Beware! LimeStoneFX is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
There are certain brokers out there that come in unique flavors, and these ones can be further categorized into two related groups. The first of these is filled with legit brokers whose style is unique to themselves, each one having something new to show. This takes a lot of creativity to do. The second category is that of the scammer brokers, those that have somehow been able to create a good-looking and one-of-a-kind website for themselves, all the while being completely unregulated. LimeStoneFX perfectly falls into the latter category. Its interface and the overall vibe are like that of a licensed broker. However, it is anything but. Read the review to see what we mean.
An immediate issue we had with the broker is was our inability to register an account. There was no access point to a registration form, and thus we and many others will have no way of signing up. However, we do have a pretty relevant theory as to why that is. You see, many shady brokers chose to hide their account creation tools from random users because these companies thrive only on customers that they themselves have enlisted. And so, LimeStoneFX, according to us, handpicks its customers.
Because we could not register, we have to take all the trading and payment information from the website, and we slowly came to realize just how little the site actually offers. Most of its strength lies in the visual department.
We learn from the website that the broker offers some 120 financial instruments in total, subdivided into forex currency pairs, indices, commodities, and bonds. The average spread is 1.5 pips for the standard account and 0.1 pip for the raw spread account. We find no leverage value whatsoever.
The website of the broker is in English and in Chinese.
LIMESTONEFX REGULATION AND SAFETY OF FUNDS
We have very little information to work with, but thankfully it’s revealing and to the point. At least here, LimeStoneFX is not ambiguous but goes straight to the point.
The only information source is the footer. There we find out that the holding company of the broker Limestone FX Pty Limited is allegedly regulated by ASIC in Australia, but is located in New Zealand.
Now, all Aussie brokers must be regulated by ASIC, and the agency has an official databank of all regulated entities. We found no trace of LimeStoneFX on it, and anyway, we doubt that the broker can meet the requirements that ASIC sets for its brokers. Like the AUD $1 million requirements, money that all brokers must hold at all times, or segregated bank accounts, or the leverage cap. There are a lot more requirements.
Meanwhile, we have an address in New Zealand, which kind of defeats the purpose of the supposed ASIC license, because New Zealand brokers must hold a license from the local FX regulator, the Financial Markets Authority (FMA). Brokers in the nation must also hold at least $1 million in funds at all times to prove financial stability. Just like ASIC, the FMA has an official online database with all licensed brokers. LimeStoneFX is nowhere to be found.
And so if LimeStoneFX truly is located in New Zealand or/and in Australia, it is operating there without a license, and therefore illegally. Moreover, ASIC has issued a warning against the broker, making this the latest sign revealing the scammer nature of LimeStoneFX.
Last but not least, there are no legal documents included. It’s crucial to remember this, because without these provisions LimeStoneFX can do as it pleases, not only with users’ funds but also with their personal data, should they be able to register.
Overall, LimeStoneFX is completely UNREGULATED, and a risk to all investments!
Investing in brokers that have no license is a pure waste of funds. You could be doing so much more with your money. Like, say investing in an FCA or CySEC regulated entity where there is a real chance of winning. Not only are all regulated brokers trustworthy, but they also work for the client, always endeavoring to bring the best and most stable trading experience out there, which makes the market very competitive. Furthermore, some regulators, mainly the FCA and CySEC employ fund compensation schemes whose main purpose is to reimburse users at times when the broker cannot pay his clients back, mainly due to bankruptcy. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
LIMESTONEFX TRADING SOFTWARE
Now, there is significant talk of the MT4 as the main and only platform, but there is a noticeable lack of a downloadable link or a source leading to a web version of the terminal.
Therefore, all the possibilities that the MT4 open to customers are not really available to users here, or so it seems to us. Unregulated brokers usually come equipped with lackluster trading softwares, most of the time based on browsers.
We think that this applies to LimeStoneFX, however, we cannot be entirely sure.
LIMESTONEFX DEPOSIT/WITHDRAW METHODS AND FEES
We end the review in much the same way we started it, in that there is not that much information to work with. Actually, there is no information to work with.
Throughout the website, there is absolutely zero mention of any deposit or withdrawal requirements like a minimum deposit or payment methods. Thus we have to rely on our own knowledge.
The minimum deposit is usually around $250 to $500, and the payment methods center around cards, bank transfers, and cryptocurrencies. As for fees, most scammer brokers have some sort of withdrawal fees that they hide from their users until it’s too late.
In conclusion, LimeStoneFX is a pure scam and a risk to all invested capital, as well as any personal details that you might have provided it with. Stay away from this one!
How does the scam work?
The way that scams work is very simple, and it is a surprise that still many people fall for them in this day and age.
What happens is that user clicks on misleading ads on social media or other popular websites, and are there redirected to a scammer broker, an intermediary site, or an investment site that is also a scam. Either way, you are in deep stuff once you enter.
These ads are very alluring, using a number of methods to attract users: beautiful women, luxurious cars and houses, expensive vacations, etc.
Once you enter these sites, the broker will try to convince you to invest, which you should not do! The first investment is usually initiated by the rookie scammers, who will get a large commission out of it, meaning they have a motive to defraud you.
A second deposit is made in the presence of the advanced scammers, or sometimes called account managers. These are sweet talkers and can steal your money without you knowing of it.
There will come a time when the user will start getting suspicious. This mainly happens when one tries to withdraw and fails on multiple occasions. Each scammer broker uses one of many tactics to stop users from withdrawing: stalling the request, shutting down the account, not responding to requests, or at times closing down the entire website!
What to do if scammed?
Chargebacks are your safest bet. Credit and debit card companies have this option for such cases. MasterCard and VISA have a chargeback period of 540 days.
Wire transfer losses are harder to recuperate, however, your bank may have a plan installed just for such scams. Best check with your local bank. And make sure to change your bank account user name and password.
If you have lost your money by means of a crypto deposit, then we have some bad news for you. Please never invest in an unregulated broker through any crypto method.
Finally, you may stumble by accident on a recovery agent or similar person or agency claiming to be able to get your money back. Never trust these, for they are scams on their own, or can sometimes work for the fraudulent broker.
Rich Snippet Data