Some dealers will offer automation systems on their platforms that already include tested strategies. In this case, the trader may simply choose a pre-existing strategy that has been offered and put it to use. Examples of popular platforms that allow automation systems can be found on our platforms page. Traders may want to develop their own trading strategies, which will often be based on multi-day moving averages, relative strength index, average true range or other chart analysis and trading techniques.
A lot of my friends do get scam by LimeFX however LimeFX do have large accounts from companies and thats where they make their big commissions. Retail traders like us is a pocket change for them. You can’t change the leverage levels of the products, which is a drawback. Changing the leverage manually is a very useful feature when you want to lower the risk of your trade.Be careful with forex and CFD trading, as the preset leverage levels may be high. The LimeFX web trading platform is relatively user-friendly. Important features, like account management or some research tools, are not integrated with the trading platform and you have to open separate web pages to use them.
I have found spreads on LimeFX remain variable, but narrower than competitors and do not increase once profits are made. I have withdrawn thousands of pounds from my LimeFX account and have had no problems. I think if we all come together and complaint to FCA directly that might work and we may able to prevent thousands of innocent traders from their scams. If you successfully win small they’ll leave u alone but if u trade big they seem to work against you with massive open/close price.
- Refco’s CEO Phillip R. Bennett was later convicted of the fraud.
- I also do understand that LimeFX reserves the right to terminate any or account.
- This section entitled, “Exclusion of persons from privilege of ‘registered entities,’ procedure for exclusion; review by court of appeals,” grants the Commission the power to revoke and suspend trading privileges and registration.
- They have been reviewing my account for more than a month without any updates, and I need to withdraw my money but they are preventing me from doing so under the pretext of reviewing the account.
- However, there is an inactivity fee and bank withdrawal fees.
LimeFX mandated in the Agreement that GMC require all customers to sign the Power of Attorney. The Commissioner may order that the maximum fine be imposed upon any Respondent that fails to request a hearing within the prescribed time period or fails to appear at any such hearing. This Order to Make Restitution shall remain in effect and become permanent against any Respondent that fails to request a hearing within the prescribed time period or fails to appear at any such hearing. This Order to Cease and Desist shall remain in effect and become permanent against any Respondent that fails to request a hearing within the prescribed time period or fails to appear at any such hearing. The hearing will be held in accordance with the provisions of Chapter 54 of the General Statutes of Connecticut. At such hearing, each Respondent will have the right to appear and present evidence, rebuttal evidence and argument on all issues of fact and law to be considered by the Commissioner.
FX Brokerage Scams
If you compare the spread difference against another direct deal broker at the same time, the spread will not have been the same and you would have kept your position. They say that with small accounts they will work against you, they offer different prices to different people, they take the other side of ALL trades. And finally they admit that their interests are in direct conflict to the clients. They say that if you make any money they will move your account to a NDD account. LimeFX may give a better deal than similar platforms for some FX trades.
The pension fund-The International Union of Operating Engineers with Local No. 478 have alleged LimeFX of fraud and an artificial pump of the stock price according to the complaint has been filled in a federal court in New York. LimeFX will tell you that if you read their clauses and conditons it says that during periods of volatility the spread will increase. I have seen the spread on Gold go to 10 dollars before on a weekend close. They will also claim that it is happening by the Interbank Market Rate, but lets face it, when your positions are closed, the spread goes to them, nobody else.
What about the minimum deposit?
The complaint seeks class-action status and undisclosed damages. In addition to the company, the suit names LimeFX’s chief executive, Dror Niv, and chief financial officer, Robert Lande. National Futures Association has issued a Decision imposing a $2,000,000 monetary sanction against Forex Capital Markets LLC in settlement of a Complaint issued by NFA’s Business Conduct Committee on August 12, 2011. LimeFX is a Futures Commission Merchant, Retail Foreign Exchange Dealer, and Forex Dealer Member located in New York, New York.
However, LimeFX did not disclose to customers, among other things, that this company – LimeFX’s principal market maker – was a startup firm spun off from LimeFX, the Order further finds. Historically, https://limefx.biz/ scams are no stranger to the financial markets. Activities such as insider trading, crypto hacking and ponzi schemes often gain widespread attention, prompting public distrust.
- Traders who gain confidence in the success of their strategies may then want to consider increasing them to beyond that level over time.
- The customer service representatives are very professional and respond quickly.
