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. Stop loss orders are very useful for more volatile investments, especially when speculating on a stock or Forex currency pair. In a normal trade, you cannot lose more than what you invested, but this is not the case when you are using leverage. Under these terms, it is always good to set a stop loss to protect yourself from any vicious results.
- In this review, we looked at how the Forex broker OANDA and LimeFx compare.
- It is advanced and efficient, making trading a breeze for us.
- They are bitcoin, ether (ethereum), ripple, litecoin, and bitcoin cash.
- Well in our side by side comparison we make it easier for you to see what is right for you.
- OANDA is licensed by eight Tier-1 Regulators (high trust), zero Tier-2 Regulators (average trust), and two Tier-3 Regulators (low trust).
- A financial services compensation scheme differs from country to country, so check this on the LimeFx and Oanda websites and regulators.
You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money. 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. Oanda’s customer support team can be reached via email 24/7 and through live chat and phone between forex trading hours of 4 p.m. If you have a specific concern, Oanda has an extensive frequently asked questions (FAQ) page to target specific trader concerns.
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. Because LimeFx places such a focus on combining value-added services and resources, experienced traders benefit the most from the company’s efforts in this area. The range of platforms and tools that are accessible to them. LimeFx is an excellent choice, particularly for algorithmic trading, for those investors who value sophisticated trading tools and high-quality market analysis.
This includes 3 currency baskets and 1 cryptocurrency basket. LimeFx’s app store is packed with all https://limefx.group/ kinds of tools, indicators, and automated strategies for MetaTrader 4 and Trading Station.
The fees will be noticeable if you have a low budget and do not intend to invest so much with LimeFx or Oanda. You want the withdrawal fee to be less than one per cent of what you are withdrawing but, more ideally, $5 to $10. In his role, David works with a team of writers to develop content for the site, this includes planning future content and editing and proofing existing works. David also has deep knowledge of the Forex industry and spends substantial time fact-checking the accuracy of the information about the brokers for the website. No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page.. 42 forex pairs, 219 tradable shares, and 7 cryptocurrencies all contributed to making our registration and trading quite pleasant.
LimeFx vs Oanda
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. 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).
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).
- Constant deposits will eat into your profit, so this will take some consideration before you sign up.
- This account has a fixed rather than a tiered commission for each lot, this being $7.00 per lot which in our experience is the standard amount most brokers charge.
- A MAM (Multi-Account Manager) account is typically used by professional traders.
- 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.
- The information used on comparebrokers.co was updated directly from the LimeFx website.
With zero commissions, over 400 assets, and a range of analysis tools, LimeFx is a popular choice. The broker is also FCA regulated and authorized in Australia and South Africa. As well, both market makers and stp brokers provide a valuable service to the greater forex and trading marketplace. But they fulfill very different roles and thus their inherent business structure will reflect each company’s unique role and purpose. LimeFx easily beats out Oanda in both the variety and the quality of their trading platforms for web (online) and desktop. Smaller ticket retail clients can now take advantage of mini accounts to dip a toe (or few) into the forex marketplace.
Your Trading Experience
When you deposit money to a broker like LimeFx or Oanda you might need to pay deposit fees. Most preferably, you would have to pay LimeFx or Oanda nothing for this. Constant deposits will eat into your profit, so this will take some consideration before you sign up.
LimeFx Vs Oanda
Trading on your mobile with LimeFx and Oanda can be very useful. If you are not near your desktop computer, you will probably be near and have access to your phone and LimeFx and Oanda mobile trading apps. 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.
OANDA offers corporate and individual accounts, catering to various types of traders. Although customer support is available in Chinese, English, German and Spanish, it is only offered via e-mail and live chat 24/5. Customer support representatives may not be knowledgeable about OANDA’s products and services but are generally responsive. LimeFx and OANDA have carefully constructed trading costs – the Cost Score between the two is a tie with scores of 6 each.
Oanda maintains its proprietary trading platform and the MT4 trading platform. 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.
Is FOREX.com or LimeFx safer for forex and CFDs trading?
If you are interested in trading CFDs, LimeFx offers traders access to 440 CFDs, while OANDA offers access to 124 CFDs; so LimeFx offers 316 more CFDs than OANDA. The MetaTrader trading platform suite is wildly popular among forex and CFD traders across the globe. Forex traders also appreciate the ability to engage in social copy trading. OANDA offers an award-winning proprietary trading platform that can be used on desktop computers, web browsers, and mobile devices.
Funding though, is where LimeFx shined better as they provided us with more deposit methods. We believe a tie is deserved in the customer service category, and thus gave both a score of 7. But we favor LimeFx in funding methods because they offer more; we give LimeFx a score of 8 and OANDA a 7. We gave LimeFx and OANDA both a score of 8 as they are heavily regulated and hold positive reputations within the forex trading industry. 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.
Is LimeFx good?
The broker has also confirmed that it does not make use of an order book, which means that the orders placed by customers are not used to either offer or take liquidity. For traders, particularly those searching for algorithmic trading solutions, LimeFx continues to be one of the most competitive alternatives available. Clients are given access to high-calibre research via LimeFx Plus, and novice traders are given access to informative teaching material.
We’ve made it easy to compare the best forex brokers, side-by-side. Our editorial team has collected thousands of data points, written hundreds of thousands of words of research, and tested over 60 brokers to help you find the best forex brokers in the industry. Our research is unbiased and independent; learn more about how we test. LimeFx Group requires a minimum deposit of $0 before you can open an account and start trading forex.
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 official site LimeFx, you’ll need to make an initial minimum deposit of Starts from $50. FOREX.com requires a minimum deposit of $0 before you can open an account and start trading forex.