Oanda and LimeFX are both market maker/ECN hybrids, meaning that both have at least one commission-free account type with a dealing desk, usually a sophisticated electronic one. 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. This can be advantageous to some traders and negative for others, depending on which instruments they trade as well as the duration of their trades. LimeFX also facilitates cryptocurrency trading while Oanda does not.
This trend continues across the other forex pairs, with OANDA consistently offering slightly lower spreads than LimeFX. However, traders can still choose their ideal brokers by the type of their spreads. The pros and cons between the two spreads can vary for every trader. In this case, OANDA provides their pricing with Fixed spread while LimeFX offers Fixed spread.
We know what that’s like….and that’s why we’re giving you the bottom line at the top of this page. While both OANDA and LimeFX offer top-of-the-line services and excellent charting tools, we found safety of funds better at LimeFX, and appreciated their superior trade execution. OANDA provides traders 68 currency pairs (e.g., EUR/USD) compared to LimeFX’s 43 available pairs. 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 limefx company reviews capabilities that run parallel to the main platform window.
Consult relevant financial professionals in your country of residence to get personalized advice before you make any trading or investing decisions. DayTrading.com may receive compensation from the brands or services mentioned on this website. OANDA has a lower minimum deposit requirement of $0 vs $50 from LimeFX.
Forex Variable Spreads
Oanda’s support team is available 24/6 while LimeFX’s is available 24/5. On the other hand, Oanda ensures traders have access to a wealth of educational resources. Through webinars, tutorials, and written content, Oanda facilitates a comprehensive learning environment, enabling traders to enhance their market knowledge and trading proficiency. It’s important to make sure that your forex broker accepts the funding options and deposit methods that work best for you. Both LimeFX and OANDA offer Visa/Mastercard (Credit/Debit), Bank Wire (Deposit/Withdraw), PayPal (Deposit/Withdraw), Skrill (Deposit/Withdraw) and Neteller (Deposit/Withdraw). A trusted global brand, OANDA stands out for its reputation and quality market research.
Does OANDA or LimeFX Have Lower Costs?
With so much experience under their belt, it’s no surprise that both online traders gathered quite a loyal network of customers, attracting both professional and beginner traders. To support their clients, OANDA enables trading with FxTrade App, MetaTrader 5, Oanda Platform, MetaTrader 4. OANDA helps you get ahead of the market trends with automated chart pattern recognition and quality indicators. Use AutoChartist’s technical analysis for your MT4 or MT5 platforms, or access it through MetaTrader with a simple web-based interface.
What is the minimum deposit requirement for opening an account with OANDA?
Looking at the average spreads among the key Forex pairs, we have to say that Oanda is more competitive compared to LimeFX. For example, the average spread on EUR/USD on LimeFX comes out limefx to 1.3, while on Oanda, it’s as low as 0.1. Oanda is an international Forex broker founded in 1996 with headquarters in the United States. Oanda specialises exclusively in currency trading solutions for all trader levels. Their greatest selling points are their strong regulatory framework and robust proprietary platforms. Considering that spread is a trading cost, the lower the spread, the better it is for traders.
- Withdrawal processing times depend on the payment processor, where LimeFX offers more transparency, noting it processes requests within two business days.
- However, it’s important to note that some of the products we discuss are from our partners.
- Additionally, trading platforms provide price charts and an assortment of analytical tools to help traders with their strategies.
- Finally, LimeFX has a withdrawal commission, which is also something to take into account.
- OANDA provides a variety of educational materials, including getting-started guides, tools and strategies, and capital management resources.
- Oanda stands out by offering competitive spreads and waiving the requirement for a minimum deposit, enhancing accessibility for traders across various experience levels.
OANDA offers a slightly more versatile range of funding options, including PayPal, making it more convenient for a broader spectrum of traders. Based on our analysis, LimeFX offers a slightly more comprehensive customer service experience, particularly with its educational webinars and in-depth responses. Should you be based in the UK, both brokers offer spread betting as an alternative to CFD trading. A market maker facilitates the process required to provide liquidity for trading pairs on centralised exchanges. In the forex industry, market makers often have a bad reputation because some brokers display worse bid/ask prices than ECN brokers. The CompareForexBrokers team wanted to see how the two brokers compared when it came to spread costs, so we went and tested.
The trading platform is essential as you can’t execute a trade without it. Additionally, trading platforms provide price charts and an assortment of analytical tools to help traders with their strategies. The British-headquartered broker has won multiple awards and operates in various jurisdictions, including the UK and Australia. With zero commissions, over 400 assets, and a range of analysis tools, LimeFX remains a popular choice for day traders. The broker is also regulated by top-tier authorities including the FCA, ASIC, CySEC, FSCA, BaFin.
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