Additionally, Lime Fx avails advanced research tools for traders seeking profound market insights, further enhancing its educational support. Oanda offers a broad range of trading instruments, including Forex, commodities, indices, spread betting, futures, and bonds, giving traders access to various asset classes. Not every broker publishes average spread data, and pricing structures vary. Based on our thorough, data-driven testing of each broker’s commissions and fees, we found that Lime Fx offers better pricing overall for traders. Lime Fx, or Forex Capital Markets, is a popular online forex and CFD trading platform that caters to traders worldwide.
The broker describes its own support as friendly and professional. Traders may choose to do social trading on Lime Fx via ZuluTrade, where you can copy the trading strategies of the pros. On Lime Fx, you can also access MT4 without any third-party bridges.
Does Either Broker Offer Spread Betting?
Withdrawal processing times depend on the payment processor, where Lime Fx offers more transparency, noting it processes requests within two business days. 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. 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. 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.
Margin requirements are based on the leverage allowed by regulators in a jurisdiction. 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. Oanda is another well-established online broker offering forex and CFD trading services to traders worldwide.
Should you be based in the UK, both brokers offer spread betting as an alternative to CFD trading. Like Lime Fx, OANDA has a commission account called their Cores spread account, and it is available in Australia, Singapore and the US. This account has a fixed rather limefx scam than a tiered commission for each lot, this being $7.00 per lot, which in our experience, is the standard amount most brokers charge. Oanda’s customer service is available to users 24/5 across multiple channels including live chat, email or phone. However, users have complained that the broker makes it difficult to find a phone number to speak with a live representative.
What is the minimum deposit requirement for opening an account with Lime Fx?
- They are bitcoin, ether (ethereum), ripple, litecoin, and bitcoin cash.
- Trading Station is a strong competitor to MetaTrader and features complex back-testing options, such as accounting for potential historical slippage and trading costs.
- Neither broker supports social trading, however, it is still possible by using MetaTrader’s Trading Signals, to have the ability to copy trades of successful traders.
And limefx broker reviews it has never been banned by a major regulator like Lime Fx was. Lime Fx and Oanda both operate in multiple jurisdictions and are highly regulated in major markets. While Oanda doesn’t require a minimum deposit amount to open an account, you can’t deposit more than 50% of your net worth.
With zero commissions, over 400 assets, and a range of analysis tools, Lime Fx remains a popular choice for day traders. The broker is also regulated by top-tier authorities including the FCA, ASIC, CySEC, FSCA, BaFin. Based on our research on the regulatory status of over 60 brokers, we’ve found that OANDA holds 7 global Tier-1 licenses, while Lime Fx holds 4. 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.
Trading Instruments
Oanda predominantly provides commission-free trading, where spreads, subject to market conditions and account types, are the main expense incurred by traders. 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. OANDA provides traders 71 currency pairs (e.g., EUR/USD) compared to Lime Fx’s 43 available pairs.
You’ll want to be mindful about leaving positions open overnight on Oanda. This broker charges a financing cost to users at the end of each trading day for open positions. It’s calculated on a per-position basis and encompasses an administrative fee as well as the interest differential of the trade. Unlike Lime Fx, Oanda does not keep its clients’ funds in segregated accounts, which is a concern. Oanda is also a market maker, as opposed to Lime Fx which is an enhanced execution broker. The latter is better for retail clients because the matching algorithm always displays the best bid and ask prices from a multitude of different liquidity providers).
These pairs offer the most liquidity and therefore spreads are considered tight. However, Lime Fx also offers other forex currency pairs for traders to access. The hugely respected brand offers competitive trading accounts and serves clients from 196 countries. The company is also overseen by reputable regulators, including the FCA, ASIC and CIRO. Fees and commissions are how forex firms earn money from traders. However, there’s a trend sweeping the industry of zero-commission trading, leaving many trading platforms to make money from the spread between two instruments.
Enhancing the choice is the Lime Fx suite of tools for algorithmic trading solutions. Oanda maintains its proprietary trading platform and the MT4 trading platform. These diverse platforms provide traders with extensive tools and functionalities to tailor their trading strategies. On the other hand, OANDA primarily features its own proprietary platform, known for its user-friendliness, along with MT4 and MT5.
For more information on low-cost trading, you can visit this comprehensive Lowest Commission Brokers. OANDA beats Lime Fx with more forex pairs to choose from, 68 versus 42. But Lime Fx has far more in the category of share CFD trading at 219 to OANDAs 0. We found it surprising that OANDA doesn’t have shares trading with CFDs, not just because most forex brokers offer this, but because OANDA is such a major global broker.
For example, a trader is more likely to have his orders executed at the specified/desired price or even at a better price (positive slippage). 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.
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. It offers traders the opportunity to participate in various markets including crypto CFDs, while Oanda’s investment options are quite limited to forex and crypto.
