Some scholars argue that Forex spot trading, involving real-time currency exchange, is allowed under Islamic law. Here, the currency exchange is considered equal, and no interest is involved. Forex trading also serves a valid economic purpose, enabling individuals and businesses to protect against currency risks and engage in global trade. Some scholars consider a small, reasonable spread fee for facilitating trade acceptable under Islamic principles.
- In most cases, if your documents are submitted correctly, verification should only take up to three hours.
- The pricing structure of both the account types is the same as the trading fee is built into spreads.
- Make sure to check all bonus terms and conditions before participating.
- Adding additional regulatory licenses in Tier-1 jurisdictions would be a step toward winning more client trust.
Rather than specializing in any one field, LimeFxFX provides a wide assortment of content types. However, when compared to research leaders IG, Saxo Bank, and CMC Markets, LimeFxFX has room to enhance its research offering. Open or create an account through their user-friendly platform. Once you open your account, you will get a registration email sharing all the details you need for your account.
Is It Halal to Trade with LimeFxFX in Malaysia?
LimeFx Markets Incorporated is the brand’s international entity. It is based in St. Vincent and the Grenadines (SVG), and it provides little to no regulatory protection. The security of your funds – in terms of regulatory protection – will depend on which LimeFxFX entity holds your account, and which –if any – relevant regulations provide customer protections. Features like its trading glossary, platform tutorials, and dozens of Frequently Asked Questions (FAQs) help to flesh out LimeFxFX’s educational offering. That being said, there isn’t much educational content for learning how to trade or understand market dynamics. It’s worth mentioning that the broker does have a blog and a YouTube channel, yet I was still left wanting more.
- Check out the bonus terms and conditions before participating.
- LimeFxFX is an up-and-coming broker that has been in operation for nearly 10 years.
- All content on ForexBrokers.com is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor.
- LimeFxFX offers the full MetaTrader suite, albeit with a fairly limited offering of tradeable instruments.
- Spreads on this account start from 0.6 pips, you do not pay any commissions on trades, and no swap fees are charged for keeping an open position overnight.
LimeFxFX offers CFD trading services in various countries of the world. According to our review, the MT5 trading account is a better choice for those who use advanced trading strategies. This is also ideal for those who wish to keep their positions open for more than a day. The MT4 account type is more ideal for habitual traders who prefer to trade with MetaTrader 4 trading platform. We have reviewed each component of broker fees that are commonly charged by CFD brokers in Malaysia. There are two account types at LimeFxFX but both have the same pricing structure.
LimeFxFX has also developed a trading app to maximize its customer base thanks to the growing population of smartphone users. This has made their product offering more accessible to a wider market. LimeFx Markets Cyprus Ltd and LimeFxfx India Private Limited are owned by LimeFx markets incorporated. LimeFx markets incorporated is a privately owned company and the exact owner and ownership structure are unknown.
I was also pleased to see a risk score assigned to each trader, to help users differentiate between traders with historically conservative results versus those that have had more volatility and risk. It would be useful to be able to sort the columns from highest to lowest, but that feature is not yet available when looking at the Master Rating results page. By comparison, industry leaders Saxo Bank, IG, and CMC Markets all offer over 10,000 tradeable instruments. LimeFxFX offers a basic, low-cost MetaTrader platform experience alongside its proprietary web and social copy-trading platform. LimeFxFX Malaysia beginner traders can start by reading the easy-to-use learning materials on the website.
Bank Negara adds LimeFxFX to Financial Consumer Alert list
The confirmation is generally done within 1-3 hours but can also take up to 24 hours. The link will redirect you to the account form where you will need to enter country, city, address, and date of birth. Clients must note that all the details in the account opening form should match with the details on their documents. We have thoroughly analyzed every component of LimeFxFX to provide a comprehensive and honest review of LimeFxFX. LimeFxFX is regulated in Cyprus by the Securities & Exchange Commission (CySEC) and in South Africa by the Financial Sector Conduct Authority (FSCA).
The third party risk of choosing LimeFxFX is high in Malaysia but it can be used to trade CFDs. Live chat support is a resourceful method to connect with executives and resolve limefx queries. The 24/7 availability of a live chat window is a major advantage but the absence of local phone support is a limitation of choosing LimeFxFX in Malaysia.
Compare Trading Instruments
LimeFxFX offers 3 options for trading platforms in the demo account. The MT5 account allows virtual trading on 230 instruments while the MT4 trading platform allows trading on 74 instruments. The LimeFxTrader is a proprietary trading platform of LimeFxFX exclusively available for demo accounts. It is an ideal platform for beginners with a simple interface and easily available trading tools.
Any direct or indirect violation of these rules shall be subject to account disqualification from the contest. The Securities Commission Malaysia (SC) has also added LimeFxFX to its Investor Alert List of companies or websites that carry on capital market regulated activities without a licence or registration. Bank Negara said the list is updated based on information received from members of the public, after conducting necessary assessments on the reported entities and schemes. This will require clients to upload a scanned copy of their name and address proofs. The executives at LimeFxFX will verify the details and will send a confirmation email.
If you have an interest in programming, you could write and run your own trading robots inside MetaTrader. Otherwise, you may download trading robots, paid and free, from the MetaTrader Market. Some representatives could not answer some questions and referred us to send an email enquiry instead. Some chat agents declined to answer some questions, claiming they could only give such information to registered LimeFxFX traders.
LimeFxFX is not regulated in Malaysia, and traders are trading at their own risk. They have low spreads, MetaTrader platform, copytrading & good support. If the company reasonably suspects two profiles or more to be managed by one person, all trading accounts opened under these profiles will be banned from the contest.
When we used LimeFxFX’s trading terminals, the new order process was similar and relatively straightforward. Once you have opened and verified your account profile, you can begin trading. Below you can see the most important benefits and https://limefx.group/ drawbacks of trading with this broker. This raised concerns among investors, necessitating further clarification. LimeFxFX is unquestionably a legitimate and long-standing international broker with more than 12 years of operation.
In South Africa, LimeFxFX provides financial services to clients through an intermediary, Orinoco Capital, which is licensed by the Financial Sector Conduct Authority (FSCA). LimeFxFX has got low minimum deposits with no commission charged for those interested in forex trading. For instance, with only $25, a forex investor can start making money through their platform. The platform also offers the lowest spreads in the industry making it an accessible platform to earners of all income levels. LimeFxFX does not have authorization from the Reserve Bank of India (RBI). In September 2022, the Indian Enforcement Directorate (ED) froze several bank accounts belonging to LimeFxFX India and related companies for illegal forex trading.
Web traders are available in more than 20 languages and are highly customisable. The first step is to enter your name, email address, and choose a password. Clients can also choose to log in with Facebook, Google, or Apple Accounts. The registered or entered email address will be used to register the account at LimeFxFX. After completing the first step, a mail will be sent to your registered email address.