LimeFx vs OANDA US Which is best 2024

When acting as an STP Broker, LimeFx directly routes traders’ orders to liquidity providers, avoiding the role of a counterparty. This methodology tends to offer faster execution and the possibility of narrower spreads, aligning with the preferences of traders desiring direct market access. Conversely, OANDA predominantly operates as a Market Maker Broker, where it facilitates trading by assuming the opposite position in its clients’ trades. OANDA provides traders 71 currency pairs (e.g., EUR/USD) compared to LimeFx’s 40 available pairs. If you are interested in trading CFDs, OANDA offers traders access to 1744 CFDs, while LimeFx offers access to 440 CFDs; so OANDA offers 1304 more CFDs than LimeFx.

  1. The OANDA subsidiary with whom a client contracts depends on their country of residence.
  2. Customers have said that they wish they could trade additional products on Oanda, such as futures markets.
  3. This comparison article lays out the features of both brokers in detail, so you can see which is the best platform according to your needs.
  4. Our independent database powered by our unbiased research will help you compare OANDA vs LimeFx side-by-side.
  5. Both Oanda and LimeFx offer different types of trading platforms, providing their traders, for example, with mobile apps for trading on the go.

Spread betting with LimeFx is available for UK residents and provides a tax-efficient way to trade. For more details on spread betting, you can check out this comprehensive guide for the best spread betting brokers. When it comes to funding options, both OANDA and LimeFx offer a variety of methods to suit different trader needs. OANDA provides the convenience of multiple payment options, including credit/debit cards, bank transfers, and PayPal.

Spreads and Commission

The price that traders pay is the spread, which is the difference between the ask and the bid price of the security being traded. Both brokers offer better trading conditions for traders with large trading accounts or those (LimeFx traders) who maintain a certain minimum monthly trading volume. 74.74% of retail investor accounts lose money when trading CFDs with LimeFx. OANDA beats LimeFx with more forex pairs to choose from, 68 versus 42.

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. 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. Ask any gathering of retail forex traders what they most prize in an online broker platform and you will soon discover no two answers are exactly alike.

Mobile Trading

Oanda offers a live chat virtual assistant that is available 24 hours a day five days a week. The platform also offers a frequently asked questions portal and phone numbers for its regional offices. Both LimeFx and Oanda offer discount options for active or VIP traders. One year after LimeFx 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. 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 is better suited for beginner traders due to its lower minimum deposit and more straightforward account features. Based on our analysis, LimeFx offers a slightly more comprehensive customer service experience, particularly with its educational webinars and in-depth responses. 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. Interestingly, our tests captured OANDA as having lower minimum spreads and lower average minimum spreads as well. To achieve this, your best bet is to use some sort of automation, which is possible with both brokers.

Tie: Stronger Trust And Regulation

LimeFx, or Forex Capital Markets, is a popular online forex and CFD trading platform that caters to traders worldwide. With a reputation for offering competitive spreads and a robust trading platform. This module, we will explore the pros and cons of LimeFx for a limefx review trader looking to open an account, as well as the regulatory information pertaining to this broker. When it comes to choosing an online broker for forex and CFD trading, LimeFx and Oanda are two well-established and reputable options for traders to consider.

About Oanda and LimeFx

Founded in 1996, OANDA is a long-standing, highly trusted broker licensed in an impressive seven Tier-1 regulatory jurisdictions. The OANDA Trade platform is available for web, desktop, and mobile. Though the desktop platform is good – not great – the mobile app is easy to use and boasts a great balance of features. The only downside with using OANDA is its comparatively small range of markets and industry-average spreads. Oanda is another well-established online broker offering forex and CFD trading services to traders worldwide.

In a typical trading day across all markets – from EUR/USD and beyond – their spreads were identical, with each around 1.2 pips; that’s pretty good news for investors. And if you’ve got an extra-large account or are willing to commit to some severe monthly turnovers (LimeFx), these guys have even more attractive offers tailored specifically for you. There is an obvious advantage for LimeFx for offering at least 4 different trading platforms to its traders, while OANDA’s offer is limited to MT4 and proprietary platform. LimeFx’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. LimeFx 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. 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. LimeFx vs OANDA both offer a singular account option, inclusive of Islamic accounts. This facilitates traders who follow Sharia principles to participate in currency trading on their platforms. Oanda predominantly provides commission-free trading, where spreads, subject to market conditions and account types, are the main expense incurred by traders.

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