Lime Fx vs OANDA Compared ️ Who is Better Broker 2024

In our case, though, we found that Lime Fx and OANDA provided consistent low spreads without manipulation, so you shouldn’t concern yourself if the broker has a dealing desk or not. We found that Lime Fx and OANDA are close in this category, but Lime Fx edged out OANDA. Of course, if we had chosen different currency pairs or tested on a different date, the results might have been different. For example, our tests suggest OANDA is a better choice than Lime Fx for AUD/USD (far superior) and USD/CAD currency pairs. No, third-party payments are not supported and violate the broker’s anti-money-laundering practices.

What Broker is Superior For Australian Forex Traders?

One Oanda trader on Reddit complained that they charged inactivity fees but were never made aware of the policy around this issue. Customers have complained about not being able to withdraw funds that were deposited, in one case amounting to $40. There are multiple complaints by users on Trustpilot who have been unable to withdraw funds, with some customers saying that Oanda makes this process too complicated. Oanda has argued that documents for funding must be compliant with regulations.

Tradeable Instruments

To learn about a broker’s pricing model, it helps to examine the various charges for trading specific markets, as they tend to vary and can also get updated. Lime Fx is a limefx review reliable and competitive online broker, particularly for forex and CFD traders. With its advanced trading platform, educational resources, and strong regulatory framework.

• We thought the outstanding feature of the web version is that it comes with TradingView for advanced charting and a guaranteed stop loss, but we were disappointed it is not available for the web.
• Oanda maintains its proprietary trading platform and the MT4 trading platform.
• While Oanda is a market maker, Lime Fx is an enhanced execution broker.
• Of course, if we had chosen different currency pairs or tested on a different date, the results might have been different.
• Oanda provides various trading accounts, but some specialized types are missing.

While both brokers are doing great in terms of their traders’ safety, we have to say that in this case, Oanda takes the crown – mainly because it is regulated by more entities compared to Lime Fx. Lime Fx, on the other hand, is regulated by two Tier 1 entities – the Australian Securities and Investment Commission and the Financial Conduct Authority. Looking at the average spreads among the key Forex pairs, we have to say that Oanda is more competitive compared to Lime Fx. For example, the average spread on EUR/USD on Lime Fx comes out to 1.3, while on Oanda, it’s as low as 0.1.

Features

In comparison, Lime Fx has spreads that tend to be somewhat above the industry norm, and it also imposes an inactivity fee on traders’ accounts. Lime Fx and OANDA have carefully constructed trading costs – the Cost Score between the two is a tie with scores of 6 each. We elected to focus our comparison on the no-commission account since the is the most popular option retail traders are likely to use, which we assume our readers will be.

• There is an obvious advantage for Lime Fx for offering at least 4 different trading platforms to its traders, while OANDA’s offer is limited to MT4 and proprietary platform.
• If social trading is a key factor for you, you may need to look at other brokers.
• Lime Fx also offers trading analytics to help you improve your trading performance.
• However, Lime Fx also offers other forex currency pairs for traders to access.
• Customers need protection as trading can be volatile, and not everybody who invests knows the full consequences of their trade.

While not the most affordable option, it does offer automated execution across its account types. The company’s bid/ask spreads align with brokers like FOREX.com and FxPro, although OANDA’s minimum spread is slightly higher than those firms offering sub-pip spreads. OANDA provides a “core pricing” structure that offers lower spreads with a $5 commission per $100,000 of currency traded, requiring a $10,000 minimum deposit.

Costs and Fees

It says something to achieve this kind of multi-decade longevity in a field as tumultuous and risky as the forex marketplace. The OANDA subsidiary with whom a https://limefx.biz/ client contracts depends on their country of residence. Each subsidiary provides different products via different platforms, so clients will experience OANDA differently depending on their country of residence.

OANDA has a lower minimum deposit requirement of $0 vs $50 from Lime Fx. Having said that, if you use cards or Trustly as your payment option, both channels require at least $25 or equivalent. On the subject of leverage, it helps if you can reduce the risk of slippage; for this reason, execution speed can make a difference. We tested the Execution Speeds of Lime Fx and found they have an average execution speed of 108 ms for Limit Orders and 123 ms for Market Orders.

To compare the two brokers, we used their ‘spread only’ accounts and we found that their spreads were about the same. For example, during a typical trading day, their spreads on the EUR/USD were found to be in the region of 1.2 pips, which is quite decent. Both brokers use floating spreads, which means that their spreads vary frequently. Lime Fx also offers a paid programming service to clients interested in automating their trading strategies. Lime Fx and Oanda are two prominent forex brokers who have been in the online trading business for many years.

If you are an active trader, it is better to choose a broker with a variable spread that is generally lower than the fixed one. For the trading platform, MetaTrader 4 is the standard choice for every trader. But if you want to have a different experience with a more advanced platform, choose the broker that provides alternative platforms. The same goes for trading instruments; if you want to try delving into different markets, seek for a broker with more options on trading instruments. Ultimately, the choice between Lime Fx and OANDA depends on your specific trading needs, including the types of instruments you want to trade, your experience level, and your preferred platform. Both brokers provide excellent customer support and competitive fees, making either a solid option for forex traders.

Knowing your trading and commission fees with Lime Fx vs Oanda is extremely important. For the majority of the Lime Fx 10,000 financial instruments and Oanda 4,000 available financial instruments . Lime Fx offers a minimum deposit of 50 while Oanda have a 0 minimum deposit. Having a reputable and dependable broker is crucial to your trading.

When it comes to trading tools, Lime Fx has more to offer than Oanda. In Lime Fx’s app store, you can access various types of technical indicators, add-ons, and automated trading strategies (trading bots). Lime Fx’s in-house education is above average, primarily consisting of articles, videos, and content produced for its YouTube channel.

For more details on spread betting, you can check out this comprehensive guide for the best spread betting brokers. OANDA is better suited for beginner traders due to its lower minimum deposit and more straightforward account features. Based on our analysis, Lime Fx offers a slightly more comprehensive customer service experience, particularly with its educational webinars and in-depth responses. Although Lime Fx has fewer forex pairs to trade, we feel they deserve a higher Tradable Products score than OANDA primarily because of OANDA’s lack of shares to choose from. OANDA is no slouch with 68 forex pairs, and we note that as a positive.

When it comes to choosing an online broker for forex and CFD trading, Lime Fx and Oanda are two well-established and reputable options for traders to consider. Both brokers have a strong global presence and are regulated by multiple financial authorities, ensuring the safety and security of traders’ funds. In this comparison, we will delve into the key features, pros, and cons of each broker to help you make an informed decision on which platform best suits your trading needs and preferences. Both Oanda and Lime Fx offer different types of trading platforms, providing their traders, for example, with mobile apps for trading on the go.