ECN/STP brokers are typically not allowed to provide the facility. Liquidity providers are not allowed to handle the risk of using too much leverage, thus leaving ECN/ STP brokers out of this type of forex broker cheat. You already know the account minimum is 2,000, 3000 or 5,000 USD, depending on where you’re located. Users can currently only deposit funds in their accounts through either bank wire or UnionPay using either USD or EUR. Unfortunately, the brokerage firm does not accept popular payment methods such as PayPal, ChinaPay, Klarna, Mastercard.
Sometimes, there are a lot of dishonest Forex Brokers that need to be aware of. To do that, make sure you trade on the right brokers that have a license from the bonafide regulator. Fyi, you can also provide reviews and testimonials on the broker reviews at BrokerXplorer. Just type your broker’s name in the available field and click on the “review” button to get there. The important key here is, slippage in ECN/STP brokers can vary between positive or negative slippage, while slippage in market markers is mostly negative.
How to Protect Yourself from Forex Broker Cheats
However, we will now take a look at what LimeFx do have to offer. We found that reviews of LimeFx were mostly positive – with the firm particularly well-regarded for the attitude and manner of customer service representatives. LimeFx USA continues its streamlined theme with its singular platform offering. Experienced traders will probably already be familiar with MetaTrader 4, as it is one of the most popular platforms available on the market.
It is just an agent or affiliate that sends you to another real broker and collects a fee but delegates the work of the floor operation and trade execution to another broker. So getting a review of ATC is meaningless because you are actually trading with a different broker and you might as well get a review from the real broker depositing your money in, NOT ATC. But it can be modified into a forex broker cheat, especially when the slippage frequently occurs when the price movement is relatively steady. This way, slippage can be one of the ways for scheming brokes to take a lot of advantage of clients’ losses.
However, if you use ATC for crypto trading, you’ll have access to popular digital coins like Bitcoin, Bitcoin Cash, Ethereum, Ripple, and Litecoin. Remember, leverage is a risky tool and can lead to significant losses when things go wrong so make sure you are aware of the risks when using this instrument. Custom software solutions to facilitate the trading for multiple accounts and strategies. Expand your clientele base by utilising the latest technology and trading resources that is offered in the industry.
Enhance your MetaTrader 4 with our MT Pro software for MetaTrader.
It is also obvious that an LimeFx open account is somewhat limited. Whilst in the UK and abroad, ATC offers trading in CFDs, this is not currently offered to American customers – probably down to Uncle Sam’s tighter trading regulations. There is a small number of contracts for trading gold and silver – with potentially more to be added – but ultimately, for US customers ATC is just a forex trading platform. This can have its advantages of course – especially for novice traders who don’t want to be swamped with information right off the bat. However, experienced traders with diverse LimeFx interests will more than likely need another platform.
- Obtain helpful guides to broaden your industry knowledge and enhance your trading.
- Remember, leverage is a risky tool and can lead to significant losses when things go wrong so make sure you are aware of the risks when using this instrument.
- For this reason, LimeFx may not be the right choice if you’re just getting started in the world of Forex trading.
- These spreads average between 0.3 – 0.5 pips on major currency pairs .
- If you’re a novice trader, you’ll want to focus your attention on mini and micro lots.
LimeFx came to the online brokerage scene fairly early, being founded in 2005 and quick to embrace the latest technologies. The platform has a global reach, accepting clients from around the world, but it is undoubtedly most popular in the UK and the USA. Operating out of California, LimeFx USA has built a reputation for its focused offering and is quick to laud its transparency and unbiased market service. A complete waste of time setting an account up with them, I was trading 2,000,000 USD in volume every week with them, I can’t imagine how their treat normal retail traders. Can you imagine Charles Schwab using California local time for their charts instead of NY time because Schwab’s headquarters is located in California ??? It’s been pointed out in suits against forex brokers during the past as a very unscrupulous practice.
