RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Limit Prime is an interesting broker because it is based in Montenegro, a country in the Balkans, where forex trading is the last association one can make with it. We have reviewed several other brokers that claim to be in Montenegro, all of which turned out to be shady at best. Limit Prime looks as if it attempts to draw some distance between it and the rest by giving users a very friendly website and, what look like, relevant trading conditions and tools. Will it deliver, or is this yet another brokerage firm that is set to fail? Read the review to find out all about it.
Limit Prime gave us a very easy access to its client dashboard, which turned out to be very decent, with a lot of options to choose from, and it even looks great! Furthermore, the broker required of us additional details for fully completing our registration, a very good sign showcasing that it wishes its users to be fully committed to its services. These are all sing of a legitimate broker. Let’s see if this one continues in this positive way.
The good news is that the client area revealed a fully functional desktop MT5 platform, with fluid spreads and a leverage capped at 1:100. We say fluid spreads because there was no real way for us to clearly see these costs of trade. The trading instruments are Forex Pairs, Commodities, Indices and Shares, an average listing of assets, but we would have liked to see more. especially cryptocurrencies.
Users can switch the website between an English and a Montenegrin version, proof that this broker is located in Montenegro.
LIMIT PRIME REGULATIONS AND SAFETY OF FUNDS
Here we arrive to the interesting part of the review, and the most important one for that matter.
First of all, Montenegro is not in the European Union, meaning that the broker can jump over some rules without hesitation. The most obvious one is that the leverage offered is 1:100, and as you might know in the European Union the leverage for retail forex trader was capped to 1:30 by ESMA. Normally we would say that any broker offering a higher value than that is definitely up to something suspicious, but as we will see Limit Prime can actually do this within legal frameworks.
Second of all, the website, specifically the footer, claims the broker to be regulated by the Montenegrin Capital Market Authority. We went through the very unknow regulator’s database of licensed entities. Here is a snip of the database where we found Limit Prime, proving that it is regulated:
However, Montenegro is a very unpopular location for forex brokers, and thus we might assume that it can jump over some rules, and can surpass others easily…
The bigger leverage of 1:100 is due to the fact that Montenegro is not a part of the EU, and so is not under the jurisdiction of ESMA. Yet, the Montenegrin Capital Market Authority does have a capital requirement of 125 000 EUR for all its brokers to hold before being regulated. It’s nothing compared to what the FCA or CySEC demand, but it still is a requirement that must be met, and we can respect that.
LIMIT PRIME TRADING SOFTWARE
Limit Prime offers the MT5, which we confirm to be true, since the download link provided opens the platform.
The MT5 comes equipped with a seemingly unlimited number of new and old features: improved chart options, a live calendar, increasing time frames, MT5 is certified by many stock exchanges, centralized market trading, more pending order types, and the list goes on and on. This trading terminal builds on the major success of the MT4, yet is still incapable of surpassing it in the race for number one. Technically and visually the MT5 is far more superior to its previous version, yet people still cling to the MT4.
And also, the website makes it clear that there are no commissions on spreads, which is always a good thing.
LIMIT PRIME DEPOSIT WITHDRAWAL METHODS AND FEE
Without properly a login, we could not access the payment area. Thus the payment info is taken from the website.
However, the website here offers close to no information disclosure. There is no indication on the minimum deposit, no details on methods for funding. The only real thing that is shown is that withdrawal requests take 2 days to process. This is always a negative thing, not to include this important information.
Yes, there are certain elements that must absolutely be fixed, but there are others whose addition and/or presence are indicative of a solid forex broker base. We cannot ignore the fact that it is not licensed by any major financial overseer, but the fact of the matter is that we see some potential here if invested in can produce a stable forex brokerage.