OANDA was fined $20,000 by the NFA in 2021 and $500,000 by the CFTC for regulatory breaches in 2020. 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. 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.
2. MetaTrader 4 (MT
However, the payments we receive can influence the products, companies, or services we highlight and evaluate. Oanda and Lime Fx are both market maker/ECN hybrids, meaning that both have at least one commission-free account type with a dealing desk, usually a sophisticated electronic one. 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. No commission account spread propiety testing data and published wesbite spread information, centralised on our Standard Account Spreads page.
Final Thoughts: Which Broker is Right for You?
Features on this platform include volume profile indicators, multiple charts layout, advanced price scaling and others. Online brokers generally offer users the option not only to trade on their native platforms but also outside systems. On Lime Fx, users should be aware that while there are no fees for withdrawals via credit card or debit card, the broker does charge a $40 withdrawal fee for all bank wire requests.
Through a partnership with Jefferies Group, Lime Fx offers a professional trading service for financial institutions and sophisticated traders. Lime Fx provides a wide range of trading instruments, making it attractive for various categories of traders. Different markets, from Forex to stocks and cryptocurrencies, are available. The broker offers favorable conditions for long-term trading thanks to competitive spreads and swaps. Lime Fx represents a comprehensive solution that will benefit traders of all levels — from beginners to professionals.
Customer Service
For more options, you can explore this list of the best social trading platforms. Lime Fx is the better choice for experienced traders, offering a superior trading platform and a wider range of products. When it comes to trading platforms, both Lime Fx and Oanda offer multiple options.
- Lime Fx has an edge in offering multiple account types, while Oanda excels in transparent pricing and a wider range of trading instruments.
- Furthermore, both OANDA and Lime Fx cater to more experienced traders with at least 10 advanced educational videos, enabling continuing education as traders gain experience.
- But Lime Fx has far more in the category of share CFD trading at 219 to OANDAs 0.
- Unlike OANDA, Lime Fx has a fixed minimum deposit amount for its traders.
- OANDA has a lower minimum deposit requirement of $0 vs $50 from Lime Fx.
Customer Support and Educational Resources
For the trading platform, MetaTrader 4 is the standard choice for every trader. But if you want to https://limefx.club/ 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. It is widely known that forex brokers offer other trading instruments other than currency pairs. The offer gives interesting choices for traders to explore other markets that may be proven beneficial for them and to diversify their trading portfolios. When comparing Lime Fx and Oanda, both brokers offer competitive advantages in their respective areas.
In comparison, OANDA provides trading with FxTrade App, MetaTrader 5, Oanda Platform, MetaTrader 4 with the support of . Among them, in 2015, Lime Fx found itself short on cash after the Swiss National Bank suddenly decided to lift a cap it had on the Swiss franc at the time. As a result, customers ended up with negative balances, causing the broker’s equity balance to come up short by hundreds of millions of dollars. Customers who have had a positive experience have praised Lime Fx’s instructions for opening an MT4 trading platform account. Users have also walked away pleased with Lime Fx’s chat feature, which they described as “awesome.” This particular user noted that the representative knew their stuff.
Conclusion – Which Broker Should You Choose?
If you’re keen on using MT4, you might want to check out this list of the best MT4 brokers. Unlike OANDA, Lime Fx has a fixed minimum deposit amount for its traders. On the other hand, Lime Fx flipped the score by offering 7 cryptocurrencies versus OANDA’s 4.
These brokers also have a good range of tradable instruments, although we would like to see them add a good number of individual stocks CFDs to their lists. Oanda’s list also lacks cryptocurrencies, but perhaps it will have some crypto instruments available soon. Both brokers offer competitive spreads, but the exact numbers can vary based on the trading pair and market conditions. For example, OANDA has an average spread for EUR/USD at 1.2, while Lime Fx’s is slightly higher at 1.3. For more information on low-cost trading, you can visit this comprehensive Lowest Commission Brokers. When it comes to customer service, both OANDA and Lime Fx have their merits.
Click here for a full list of our partners and an in-depth explanation on how we get paid. Both Lime Fx and Oanda are highly trusted brokers with strong reputations in the Forex and CFD market. Both brokers are regulated by multiple Tier-1 financial authorities, including the FCA in the UK and ASIC in Australia. However, we know that in 2017, Lime Fx was fined $7 million by the U.S. Commodity Futures Trading Commission for defrauding its retail clients.
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. Despite both brokers being highly regulated, we found the brokers are not spotlessly clean.
- For this exercise, we tested 6 major currency pairs over a 24-hour period (AUD/USD, EUR/USD, GBP/USD, USD/CAD, USD/CHF and USD/JPY) and then averaged the spread across the currency pairs.
- With its advanced trading platform, educational resources, and strong regulatory framework.
- Each trader comes to the forex marketplace with their own individual needs, preferences and goals.
- A trusted global brand, OANDA stands out for its reputation and quality market research.
Lime Fx vs Oanda Comparison
These are derivative products that let you trade a fraction of the value of the asset you’re trading. No, third-party payments are not supported and violate the broker’s limefx scam anti-money-laundering practices. Lime Fx and Oanda both operate in multiple jurisdictions and are highly regulated in major markets. He develops investment strategies adaptable to any level of experience and has been actively investing in stocks, bonds and ETFs since 2018.
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. Lime Fx won on this, but OANDA does have lower minimum deposits and inactivity fees, which allowed them to gain ground. OANDA, established in 1996, and Lime Fx, founded in 1999, are two online brokers that offer forex trading but differ in several key areas, including their regulatory framework and Trust Score ratings. OANDA holds 7 Tier-1 licenses, demonstrating a strong regulatory position, while Lime Fx has 4 Tier-1 licenses and an additional 2 Tier-2 licenses. However, traders can still choose their ideal brokers by the type of their spreads.
Lime Fx also offers a demo account for traders who want to practice their strategies or familiarize themselves with the platform. The demo account allows users to trade in real market conditions without risking real money. The trading platform is essential as you can’t execute a trade without it. Additionally, trading platforms provide price charts and an assortment of analytical tools to help traders with their strategies. Lime Fx is ideal for traders who prioritize low spreads, advanced tools like TradingView, and social trading via ZuluTrade. Oanda is a great option for traders who value wide asset variety, superior market research, and MT5 support.
It’s calculated on a per-position basis and encompasses an administrative fee as well as the interest differential of the trade. OANDA payment methods are better presented, Lime Fx supporting only Cards, Bank transfer and Skrill as payment methods. Both brokers provide fast money transfers and charges no additional fees for deposits or withdrawals. Trading costs for OANDA vs Lime Fx are very similar, Spread based Standard account offer almost the same spreads.
