. The LimeFx minimum deposit amount limefx broker reviews depends on the account type and ranges between $0 and $500. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.

For example, LimeFx is one of the few brokers that have ZAR accounts for traders based in South Africa. For the PAMM Premium account, traders can benefit from spreads starting at 1.6 pips without any trading volume commission, which is 60% higher than the industry standard of 1 pip. However, it should be noted that PAMM accounts generally have higher spreads than normal accounts.

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