iLimits is a forex broker located in New Zealand, registered and licensed by the Financial Service Providers Register (FSPR).
iLimits accepts clients from all over the world, excluding USA and most FATF sanctioned countries.
Forex broker offers the following underlying assets for trading.
|30+ Currency Pairs||Based on major and minor world currencies.|
|5 Indice Futures||Based on baskets of different blue-chip stocks and US Dollar Index.|
|2 Metal Spot CFDs||Based on Gold and Silver.|
|1 Energy Future||Based on Crude Oil (Brent).|
|100+ Stock CFDs||Based on shares of top-rated US, UK and EU companies.|
iLimits is a forex & CFD broker based in New Zealand where it has been operating since 2011. The broker accepts traders from most countries in the world, offers a good selection of trading instruments, and leverage as high as 1:500.
One thing to note about iLimits is that this broker is not regulated in New Zealand per se, but instead just registered as a company in the country's Financial Services Provider Register (FSPR). The broker also states this clearly on its own website, saying its registration “does not mean that iLimits Invest is subject to active regulation or oversight by a New Zealand regulator.”
Notably, the broker's regulatory status in New Zealand also means that it is technically prohibited from offering its services within New Zealand, although there is no mention of this fact on iLimit’s website.
In terms of instruments that are available, iLimits offers trading in the three main asset classes forex, stocks and commodities. Among these, it appears that the broker has put most effort into being attractive for stock traders, offering stocks from more than 100 companies listed in the US and Europe.
When it comes to the other asset classes, we have to say that the selection is somewhat limited. For example, iLimits offers just three commodities for trading, and just five major stock indices.
As with most brokers we have reviewed here on FX-List, all of the assets offered by iLimits are traded as CFDs with leverage. These are derivatives of the underlying assets that make it extremely easy for traders even without much capital to profit from small price moves, both on the long and short side.
Keep in mind, however, that trading with high leverage also can lead to steep losses. It is therefore important to stay disciplined about how leverage is used in trading in order to succeed.
All of the assets offered by iLimits are traded on the MetaTrader 4 (MT4) platform, which is the only trading platform iLimits supports. Having been around since 2005, the platform is well-known in forex trading circles, and is today available as a downloadable desktop platform for Windows computers, as well as in a web version, mobile version, and in a dedicated version for Mac users.
Despite just having one trading platform, traders on iLimits do have the choice between three different types of trading accounts. At the time of writing, these are:
– Soldier account, with a minimum deposit of $100, no commissions, and raw spreads plus 5 pips
– Commander account, with a minimum deposit of $10,000, no commissions, and raw spreads plus 3 pips
– Hero account, with a minimum deposit of $50,000, no commissions, and raw spreads
As can be seen from the trading conditions of the three account types, all of them are essentially STP-style accounts where traders pay slightly wider spreads in return for commission-free trading. This means that the broker may be well-suited for traders with smaller account sizes, but it will likely end up as an expensive option for serious traders who are trading with larger accounts.
As we always recommend, professional traders should go for ECN-style accounts whenever possible, which allows them to instead pay a fixed commission on trades.
All in all, we believe iLimits could be a good choice for traders who want the peace of mind that comes with trading with a broker that is at least registered in a reputable jurisdiction, although it is technically not regulated there. The broker also stands out with a fairly good stock offering, and could therefore appeal to stock traders who want high leverage in the familiar interface provided by MT4.