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. In contrast, as a stp (straight through processing) forex broker, Lime Fx’s primary role is to connect buyers and sellers who wish to partake in that liquidity through trading available assets. For this reason, Lime Fx is primarily going to make money on commissions and fees added to each trade order you place. 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.
Lime Fx: Top Product Range And CFD Markets
Lime Fx provides forex and CFD market access across experience levels. This broker offers trading in major forex pairs as well as forex baskets across the U.S. dollar, Japanese yen and emerging markets. Most of the forex trading occurs on major currency pairs such as EUR/USD, USD/JPY, GBP/USD, USD/CHF. These pairs offer the most liquidity and therefore spreads are considered tight. However, Lime Fx also offers other forex currency pairs for traders to access.
Fees & Commissions
OANDA provides the convenience of multiple payment options, including credit/debit cards, bank transfers, and PayPal. Lime Fx, 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. 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.
Lime Fx: Tight Spreads and Clear Fee Structures
Its regulatory track record is strong, and its support for third-party features bolsters its overall offering. The broker provides a seamless experience with additional plugins and a user-friendly https://limefx.club/ interface. If you’re keen on using MT4, you might want to check out this list of the best MT4 brokers. Unlike OANDA, Lime Fx has a fixed minimum deposit amount for its traders.
GENERAL RISK WARNING
Oanda and the Lime Fx group of companies are regulated by different top-tier financial authorities around the world. A major difference, however, is that traders from the United States are not eligible to apply for a live trading account with Lime Fx, while Oanda’s services are available to U.S. residents. Both brokers offer better trading conditions for traders with large trading accounts or those (Lime Fx traders) who maintain a certain minimum monthly trading volume.
- In my opinion, OANDA is the superior choice for Australian Forex traders.
- Lime Fx supports trading on TradingView Pro, Trading Station, ZuluTrade and MetaTrader 4.
- Oanda provides 24/5 customer support through live chat, email, and phone.
- The Active Trader account targets experienced traders and provides lower spreads, dedicated customer support, and free access to premium research and analysis.
Fees on Stocks
Not every broker publishes average spread data, and pricing structures vary. Based on our thorough, data-driven testing of each broker’s commissions and fees, we found that Lime Fx offers better pricing overall for traders. Lime Fx also wins when it comes to trading tools available and the multiple trading platforms their traders can access.
Trading Functionality and Forex Spreads 💷
All information on 55brokers.com is only published for general information purposes. We do not present any investment advice or guarantees for the accuracy and reliability of the information. “As with any Forex endeavors, there are risks, but this software shows transparency in current and past trades.” “I can check in real time if the change that is proposed to me is convenient and bargain with the clerk that I have in front of me. A tool to save time and money.” More reviews are required to provide summary themes for this product.
The platform offered us a wide range of order types and features a great search function. However, it lacks two-step authentication, which is an essential security feature. To support their clients, Lime Fx enables trading with MetaTrader 4 (Limited with 30 days), Trading Station II (Limited with 30 days), MirrorTrader, NinjaTrader. The offer is supported with One-click trading, Trailing stop, Pending orders. In comparison, OANDA provides trading with FxTrade App, MetaTrader 5, Oanda Platform, MetaTrader 4 with the support of . To support their clients, OANDA enables trading with FxTrade App, MetaTrader 5, Oanda Platform, MetaTrader 4.
This methodology tends to offer faster execution and the possibility of narrower spreads, aligning with the preferences of traders desiring direct market access. Conversely, OANDA predominantly operates as a Market Maker Broker, where it facilitates trading by assuming the opposite position in its clients’ trades. limefx forex brokers reviews For traders who appreciate advanced trading tools and quality market research, Lime Fx is a winner, especially for algorithmic trading. Its range of tradeable markets is fairly narrow, however, and the pricing at Lime Fx is just average. OANDA beats Lime Fx with more forex pairs to choose from, 68 versus 42.
Oanda is also a market maker, as opposed to Lime Fx which is an enhanced execution broker. The latter is better for retail clients because the matching algorithm always displays the best bid and ask prices from a multitude of different liquidity providers). To compare the two brokers, we used their ‘spread only’ accounts and we found that their spreads were about the same. For example, during a typical trading day, their spreads on the EUR/USD were found to be in the region of 1.2 pips, which is quite decent.
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. OANDA has a lower minimum deposit requirement of $0 vs $50 from Lime Fx. Having said that, if you use cards or Trustly as your payment option, both channels require at least $25 or equivalent. Despite both brokers being highly regulated, we found the brokers are not spotlessly clean. OANDA was fined $20,000 by the NFA in 2021 and $500,000 by the CFTC for regulatory breaches in 2020.
The broker also provides a spread-betting account with tax-free benefits for UK and Ireland residents. Traders with no trading activity for over 12 months are charged $50 a year for inactivity. Lime Fx supports trading on TradingView Pro, Trading Station, ZuluTrade and MetaTrader 4. Lime Fx is behind Trading Station, an early trading platform that gave traders direct access to the forex market.
74.74% of retail investor accounts lose money when trading CFDs with Lime Fx. Lime Fx operates in a dual capacity, functioning both as a Market Maker and an STP Broker. When acting as an STP Broker, Lime Fx directly routes traders’ orders to liquidity providers, avoiding the role of a counterparty.
Lime Fx has an edge in offering multiple account types, while Oanda excels in transparent pricing and a wider range of trading instruments. Ultimately, the choice between Lime Fx and Oanda will depend on each trader’s individual needs and preferences. Both brokers are reputable and well-regulated, providing a secure trading environment.
Through webinars, tutorials, and written content, Oanda facilitates a comprehensive learning environment, enabling traders to enhance their market knowledge and trading proficiency. 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.