LimeFX Review: an Underwhelming Broker

CONTENT 

• 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
• Conclusion

General Information & First Impressions

LimeFX is a Russian brokerage that provides trading and investing services on a range of CFDs. As its name implies, the broker focuses on giving traders forex trading opportunities. We couldn’t find the broker’s exact address, although it is located in Russia, with its primary language also being Russian. And while that does cut off a significant portion of the possible customer base, it increases the accessibility in Russian-speaking areas. Our LimeFX review today will tell you whether the broker measures up well against its competitors.

And before we start our review, we’d like to say there’s a bit of a language barrier. Google’s auto-translation tool works well on websites, but there are still some confusing mistranslations. That being said, we’re confident that our LimeFX review has a high degree of accuracy. 

And even when we forgo the language difference, the website looks quite confusing. The sections are off, and information is scattered in seemingly random locations. That makes the broker look like it was just adding things as it went rather than properly planning its service. There’s also mismatching data in multiple sections, which indicates unprofessional management. 

It also feels clunky to use, with an unappealing color scheme and slow loading. The website also may confuse newer traders, as LimeFX puts way too much text on each page. Overall, the start to our LimeFX review isn’t too great. The broker doesn’t look welcoming and doesn’t do a great job at presenting its service.

Fund and Account Security

LimeFX’s security was pretty difficult to judge due to numerous reasons. First, it’s a broker that targets the Russian-speaking area, meaning most impressions are in Russian. Second, it’s pretty obscure, meaning there aren’t a lot of reference points we could use. Still, by looking at the website and overall service impressions, we feel like we’ve created a precise image. 

For starters, the broker loses some points for the way it set up its website. It’s difficult to find exact details about what the boker does and doesn’t offer, and precise info about crucial features. That boosts the LimeFX scam rating quite a bit, as it’s behavior underhanded brokers usually display. 

Beyond that, it’s quite worrying that LimeFX doesn’t have an address beyond saying it’s located in Russia. That means it’s much more difficult to find and potentially pursue if it wrongs you. It’s also another layer of unneeded secrecy, further knocking down the firm’s safety score.

Next, there’s the fact that the broker tries to pass off adhering to local laws as regulation. Every broker must follow relevant legislation, so trying to sell that as an advantage is quite deceptive. 

Overall, LimeFX shows fraud signs in numerous parts of its service. That doesn’t necessarily mean that it’s a full-on scam, but we don’t trust it.

The Trading Accounts

The accounts at limefx.ai are numerous, but as is the case with the entire service, vague. There are five tiered account types, with the cheapest requiring a $500 deposit. That’s slightly above the industry standard but not by an insurmountable amount. But while the deposit doesn’t pose much of a difference, the lack of any information does.

LimeFX’s account page doesn’t tell us anything about the actual accounts excluding some unimportant features. None of the directly trading-related data is present except minimal order sizes, which are pretty much the same everywhere. As such, the broker’s account page doesn’t actually inform us about the service we receive once we sign up.

The broker also has separate ECN and Islamic accounts, but there’s no relevant info on them either. Unfortunately, that’s in line with how LimeFX set up its service in general. We can see why some traders online call LimeFX a scam.

LimeFX’s Trading Platform 

One thing we would like to praise about LimeFX is its platform selection. Brokers mostly provide a single platform and call it a day, leaving a lot of traders discontent. However, LimeFX opted to include three, including MetaTrader 4 and MetaTrader 5, which are the top online platforms. As such, the broker’s variety of choices is certain to leave few unhappy in that regard. 

The broker also has one proprietary platform for the traders that like to experiment. To be entirely candid, it’s quite sad to see such a great setup wasted on a sub-par brokerage. LimeFX shows us that it’s able to provide traders what they want but that it’s unwilling to put any effort. It’s clear that the broker is targeting traders with extremely limited online broker choices.

Funding and Pricing

Funding is one more thing we’re not entirely sure about. The broker has exact data on its spreads, which is nice. However, it doesn’t explicitly state the fees and charges of using its service anywhere. Considering the broker’s low trust score from earlier in our LimeFX review, it’s entirely possible it has hidden charges. However, even without that, it looks like the deposit and withdrawal methods are fairly limited.

There’s also the issue of the broker requiring a $500 deposit to start you off. That’d be fine if the broker was well-known and trusted, but that’s far from the case. Depositing $500 to a broker you’re unsure about is about equivalent to betting $500 when you’re unconfident you’ll win. In other words, while things may work out, you’re pretty likely to be $500 down.

Trading Products at LimeFX

The exact number of assets at LimeFX is limited, but it’s clear that it covers most major categories. Unfortunately, commodities seem to be missing from the list. That being said, the selection is somewhat underwhelming, and the broker seems to be facing some liquidity issues. That creates a disappointing trading environment, in which you may not buy or sell at the price you see. Here’s a list of the trading instrument categories at limefx.ai:

• Stocks
• Currencies
• Indices
• Crypto
• ETFs
• Investment portfolios

Customer Service at LimeFX

The broker says it offers 24/7 customer support in multiple places, although user reports say it’s quite slow. The broker provides support via phone, skype, and email, and unfortunately, doesn’t have live chat. As such, the entire contact process is a bit slow, and not quite what you’d expect from a broker.

Conclusion

LimeFX is an underwhelming broker, even when you take into account that it targets a specific trader group. Since its potential customers likely have limited choices, the broker didn’t put as much effort into its service. That shows, as while the broker has some decent qualities, it’s far from fleshed out, and looks unfinished. The trading info is limited, so traders will need to go in mostly blind if they intend to use LimeFX.

And as we said earlier in our LimeFX review, we can’t justify that with the broker’s low trust rating. We feel like calling LimeFX a scam isn’t too much of an overstatement, as there’s definitely something shady going on. So even if you’re one of the traders that don’t have too many choices besides LimeFX, it’s likely smarter to go with a safer company. Otherwise, perhaps you should just wait until more trading opportunities become available, as it’s better than getting scammed.