LimeFx 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. 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.

Brokers By Platforms

OANDA provides traders 71 currency pairs (e.g., EUR/USD) compared to LimeFx’s 43 available pairs. 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. If you’re an Aussie trader, you might find this list of the Best Forex Brokers In Australia useful for more options.

What is the difference between ICE and other forex providers?

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. These both accounts are based on spread and are Standard and Premium account with better costs. Also, Islamic Account is meant for traders following Sharia laws with suited conditions https://limefx.club/ and applicable laws available. Trying to choose between OANDA vs LimeFx, but can’t decide which Broker is better Broker for your trading strategy? 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.

Mobile Trading

LimeFx provides access to 440 symbols, including 41 forex pairs and 399 CFDs on indices, commodities, metals, cryptocurrencies, and shares. On the other hand, Oanda offers 124 symbols, encompassing 71 forex pairs and 53 CFDs on indices, commodities, metals, scammed by limefx and bonds. Traders seeking a wider variety of instruments may find LimeFx more suitable for their needs. In the vast and exciting realm of foreign exchange trading, choosing the right forex broker can make all the difference in your trading journey.

Customer Service

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. However, the company now provides clients with access to a wide range of asset classes across many financial markets, including currencies, commodities, and energy. There are several helpful tutorials and committed support staff available for newcomers. Otherwise, Oanda’s scalable learning resources are designed with the active, intermediate to advanced trader in mind.

  • 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 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.
  • The Financial Services Compensation Scheme (FSCS) protects OANDA’s European and British clients.
  • The learning centre offers us two comprehensive guides and a vast library of nearly 200 articles covering topics such as trading tips, strategies, charting, and indicators.
  • 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.

Customer Service and Support 📱

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. Enhancing the choice is the LimeFx suite of tools for algorithmic trading solutions. Oanda maintains its proprietary trading platform and the MT4 trading platform.

If you prioritize lower spreads and a user-friendly platform with advanced features, Oanda’s fxTrade platform may be the best fit for you. Additionally, if you prefer a market maker broker and have a limited budget, Oanda’s low minimum deposit requirement of $1 makes it highly accessible. Furthermore, if you prefer the no dealing desk (NDD) model and are a high-volume trader looking for reduced spreads and commissions, LimeFx’s Active Trader account is worth considering.

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. Although Oanda has no cryptocurrency and basket instruments, it has more stock indices (16 vs 11) and bonds (6 vs 1) than LimeFx. Although LimeFx has fewer instruments than Oanda, it has a very good variety. Use our international search tool to find a broker that accepts clients from your country.

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. LimeFx, on the other hand, also accepts credit/debit cards and bank transfers but adds the option of Skrill for traders who prefer e-wallets. Should you be based in the UK, both brokers offer spread betting as an alternative to CFD trading. 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.

The pros and cons between the two spreads can vary for every trader. In this case, LimeFx provides their pricing withFixed spread while OANDA offersFixed spread. The pricing engine at LimeFx analyses the price data from the liquidity providers and chooses the price that offers the greatest overall value. Customers can see this price on the many trading platforms available to them.

However, Oanda does offer a wider variety of options than LimeFx in each of their categories. Having said that, it is also widely known that the United States is the most restrictive forex marketplace on the planet. And in truth, the $7 million penalty the CFTC ordered LimeFx to pay is kind of like pocket change in a marketplace that turns over an estimated $5.1 trillion dailiy.

Both brokers offer better trading conditions for traders with large trading accounts or those (LimeFx traders) who maintain a certain minimum monthly trading volume. 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. LimeFx operates in a dual capacity, functioning both as a Market Maker and an STP Broker. When acting as an STP Broker, LimeFx directly routes traders’ orders to liquidity providers, avoiding the role of a counterparty.