In our case though, we found that LimeFx and OANDA provided consistent low spreads without manipulation so you shouldn’t concern yourself if the broker has a dealing desk or not. For traders who want to use their own or another outside trading platform, LimeFx now offers this extra perk as well. And for big ticket forex traders, LimeFx makes its virtual private server (VPS) network available gratis. However, traders can still choose their ideal brokers by the type of their spreads. The most two popular types of spread are fixed and variable.
Oanda, on the other hand, is known to be a ‘market maker’ (dealing desk) broker, which means that it can take the other side of its clients’ trades (trade against its clients). We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
- Additionally, Oanda offers a demo account to allow traders to test their copy trading and trade strategies before using Oanda Trade with forex pairs, exchange rate, and margin rates in the market.
- Our comparison will help you judge the effectiveness, price, ease of use and support trustworthiness of LimeFx and Oanda side by side.
- Both Oanda and LimeFx are forex brokers that have been in the online trading business for decades now.
- It offers a wide range of markets and provides an impressive suite of proprietary platforms – alongside limited access to MetaTrader.
Trading Station is available for use on online (web), desktop and mobile. The platform is also built to use HTLM5, which is Macintosh-friendly. Unfortunately, recent LimeFx users give both the iOS/Apple and Android apps poor reviews over the last few months. Today, the “clean up LimeFx’s reputation” project is going as well as can be expected, considering they are still not able to accept United States traders. All in all, the two brokers are a solid choice regardless of which one you decide to go with.
What types of accounts offered by OANDA?
The posted support hours for phone and live chat are Sunday at 1pm to Friday at 6pm, which is a wider support window than what LimeFx offers. Oanda offers a live chat virtual assistant that is available 24 hours a day five days a week. The platform also offers a frequently asked questions portal and phone numbers for its regional offices.
OANDA provides a variety of educational materials, including getting started guides, tools and strategies, and capital management resources. Additionally, OANDA hosts frequent webinars covering various trading topics and maintains an archive of past webinars for on-demand viewing. Despite both brokers being highly regulated, we found the brokers are not spotlessly clean. OANDA was fined $20,000 by the NFA in 2021 and $500,000 by the CFTC for regulatory breaches in 2020. We gave LimeFx a Trading Platform score of 7 and OANDA a 6 because of LimeFxs Marketscope 2.0 charting tool. It is advanced and efficient, making trading a breeze for us.
FOREX.com provides traders 91 currency pairs (e.g., EUR/USD) compared to LimeFx’s 41 available pairs. If you are interested in trading CFDs, FOREX.com offers traders access to 5500 CFDs, while LimeFx offers access to 440 CFDs; so FOREX.com offers 5060 more CFDs than LimeFx. LimeFx and Oanda are regulated, which means that as part of their regulatory obligations LimeFx and Oanda have to offer a certain level of financial protection to their clients.
What this means is that both forex brokers have seen competitors come and go…and come and go…and come and go. It says something to achieve this kind of multi-decade longevity in a field as tumultuous and risky as the forex marketplace. LimeFx is a respected forex and CFD broker, established since 1999. The British-headquartered broker has won multiple awards and operates in various jurisdictions, including the UK and Australia.
- The information used on comparebrokers.co was updated directly from the Oanda website.
- In the forex industry, market makers often have a bad reputation because some brokers display worse bid/ask prices than ECN brokers.
- Oanda, on the other hand, is known to be a ‘market maker’ (dealing desk) broker, which means that it can take the other side of its clients’ trades (trade against its clients).
- Based on our thorough, data-driven testing of each broker’s commissions and fees, we found that LimeFx offers better pricing overall for traders.
