Trading account types compared: assets, benefits, conditions

Once you open numerous short-term orders, the most important thing is to close the orders with proper timing. That is where robots come in, providing accuracy in Forex and index trading. For instance, the EAs are programmed to monitor fluctuations in various currencies and automatically enter and exit market orders once your predetermined trading indicators are reached.

  1. Their names are given as a three letter abbreviation known as ISO code, where the first two letters represent the country and the third one is the name of the currency.
  2. To practise your trading skills safely, try opening a risk-free Forex demo account before creating a real one.
  3. To check how much approximately will be required to open a certain position, you can use our Forex Calculator.

Choose from 300+ trading instruments, including shares, commodities, and indices. Kar Yong achieved financial independence through trading and investing, recognized as a top FX analyst and trainer in Asia. We think it is odd that LimeFxFX does not have an email or phone contact and we thought their live chat could be more knowledgeable. This wasn’t good, and we’d like to see LimeFxFX improve greatly in this department.

MT5 has 44 analytical objects, including Gann, Fibonacci retracements, Elliott Tools, Geometric Shapes, and more. Apply objects on charts manually, set calculation parameters, and customize the appearance of graphical objects according to your taste. Whenever you encounter an unfamiliar term, word or market phenomena,  you can check its definition and description in the Forex Glossary. As per the recent updates, LimeFxFX and other international brokers have been put on the alert list by Indian authorities because they were operating illegally. The deposit and withdrawal for LimeFxFX are commission-free, and most of the payment options are instant, but some might take 30 mins to 1 hour.

The MT4 platform has ultra-intuitive charting options and all the most common technical indicators. It’s very simple to enter buy and sell orders, as well as set stop-losses, you can even use Expert Advisors (EAs) for automated trading. Lastly, you can trade 30 different cryptocurrency CFDs on the LimeFxFX platform.

Register for LimeFx’s long standing Forex Demo Contest, which has a $1,000 prize fund and lasts for a month. To participate in this contest, simply register for a new Demo account. There are prizes of $500, $300, and $100 for the first, second, and third positions, respectively. MetaTrader 5, or MT5, is a next-gen multi-asset trading platform that will replace MT4 in the very near future.

Moreover, you do not need trading experience for copy trading, so even novice traders can participate without incurring losses and risks. The LimeFxFX app is also available for traders to download and practice convenient trading from anywhere in the world. The LimeFxFX trading app is supported on iOS and Android; simply go to the website and navigate the trading platform space.

The Next Generation Trading Platform to Replace MT4

Opening a MetaTrader 4 Demo Account is the best way for a new trader to check out the platform, get familiar with the tools and learn trading techniques. The account works like a live account, except that it allows you to trade with virtual money rather than real money. Once you feel confident with trading, you can migrate to MetaTrader 5 to get access to even more features.

Do I need to install MetaTrader to trade on a demo account?

The LimeFxFX platform is essentially a white-label licensed version of MT5. The main advantage of this platform is easier sign up and less hassle when making deposits and withdrawals. Each platform runs on Windows, iOS, and Android, so no matter which device you trade from, you’re free to use the platform you like the best. LimeFxFX is also registered as a company in Saint Lucia, and its trading name is LimeFxMarkets. LimeFxFX only has a spread-only account, meaning no commissions are charged in addition to the spread. MetaTrader 5 scalping allows you to turn many small profit opportunities into a big one.

Learning how to handle orders and manage your risks is safer and easier on a free demo trading account with simulated dollars.The LimeFx trading demo account boasts all the features of the real one. LimeFxFX offers two types of trading accounts with both being the same except one is with the MetaTrader 4 (MT4) trading platform and the other is with the MetaTrader 5 trading platform (MT5). We think LimeFxFX is a very mediocre option for currency and CFD trading due to the lack of account options, expensive trading spreads, and rather average customer support. The main appeal of this broker is that you can use it if you want unlimited swap-free trading. This feature is a unique offering given that most brokers limit the swap-free period, replace the swap fee with an administration fee, or require you to prove your Islamic faith.

Your reliable partner in the financial market

LimeFxFX demo accounts are available with MT4 and MT5 and have no time restriction on the trial period. With this in mind, the demo accounts are effectively a practice account. You can use all features including all the trading products available for trade and Expert Advisors for automation.

Read our full explanation and accounting of our research and testing process to learn more about how we test. The following table summarizes the products available to LimeFx clients. Use our country selector tool to view available brokers in your country.

We can tell you that LimeFxFX has segregated accounts, which is the minimum you would expect to see from a broker as you don’t want them to be able to access your funds. They also claim to have highly skilled security engineers and technical specialists to ensure your data is safe. The broker is regulated by Cyprus’ CySEC (Cyprus Securities and Exchange Commission), which means it can offer trading services to all clients in the EU. CySEC must comply with the same requirement set by ESMA (the financial body for the EU) that all financial regulators within the EU borders must follow.

Its back-testing functions are not only faster than those of MT4, but it also allows simultaneous multi-pair testing. To open a position you need to have a certain amount in your balance, which is commonly referred as to required margin or just margin. No, you can start trading right after you sign up and create your first demo account with LimeFx. LimeFxFX has multiple contests, including a demo contest and an Archive contest. You can win up to a $1000 prize in the demo or Champion contest by efficiently trading with your demo account. Trading in the Muslim community is considered haram, but swap-free trading accounts, which do not include interest charges, are considered legitimate.

The customer service reps seemed not to be trained to handle very basic questions, so we imagine if you have a complex inquiry, you will be pulling your hair out. All in all, LimeFxFX does have a good range of funding options but it does seem they are lacking limefx official site in funding options you would expect to see such as BankTransfer and VISA. Copy trading is a cool concept, but we urge you to be very cautious about who you copy and do your due diligence into the skills and trading strategy of anyone you want to follow.

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