Limit Prime Review: What We Know About This Trading Platform
Limit Prime or Investiciono Društvo Limit Prime Securities AD Podgorica, is a brokerage company founded in Montenegro in late 2017. This broker is registered and regulated by the Montenegrin Capital Market Authority (MCMA).
Based on the info on Limit Prime’s website, the broker offers an advanced MetaTrader 5 platform for Forex and CFD trading. The main focus of our Limit Prime Review is the legitimacy of this platform, or, in other words, can Limit Prime be trusted?
|Regulated by:||Montenegrin Capital Market Authority|
|Is This Company Safe?||Yes, but Issues May Occur|
|Have Warnings from:||N/A|
|Minimum Deposit:||100 EUR|
|Trading Assets:||Forex, Indices, Commodities, Stocks, Crypto, Futures|
|Free Demo Account:||Not Available|
|How to Withdraw from This Company?||You can request a withdrawal from Limit Prime’s representatives or contact us in case you face any issues|
Legal Info: Is Limit Prime Legit?
LimitPrime is registered with the MCMA, per the regulator’s website (scmn.me/en/investment-firms). Does that mean that the legal background and license of this broker are completely legit and credible? On one hand, yes, but there are several facts about the regulatory rules and laws of Montenegro that are diminishing Limit Prime’s credibility.
Namely, Montenegro is still not a member of the EU. Although the MCMA actively cooperates and exchanges information with the European Securities and Markets Authority (ESMA), the former is not obliged to comply with all of the latter’s regulations.
For instance, the legal leverage cap for retail clients in the EU is 1:30 whereas Limit Prime offers 1:100. Montenegrin-based investment and brokerage companies are required to maintain a minimum operating capital of 125,000 EUR. EU brokers, on the other hand, must possess at least 730,000 EUR. These are not nuances, which is why you must take these differences into account when choosing your broker.
Although Limit Prime is definitely legit compared to illicit brokers such as Trustpac, perhaps it’s a better idea to stick to providers that operate under heavier and more renowned European jurisdictions. Our recommendations are the UK (FCA regulator), Germany (BaFin regulator), Switzerland (FINMA regulator), Cyprus (CySEC regulator), etc.
Who Are Limit Prime’s Clients?
According to the information from the company’s website and the data from godaddy.com/whois, the limitprime com website domain was created on November 9, 2017. Since then, the broker has primarily been offering Forex trading services to traders residing in the following countries:
- United States;
- United Kingdom;
Montenegro is a small country with a population of around 600,000. Not many people there are interested in Forex trading, which makes sense for Limit Prime to look for potential clients elsewhere. British and American traders are the perfect fit for Limit Prime’s business.
To reiterate, Limit Prime offers a maximum leverage cap of 1:100 whereas the legal limit in Europe is 1:30, and in North America 1:50 for retail clients. Perhaps these traders are allured by the higher leverage, which they cannot get in their respective domains, or even by the possibility of trading CFDs (prohibited in America).
What we don’t like is that there are no trader reviews of Limit Prime on the forums. We did not find a single review, not even on the Montenegrin and Serbian trading forums, social media platforms, etc.
If you’re experiencing issues with Limit Prime, do not panic. We are willing to help you recover your hard-earned funds.
Leverage, Commissions, Spreads, and Fees
Limit Prime offers maximum leverage of 1:100. Leverage is essentially borrowing money from your broker to increase your trading position size. It allows traders to control a larger position with a smaller amount of capital.
While leverage can amplify potential profits, it also significantly magnifies potential losses. High leverage often tilts toward the losing end, hence the regulatory caps in Europe and North America.
As for the spreads, Limit Prime offers variable spreads. However, specific details about the spreads, i.e. the average spread values, are not provided on the website. Limit Prime does not charge any commissions on traders, which is a huge advantage, if true.
Just be careful because brokers operating under lax jurisdictions or offshore domains such as Axiom Trade often use lucrative trading conditions as a ruse to attract traders.
Trading Platforms Available
Limit Prime offers its clients access to the MetaTrader 5 trading platform. MT5 is widely regarded as the best trading platform in the Forex industry.
It offers a wide range of cutting-edge tools and features such as algorithmic trading, advanced charting, technical indicators, intraday analysis tools, expert advisors (EAs), one-click trading, market depth & live reports, multiple timeframes, risk management tools, etc.
MT5 is an ideal trading software for both beginners and advanced traders. Limit Prime offers a web-based as well as a mobile version of MT5, to suit everybody’s needs. The broker excels in the platform department but you still have to be cautious.
Having withdrawal issues with Limit Prime? We can help you recover your funds.
Mobile Trading App
The Limit Prime mobile app allows traders access to the mobile version of MT5. Although this version lacks some of the features of its desktop counterpart, it offers neat benefits such as much-needed flexibility and the possibility to trade on the go.
The mobile app can be downloaded for both Android and iOS systems. However, we must remind you once again to be careful on this platform and not to get surprised if you encounter issues. If you want to avoid issues, you should find a more reliable broker.
Available Trading Assets
Here’s a quick overview of the trading assets that the Limit Prime platform offers:
- Forex currency pairs – EUR/USD, GBP/JPY, AUD/CAD…
- Indices – S&P 500, FTSE 100, DOW 30…
- Commodities – gold, silver, crude oil, natural gas…
- Stocks – Apple, Tesla, Google, L’Oreal…
- Crypto – BTC, ETH, USDT…
No Demo Account
Limit Prime promises a risk-free demo account on the website. However, there is no demo account option anywhere. The broker instructs you to choose the “Try Demo Account” option, which is nowhere to be found.
If you’re a novice, the worst thing you could do is create a live account and trade with real money right away. You will surely lose your funds because you’re inexperienced. That’s why demo accounts exist; to allow you to practice. A big disappointment in this segment…
Limit Prime Withdrawal Process
When it comes to deposit and withdrawal methods, there are various options to choose from:
- Credit/debit cards (MasterCard, Visa, American Express);
- Wire transfers;
- E-wallets (Skrill, Neteller);
The minimum deposit for Limit Prime is 100 EUR. Withdrawal processing time varies for domestic transfers (24h) and for international ones (24h up to 48h on working days). There are seemingly no deposit and withdrawal fees.
You should know that funds deposited via MasterCard and Visa credit/debit cards can be refunded. This process is known as a chargeback and can be requested at the issuing bank within 540 days.
Key Facts To Consider About Limit Prime
To sum up, Limit Prime is a Montenegrin-based brokerage that offers Forex and CFD trading. This platform has been operational since 2017 and the main users are traders from Montenegro, India, the United States, and the United Kingdom.
Limit Prime is regulated but the legal requirements of Montenegro are not up to par with some more reputable financial jurisdictions such as the UK or the EU. Does that mean that Limit Prime is a bad choice? No, Limit Prime has its pros and cons but generally seems like a decent platform.
However, issues may occur and if they do, be sure to contact us. Book your free consultation with our team if you need professional assistance in recovering your funds. Our team will gladly guide you through the chargeback process.
Book your consultation with us today and start the chargeback process.
What is Limit Prime?
Limit Prime is a Forex and CFD brokerage company based in Montenegro. This entity offers MT5 trading with high leverage.
Is Limit Prime A Regulated Broker?
Yes, Limit Prime is regulated by the MCMA. Since the MCMA is not a top-tier regulator, issues may occur. If they do, we are willing to help you.
How Can I Open A Demo Account On Limit Prime?
It seems that there is no demo account option on Limit Prime’s website, despite the broker’s claims in the FAQ section that there is.