OANDA vs LimeFx Compared Who is Better Broker 2024
Charts with clear entry and exit points, delivered by proven, funded traders. Oanda, on the other hand, seems to have developed somewhat of a reputation for sub-par customer support. Surveys show the platform rates just above average across the board in this area. Overall, customer surveys indicate LimeFx is more responsive to trader needs and more professional in how inquiries are handled.
- LimeFx is behind Trading Station, an early trading platform that gave traders direct access to the forex market.
- There is an obvious advantage for LimeFx for offering at least 4 different trading platforms to its traders, while OANDA’s offer is limited to MT4 and proprietary platform.
- In these jurisdictions, it is regulated by the UK’s Financial Conduct Authority, the Australia Securities and Investment Commission and South Africa’s Financial Sector Conduct Authority.
- This account has tiered commissions and is best for high-volume traders.
Desktop Platforms were equally acceptable for both LimeFx and OANDA. LimeFx desktop version stood out more because of their Trading Station. For us, one of its main highlights is the Marketscope 2.0 charting tool, which offers powerful charting capabilities that run parallel to the main platform window. Trading Station is a strong https://limefx.vip/ competitor to MetaTrader and features complex back-testing options, such as accounting for potential historical slippage and trading costs. 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.
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Having said that, it is also widely known that the United States is the most restrictive forex marketplace on the planet. And in truth, the $7 million penalty the CFTC ordered LimeFx to pay is kind of like pocket change in a marketplace that turns over an estimated $5.1 trillion dailiy. Today, the “clean up LimeFx’s reputation” project is going as well as can be expected, considering they are still not able to accept United States traders. 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. Get ultimate control of your trades when you set Stop Loss and Take Profit orders before executing them.
You can personalize your platform by downloading indicators, creating watchlists and customizing layouts to better equip the platform to match your strategy. Users also have the convenience to access TradingView Live Trading Integration with LimeFx to trade directly from your TradingView charts. You’ll want to be mindful about leaving positions scammed by limefx open overnight on Oanda. This broker charges a financing cost to users at the end of each trading day for open positions. It’s calculated on a per-position basis and encompasses an administrative fee as well as the interest differential of the trade. This website and its content are not intended to provide professional or financial advice.
What’s the difference between LimeFx, OANDA, Forex.com and ICE?
A PIP represents a unit of measurement that’s the smallest price move in the exchange rate of the currency you’re trading. If you’re basing your selection on security, neither of these two brokers has a spotless history. It doesn’t have the same baggage that LimeFx is carrying from past scandals. Although Oanda has no cryptocurrency and basket instruments, it has more stock indices (16 vs 11) and bonds (6 vs 1) than LimeFx. Although LimeFx has fewer instruments than Oanda, it has a very good variety. When choosing a broker, the most important detail is to check the broker is regulated in the country you are resident in.
LimeFx vs. OANDA: What You Need To Know
Both brokers are FCA regulated, but LimeFx offers spread betting, which is a tax-efficient way to trade in the UK. For more information on the best trading platforms in the UK, you can visit this comprehensive list of the best UK trading platforms. LimeFx 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.
So, if you are in Australia, it is best the broker has ASIC regulation.
