Our primary goal at The Tokenist is to simplify the word of financial decision-making, so that investing is not only easy – but also fun. In doing so, we often feature products or services from our partners. However, the opinions and reviews published here are entirely our own. Withdrawal processing times depend on the payment processor, where Lime Fx offers more transparency, noting it processes requests within two business days. Lime Fx is clearly better equipped to secure client funds than Oanda.

Typical Spreads and Fees

1. In today’s markets, we find the more cryptos to trade, the better because there is a growing demand for crypto trading.
2. Smaller ticket retail clients can now take advantage of mini accounts to dip a toe (or few) into the forex marketplace.
3. Although Oanda has no cryptocurrency and basket instruments, it has more stock indices (16 vs 11) and bonds (6 vs 1) than Lime Fx.

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. Although Lime Fx has fewer forex pairs to trade, we feel they deserve a higher Tradable Products score than OANDA primarily because of OANDA’s lack of shares to choose from. OANDA is no slouch with 68 forex pairs, and we note that as a positive.

Oanda Educational Tools 🛠

Oanda has argued that documents for funding must be compliant with regulations. Lime Fx user complaints largely have to do with funds taking too long to settle in their respective accounts. Even a “rapid transfer” feature has customers waiting for days for their deposit to arrive with seemingly no reasonable explanation. Customers have said that they wish they could trade additional products on Oanda, such as futures markets. While Oanda doesn’t require a minimum deposit amount to open an account, you can’t deposit more than 50% of your net worth.

However, we know that in 2017, Lime Fx was fined $7 million by the U.S. Commodity Futures Trading Commission for defrauding its retail clients. Lime Fx misled these clients to believe that it was a ‘no dealing desk’ broker and that its interests were aligned with that of its clients. Oanda, on the other hand, is known limefx reviews to be a ‘market maker’ (dealing desk) broker, which means that it can take the other side of its clients’ trades (trade against its clients). OANDA requires a minimum deposit of $0 before you can open an account and start trading.

Lime Fx: Better Trading Platform

If you’re an Aussie trader, you might find this list of the Best Forex Brokers In Australia useful for more options. Spread betting with Lime Fx is available for UK residents and provides a tax-efficient way to trade. For more details on spread betting, you can check out this comprehensive guide for the best spread betting brokers. Lime Fx’s in-house education is above average, primarily consisting of articles, videos, and content produced for its YouTube channel.

Lime Fx and Oanda both offer outstanding trading conditions in terms of low trading costs, reliable trade execution, and great trading platforms. These brokers also have a good range of tradable instruments, although we would like to see them add a good number of individual stocks CFDs to their lists. Oanda’s list also lacks cryptocurrencies, but perhaps it will have some crypto instruments available soon. Lime Fx is a respected forex and CFD broker, established since 1999. 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, Lime Fx remains a popular choice for day traders.

And in truth, the $7 million penalty the CFTC ordered Lime Fx to pay is kind of like pocket change in a marketplace that turns over an estimated $5.1 trillion dailiy. Today, the “clean up Lime Fx’s reputation” project is going as well as can be expected, considering they are still not able to accept United States traders. 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. Lime Fx also facilitates cryptocurrency trading while Oanda does not.

Tie: Lowest Spreads And Fees

Their technical support has been described as “weak’ by users who are trying to resolve technical issues. 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. Lime Fx is a forex, CFD, equities, precious metals and crypto broker with over 20 years of experience. Through a partnership with Jefferies Group, Lime Fx offers a professional trading service for financial institutions and sophisticated traders.

The views expressed here are based solely on the writer’s opinion, research, and personal experience, and should not be taken as factual information. The author is not a financial advisor and lacks relevant certifications in that regard. The posted support hours for phone and live chat are Sunday at 1pm to Friday at 6pm, which is a wider support window than what Lime Fx offers. Oanda offers a live chat virtual assistant that is available 24 hours a day five days a week. The platform also offers a frequently asked questions portal and phone numbers for its regional offices. Both Lime Fx and Oanda offer discount options for active or VIP traders.

Therefore, while OANDA may have lower spreads, this does not necessarily mean it is the cheaper option overall. However, when we compare these spreads to the industry average, we find that both Lime Fx and OANDA are offering competitive rates. For example, the industry average spread for the EUR/USD pair is 1.25, which is higher than OANDA’s spread and only slightly lower than Lime Fx’s.

Account Types

This pattern is consistent across all the forex pairs we analysed. Looking at the average standard account spreads for the forex pairs, we can see some interesting patterns. For the EUR/USD pair, Lime Fx has an average spread of 1.3, while OANDA has a slightly lower spread of 1.2. This trend continues across limefx the other forex pairs, with OANDA consistently offering slightly lower spreads than Lime Fx. Gain access to FX trading pairs on a mobile app or tablet device. These apps provide access to the same features as the web-based platform and are ideal on the go.

In this case, OANDA provides their pricing withFixed spread while Lime Fx offersFixed spread. Oanda predominantly provides commission-free trading, where spreads, subject to market conditions and account types, are the main expense incurred by traders. In comparison, Lime Fx has spreads that tend to be somewhat above the industry norm, and it also imposes an inactivity fee on traders’ accounts. The overall choice is superior at Lime Fx, where traders may select between the retail-favorite MT4, its proprietary Trading Station, and the social trading market leader ZuluTrade. Enhancing the choice is the Lime Fx suite of tools for algorithmic trading solutions. Oanda maintains its proprietary trading platform and the MT4 trading platform.

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. In my opinion, OANDA is the superior choice for Australian Forex traders. Both OANDA and Lime Fx are ASIC regulated, but OANDA has a more comprehensive offering for the Australian market.