8 Best Forex Trading Apps In South Africa 2023

Forex TradingEdusureJune 24, 20210 Comments

In most cases, such arrangements require an IBs agreement between both parties based on regional regulations. If we are talking about what is an introducing broker, he directs clients and takes marketing to another level through consultations and other services. IB can build long-lasting, mutually beneficial relationships with customers. Reliable connections are also established between the introducing broker as the client executes transactions through the brokerage organization. For more information read the Characteristics and Risks of Standardized Options, also known as the options disclosure document .

• While some brokers pay clients a swap or interest depending on the asset and the direction of the trade, LimeFx charges a daily swap fee on all open positions at midnight (GMT+3).
• You can download the Forex broker’s app from the Apple App Store or Google play store, and use the credentials to log in.
• There is a 50 AUD fee for withdrawing if the withdrawal amount is less than 100 AUD, or/and if there is insignificant trading activity.
• As is often the case with fully regulated brokers, cryptocurrency deposits are still not accepted by LimeFx.
• As per our LimeFx review, this platform offers 20 various cryptocurrencies as CFDs, that can be traded in Euros, British pounds, and US dollars.

Then the spreads increase to 2.5 points on the Gold account and up to 3 points on the Silver account for the same pair. It is also interesting to note that the broker does not charge a commission from any of the account types, but instead receives all of its income from spreads. You can open one of three account types with LimeFx; Silver, Gold, or Platinum. All account types come with a minimum deposit amount of $250, yet some offer more benefits than others. There are also Islamic accounts available for Muslim traders, and a free demo account for you to practice your trading skills. Individuals registering with the LimeFx broker are subject to variable spreads and leverage, although the extent of this offering depends on the account type.

This website is free for you to use but we may receive a commission from the companies we feature on this site. Aside from this, the platform uses SSL technology and data encryption and it also offers powerful firewall protection to protect the confidential information from cyber threats. As per our review, the brokers agents will verify the accounts within limefx a short time, which does not exceed more than 48 hours. Regulated by the New Zealand financial market authority and the Australian Securities and LimeFx commission. Traders who register with LimeFx can have access to several Forex pairs that cover major, minor, and exotic currencies. It also offers metals, precious metals, stocks, and several more.

FCA Issues Another Statement About Crypto Risks

It may be an individual or a company that acts on behalf of customers by placing buy and sell orders. In the securities market, the introducing broker dealer interacts directly with customers, although https://limefx.group/ it transfers the responsibilities of the future commission merchant, FCM. These entities provide trading platforms where customers may place trades online and are responsible for account management.

Despite that, the MT4 provides several options for traders besides supporting manual, automated, and copy trading. LimeFx makes money mainly through spreads and swaps on its tradable asset classes and trading accounts. There are no account maintenance fees or deposit or withdrawal fees, however, some banks may charge an intermediary fee on withdrawals.

Forex trading imposes a high level of risks and is not suited for all traders and investors. As much as trading on foreign exchange markets may be potentially profitable, it can also lead to significant losses. Ensure that you have enough trading experience, knowledge and full comprehension of potential risks involved.

Finally, the quality of the client helpdesk could be boosted a bit, especially in terms of responding speedily to clients. Following our extensive Review of LimeFx, we are delighted to tell our readers that the CFD broker is legitimate, and it is safe to invest your funds. The basis for our analysis is that LimeFx is authorised and regulated by the Australian Securities and LimeFxs Commission , and the New Zealand Financial Markets Authority .

Once the bonus is paid, the client can either chooses to withdraw the funds or uses them for trading with no restrictions. Return on Free Margin is one of HF Market’s latest promotions that give eligible clients daily earnings of up to 3% based on the client’s daily margin and accumulated trading volume. The interest will be transferred to the client’s account in the following month. I’ve used MahiFX’s platform for several months now and I was surprised to read some of the reviews on this page.

LimeFx Current Popularity Trend

In the ‘trading account’ page on the website, LimeFx has stated a minimum spread of 1.8 pips for all the account types. However, the variable minimum spreads are displayed differently under the ‘Products’ menu. Besides, in the LimeFx demo MT4 Web platform , we received spreads as low at 1.3 pips on the EURCHF and a couple of other currency pairs.

