|Operating since year:||N/A|
|Phone:||+7 (499) 754-55-03|
|The Trading platforms:||MetaTrader 4, MetaTrader 5XCritical Trading Platform|
|Trading platform Time zone:||N/A|
|Other trading instruments:||Yes|
- General Information & First Impressions
- Fund and Account Security
- The Trading Accounts
- LimeFX’s Trading Platform
- Funding and Pricing
- Trading Products at LimeFX
- Customer Service at LimeFX
Broker Review: LimeFX – General Information & First Impressions
LimeFX is a brokerage that operates in Russia and targets Russian-speaking traders. As the name would imply, the broker focuses on forex trading services, but other assets are also present. The broker’s offices are in Russia, although it doesn’t disclose its exact address. While LimeFX’s target group is somewhat limited because of the language, it’s still something we should look at. Our LimeFX review will tell customers whether they’ll be making the right choice if they sign up.
And before we continue, we’d like to draw attention to the fact that there’s a bit of a language barrier. We can’t speak Russian either, so we relied on Google’s website translator. That being said, the translator is fairly precise, and we feel like we didn’t miss anything important.
So, the brokerage claims to be around from 2008, although we’re not so confident that’s true. Even if it is, it’s not something it should so proudly state given its current state. What we mean by that is that the website is a mess; even without the language barrier, it’s difficult to navigate. It’s quite slow, and there are way too many unneeded tabs with useless info.
Furthermore, we noticed that the broker doesn’t show a lot of critical information. We’ll go into further detail on that later in our LimeFX review, but it doesn’t set a great trust foundation. The combination of factors lowers our opinion on the broker from the get-go. That’s especially true if the broker is as experienced as it claims it is, as it’s had time to hone its service.
Fund and Account Security
While security is perhaps the most important thing to look for in a broker, LimeFX doesn’t seem to care. Namely, the broker does very little in the ways of protecting users and generating trust for itself. Yes, it has basic features, such as encryption, but that’s really about the extent of it. And even encryption requires no effort to set up, so we can’t exactly count that as a plus.
As we said earlier in our LimeFX review, the broker omits a ton of crucial information. That usually means the broker is only showing its best features, which in LimeFX’s case aren’t even that impressive. But the quality of the service is besides the point, as we want to focus on deceptive behavior. That’s a tactic scam broker often utilize to bait users into making the first deposit and then stealing their money.
So is LimeFX a scam broker? Well, it’s not that simple, but there are some indications that it’s malicious at least. For starters, the broker claims to have been around from 2008, but we found no proof of that. It’s only appeared very recently online, so perhaps it’s been doing offline trading before that. If you want to give them the benefit of the doubt, you can assume that.
However, that still doesn’t answer why the broker is intentionally misleading traders. It also doesn’t nullify the negative online user impressions about LimeFX. Lastly, if it’s been around for so long, why is there no regulation? Things just don’t add up, and it’s apparent that LimeFX is up to no good.
The Trading Accounts
As we said earlier in our LimeFX review, it leaves out a lot of crucial data. We can start elaborating on that with its account typing, which doesn’t actually tell traders anything. There are seven types, with five tiered options, an ECN account, and an Islamic version.
And that’s about all you can find out before you sign up for LimeFX’s service. The broker doesn’t show any crucial account information besides the minimal deposit. It shows some luxury features for its “VIP” accounts, which are Silver, Gold, and Platinum, but even those are vague. For Islamic accounts, the broker didn’t even bother writing anything but the deposit requirement.
If you want to sign up at limefx.ai, you’ll have to do so entirely blind. That’s not only unadvisable from a service perspective, but is also a massive safety concern.
LimeFX’s Trading Platform
To give credit where credit is due, LimeFX did well in crafting its platform selection. It includes the two most prominent online trading platforms, MetaTrader 4 and MetaTrader 5. Beyond that, it also has its own proprietary platform there for traders that like to experiment. That being said, the platforms are much simpler to set up than other features. So even this looks like LimeFX put in a little extra effort just to make itself look good.
We won’t rag on LimeFX too much in this section since the platforms themselves are good. However, they don’t do nearly enough to erase the rest of the broker’s shortcomings.
Funding and Pricing
We can’t talk too much about LimeFX’s funding and pricing simply because the broker doesn’t reveal much. And since pricing is the most important thing to consider while trading, that means the entire service quality is unknown. If you couldn’t make money due to a broker’s extra charges, that wouldn’t be a great broker.
The funding is not much different, with few options both for deposit and withdrawal methods and currencies. And that’s somewhat understandable as the broker does solely target the Russian-speaking area. However, it looks like the broker is only aiming for traders that have extremely limited broker options. It doesn’t even try to compete with modern online brokerages and instead puts together a low-effort service. That translates to a customer experience that’s both frustrating and unprofitable.
Trading Products at LimeFX
One of the things we can see on LimeFX’s website is that it boasts about having 200+ assets. For anyone that’s been in the online trading world, even for a short while, it’s clear that that’s laughable. It leaves barely any room to experiment with investments and means even some popular investing options are missing. LimeFX does have most of the major trading categories except commodities, but the pool inside each is quite shallow. Here are the trading materials at limefx.ai:
- Investment portfolios
Customer Service at LimeFX
The broker’s support supposedly works 24/7, which is nice. However, users have reported responses to be quite sluggish, so the 24/7 work time may not be true. LimeFX doesn’t have a live chat option, and instead, you can reach it via phone, email, and skype.
Our first major concern with the broker is its safety, as we’ve outlined numerous times in our LimeFX review. We simply can’t justify suggesting that you sign up for a broker that might intentionally harm you. LimeFX is secretive with crucial information, has a poor reputation, and has no technical security features. That all together mixes into a broker with a very poor trust rating.
However, even if you were to look beyond that, the broker doesn’t have much to offer. The asset selection is poor, the pricing is unknown, and account info is obscure too. Overall, the final verdict in our LimeFX review is to find another brokerage if you want a firm that values your time and money.