LimeFX review ++ Scam or not? Real broker test
LimeFX can tell you to close positions and close account at any time. T&C of all similar trading platforms and exchanges state that, if certain conditions are met like breach of contract, account can be limited or suspended. Initial decision to terminate my account appears to be on grounds to “silence inconvenient, nuissance customer who dares to say what the thinks and complains loud”. LimeFX has no proof of my suggestions that I was in poor financial situation or that I`ve invested too much. This were exegarrated statements and are no reason for drastic and devastating measure of account termination.
We think it’s extremely difficult to find the option to quickly close a trade and we’re lacking a visual representation of our portfolio’s specific trades in a trading chart. The one below is the feed tab, where the trader shares information and people can comment on it. One very cool feature is that you can write in your own language and the platform has a small link to translate all sorts of text and that way you don’t suffer from language barriers.
This can be a useful way to learn about trading and replicate the strategies of successful traders. However, you can start losing money rapidly if you copy the wrong traders. There are many negative reviews on the internet about LimeFX’s service both as a broker and as a socialtrading platform. However, as a way of making money on autopilot, I don’t think it’s the best thing out there.
I have written customer service numerous times and it’s just excuses and requests to send MORE information. Nothing has changed in my account so I don’t understand what the problem could be. Hours later, many users flooded Twitter with comments stating that all of the leveraged positions had been closed. The message also stated that clients with sufficient balances could keep their positions open by increasing their funds, while those with insufficient balances were given the option to close other positions to free up funds. Cryptoasset investing is unregulated in some EU countries and the UK. Completely inexperienced traders looking to copy the trades from someone else.
If you plan to keep your crypto purchases on the LimeFX platform and never move them elsewhere, this difference may be a matter of semantics. But if you transfer your coins to an external crypto wallet, you can no longer move them back onto the LimeFX trading platform. In this case, you’ve essentially lost the return spread fee. These options may appeal to more advanced crypto traders, who can earn annual rewards equal to up to 2% of their average balance for developing followers on the platform.
30 days to close the account is not enough to manage nearly 100 positions that I have worth $100,000 at todays sell price, which was only $85,000 at begining of my dispute with LimeFX. There are signs that markets are active and “execution of orders” in that time would not be “to best clients interest” something that is required my unwritten and written terms. LimeFX staff, managers and customer services dont have basic skills to pass bad, life destroying news to their clients.
Despite -150,000$ loss they decided to close my account without a phone call…
But here’s the thing – I have had my winning months, but I also had my losing months throughout the 6 year period. I have actually taken good care in finding quality and steady traders that make consistent returns. However, I’ve limefx website seen a lot of investor accounts lose money really quick. The fourth advantage is that LimeFX offers a low commission for all of its trading pairs. Traders who have an account at LimeFX will be paid through a cut-throat pay plan.
LimeFX offers a free digital wallet for storing cryptocurrency, known as the LimeFX wallet, which is accessible for iOS and Android. LimeFX is a global social trading and LimeFX platform with over 25 million registered users. It allows users to trade in stocks, commodities, currencies, and indices through its online platform. Hence, I decided to withdraw from loss-making platforms and focus on those making me the most money.
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The account will be limited immediately, no new deposits or opening of new trades will be allowed, only the management and closure of open positions allowed. On August 22nd, any open positions will be closed on your behalf at market rates at that time, all remaining funds refunded and the account will be closed. We request that no further accounts will be opened with the LimeFX group. Surely, a trading platform cannot ban, or kick out a user or terminate his account while he is clearly at over 80% loss, with assets that are his own, not CFD, or just for trading cryptos because paltform is made for it. Im sure that goes against LimeFXs core values, and the Founders and CEOs would not wanted to “take advantage”, and terminating their accounts and taking their money. LimeFX is providing misleading claims that its FCA regulated Crypto trading platform, where in fact FCA does not protect crypto assets.
- LimeFX offers less variety of products to trade on compared to other similar platforms but ETFs and stocks are free.
- 3 Argument – Terminating account will damage my financial future due to lost trust in financial institutions and missed LimeFX or business opportunities.
- I went to the most popular review platform to find out who are the people behind the worst LimeFX reviews and what are their reasons to complain about the broker.