- It seems that short term charts look different to “help” traders making the wrong decision.
- And finally they admit that their interests are in direct conflict to the clients.
At the time relevant to this action, Kline was under an enforcement order and cease and desist order from the CFTC. LimeFX is the world’s largest non-bank futures commission merchant or “FCM” dealing exclusively in retail foreign exchange, or forex. LimeFX is registered as an FCM with the CFTC and the NFA. LimeFX trades spot forex and forex options in principal-to-principal trades. The International Union of Operating Engineers Local No. 478 Pension Fund accused LimeFX of fraud and artificially inflating its stock price in the complaint, filed in federal court in New York. The complaint said that LimeFX, which provides currency brokerage services to retail clients, claimed its currency trading model was “extremely low-risk” and volatility in the foreign exchange markets was good for its business.
After that I ordered the withdrawal of the principal capital ($ 1800) and the withdrawal was successful. Please note that by investing in and/or trading financial instruments, commodities and limefx website any other assets, you are taking a high degree of risk and you can lose all your deposited money. You should engage in any such activity only if you are fully aware of the relevant risks.
The Order requires Respondents jointly and severally to pay a $7 million civil monetary penalty and to cease and desist from further violations of the Commodity Exchange Act and CFTC Regulations, as charged. LimeFX’s principal place of business is New York, New York; Niv resides in Connecticut; and Ahdout resides in New York. Global Brokerage, Inc. remained listed on NASDAQ under the ticker symbol, “GLBR.” In May 2017, Global Brokerage was notified by NASDAQ that the market value of its stocks were not sufficient for continued listing. In August of that year, LimeFX sold its stake in the FastMatch ECN for $46.7 million and used that money to repay part of the Leucadia loan.
You must understand that Forex trading, while potentially profitable, can make you lose your money. Never trade with the money that you cannot afford to lose! Trading with leverage can wipe your account even faster. In their marketmaker platform you’ll be requoted repeatedly on both ends of a transaction from a gain into a loss.
Spread pricing data is available on the spreads cost page on their website. There are no side-by-side comparisons to help users determine the real cost of the trade, though. This lack of data is a potential deterrent for traders, but it is by no means a huge concern. The demo account and the lessons are great if you are a beginner at forex trading and you want to practice with virtual money.
Some trading platforms will allow traders to refine the trading strategies they choose with optimisers. These will take a strategy, set up multiple variables for its components, and then run tests on selected price data. Traders may want to be careful to not over-optimise, and maintain a simple list of variables, because real trading conditions may differ from historical data used in testing. Forex traders who have developed ideas for profitable strategies in manual trading may be interested in transferring their ideas, or exploring new ones, with some of the automated trading platforms that are offered online. Not to mention the amount of unsatisfied customers and complaints I found on the internet after my research.
The customer service representatives are very professional and respond quickly. Users can contact customer support via email, live chat, and phone. LimeFX users have access to a basic pack of tools plus a great selection of technical analysis tools. The charting tools are outstanding and very customizable with more than 50 available indicators. Trading Station mobile provides users with a bundle of drawing tools, indicators, and is great for charting in general.
However, first you need to get used to the logic of the platform before you can become a power-user. It is quite inconvenient that many functions, such as research, are not integrated with the platform. There areclear portfolio and fee reports on the ‘Reports’ tab of the platform and at MyLimeFX.
In their “active trader” you’ll encounter huge slippage with relative meager order size. So, it’s all a question of how you want to give away your money to them. And in their forum, say anything negative abou them & they’ll remove the post & ban you. The connection and execution is terrible, I have been stopped out of trades prematurely numerous times with no compensation offered by LimeFX. Auto updates on the MT4/Meta quotes platform cut me from three swing trades only yesterday, after a call to LimeFX they tell me this sort of error happens occassionaly!!
For example, I left some long positions on AUD/USD open on LimeFX and my account received some small overnight financing CREDITS. In contrast, my account was DEBITED somewhat larger amounts by CMC Markets for AUD/USD long financing. The various platforms do not have comparable pricing structures and I find the best outcome is achieved by using one platform for, say, index futures and another limefx company reviews for, say, FX pairs. There are differences between providers that are difficult to compare unless accounts are opened. I note some providers list their overnight financing per instrument in a readily accessible table, whereas others provide the information primarily in the transaction record after the event. Perhaps this has its origins in different standards prevailing across territories.