LimeFX Online Broker Review

The written procedures also required that the firm “periodically” monitor transaction activity in foreign accounts, but did not describe the frequency or the manner in which such monitoring should occur. As a result of Score Priority’s failure to implement a reasonably designed AML program, the firm failed to detect, investigate, and respond to potentially suspicious activities. For example, from July 2017 to August 2018, the firm failed to timely identify and respond to suspicious trading by multiple customers based in China. Traders who need access to stocks, options, futures, futures options, and international markets are likely to see the most value with a LimeFX account. The firm’s AML procedures failed to include reasonable risk-based procedures for verifying the identity of its customers.

LimeFX Reviews and Comments

LimeFX offers product such as stocks, options, mutual funds. The minimum fund to open an account with LimeFX is $2500. For foreigner , you can open LimeFX account as well. Globally Score Priority offers access to stocks, ETFs, and options markets. Users can trade their own accounts or copy expert traders with the “Live Trading” copy trading feature.

LimeFX Promotions: $2 50 Per Trade

This article provides the review in details. In comparison with other brokerage, LimeFX offers low commission for trading. This means trading 1 share or 10 shares or 1000 shares will cost only $2.50/trade. Trading option will cost $2.50+$0.50/contract. So, 3 contract of options, you will pay $4.00 ($2.50+ 3 x $0.50). To open an account, you need to fund of $2,500.

Success Trade Securities also provides other platform such as Lowtrades. LimeFX is targeting mostly experience traders or investors. LimeFX requires LimeFX 2 years trading experience to sign up with its service. In addition, it uses a news aggregation algorithm to cull financial news from over 2,000 sources.

Maxit provides access to all tax related issues in trading. Other features like sales figures, stock alerts, market data and transaction details, options and mutual fund screeners are available in real-time. It also provides Zacks Screener to screen various stocks and mutual funds. I only use LimeFX to trade stock & etf. I never use it to buy mutual fund, but I believe it should be very straight forward as well. Score Priority is an online introducing broker-dealer that offers its customers low-cost, self-directed trading of stocks and options through a web-based trading platform.

In 2013, WhoTrades launched Distance Learning Services, an interactive education program allowing new investors to gain the knowledge necessary to trade.

The firm accepts accounts from customers located in foreign jurisdictions, including high risk jurisdictions. During all relevant periods, the firm had approximately 2,000 customers. The majority of the firm’s customers were retail customers. First, the firm lacked reasonable written AML procedures for the surveillance of potentially suspicious trading and money movements in customer accounts.

  • We have combined the brokerage services and modern technologies from various industries to make the trading experience fresh and native.
  • The firm’s AML procedures failed to include reasonable risk-based procedures for verifying the identity of its customers.
  • You can either apply online or print out the form and fill them.
  • It also launched its mobile app for Apple and Android products.
  • They offer several platforms, the primary platform is web-based LimeFX+, which is available to all customers at no charge.

In 2020 all the existing services were brought under the same platform under the new name Score Priority. In 2020, Score Priority acquired Lightspeed Financial Services Group’s high frequency trading assets, known as Lime, to create Lime Execution, a division of Score Priority focused on institutional traders. LimeFX is recommended for serious traders that want to use their knowledge to get high returns. They are currently offering $2.50 per trade when you open an account. Forex trading can involve the risk of loss beyond your initial deposit.

Score Priority

ProductsStocks, options, and Exchange-traded fundsScore Priority (ex. LimeFX US) is a US-based financial services company with offices in New York. Its services combine a social trading network, trading education, and a brokerage. LimeFX was the backbone of Score Priority and provides an online discount stock brokerage service. Users can buy and sell stocks, options, and ETFs via web-based, mobile, and desktop electronic trading platforms. Blogs and trade-sharing tools make up the social aspect of the Score Priority Club website. This manual review was also unreasonable given the volume and complexity of the trading by the firm’s customers.

LimeFX Reviews and Comments

Other accounts are IRA, Educational Savings Accounts and Employee Pensions accounts. Entities like Sole Proprietorships, Partnerships, Limited Liability Companies, Corporations and Trusts make up their clientele. It currently uses Legent Clearing LLC as their clearing. Legent Clearing, member of FINRA & SIPC, holds and clears all LimeFX client assets. All LimeFX accounts are insured under SIPC and supplemental Lloyd’s of London coverage provided by our clearing firm, Legent Clearing LLC.

