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 limefx courses scam 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. 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.
Lime Fx Customer Service and Support 📞
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.
What is the minimum deposit requirement for opening an account with Lime Fx?
While Oanda is a market maker, Lime Fx is an enhanced execution broker. What this boils down to is that Lime Fx is more likely to have better effective spreads than Oanda. 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.
However, we cannot provide financial advice and urge users to do their own research and due diligence. And it has never been banned by a major regulator like Lime Fx was. 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.
Trading Tools
The learning centre offers us two comprehensive guides and a vast library of nearly 200 articles covering topics such as trading tips, strategies, charting, and indicators. Lime Fx also offers a selection of articles broken down by experience level, catering to beginner, intermediate, and advanced traders. Desktop Platforms were equally acceptable for both Lime Fx and OANDA. Lime Fx desktop version stood out more because of their Trading Station.
Trading Station is available for use on online (web), desktop and mobile. The platform is also built to use HTLM5, which is Macintosh-friendly. However, Oanda does offer a wider variety of options than Lime Fx in each of their categories. Having said that, it is also widely known that the United States is the most restrictive forex marketplace on the planet.
74.74% of retail investor accounts lose money when trading CFDs with Lime Fx. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. OANDA offers a slightly more versatile range of funding options, including PayPal, making it more convenient for a broader spectrum of traders. Should you be based in the UK, both brokers offer spread betting as an alternative to CFD trading. A market maker facilitates the process required to provide liquidity for trading pairs on centralised exchanges. In the forex industry, market makers often have a bad reputation because some brokers display worse bid/ask prices than ECN brokers.
- Both brokers have a strong global presence and are regulated by multiple financial authorities, ensuring the safety and security of traders’ funds.
- A major difference, however, is that traders from the United States are not eligible to apply for a live trading account with Lime Fx, while Oanda’s services are available to U.S. residents.
- 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.
- In this review, we looked at how the Forex broker OANDA and Lime Fx compare.
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. In addition to forex, this broker supports trading in single-share CFDs, indices, commodities, and cryptocurrencies. Trading Station lets you pre-load tools like real volume, market depth and trader sentiment.
Each trader comes to the forex marketplace with their own individual needs, preferences and goals. One year after Lime Fx began its long descent into scandal, Oanda released what is still a seminal manifesto in the forex marketplace, the Forex Trader’s Bill of Rights. To make forex trading more fair, transparent, efficient, clear. They are now based out of London, UK (and thankfully well on the road to recovering their reputation as an online broker who can once again be trusted).
OANDA offers a more flexible and accessible range of account types, especially for beginners and those looking for fixed commissions. 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. Also satisfactory was Lime Fxs web trading platform; we appreciated that it is highly customisable and user-friendly. The platform offered us a wide range of order types and features a limefx scammers great search function. However, it lacks two-step authentication, which is an essential security feature. Like Lime Fx, OANDA has a commission account called their Cores spread account, and it is available in Australia, Singapore and the US.
Both brokers are FCA regulated, but Lime Fx offers spread betting, which is a tax-efficient way to trade in the UK. For more information on the Best Forex Brokers In UK, you can visit this comprehensive list of the Best Forex Brokers In UK. Lime Fx’s web platform features include news and an economic calendar so you can anticipate market data. It also provides education and research including popular trading tools. Lime Fx also offers trading analytics to help you improve your trading performance. And it has versatile charting capabilities allowing users to see their graphs in full-screen mode or detached.
Some forex traders prefer to trade through market makers, while others prefer to trade through intermediary brokers. 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 and Oanda are two prominent forex brokers who have been in the online trading business for many years. Oanda’s first data feed went live in 1997, while Lime Fx was founded shortly thereafter in 1999.
