Their technical support has been described as “weak’ by users who are trying to resolve technical issues. In addition to forex, this broker supports trading in single-share CFDs, indices, commodities, and cryptocurrencies. Online brokers generally offer users the option not only to trade on their native platforms but limefx scammers also outside systems.
Is Lime Fx or OANDA safer for forex and CFDs trading?
Both brokers offer better trading conditions for traders with large trading accounts or those (Lime Fx traders) who maintain a certain minimum monthly trading volume. Lime Fx operates in a dual capacity, functioning both as a Market Maker and an STP Broker. When acting as an STP Broker, Lime Fx directly routes traders’ orders to liquidity providers, avoiding the role of a counterparty.
Lime Fx and Oanda both offer outstanding trading conditions in terms of low trading costs, reliable trade execution, and great trading platforms. 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.
Lime Fx vs Oanda
However, it lacks two-step authentication, which is an essential security feature. Interestingly, our tests captured OANDA as having lower minimum spreads and lower average minimum spreads as well. So to us, if you time your order, OANDA can be a better choice. To achieve this, your best bet is to use some sort of automation, which is possible with both brokers.
There’s also a trade journal to help you manage risk and make better decisions. Manage risk, trade through charts and take advantage of a currency-strength heat map. OANDA Trade is a web-based platform but there are also apps for mobile devices and tablets. Lime Fx provides news updates on markets like forex and cryptocurrencies as well as market data and other forex and CFD resources plus investment insights. This broker offers a trio of APIs (fix, java and forex) that connect directly to its server.
- 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.
- The broker describes its own support as friendly and professional.
- It’s important to make sure that your forex broker accepts the funding options and deposit methods that work best for you.
- 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.
- Desktop Platforms were equally acceptable for both Lime Fx and OANDA.
- Oanda’s list also lacks cryptocurrencies, but perhaps it will have some crypto instruments available soon.
Broker Types
With a reputation for offering competitive spreads and a robust trading platform. This module, we will explore the pros and cons of Lime Fx for a trader looking to open an account, as well as the regulatory information pertaining to this broker. To compare the trading platforms of both Lime Fx and OANDA, we tested each broker’s trading tools, research capabilities, and mobile apps.
Yes, Lime Fx and Oanda both offer beginner traders education, research, and quality trading tools. Lime Fx takes the lead in this category, as it features Capitalise AI, a code-free service to automate trading strategies, and broader support for copy and social trading. Lime Fx is a respected forex and CFD broker, established since 1999. The British-headquartered broker has won multiple awards and operates in various jurisdictions, including the UK and Australia.
Finally, we found OANDA to provide better mobile trading apps. 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. When comparing Lime Fx and Oanda, both brokers offer competitive advantages in their respective areas.
Known for its transparent pricing, intuitive trading platform, and strong regulatory standing, Oanda has gained a reputation as a trusted broker in the industry. In this module, we will explore the pros and cons of Oanda for a trader looking to open an account, as well as the regulatory information pertaining to this broker. Both brokers excel in customer support, offering a range of services including telephone, live chat, and email assistance, ensuring that traders receive timely and helpful responses.
Lime Fx has fewer user complaints about customer service and more positive experiences vs. Oanda. One Oanda trader on Reddit complained that they charged inactivity fees but were never made aware of the policy around this issue. Lime Fx user complaints largely have to do with funds taking too long to settle in their respective accounts. Even a “rapid transfer” feature has customers waiting for days for their deposit to arrive with seemingly no reasonable explanation. 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.
Lime Fx desktop version stood out more because of their Trading Station. For us, one of its main highlights is the Marketscope 2.0 charting tool, which offers powerful charting capabilities that run parallel to the main platform window. Trading Station is a strong competitor to MetaTrader and features complex back-testing options, such as accounting for potential historical slippage and trading costs. The below table shows our test results for the no commission, standard account spreads for 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.
For Lime Fx, if you are looking for a regulated platform, you must choose between its UK, AU or South African operations. In these jurisdictions, it is regulated by the UK’s Financial Conduct Authority, the Australia Securities and Investment Commission and South Africa’s Financial Sector Conduct Authority. The broker’s Lime Fx Markets arm is not subject to the same regulations as these entities.
Customers have complained about not being able to withdraw funds that were deposited, in one case amounting to $40. There are multiple complaints by users on Trustpilot who have been unable to withdraw funds, with some customers saying that Oanda limefx scammers makes this process too complicated. Oanda has argued that documents for funding must be compliant with regulations.
Could I use a third-party payments platform to deposit onto Lime Fx?
Lime Fx provides forex and CFD market access across experience levels. This broker offers trading in major forex pairs as well as forex baskets across the U.S. dollar, Japanese yen and emerging markets. Most of the forex trading occurs on major currency pairs such as EUR/USD, USD/JPY, GBP/USD, USD/CHF.
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. Oanda also lets you trade cryptocurrencies like bitcoin or Ethereum via CFDs on the Oanda mobile app or its platform. Oanda offers crypto spot trading through its partner and crypto service provider Paxos. Lime Fx offers trading tournaments where users can compete for cash prizes on demo accounts without having to risk their own money. Trading Station lets you pre-load tools like real volume, market depth and trader sentiment.