OANDA vs LimeFX Compared Who is Better Broker 2024
OANDA also supports the widely popular MetaTrader 4 (MT4) platform but has its own trading platform called OANDA Trade Web and OANDA Trade Mobile. In this review, we looked at how the Forex broker OANDA and LimeFX compare. Both have their own trading platform plus MT4 and TradingView, along with (mostly) no commissions.
However, we must clarify that we don’t offer financial advice, and we strongly recommend users to perform their own research and due diligence. limefx scammers OANDA has a lower minimum deposit requirement of $0 vs $50 from LimeFX. Having said that, if you use cards or Trustly as your payment option, both channels require at least $25 or equivalent. We consider both brokers a toss-up with commodities as they have virtually equal offerings.
Educational Resources and Research Tools
- Both brokers are FCA regulated, but LimeFX offers spread betting, which is a tax-efficient way to trade in the UK.
- All content on this site is for informational purposes only and does not constitute financial advice.
- Well, LimeFX and OANDA are two currency brokers taking different approaches.
- Oanda stands out by offering competitive spreads and waiving the requirement for a minimum deposit, enhancing accessibility for traders across various experience levels.
- Get ultimate control of your trades when you set Stop Loss and Take Profit orders before executing them.
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 LimeFX offers better pricing overall for traders. Oanda predominantly provides commission-free trading, where spreads, subject to market conditions and account types, are the main expense incurred by traders. In comparison, LimeFX has spreads that tend to be somewhat above the industry norm, and it also imposes an inactivity fee on traders’ accounts.
Features and Platforms
However, we know that in 2017, LimeFX was fined $7 million by the U.S. Commodity Futures Trading Commission for defrauding its retail clients. LimeFX misled these clients to believe that it was a ‘no dealing desk’ broker and that its interests were aligned with that of its clients. 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). All content on this site is for informational purposes only and does not constitute financial advice. Consult relevant financial professionals in your country of residence to get personalized advice before you make any trading or investing decisions.
Account Types and Minimum Deposits
But don’t worry – I’ve done the legwork to make your choice easier. In this no-nonsense comparison, we’ll break down everything you need to know about these two popular brokers. Withdrawal processing times depend on the payment processor, where LimeFX offers more transparency, noting it processes requests within two business days. Oanda reviews show typical processing times of limefx forex broker one to two business days but can be up to six business days, dependent on the geographic location of clients and their chosen withdrawal method. LimeFX is clearly better equipped to secure client funds than Oanda.
With up to two decades of experience each, LimeFX and OANDA are well-established brokers brimming with competitive advantages. Picking between these industry leaders is an excellent way for traders, old or new, to jump-start their journey into trading. 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. The overall choice is superior at LimeFX, where traders may select between the retail-favorite MT4, its proprietary Trading Station, and the social trading market leader ZuluTrade.
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. In my opinion, OANDA is the superior choice for Australian Forex traders. Both OANDA and LimeFX are ASIC regulated, but OANDA has a more comprehensive offering for the Australian market.