To compare the trading platforms of both OANDA and LimeFx, we tested each broker’s trading tools, research capabilities, and mobile apps. Crypto trading has become popular among forex traders across a range of international jurisdictions. If you are looking to trade physical cryptocurrencies, you’ll find that OANDA offers clients access to trading physical cryptocurrencies while LimeFx does not. LimeFx 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.
Tier 3 Regulation
Traders seeking a wider variety of instruments may find LimeFx more suitable for their needs. Oanda offers a broad range of trading instruments, including Forex, commodities, indices, spread betting, futures, and bonds, giving traders access to various asset classes. LimeFx also provides an extensive https://limefx.group/ selection of trading instruments, covering Forex, indices, commodities, cryptocurrencies, and spread betting, offering a comprehensive choice of markets to trade. Founded in 1996, OANDA is a long-standing, highly trusted broker licensed in an impressive seven Tier-1 regulatory jurisdictions.
Trading Platforms
However, LimeFx caters to high-volume traders with its Active Trader account, which provides reduced spreads and commissions. It is worth noting that Oanda does not have different account types or tiers, and all traders are subject to the same pricing structure. Oanda stands out by offering competitive spreads and waiving the requirement for a minimum deposit, enhancing accessibility for traders across various experience levels. Conversely, LimeFx presents a wide spectrum of markets and instruments, paired with low floating spreads, to cater to a multitude of trading strategies. This flexibility makes LimeFx an attractive option for both beginner and experienced traders alike. From my perspective, LimeFx is the better option for UK Forex traders.
Costs and Fees
For this exercise, we tested 6 major currency pairs over a 24-hour period (AUD/USD, EUR/USD, GBP/USD, USD/CAD, USD/CHF and USD/JPY) and then averaged the spread across the currency pairs. Tier-2 and tier-3 licenses are still important in evaluating the overall trustworthiness of forex brokers. As far as tier-2 licenses go, OANDA is none, while LimeFx is Cyprus (CySEC Authorised), Israel (ISA Authorised) and South Africa (FSCA Authorised).. Neither have China (CBRC Authorised), India (SEBI Authorised), Russia (CBR Authorised), Thailand (SEC Authorised) and UAE (DFSA/Central Bank Authorised).
Compare OANDA vs LimeFx Side by Side
- LimeFx operates in a dual capacity, functioning both as a Market Maker and an STP Broker.
- The offer gives interesting choices for traders to explore other markets that may be proven beneficial for them and to diversify their trading portfolios.
- This pattern is consistent across all the forex pairs we analysed.
- LimeFx offers multiple trading platforms for algorithmic trading and social copy trading, along with a proprietary platform suite (and access to MetaTrader 4).
- We also keep track of each broker’s total number of tradeable symbols; OANDA offers 1744, and LimeFx offers a total of 440 tradeable symbols.
It remains a popular option with both beginners and experienced traders thanks to its user-friendly and sophisticated web platform, no minimum deposit and premium currency products and services. The company is also overseen by reputable regulators, including the FCA, ASIC and CIRO. Oanda and LimeFx offer their own proprietary trading platforms, as well as support for the widely used MetaTrader 4 (MT4) platform. Oanda’s fxTrade platform is available in desktop, web, and mobile versions, providing a user-friendly interface and comprehensive trading tools.
Trading Station is a strong competitor to MetaTrader and features complex back-testing options, such as accounting for potential historical slippage and trading costs. Based on this data, I would argue that OANDA is the cheaper option in terms of spreads. However, it’s important to remember that spreads are just one aspect of the cost of trading. Other factors, such as commission fees and account types, can also impact the overall cost.
OANDA payment methods are better presented, LimeFx supporting only Cards, Bank transfer and Skrill as payment methods. Both brokers provide fast money transfers and charges no additional fees for deposits or withdrawals. LimeFx is clearly better equipped to secure client funds than Oanda.
LimeFx is also a great option for beginners due to its wide range of educational materials and easy-to-use platforms (including integration with the popular TradingView platform). Though the range of markets available at LimeFx has increased following the addition of its share trading feature, it’s worth noting that pricing at LimeFx is just average. The hugely respected brand offers competitive trading accounts and serves clients from 196 countries.
LimeFx offers its proprietary Trading Station platform, MetaTrader 4, and TradingView. These platforms support algorithmic trading and provide advanced charting tools. However, when we compare these spreads to the industry average, we find that both LimeFx and OANDA are offering competitive rates. For example, the industry average spread for the EUR/USD pair is 1.25, which is higher than OANDA’s spread and only slightly lower than LimeFx’s.
While Oanda is a market maker, LimeFx is an enhanced execution broker. What this boils down to is that LimeFx 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).
LimeFx followed shortly after, as they were founded just three years after Oanda – in 1999. The trading platform is essential as you can’t execute a trade without it. Additionally, trading platforms provideprice charts and an assortment of analytical tools to help traders with their strategies.
Through webinars, tutorials, and written content, Oanda facilitates a comprehensive learning environment, enabling traders to enhance their market knowledge and trading proficiency. Unlike OANDA, LimeFx has a fixed minimum deposit amount for its traders. On the other hand, LimeFx flipped the score by offering limefx scam 7 cryptocurrencies versus OANDA’s 4. In today’s markets, we find the more cryptos to trade, the better because there is a growing demand for crypto trading. We gave LimeFx and OANDA both a score of 8 as they are heavily regulated and hold positive reputations within the forex trading industry.
