The broker provides a seamless experience with additional plugins and a user-friendly interface. If you’re keen on using MT4, you might want to check out this list of the best MT4 brokers. Unlike OANDA, LimeFX has a fixed minimum deposit amount for its traders. On the subject of leverage, it helps if you can reduce the risk of slippage; scammed by limefx for this reason, execution speed can make a difference.
Broker Types
- Oanda is also a market maker, as opposed to LimeFX which is an enhanced execution broker.
- Our automated aggregation service scans hundreds of media sources, as well as blogs and social networks, to deliver live and objective news coverage without editorial control.
- This trend continues across the other forex pairs, with OANDA consistently offering slightly lower spreads than LimeFX.
- When choosing a broker, the most important detail is to check the broker is regulated in the country you are resident in.
- LimeFX desktop version stood out more because of their Trading Station.
- Additionally, LimeFX avails advanced research tools for traders seeking profound market insights, further enhancing its educational support.
For this reason, LimeFX is primarily going to make money on commissions and fees added to each trade order you place. However, having said that, Oanda’s customer service gets consistently fair to poor ratings across a wide range of platform reviews. Long hold times, slow responsiveness to urgent queries and difficulty navigating the website to find the correct support contacts are some of the top complaints.
What Broker is Superior For Australian Forex Traders?
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).
Although LimeFX has fewer forex pairs to trade, we feel they deserve a higher Tradable Products score than OANDA primarily because of OANDA’s lack of shares to choose from. OANDA is no slouch with 68 forex pairs, and we note that as a positive. limefx scammers But again, we feel that brokers today need to offer shares trading. LimeFX and OANDA are both market-maker brokers with identical leverage offerings. As traders, we desire as many base currencies as possible and a sufficient range of leverage. Both are closely matched, but we chose LimeFX as our favoured broker in the Trading Experience category, so we gave them a score of 7 and OANDA a 6.
OANDA: Lower Minimum Deposit
Trading costs for OANDA vs LimeFX are very similar, Spread based Standard account offer almost the same spreads. The only difference is that LimeFX does not change any fees, while OANDA has a monthly inactivity fee. 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 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. However, we know that in 2017, LimeFX was fined $7 million by the U.S.
Easily access OANDA’s MetaTrader 4 web platform from your Mac without any Windows installations. Plus, stay in the loop with push notifications sent directly to your MT4 mobile app, including updates from the MQL5 community. Get ultimate control of your trades when you set Stop Loss and Take Profit orders before executing them. Work with precise lot sizes for maximum financial protection, then close as much or as little of a position at any time.
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.
Although LimeFX has fewer instruments than Oanda, it has a very good variety. He has Finance degree at Monash University and is an investor in shares and equities and successfully started and sold the online business Hearing Choices. Please see our reports on best UK brokers and Australian brokers.
