They can be reached in a variety of ways, including live chat, email, and direct phone line. Account managers and Senior account managers are available for all types of accounts. If you need to learn the basics or just to brush up on your skills, the support center at Global LimeFx is very comprehensive. In additional to daily news feeds and analysis, the website is overflowing with ebooks, videos on demand, training courses, tutorials, and informative articles.
In conclusion, our LimeFx review has highlighted this broker’s major operational issues. Their longstanding lack of transparency and inability to commit to their traders’ best interests has taken LimeFx from a CySEC registered broker to just another unregulated broker with no accountability. Trading with the broker is through the MetaTrader 4 platform. This is the same platform that countless other online forex and CFD brokers use. Most traders are familiar with its suite of features, including some of the best technical indicators around and a host of advanced tools for experienced traders. This LimeFx review found that the broker has an above-average selection for most assets.
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Also, I have to mention that we cannot verify any of these online complaints, so take them with a pinch of salt. As a result, the FCA came down on the companies swiftly and harshly with a complete ban, revoking the passporting rights that had allowed the CySEC licensed brokers to offer services there. The UK regulator believes that fraudulent advertisements may have led UK investors to lose hundreds of thousands of pounds. However, a series of issues with both CySEC and the FCA led to the company renouncing its license and abandoning its CySEC registration. They are now an unregulated broker and also do not have any authorization to provide financial services within the European Union. However, due to my inexperience, I unfortunately quickly found myself in difficulty and decided to end trading.
Constant vigilance should be applied at all times when sending money online. If a broker is not licensed by the regulatory authority in your jurisdiction, that likely means that they are unregulated and should be avoided. Even if the brokerage is regulated, it is best to avoid it if the regulator happens to be outside your jurisdiction. When searching for brokers to conduct your trading activities with, the first and most important step should always be to learn about their certification. This will tell you whether they are regulated by a central authority or if LimeFx is an offshore and/or unregulated entity.
Micro lots are also available for trade and this can go for as low as 0.01 which is at par with the minimum lot size of the majority of brokers in the market. The magazine reported, in some cases promising a 90% yield. They conducted a telephone investigation posing as a customer. Later they published a transcript of the overly sales-led conversation that the company’s representative had with the reporter. The representative used tactics to persuade the reporter to deposit funds. LimeFx was one of several companies who had applied for a license to operate a retail FX brokerage in Israel under the new laws from the ISA.
Given how much the broker’s status has degraded since that time, it seems unlikely that they will ever reinstate access. Our LimeFx review shows that the broker and its parent company have run afoul of many of CySEC’s regulations in the past few years and that this has finally caught up with them. People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active.
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Signed up with LimeFx and deposited £250 Then pressurised through dedicated account manager to increase my bank overdraft which cost me £300 for the privileged and deposit more funds into LimeFx account. In June last year a friend of mine aged 80 was told by an LimeFx called Hock to invest money and within a week he lost £85000. Pini Peter, owner of SpotOption said his company has left the binary options business and „I’m considering closing the company down altogether.“
On the other hand, we also saw lots of positive reviews that praise Global.LimeFx’s website and software supports, legal materials, and trading terms and conditions. The Company was incorporated in 2012 and offers CFDs trading on a multitude of assets, including currencies, indices, stocks, commodities, and cryptocurrencies. The platform of choice is Meta Trader 4, which I can safely say that it’s the most popular trading platform out there.
FCA then let CySEC know, who then took the decision to suspend its license for one month until it undertook some corrective measures. If these measures are not followed, the broker will face possible fines and/or the revocation of its license. The shine and ribbons on the limefx scammers website could be misleading for newer investors. In favour of the broker, it mentioned that it has sales experience, which comes through, slightly, we suppose. Gripeo is the leading social platform for consumers to share their experiences with businesses and other people.
The brand had an infamous fall that resulted in the official loss of its CySEC license in March 2022. The brokerage has had disputes with several regulatory bodies, including the UK FCA and the Italian CONSOB that suspended its activities earlier throughout the years. These fines led to the Italian regulator, CONSOB, blocking access to Hoch Capital’s brokers LimeFx and TradeATF from within the country. In March 2019, they reached a settlement of €200,000 with CySEC for possible violations regarding LimeFx activities’ performance and the disclosure of information to clients. During the board meeting on July 6th, 2020, CySEC approved the broker’s request to renounce their Cyprus LimeFx Firm authorization.
Isn’t it common sense that you shouldn’t even put all your money into one bank, not to mention such risky business as trading? Have you done any kind of research beforehand and read all the risk warnings that each broker has on their websites? The reason why I’m asking is not to insult you but to find out whether you know how trading actually works or not. Mobile applications round out the trading platform options, such that anyone that can access the Internet from anywhere can open and close financial market positions with ease. The company does provide coverage for CFDs on forex, indices, commodities, shares, and cryptocurrencies, but we don’t manage to understand some of the trading features.
