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. OANDA beats LimeFX with more forex pairs to choose from, 68 versus 42.
Trading Instruments
OANDA offers a more flexible and accessible range of account types, especially for beginners and those looking for fixed commissions. Overall, customer surveys indicate LimeFX is more responsive to trader needs and more professional in how inquiries are handled. There is also a plugin traders can use to integrate with their own MT4 platform as desired. Oanda’s average spread is 1.4 versus LimeFX’s average spread is 1.3. Oanda’s all-in-cost is also 1.4 versus LimeFX’s all-in-cost is 0.7.
Customer Service and Support 📱
- However, it’s important to note that some of the products we discuss are from our partners.
- 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.
- Fintech-Insight is dedicated to delivering unbiased and dependable insights into cryptocurrency, finance, trading, and stocks.
- Unfortunately, the same does not hold true for the Android version of the app.
- Oanda wins big points for the platform’s transparent pricing and efforts to minimize risk by offering micro lots and flexible pricing models (broker-spread versus raw-spread+commission).
- We know what that’s like….and that’s why we’re giving you the bottom line at the top of this page.
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. Both brokers use floating spreads, which means that their spreads vary frequently. LimeFX and Oanda are two prominent forex brokers who have been in the online trading business for many years. Oanda’s first data feed went live in 1997, while LimeFX was limefx scammers founded shortly thereafter in 1999.
Trading Tools
Yes, LimeFX and Oanda both offer beginner traders education, research, and quality trading tools. 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. Both brokers offer better trading conditions for traders with large trading accounts or those (LimeFX traders) who maintain a certain minimum monthly trading volume. From my perspective, LimeFX is the better option for UK Forex traders. Both brokers are FCA regulated, but LimeFX offers spread betting, which is a tax-efficient way to trade in the UK.
OANDA offers 24/5 customer support through live chat, email, and phone, catering to traders around the globe. LimeFX, on the other hand, provides a similar level of support but stands out with its educational webinars and market analysis updates. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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The broker is also regulated by top-tier authorities including the FCA, ASIC, CySEC, FSCA, BaFin. 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. 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. Based on our research on the regulatory status of over 60 brokers, we’ve found that OANDA holds 7 global Tier-1 licenses, while LimeFX holds 4.
