Lime Financial, formerly known as Score Priority, focuses its tools and features on active traders who are looking for real-time data, routing choices and sophisticated trading software. But at the time of the review, SmartAsset found that this trading platform offers relatively limited data, few assets and an overall stripped-down approach that may not benefit less active traders who are still learning and who require additional tools and research to develop their strategies. Let’s break down the costs, services and features so that you can decide whether this is a good fit for your goals and needs.
If you’re looking for valuable insight, consider working with a financial advisor to plan your next investing move.
Services and Features: What Does Lime Financial Offer?
Lime Financial went by the name Score Priority until 2022. Before then, it had also rebranded from the name Just2Trade in 2020 to attract a greater variety of investors.
This trading platform offers a limited range of assets. The Lime Financial pricing page says that investors can pick from a full range of major asset classes, including stocks, options, bonds, mutual funds and futures.
You should note that at the time when this review was written SmartAsset used the service’s platform and found only exchange-based assets (like stocks and ADRs) and options listed for trade.
Lime Financial’s investment platform offers a single, browser-based trading environment. The main feature of this platform is its various screeners. You can search for assets not only by industry and market but also by customized filters that you can define.
Note that these filters are based on technical indicators that can help investors analyze the trading volume of market capitalization, among other pattern-based data.
Investors can use screeners to find exchange-based assets that are focused on their criteria. Options contracts can be purchased in an equity’s asset screen.
The research tools on Lime Financial are equally limited. The site supports all basic data that an investor might look for like pricing history, trading activity and market capitalization, as well as several other technical indicators beyond that.
You can also customize an asset’s chart to include any number of supported indicators. However, these functions are limited when compared with the bespoke charts that you can build in most other sophisticated investment software. And in this aspect, the dozens of technical indicators supported by Lime Financial will put investors at a disadvantage when it comes to more comprehensive data offered by competing firms.
Fundamental analysis is limited to a news tab that pulls up a list of market stories from a handful of major sources.
Fees: How Much Does Lime Financial Cost?
There are usually four types of fees to look out for when choosing a trading platform. You should look out for these when evaluating any investment or trading service:
- Trading fees. Any fixed charge attached to each trade that you make. This can come in the form of a flat fee or what’s known as the “spread.” This is when your broker charges you based on the difference, if any, between the buying and the selling price of an asset.
- Trading commissions. This is when a broker will charge you a percentage based on the volume or value of each trade.
- Inactivity fees. Any fees that the broker charges you for not trading, such as for keeping money in a brokerage account.
- Non-trading/Other fees. Any form of fee for trading on this platform not covered above. For example, a brokerage might charge you for making deposits into your brokerage account, taking money out of it or signing up for additional services.
Lime Financial requires a minimum $1,000 balance in order to make any trades, and a minimum $2,000 balance to conduct margin trading. There is a $15 inactivity fee if you don’t make at least five trades per quarter, which is waived for all accounts over $25,000.
The trading platform also offers zero-dollar commissions on stocks, exchange-traded funds and ADRs with a $0.003 per share charge for after-hours trading, and options for $0.50 per contract.
Margin rates start at 7.25% for investors with more than $250,000 in their bank account. Those with over $1 million should inquire directly to get the rate.
Effectiveness: How Well Does Lime Financial Work?
Lime Financial software is clean and easy to navigate, and beginner investors should be able to use it comfortably without much difficulty.
Whether you want to find a specific stock to buy or sell, or search for a stock option, this software will work well. But if you are looking for more comprehensive support to reach your goals as an experienced trader or a retail investor you will have to look elsewhere to get the information and products that you will need.
There are lots of options in today’s market, which makes it difficult for Lime Financial to compete, especially when it does not have the tools, features and research that active traders will get with other competitors. If you are not an active investor who needs a lot of education, analysis and research tools, this platform will not be a good fit for you.
Additional Tips for Investing
- Working with a financial advisor can help you optimize a strategy for all of your investing needs and goals. SmartAsset’s matching tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- As an investor, you need to make sure that your investment assets fit your risk profile. SmartAsset’s free, easy-to-use asset allocation calculator will help align your assets with your risk tolerance.
- If you are a new investor, our guide on investing for beginners can teach you the ins-and-outs of getting your portfolio up and running.
Photo Credit: ©iStock.com/FatCamera, ©iStock.com/guvendemir, ©iStock.com/primeimages