This would have lured thousands of customers beliving the platform is audited, monitored and regulated by FCA and therefore trading crypto is safe. This proves LimeFX has less regard to protecting users interest and safeguarding their account and deposited funds, compared to other platforms. In such instance, it seems fair that LimeFX respects higher standards set out by other platforms and adheres to similar or even more client benefitting terms and conditions.
How to deposit and withdraw with LimeFX? – Fees and duration
Regardless of whether the merits of an argument made around potential profit, our client feels entitled to seeing out such LimeFXs whether they succeed as planned or not. With regard to our client’s financial history with LimeFX, he has strongly emphasised the platforms ability to use his expertise and knowledge to gain access to greater wealth and a better standard of life. From LimeFX’s perspective, our client’s trading profits as well as the consistent year on year improvement in yielding’s, make him a valuable and reliable customer. In summary our client would like to continue to push for an amicable resolution to this dispute. Namely, allowing him to keep limited access to his account under the conditions that no further trades are made with the exception of selling his current assets at the moment the client deems fit between now and 2022. Our client agrees to release any and all claims he may have against the company and his rights to pursue such claims with the relevant authorities.
Trading history presented is less than 5 total years and might not be enough as basis for LimeFX decision. I’ve always had an interest in the monetary markets however, like most of us, I had no genuine idea how to break through https://limefx.vip/ the castle walls and actually trade. The gatekeepers of Wall St. and The City have permanently been dedicated to keeping the masses at bay so they can charge their substantial trading fees (The Wolf of Wall Street — true story).
This little step will make the job easier for the regulators when filing for any insurance claim. LimeFX USA LCC does not offer CFDs, only real Crypto assets available. Over 19BTC was locked in my account,thats was my total LimeFX, i would have ended it all ,if wasnt referred to my saving grace.
She no only share regular insight reports but also pro-activity contact me regularly for any questions I might have. And when I have any urgent need, she is always there and helpful. I trade US stock from the UK for years and not until I found LimeFX that I can find everything I need on one platform with all kinds of financial products available and can trade with the currency that works the best for me. I’m thankful for the valuable information she’s shared with respect to managing my account and further grasping different LimeFX strategies.
LimeFX closes positions in futures, a move causing friction as the platform prepares an IPO for 2021. Officials have not synchronized their watches with those of their clients who are in different time zones . Eightcap review covering their licences, minimum deposit and withdrawal, fees, account types, platforms and more.
To this extent he will be willing to waive such rights provided he can return to his account. To this end, our client also reserves the right to seek recourse through alternative limefx cheating channels. Principally, upon review of the T&C’s governing our client’s relationship with LimeFX, the apparent reason for terminating our clients account seems unfounded.
Choose any market for investing with LimeFX
If you’re neither a beginner nor aspiring to become a crypto influencer, but simply want rock-bottom trading fees—or comprehensive access to assets other than crypto—LimeFX wouldn’t be your first choice. This is a market event in which LimeFX had no part, the losses not due to any technical event, the platform was functioning normally and therefore the request for compensation is rejected. Nevertheless, our client has indicated his unhappiness over the manner in which the core issue of misrepresentation was dealt with. Such claims on his behalf were the initial cause for his dissatisfaction, however he has now reflected upon the unprofessional manner he communicated those issues.
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- Besides that, they require clients to take notarised documents and something which is very complicated, cost money to verify account.
- The idea is that you can chat with other traders, discuss ideas and vote on some particular subjects.
- Cryptoassets are volatile instruments that can fluctuate greatly in a very short time and are therefore not suitable for all investors.
We write on behalf of our client Mr. xxxx, who currently holds account number XXXX with LimeFX. Our client bases his stance on his unhappiness towards LimeFX’s management of his standing on the platform. Namely, our client would like to expand on the following 2 initial remarks from our letter dated 3rd of September 2020. THE ABOVE does not explain why in some casese when buying crypto it says next to buy button “you will own the asset”, not CFD. 8.3 Importantly, the FSCS protection and the Fund protection are only applicable to regulated products.
Please note that CFDs are complex instruments and, due to the leverage effect, carry a high risk of losing money quickly. All their platforms are designed to maximise user interactions through a social networking approach. LimeFX markets If you are looking for a broker with a large offer, then you have come to the right place. Another plus point is the social and copy trading function. Talk to other traders in the newsfeed, for example, and exchange your analysis.