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Lime Fx vs Oanda in 2024 A Detailed Comparison of Top Trading Platforms

Oanda is known for forex and CFD trading where it also offers access to cryptocurrencies like bitcoin and Ethereum. It offers a wide breadth of forex data services including an historical currency converter and a strong API feature. 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.

Popular Forex Education

The broker describes its own support as friendly and professional. Trading Station lets you pre-load tools like real volume, market depth and trader sentiment. You can personalize your platform by downloading indicators, creating watchlists and customizing layouts to better equip the platform limefx reviews to match your strategy. Users also have the convenience to access TradingView Live Trading Integration with Lime Fx to trade directly from your TradingView charts. Features on this platform include volume profile indicators, multiple charts layout, advanced price scaling and others.

  1. No, third-party payments are not supported and violate the broker’s anti-money-laundering practices.
  2. 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).
  3. Also satisfactory was Lime Fxs web trading platform; we appreciated that it is highly customisable and user-friendly.
  4. While Oanda doesn’t require a minimum deposit amount to open an account, you can’t deposit more than 50% of your net worth.
  5. 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.

Tie: Lowest Spreads And Fees

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 Lime Fx offers. Oanda, on the other hand, seems to have developed somewhat of a reputation for sub-par customer support. Surveys show the platform rates just above average across the board in this area. Experienced traders in particular are well-served by Oanda’s research and resource offerings. Oanda’s mobile app for iOS/Apple is a hit with traders as the recent reviews will attest. Unfortunately, the same does not hold true for the Android version of the app.

Oanda: Competitive Spreads and Straightforward Pricing

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. In this article, we will compare two of the leading online brokers — Forex Capital Markets (Lime Fx) vs. Oanda. This website and its content are not intended to provide professional or financial advice. The views expressed here are based solely on the writer’s opinion, research, and personal experience, and should not be taken as factual information. The author is not a financial advisor and lacks relevant certifications in that regard. Lime Fx also offers a paid programming service to clients interested in automating their trading strategies.

Lime Fx Customer Service and Support 📞

This broker offers a trio of APIs (fix, java and forex) that connect directly to its server. But Oanda offers more options with either a spread-only or a core-pricing plus commission model. User’s have complained about this cost, with one trader saying, “The overnight fees are ridiculous high and not fair.”Oanda also charges users a fee for inactive accounts. This broker’s inactivity fee similarly kicks in if there’s no trading activity over a 12-month period.

Trading Platform Standoff

However, it’s important to remember that spreads are just one aspect of the cost of trading. Other factors, such as commission fees and account types, can also impact the overall cost. Therefore, while OANDA may have lower spreads, this does not necessarily mean it is the cheaper option overall.

Trading Execution

Looking at the average standard account spreads for the forex pairs, we can see some interesting patterns. For the EUR/USD pair, Lime Fx has an average spread of 1.3, while OANDA has a slightly lower spread of 1.2. This trend continues across the other forex pairs, with OANDA consistently offering slightly lower spreads than Lime Fx. In Australia, Lime Fx doesn’t have this type of account, but they do have such an account for their clients in the UK, and it’s called their active trader account. This account has tiered commissions and is best for high-volume traders.

On deposits via debit card or ACH, this broker refrains from charging for your first withdrawal each calendar month. They also waive broker applied fees and company bank fees for premium clients. 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. 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.

If you prefer ol’ faithful, Lime Fx also offers MetaTrader 4 with additional customized features. For the algo-traders, several APIs and platforms, such as NinjaTrader, ZuluTrade, and QuantConnect, make Lime Fx quite versatile. Lime Fx’s web platform features include news and an economic calendar so you can anticipate market data.

Personal preference aside, the important takeaway here is that there is no one “right” or “wrong” choice of where to trade forex. By 2018, Lime Fx was under new ownership with a new global CEO, longtime company executive Brendan Callan. Charging forward, Lime Fx proceeded to add cryptocurrency baskets for retail traders along with a host of new targeted offerings for its B2B and data division clients.

Lime Fx easily beats out Oanda in both the variety and the quality of their trading platforms for web (online) and desktop. Oanda wins big points for the platform’s transparent pricing and efforts to minimize risk by offering micro lots and flexible pricing models (broker-spread versus raw-spread+commission). Smaller ticket retail clients can now take advantage of mini accounts to dip a toe (or few) into the forex marketplace. And all clients can now add CFD instruments to their trade portfolios. Oanda is an international Forex broker founded in 1996 with headquarters in the United States. Oanda specialises exclusively in currency trading solutions for all trader levels.

In this review, we looked at how the Forex broker OANDA and Lime Fx compare. Both have their own trading platform plus MT4 and TradingView, along with (mostly) no commissions. 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 https://limefx.club/ two Tier 1 entities – the Australian Securities and Investment Commission and the Financial Conduct Authority. However, having said that, Oanda’s customer service gets consistently fair to poor ratings across a wide range of platform reviews. Long hold times, slow responsiveness to urgent queries and difficulty navigating the website to find the correct support contacts are some of the top complaints.

The below table shows our test results for the no commission accounts with each broker. Our findings show that Lime Fx averaged 1.47 pips over the 6 tested pairs, which equates to a cost of $13.49 per lot. OANDA didn’t fare as well, with an average of 1.54 pips or a cost $14.23 per lot. With so much experience under their belt, it’s no surprise that both online traders gathered quite a loyal network of customers, attracting both professional and beginner traders.

Accessibility through MetaTrader 4 (MT4), Trading Station, or via third-party platforms allows traders to make informed decisions using powerful analysis tools. Oanda is a reputable online broker that offers a diverse range of trading instruments and a user-friendly trading platform. However, the limited account types and lack of cryptocurrency trading may not be suitable for all traders’ preferences.

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. The Standard account has a minimum deposit requirement of $50, and the Active Trader account requires a minimum deposit of $25,000. The Active Trader account targets experienced traders and provides lower spreads, dedicated customer support, and free access to premium research and analysis.

Lime Fx is a forex, CFD, equities, precious metals and crypto broker with over 20 years of experience. Through a partnership with Jefferies Group, Lime Fx offers a professional trading service for financial institutions and sophisticated traders. The rise of the internet has paved the way for online brokers, which in turn have given individual investors the same access to global markets as institutional investors. Thanks to online brokers, traders have tools at the fingertips that can transform them from a novice into a pro.

Both brokers use floating spreads, which means that their spreads vary frequently. The first model is a ‘spread only’ account where traders pay just the spread and no commission. Lime Fx and Oanda offer daily market commentaries and frequent webinars to assist and educate their traders.

Oanda narrowly edges out Lime Fx in this category based on the number of Tier-1 (most trusted) operating licenses the broker has obtained. Unfortunately, Lime Fx gets some points deducted for the recent performance of their apps. From the most recent user reviews for each app, it appears the company is in the midst of a number of app updates. Users report frequent crashes and missing or slow-to-load features. Unfortunately, recent Lime Fx users give both the iOS/Apple and Android apps poor reviews over the last few months. 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.

Alessandro Dev

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