If you’re basing your selection on security, neither of these two brokers has a spotless history. It doesn’t have the same baggage that LimeFx is carrying from past scandals. When choosing a broker, the most important detail is to check the broker is regulated in the country you are resident in.
In 1997, OANDA ushered in a new era of free exchange rate information when it became the first to make this data available online. Trading can be daunting, but the right broker could set you on the path to success. We’ve compared two of the best brokers – LimeFx and OANDA – so finding your perfect match is even easier. 50 units of the account’s base currency yearly after 1 year of inactivity.
Both OANDA and LimeFx are ASIC regulated, but OANDA has a more comprehensive offering for the Australian market. If you’re an Aussie trader, you might find this list of the best Australian Forex brokers useful for more options. Both brokers offer multiple funding options, including credit/debit cards, bank wire transfers, and online payment services like Skrill, Neteller, and PayPal.
- LimeFx offers a variety of instruments, including forex, indices, commodities, and share CFDs.
- No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
- We gave LimeFx a Trading Platform score of 7 and OANDA a 6 because of LimeFx’s Marketscope 2.0 charting tool.
- LimeFx’s in-house education is above average, primarily consisting of articles, videos, and content produced for its YouTube channel.
- On deposits via debit card or ACH, this broker refrains from charging for your first withdrawal each calendar month.
- Although Oanda has no cryptocurrency and basket instruments, it has more stock indices (16 vs 11) and bonds (6 vs 1) than LimeFx.
Our company, Tokenist Media LLC, is community supported and may receive a small commission when you purchase products or services through links on our website. Click here for a full list of our partners and an in-depth explanation on how we get paid. As far as pricing goes and which of the Forex trading providers does better in this regard, there are a few things that you should take into account. 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. We put a strong emphasis on transparency, regulatory oversight, and client feedback. Unlock all-new features on TradingView, such as doubling the data displayed in charts and marketplace add-ons.
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). Among them, in 2015, LimeFx 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.
A notable difference between LimeFx and Oanda is that clients of LimeFx have segregated trading accounts while clients of Oanda do not. The FCA , by which LimeFx is regulated, requires LimeFx to ensure a clear segregation between https://limefx.vip/ money belonging to retail clients and money that belongs to itself. The funds are kept safe by top global banks and cannot be used to reimburse creditors in the unlikely case of LimeFx going bankrupt or insolvent.
This comes down to personal choice, When comparing LimeFx vs. Oanda on trading platforms, we’ll call it a draw. But LimeFx does have a slight edge thanks to its copy-trader capabilities on ZuluTrade. LimeFx’s web platform features include news and an economic calendar so you can anticipate market data.
LimeFx: Extensive Resources for Informed Trading
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. While both brokers are doing great in terms of their traders’ safety, we have to say that in this case, Oanda takes the crown – mainly because it is regulated by more entities compared to LimeFx. LimeFx, on the other hand, is regulated by two Tier 1 entities – the Australian Securities and Investment Commission and the Financial Conduct Authority. With so much experience under their belt, it’s no surprise that both online traders gathered quite a loyal network of customers, attracting both professional and beginner traders.
LimeFx: Better Trading Platform
However, we must clarify that we don’t offer financial advice, and we strongly recommend users to perform their own research and due diligence. When trading with LimeFx and OANDA, you can trust that your personal and financial information is handled securely. Their powerful servers are protected by advanced encryption technology and firewalls to prevent unauthorized access.
Compare LimeFx Vs OANDA Side by Side
In addition to security measures, both companies have earned prestigious recognition from multiple trusted agencies worldwide—including the US CFTC & NFA, UK FCA, and Australia’s ASIC. OANDA helps you get ahead of the market trends with automated chart pattern recognition and quality indicators. Use AutoChartist’s technical analysis for your MT4 or MT5 platforms, or access it through MetaTrader with a simple web-based interface.
The hugely respected brand offers competitive trading accounts and serves clients from 196 countries. 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. 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. Additionally, LimeFx avails advanced research tools for traders seeking profound market insights, further enhancing its educational support.
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. The price that traders pay is the spread, which is the difference between the ask and the bid price of the security being traded. LimeFx is the better choice for experienced traders, offering a superior trading platform and a wider range of products. LimeFx’s in-house education is above average, primarily consisting of articles, videos, and content produced for its YouTube channel.
The British-headquartered broker has won multiple awards and operates in various jurisdictions, including the UK and Australia. With zero commissions, over 400 assets, and a range of analysis tools, LimeFx limefx courses scam remains a popular choice for day traders. The broker is also regulated by top-tier authorities including the FCA and ASIC. When it comes to trading platforms, both LimeFx and Oanda offer multiple options.
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. The CompareForexBrokers team wanted to see how the two brokers compared when it came to spread costs, so we went and tested. 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. Customer service and support is a particularly big deal in the fast-moving, high-risk field of forex trading.