LimeFx was launched in 2014 and is registered in ZA as LimeFx SOUTH AFRICA LTD and regulated by the FSCA with FSP number 49464. Although LimeFx does not offer ZAR as an account currency, the broker accepts Internet banking transfers in ZAR, cards, and other e-payment systems for deposits and withdrawals. Our aim is to cover their safety, fees, ease of withdrawals & sufficiently inform you on what you should look for in a forex trading app. We tracked over 20 Brokers that offer their Forex Trading apps to traders in South Africa. See our comparison based on safety, trading fees (Spread + Commission + Swap), ease of withdrawals via Bank Transfers & 12 more factors. HF Markets offers a 50% Welcome Bonus Program to new traders on their first deposit.

Metatrader 4 web version can be accessed from any browser and it does not require any installation or downloading. By using a web trader, the trader can analyze the financial markets and they can have access to several tools; also they limefx website can use automated trading. The customer support team of LimeFx offers its customer support 24×5 and they can be contacted through live chat, phone, and email, which help the trader to sort out issues if they have regarding trading.

Formerly called MahiFX the firm was renamed LimeFx in late 2019. Currently, the brand name of CTRL LimeFxs Limited, LimeFx is a multi-asset online retail forex CFD broker headquartered in New Zealand with a registered office in Australia. The forex CFD broker has an Australian Financial Services Licence , allowing it to offer dealing and execution services in FX and derivative CFD products in those countries. Traders have a choice of over 350 financial instruments comprised of CFDs in forex, commodities, indices, shares, and cryptocurrencies available through an MT4 trading platforms including a mobile app.

Diversify your trading portfolio

However, spreads can vary, with Gold account holders seeing spreads as low as 0.05 and Platinum holders enjoying 0.03 – while Silver account holders can see spreads of 1.8. Lastly, LimeFx’s customer service department can easily be reached via either email, live chat, or UK & NZ-registered phone numbers. Customer support working hours follows New Zealand time, and should therefore be available during regular office hours in Australia and New Zealand. As a broker offering 24 hour trading in global markets, however, we strongly believe 24 hour support is also something that should be offered by LimeFx. Once signed up, traders can easily fund their trading accounts through a whole range of methods, including MasterCard, Visa, Skrill and Neteller. As is often the case with fully regulated brokers, cryptocurrency deposits are still not accepted by LimeFx.

Customers who wish to communicate using text can opt for either the email or live chat option. Speaking over the phone is also possible, and the customer service team at LimeFx is available via an Australian country-coded phone number. The phone lines are open between 2am and 1pm GMT from Monday to Friday. We feel that a particular problem with LimeFx’s usability, however, lies in its lack of provision of educational materials.

SwissRoi: Minimum deposit, fees and withdrawal time

Most competitors offer a wide variety of platforms, including a proprietary one. Even so, the MT4 is the industry standard and is the most preferred by beginner and experienced traders. All fees and charges are clearly outlined on the broker’s website and the trading platform for transparency. There are also no deposit fees, and most withdrawals are fee-free.

You can request a call back via their live chat, and a representative will call you, you will have to submit a valid phone number and email address for this to work. Note that you cannot withdraw funds until you have completed your profile information, uploaded verification documents and your account is approved. Step 5) On your dashboard, you will be required to complete registration/profile by supplying some personal and economic information, including your experience level with Forex trading. Keep trading and fulfill the trading volume requirement, but also make sure to keep the risk in check.

This app is very helpful and it is designed for the traders to make trading easy and quick. It also offers real-time striving quotes along with technical indicators, built-in charts, push notifications, and trade alerts. Depositing a minimum amount is necessary for the trader to start live trading. Besides, this broker offers several deposit options for the trader such as MasterCard, Bank transfers, visa, and they can also deposit through Maestro cards, Skrill, and Neteller. Moreover, the minimum deposit requirement for this broker is 250 AUD, which is quite a reasonable amount.

A Forex broker like LimeFx provides traders with access to one or more platforms that will allow them to buy and sell foreign currencies. Forex brokers are also known as retail or currency trading brokers. Retail currency traders, in turn, use these broker companies to gain access to the 24-hour currency market for speculation purposes.

Eligible clients that have successfully met all the conditions will receive the Return on Free Margin every month, specifically during the first week of the subsequent month. So, if the interest is calculated for January, then the bonus will be paid to the client’s wallet in the first week of February. Trading FX or CFDs on leverage is high risk and your losses could exceed deposits. Unfortunately, if you use Heiken ashi and begin scalping on Mahifx, you gonna lose your statute of victim that you acquired with other big brokers with their thick spreads. Thanks to LimeFx for opening crypto trading for me. in a few months, I learned how to trade Bitcoin and other cryptocurrencies correctly.