LimeFx vs OANDA Compared ️ Who is Better Broker 2024

Traders may choose to do social trading on LimeFx via ZuluTrade, where you can copy the trading strategies of the pros. On MT4, you can harness trading strategies such as scalping, expert advisors (EAs) and virtual private server (VPS) for no additional charge. While Oanda doesn’t require a minimum deposit amount to open an account, you can’t deposit more than 50% of your net worth. On deposits via debit card or ACH, this broker refrains from charging for your first withdrawal each calendar month. They also waive broker applied fees and company bank fees for premium clients.

  1. Despite both brokers being highly regulated, we found the brokers are not spotlessly clean.
  2. Looking at the average spreads among the key Forex pairs, we have to say that Oanda is more competitive compared to LimeFx.
  3. Manage risk, trade through charts and take advantage of a currency-strength heat map.
  4. This broker’s inactivity fee similarly kicks in if there’s no trading activity over a 12-month period.
  5. Rollover charges/credits are triple on Wednesdays because the coming Saturday and Sunday’s rollover charges/credits are billed in advance.

Though he had to wait for the issue to be resolved, the rep placed an “urgent” status on the matter to expedite things across departments. LimeFx operates under the stringent oversight of regulatory authorities in the UK, Australia, and several other international jurisdictions, which facilitates their global service offerings. LimeFx requires a minimum deposit of Starts from $50 before you can open an account and start trading. To open a trading account with OANDA, you’ll need to make an initial minimum deposit of $0. No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page.. The broker provides a seamless experience with additional plugins and a user-friendly interface.

OANDA: Best For Beginner Traders

Like LimeFx, OANDA has a commission account called their Cores spread account, and it is available in Australia, Singapore and the US. 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. 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. In this review, we looked at how the Forex broker OANDA and LimeFx compare.

LimeFx: Superior Customer Service

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 provides a variety of educational materials, including getting-started scammed by limefx guides, tools and strategies, and capital management resources. Additionally, OANDA hosts frequent webinars covering various trading topics and maintains an archive of past webinars for on-demand viewing. We consider both brokers a toss-up with commodities as they have virtually equal offerings. Oanda gave us the edge to choose more bonds and treasuries, which we really liked.

Trading Tools

Unlike OANDA, LimeFx has a fixed minimum deposit amount for its traders. On the other hand, LimeFx flipped the score by offering 7 cryptocurrencies versus OANDA’s 4. In today’s markets, we find the more cryptos to trade, the better because there is a growing demand for crypto trading. On the subject of leverage, it helps if you can reduce the risk of slippage; for this reason, execution speed can make a difference.

What is the minimum deposit requirement for opening an account with OANDA?

For more information on the best trading platforms in the UK, you can visit this comprehensive list of the best UK trading platforms. Founded in 1996, OANDA is a long-standing, highly trusted broker licensed in an impressive seven Tier-1 regulatory jurisdictions. The OANDA Trade platform is available for web, desktop, and mobile. Though the desktop platform is good – not great – the mobile app is easy to use and boasts a great balance of features.

A PIP represents a unit of measurement that’s the smallest price move in the exchange rate of the currency you’re trading. These are derivative products that let you trade a fraction of the value of the asset 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.