Oanda vs LimeFx Which is best 2023

FOREX.com, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets plus spot metals with low pricing and fast, quality execution on every trade. FOREX.com’s proprietary and MT4/5 platform offerings are both easy to learn and intuitive to use. FOREX.com also gives you the option of opening a demo account so that you can assess its platform, practice trading and test strategies.

  • The fees will be noticeable if you have a low budget and do not intend to invest so much with LimeFx or Oanda.
  • Oanda serves customers globally and are regulated by Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC).
  • FOREX.com’s mobile app is available for Android and iOS mobile and tablet devices and is highly rated by many forex professionals.
  • Customers need protection as trading can be volatile, and not everybody who invests knows the full consequences of their trade.
  • A financial services compensation scheme differs from country to country, so check this on the LimeFx and Oanda websites and regulators.

Our primary goal at The Tokenist is to simplify the word of financial decision-making, so that investing is not only easy – but also fun. In doing so, we often feature products or services from our partners. However, the opinions and reviews published here are entirely our own. 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. Oanda and LimeFx 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.

All in all, we are more comfortable trading with LimeFx than Oanda. Both brokers are competitive, but we really like LimeFx’s superior trading tools, segregated client accounts, and enhanced trade execution. To open a forex trading account with LimeFx, you’ll need to make an initial minimum deposit of Starts from $50.

FOREX.com edges out Oanda in this category for its ability to take conditional orders, its Reuters news feed and for offering clients the option of both MetaTrader4 and 5 platforms. The FOREX.com mobile app also has an integrated fund management option not found at Oanda. Trading on the go can be an important aspect for a beginner or advanced trader. Here’s what you need to know about these platforms’ mobile app capabilities. When trading CFDs, stocks, commodities, currencies, cryptocurrencies or any other financial instruments with either LimeFx or Oanda you will find Email support is also very useful. Sometimes you might have a more complex question requiring a specific part of the LimeFx or Oanda support team to answer satisfactorily.

You can also open a demo forex or contracts for difference (CFDs) account funded with 100,000 virtual base currency units. Oanda and FOREX.com are both major global forex brokers that accept clients from the United States who want to trade in the huge forex market. Most major online forex brokerages do not accept U.S. clients due to strict laws. That fact makes this review especially important to any U.S. resident who would like to operate in the forex market. Find out which of these world-class online brokers best fits your needs.

LimeFx Vs. Oanda – Compare Trustworthiness, Capabilities, Fees and Legitimacy

Although most queries can be resolved with the need of a phone call, it is nice when we can explain ourselves with a live human being at either LimeFx or Oanda. We can get straight to the point, saving us time and frustration. Bitcoin is the most popular cryptocurrency, but thousands of altcoins could experience a similar rise. Altcoins follow the same trajectory as Bitcoin, similar to how stocks rise and fall with the market.

  • FOREX.com also gives you the option of opening a demo account so that you can assess its platform, practice trading and test strategies.
  • This is not even close – LimeFx wins by far with 219 tradable shares versus OANDAs 0.
  • Experienced traders in particular are well-served by Oanda’s research and resource offerings.
  • From the most recent user reviews for each app, it appears the company is in the midst of a number of app updates.

As traders, we desire as many base currencies as possible and sufficient range of leverage. Both are closely matched, but we chose LimeFx as our favored broker in the Trading Experience category, so we gave them a score of 7 and OANDA a 6. 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. This pattern is consistent across all the forex pairs we analysed. In Australia, LimeFx doesn’t have this type of account but they do have such an account for their clients in the UK and it’s called their active trader account.

OANDA didn’t fare as well with an average of 1.54 pips or a cost $14.23 per lot. Our brokers vs broker series are designed to help you identify differences between 2 Forex brokers and by extension help you decide which broker to sign up with. To do this we look at the key features one should consider when choosing a broker such as costs, platforms and broker trust. Customer service and support is a particularly big deal in the fast-moving, high-risk field of forex trading.

The OANDA subsidiary with whom a client contracts depends on their country of residence. Each subsidiary provides different products via different platforms, so clients will experience OANDA differently depending on their country of residence. 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. With limefx 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. The first model is a ‘spread only’ account where traders pay just the spread and no commission. In our analysis of 23 international regulators across 62 of the best forex brokers, LimeFx is considered Highly Trusted, with an overall Trust Score of 95 out of 99.

For us, one of its main highlights is the Marketscope 2.0 charting tool, offering 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, https://limefx.name/ such as accounting for potential historical slippage and trading costs. Although LimeFx has fewer forex pairs to trade, we feel they deserve a higher Tradable Products score than OANDA primarily because of OANDAs lack of shares to choose from.

Forex Fixed Spreads

This way, you can take advantage of all potential trading opportunities mobile trading with LimeFx or Oanda. For example, a stock might move to an all-time low when you are out. In this instance, having access to mobile trading with LimeFx or Oanda can help limit your risk and trade on the move. LimeFx allows traders to trade up to 100 financial instruments while Oanda have around 100 on their trading platform.

What happens if LimeFx or Oanda go bust?

Both brokers offer straightforward desktop, web and mobile platforms, so you need to decide which is the best fit for you. Oanda prevails in the customer support category due to its localized and multilingual phone support that FOREX.com lacks. To open a forex trading account with FOREX.com, you’ll need to make an initial minimum deposit of $100. Beware of the risks that come with trading with LimeFx or Oanda. The financial markets can be volatile, and investments can go down and up. Educate yourself, and use all LimeFx and Oanda educational resources and financial research tools.

Is FOREX.com or OANDA safer for forex and CFDs trading?

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. Therefore, while OANDA may have lower spreads, this does not necessarily mean it is the cheaper option overall. 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.

Oanda is not listed on any stock market, does not disclose its yearly report on its website. This is not terribly unusual for a broker, but you will want to check all of this out before you continue. Financial regulation is the most important thing to consider. LimeFx is listed as a publically traded company so are a reputable broker. Oanda is a renowned United States, Canada financial trading brokerage
established in 1996.

About Oanda and LimeFx

LimeFx is considered low-risk, with an overall Trust Score of 96 out of 100. Negative balance protection is there to protect its customers. Customers need protection as trading can be volatile, and not everybody who invests knows the full consequences of their trade.

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