We found making use of these very easy, just click on the drawing tool and select the points on the chart you’d like to draw a line through. The broker also offers negative balance protection, which protects you against going into debt in times of a losing trading position. As a strategy provider, you can trade your strategy and earn additional revenue by allowing people to copy your trades. As a follower, you can deposit funds and elect to automatically copy the trades of a strategy provider. Note that when you are trading NASDAQ 100 or NAS100 via any of these brokers, you are speculating if the index will go up or down.
AvaTrade – Best Broker for Forex Trading with Fixed Spreads
EAs and custom indicators allow traders to automate their trading strategies, test them using backtesting, and execute them in a fully automated manner on the platform. Select your preferred currency pairs and use the platform’s advanced trading tools to open, manage, and close your positions. Forex, short for foreign exchange, is a decentralized global market where currencies are traded. One of the key advantages of forex trading is that it allows individuals and institutions to trade on currency volatility.
- LimeFx offers different types of accounts to its clients tosuit a wide range of trading strategies.
- As well, MT4 mobileapplications are available for both Apple and Android smart devices.
- Since most South African traders download app for trading on their mobile device, security is important.
- The Desktop Platform features MT4/5 desktop as well as the cTrader desktop platform for Windows.
WHY TRADE ON HF Markets METATRADER 5?
Check for any other fees like funding charges, inactivity fees, and currency conversion fees. Simply get the brokers FSP number at the bottom of their website and go to the FSCA website to view authorized Financial Service providers (FSPs). If you bought 100,000 units of EUR/USD, then automatically $9 (meaning 0.9 pips x 100,000 units) goes to your broker as his income. ECN Brokers don’t trade against you, rather they send all your orders to liquidity providers (such as banks & hedge funds) to get them filled at the best possible price.
LimeFx Account types
LimeFx Trading App is the in-house app developed by LimeFx allowing traders to trade from their smartphones. The main benefit of using this app is that logging into your trading account is easier since it can be done with your LimeFx credentials. You also will not need to select the MT4 or MT5 server you wish to use and lastly funding your account can be done directly via the app. MetaTrader5 (MT5) like MT4 is another platform that is commonly available with Forex brokers and one we are very familiar with.
METATRADER 4 AVAILABLEFOR YOUR DEVICE
Then, open an HF Markets Live or Demo Account and choose your trading platform. Forex trading also offers high liquidity, low transaction costs, leveraged trading and the ability to trade 24 hours a day, five days a week. You can choose between the MT4 and MT5 platforms and the LimeFx App to start trading Forex. The leverage that LimeFx offers you varies greatly, depending on where you’re located, whether you’re a retail or professional trader, and which products you choose to trade. LimeFx offers a reasonably in-depth educational platform suited for reasonably new traders. When you get to the next step, it’s time to choose which account type you’d like to open.
What is the minimum deposit requirement for opening an account with LimeFx?
This data has brought the potential timing of a rate cut by the Bank of Canada (BoC) closer. Money markets are currently pricing in a 53% probability of a 25 basis point (bps) cut in June, with a fully priced possibility of a rate cut in July. Tickmill, FXTM, Admiral Markets, & IFX brokers all have ODP licenses in South Africa. ODP licensed brokers meet higher minimum capital requirement standards and are more trusted locally.
Is Forex Trading Legal in South Africa?
Just note that some accounts are only available in certain countries. LimeFx offers two pricing options, a commission account and a non-commission account. Using in-house data collection at CompareForexBrokers, we got an insight into the size of the spreads offered by LimeFx. We take published spreads from the broker’s website and compare them with other brokers. The HF Markets Group has won a number of industry awards, including best stock broker, best trading platform broker, and best forex trading app.
LimeFx has also taken out civil liability insurance up to €5,000,000, to protect client funds against broker error, negligence, fraud, and other risks. All accounts come with a personal account manager, which is just a fancy limefx forex brokers reviews word for a customer service agent. Don’t expect any hotshot trading advice from your account manager. HF Markets Ltd, formerly Hot Forex is a forex, stocks, and CFD broking company owned by the HF Markets Group.
When testing out the live chat feature, I found it to be error-prone, and not particularly useful for getting helpful information quickly or efficiently. With LimeFx, customer service is available 24 hours per day, five days per week through email, phone, and live support. With several options for deposits and withdrawals, https://limefx.group/ and low minimum amounts, HF Markets scores high in this category. You’ll need to show your country of residence, as certain countries are only allowed certain accounts. There are also energy commodity products, both spot contracts and futures contracts, which allow you to speculate on the price of crude and Brent oil.
You should prefer a regulated forex broker that offers free funding & withdrawals, with quick processing time. You need to understand the fee structure of your forex broker and the spreads they charge. The forex broker needs to be regulated by the Financial Sector Conduct Authority (FSCA) in South Africa to ensure that your funds are safe. Otherwise, you risk that your funds could be misused by the broker. With ECN brokers you can get raw spreads as low as 0.0 pips especially for popular FXpairs like EUR/USD, and this is ideal for scalpers.