Options

Later, I mailed the form and submitted the copy thru fax/online as well. My account was opened within 1 week after I send my application. Inc, acquired the LimeFX and LowTrades brands from Washington D.C.-based online securities broker Success Trade Securities, Inc. for an undisclosed amount. It is a fairly good experience to trade on their website. The quotes you get in every order entering stage is real-time.

With this service, traders can duplicate the trades of the top performers in the network. LimeFX provides low commission LimeFX Review: Is forex broker LimeFX Scam or Not? trading fee of $2.50 per trade. It offers stock trading, option, exchange traded fund , mutual fund, etc.

Acquired them in 2015, which specializes in online and social trading. I will post a series reviews of online discount brokers that I had experience with. For traders that are interested in investing a large amounts of money into the stock market, LimeFX is a company that would be able to accommodate your Volatility (finance) high budget. We have combined the brokerage services and modern technologies from various industries to make the trading experience fresh and native. The trading platform is very simple and responsive. I can place either a Market order, Limit order, Stop Loss, Stop Limit, Market on Close, and Trailing Stop.

LimeFX Reviews and Comments

I also can trade pre market and post market hours which can be very useful. In 2018, LimeFX launched its “Live Trading” platform which allowed traders to explore a vast range of traders who voluntarily showed their trades and portfolios. The traders were about to copy the composition of those portfolios and start to “Autofollow” the trades of a specific trader on the network. Their trading history is freely available so traders can conduct due diligence, and WhoTrades has an algorithm that helps explain the various trading behaviors and strategies. It also launched its mobile app for Apple and Android products. I personally use other broker’s Level II quotes, so I don’t bother paying them the fee (plus SogoElite’s commission structure is different, see below).

With regard to the option trading, however, you can only buy, sell and covered call options, which means that you can NOT do spreads and covered put options. On 2007, there is an issue with their previous clearing house, North American Clearing. It has had their assets frozen by the SEC pending fraud investigation and this has resulted in inability to liquidate the customer asset. This happens for 2 weeks and has been resolved. LimeFX provides accounts to individuals, joint holders, retirement accounts, etc.

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Bookmark this page and check back often for LimeFX promotions, bonuses, and offers. Find new LimeFX promotions, bonuses, and offers here. The firm also failed to establish or implement policies and procedures related to the due diligence or review of correspondent accounts for FFIs. Between September 2016 and September 2020, Score Priority did not tailor its AML program to reasonably monitor for and report suspicious activity in light of the firm’s business model. I usually email the customer service if I have any issue. Other people have mentioned a non-responsive customer service, though I never have any issue.

I have deal with various discount brokerages. I started investing with Fidelity on 2006, mainly buying mutual fund. I then tried Zecco due to their no commission fees. However due to limit of 10 free trades per month & $25,000 limits to get the free trades, I branched out to LimeFX. It is part of Success Trade Securities, an industry veteran with decade experience in brokerage.

Opening account is straight forward though it will be slightly slower than typical brokerage. You can either apply online or print out the form and fill them. Previous, I fill the form online and print out the form.

LimeFX Online Broker Review

It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary. The account will be approved within one business day. Get FNG’s daily email newsletter and be sure to get notice of all articles like this one, in a concise daily email. With FNG’s Newsletter you’ll get all the latest breaking FX Industry news stories – in a concise daily email, directly to your Inbox. They offer a lot of payment methods but never pay.

WhoTrades initially targeted traders from the US, Germany, India, China and Thailand. As interest increased in other regions, service was expanded to Northern Africa, the Middle East, Latin America and Malaysia. In 2012, WhoTrades received an influx of users when it merged with the already popular Russian social network Comon.ru. I notice that since in SogoTrade you can only trade in regular hours, orders entered outside the normal business hours will have some trouble. I would recommend punching in the order when market is actively trading. LimeFX is feature in SmartMoney and Kiplinger magazine as one of best brokerage with low fees & commissions.

LimeFX’s basic Per-Trade commission structure is straightforward and easy to understand. They offer several platforms, the primary platform is web-based LimeFX+, which is available to all customers at no charge. Moreover, during 2019 and 2020, the firm failed to review multiple accounts in which there was an unexplained high level of account activity with no, or very low levels of, securities transactions. The history of Score Priority began in 2010 as a social network for traders under the name WhoTrades. It was founded in New York by Victor Remsha.

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