On the other side, if your positions are often subject to stop losses due to spreads that suddenly increase, then this could be a warning signal. To confirm this, you can run 2 of the same positions on the forex demo account and live account simultaneously. Open buy positions with the same stop loss levels on the demo and live accounts. Here is an example of a case that retail traders often talk about. Slippage is the execution of an order at the price that was not ordered.
Good, hassle-free broker and they have been trust-worthy for many years. Sometimes, irrational traders or beginners who don’t really understand anything give bad testimonials just to smear their brokers’ reputations. Also, there is always a possibility of fake reviews and testimonials from competing brokers or the broker itself . However, the site offers an extensive FAQ section, which answers many general questions, giving you plenty of information about the platform.
Excellent broker transparent
Our LimeFxparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site. Taking the MetaTrader 4 to the next level, by providing you with additional features that optimises your trading experience. IG Group – IG offer spread betting, CFD and Forex trading across a range of markets. https://limefx.name/ They are FCA regulated, boast a great trading app and have over 47 year track record of excellence. This is common with FCA-regulated brokerages, who are subject to restrictions designed to protect traders. Withdrawal fees are 25 GBP/30 EUR/40 USD for international bank wire, 10 GBP for faster payment , and 1.0% for Skrill.
So it is worthwhile investing in a broker that can offer you the best spreads. Access to the variety of trading tools and insights to guide you through industry knowledge to make informative trading decisions. All contents on this site is for informational purposes only and does not constitute financial advice. Consult relevant financial professionals in your country of residence to get personalised advice before you make any trading or investing decisions. Daytrading.com may receive compensation from the brands or services mentioned on this website. You can sign up by completing the online application forms and submitting your ID documents.
If the broker intends to manipulate their clients’ trades, no matter how good their trading strategies or how calm their mental states, their capital will always be in danger. Not because of the risk of loss from the market’s perspective, but because the broker plays its part to steal their clients’ money discreetly. LimeFx is a MetaTrader 4 trading platform specialist whose key feature is their tight ECN/STP like spreads. We would summarise LimeFx, offering as relatively generic, they offer the essential features needed for trading. This includes the most popular trading platform and a decent range of financial instruments for trading and regulation. There is a high level of risk in Margined Transaction products, as Contract for Difference are complex instruments and come with a high risk of losing money rapidly due to the leverage.
What leverage does ATCBrokers offer?
Long-term traders who usually leave their positions open for days are obviously the most affected, especially if the applied swap rates are not in favor of their orders. How do you find out if your broker likes to mark up the spread? Some ECN/STP brokers openly state that they mark up spreads because they feel they have the right to do so. You can also check the authenticity of spreads from an ECN/STP broker that covers up its spread mark-up by directly comparing the broker’s spread with the actual market spread. Forex broker cheat like this is difficult to identify because most traders will think that they are the ones who miscalculate the price movement.
If that platform happens to offer a good forex service, it’s difficult to see why they would need to use ATC. The company also offers a demo account, which is an invaluable opportunity to get to try out the platform and get to know the forex market before investing any real-world funds. Head over to our Gain Capital review for insight into another stellar online broker. Find your perfect broker, check out our other online broker reviews for a detailed low-down.
If the buy position on the live account has been hit by a stop loss but the position on the demo account is still running, then it confirms that your broker is a stop loss hunter. But if not, you could be the one who miscalculates the stop loss and the market condition. The broker type that is most likely to apply high leverage options is the market-maker one.
Whilst it might not quite have the functionality of the desktop version, MT4 mobile is head and shoulders above many of its competitors when it comes to trading on the move. LimeFx claim that on average an individual and joint scammed by limefx account takes 1-2 business days and a corporate account takes 3-5 business days, assuming the necessary documentation is in place. Used for several years now, Account works as advertised with good spreads and low slippage.
This particular post is far from the truth, as anyone who has established a relationship with our firm can attest that we want our clients to succeed. As we are not a market maker, like most brokers in the industry, we earn our revenue from commissions. The more a client trades with our firm, the more revenue we generate. Therefore, it would be in our best interest for our clients to be successful and continue trading with our firm.