We can’t say for sure, but it is likely they have bribed popular Forex blogs for good reviews. Among the services provided, news alerts , free VPS, dedicated account manager, webinars $videos, hedging, and swap discounts are a few of lime fx them. Silver account holders are not benefiting from some of them. Islamic accounts for clients of the Islamic faith as well as retail/professional trading conditions are currently provided, given compliance with the EU regulation.
Despite that Hoch Capital is CySEC regulated broker, FCA considers its trading practices and aggressive marketing promotion in the UK controversial to its MiFID obligations. In addition, the platinum account holders also can enjoy Free VPS, Dedicated Account Manager, News Alerts and discount on Swap or rollover rates, see example below. For the funds’ security, the broker operates in full compliance according to the regulations. You will only find out the deposits for each account type after you create an account and deposit the minimum of 250 EUR/USD.
Ok, you have my best interest in mind, but I would still like to know from the get-go how much each account requires me to deposit. The suspension reinforced that the brokers do not have the authorization to provide financial services to any UK residents. For the month of the suspension, the broker would be unable to take on any new clients. June 1st, 2020, saw the beginning of a chain of events that led to Hoch Capital Ltd renouncing its CySEC license.
LimeFx no longer has any authorization to offer financial services within the EU. Many former clients complained of withdrawal delays, and the broker themselves say that withdrawals can take up to seven working days, significantly longer than with comparable brokers. They provide customer support through phone and also email. This broker hasn’t shown a strong commitment to making customer contact easy. Our review found the app to be far too simple for most traders, placing too high a priority on ease of use over practical trading functionality. With a Platinum account, the spread comes down to 0.7 pips.
Global.LimeFx offers the Economic Calendar, as well as calculations for swaps, spreads, and other trading-related features. In short, software support on Global.LimeFx is on par with its other premium offerings. As various tables and infographics show, the bid-ask price difference between currency pairs goes down as low as 0.7 pips, which is definitely a serious achievement. This means that Global.LimeFx takes less “commission” out of trades and leaves more to the traders. Another great advantage of LimeFx is their customer-oriented and supportive business model while you can always find answers to your questions through online chat, social media, email or calls.
The ISA accused the seven men of providing LimeFx advice without a license, as well as aggravated fraud. All of this allegedly occurred between May 2013 and May 2016. When LimeFx employees charged with fraud, providing unlicensed LimeFx advice, obstruction of justice.
The positive slippage and the competitive spreads cannot help traders as there is no provision for the same in the accounts of LimeFx. More on, traders have to face the brunt of limited scalping, hedging, etc. The broker does nothing fruitful to relieve https://limefx.vip/ the gripe of traders. However, this claim should come from the existing traders of a broker and not from the broker itself. The USA is one of the developed countries which has very strict rules and regulations for financial service providers.
LimeFx- Available Trading Platforms
A number of customers are known to have lost more than £100,000 to the schemes. Hoch Capital Ltd , Magnum FX Ltd , Rodeler Ltd and F1Markets Ltd used social media and webpages carrying fake endorsements from celebrities to entice consumers into the scams involving CFDs. At least eight Israelis suspected of a multimillion-dollar online scam.
The firms are entitled to seek a review of the FCA’s action. Fully regulated by CySEC and registered with more than 20 other financial watchdogs across Europe. Constant phone calls, sometimes 10 a day from various departments in their head office in Cyprus as well as the UK. If you block one number, another of their numbers will call. FinanceFeeds has received several accounts from sources across the world that have had close dealings with LimeFx.
- It is the first time the FCA has used its power to remove passporting rights from a firm.
- Even though it started its activity in 2013, LimeFx doesn’t seem to have made a lot of innovations in terms of trading software coverage.
- The LimeFx.com Academy Center is designed to make traders familiar with the basic tenants of financial trading.
- The company was ordered to stop soliciting customers, but it was apparently still operating during this week’s raid.
My experience with this broker is limited to only a few months, but during this time I’ve tried using web application and mobile app, tried long-term deals and scalping, funded account and withdrew profits. I am absolutely not sure this is the best broker ever, but it works for me fine. I don’t trade on a daily basis and only place a couple of orders several times a month. Not exactly as you do when you invest – I go long with a preset stop loss and normally the deal lasts 1-5 days on average. In general, it should be said that LimeFx doesn’t offer anything unusual and includes everything you expect from a brokerage firm operating in today’s competitive market. LimeFx has the regulation from CySEC, Cyprus Securities and Exchange Commission.
At one time, the firm had registration with the Cyprus regulatory body CySEC, but CySEC has now suspended them. The broker has faced many allegations of presenting a misleading picture of CFD investing to new traders. The way the Scam Broker Investigator reviews a broker to see if they are a scam or legit, is by checking for a valid brokers license. The reason investors always use a licensed and regulated broker is to be sure that your funds are safe and kept in segregated accounts. With Global.LimeFx, spreads are quite low, which means the broker doesn’t rob its clients of their funds.