Oanda’s first data feed went live in 1997, while LimeFx was founded shortly thereafter in 1999. 74.74% of retail investor accounts lose money when trading CFDs with LimeFx. To open a forex trading account with LimeFx Group, you’ll need to make an initial minimum deposit of $5. The trading platform offered by OANDA claims to provide all its traders, regardless of the device they use, with a trading experience that is quicker, more transparent, and more fluid. LimeFx is the only brokerage firm that offers such a comprehensive collection of algorithmic trading tools. This is in addition to a robust collection of premium signals along with a Technical Analyzer, Trading Analytics, and social trading with Zulutrade.
What about MetaTrader? How about copy trading?
In other words, both brokers have what equestrians like to call “staying power.” After this many years in the biz, it is safe to say they are each fundamentally built to last. Having said that, it is also widely known that the United States is the most restrictive forex marketplace https://limefx.biz/ on the planet. And in truth, the $7 million penalty the CFTC ordered LimeFx to pay is kind of like pocket change in a marketplace that turns over an estimated $5.1 trillion dailiy. Finally, LimeFx has a withdrawal commission, which is also something to take into account.
Accounts and Features
OANDA is considered Highly Trusted, with an overall Trust Score of 93 out of 99. However, the company now provides clients with access to a wide range of asset classes across many financial markets, including currencies, commodities, and energy. There limefx company reviews are several helpful tutorials and committed support staff available for newcomers. Because LimeFx places such a focus on combining value-added services and resources, experienced traders benefit the most from the company’s efforts in this area.
Is it safe to trade with LimeFx?
FOREX.com offers slightly better-dealing spreads with its Standard, Commission and STP Pro accounts than Oanda’s Spread Only and Core Pricing accounts. The charge for Oanda’s Core Pricing and FOREX.com’s Commission account works out to the same dollar amount per base currency unit. Neither have Int’l Stock Trading (Non CFD) and Cryptocurrency (Physical). LimeFx is considered Highly Trusted, with an overall Trust Score of 95 out of 99. Between 74-89% of retail investor accounts lose money when trading CFDs.
Fees on Indices
This can be advantageous to some traders and negative for others, depending on which instruments they trade as well as the duration of their trades. With LimeFx’s enhanced order execution, traders often get positive slippage. Oanda offers many tradable instruments, including 16 stock index and 6 bond CFDs. LimeFx also offers a paid programming service to clients interested in automating their trading strategies.
Some brokers offer bespoke trading platforms, so if a particular broker does not offer the trading software you are looking for, their proprietary trading platform may be better. You must test this yourself with an LimeFx or Oanda demo account. Since the creation of Bitcoin, the world of cryptocurrencies has been booming, including on trading platforms like Both LimeFx and Oanda, and it’s not difficult to see why. Cryptocurrencies have the potential to turn modest investments into millions, although this is a rare occurrence. This feat is hard to achieve compared to other financial instruments like stocks and shares. Both LimeFx and Oanda offer some form of cryptocurrency trading.
What is the minimum deposit requirement for opening an account with OANDA?
Limit orders are extremely useful as they allow you to buy stock at a better price! It would be very time-consuming to wait for a stock to fall to a price you would ultimately be satisfied by. Therefore, you can already imagine what helping limit orders can be in your trading career. We compare side by side the trading risk management features offered by LimeFx and Oanda below. Let’s see how LimeFx vs Oanda compare side by side for commissions and fees.
Funding though, is where LimeFx shined better as they provided us with more deposit methods. We believe a tie is deserved in the customer service category, and thus gave both a score of 7. But we favor LimeFx in funding methods because they offer more; we give LimeFx a score of 8 and OANDA a 7. We gave LimeFx and OANDA both a score of 8 as they are heavily regulated and hold positive reputations within the forex trading industry.
The prices of cryptocurrencies can experience extreme highs and lows. If you choose to invest in cryptocurrencies, allocating only a fraction of your portfolio or trading budget to it is essential. Crypto trading with LimeFx or Oanda could lead to one of the most exciting trades you’ve ever made, depending on the market. Please remember that cryptocurrency availability on LimeFx, Oanda, and all brokers are subject to regulation. Oanda serves customers globally and are regulated by Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC).