This broker offers a trio of APIs (fix, java and forex) that connect directly to its server. On LimeFx, users should be aware that while there are no fees for withdrawals via credit card or debit card, the broker does charge a $40 withdrawal fee for all bank wire requests. This broker also charges an inactivity fee if there are no trades executed over a 12-month period. That fee is up to 50 units of the currency in which you’re trading. Also, it helps to know that the minimum amount to open an account on LimeFx is $50. OANDA is better suited for beginner traders due to its lower minimum deposit and more straightforward account features.
- When it comes to choosing an online broker for forex and CFD trading, LimeFx and Oanda are two well-established and reputable options for traders to consider.
- When choosing a broker, the most important detail is to check the broker is regulated in the country you are resident in.
- OANDA helps you get ahead of the market trends with automated chart pattern recognition and quality indicators.
- Customers who have had a positive experience have praised LimeFx’s instructions for opening an MT4 trading platform account.
The below table shows our test results for the no commission accounts with each broker. Our findings show that LimeFx averaged 1.47 pips over the 6 tested pairs, which equates to a cost of $13.49 per lot. OANDA didn’t fare as well, with an average of 1.54 pips or a cost $14.23 per lot. Fintech-Insight is dedicated to delivering unbiased and dependable insights into cryptocurrency, finance, trading, and stocks.
Costs and Fees
Manage risk, trade through charts and take advantage of a currency-strength heat map. OANDA Trade is a web-based platform but there are also apps for mobile devices and tablets. LimeFx provides news updates on markets like forex and cryptocurrencies as well as market data and other forex and CFD resources plus investment insights.
LimeFx vs OANDA US
They have dedicated teams in multiple regions to ensure customer support can be provided in the trader’s native language. Plus, there are plenty of self-service resources via their websites, e.g., FAQs and tutorials. One-click trading, limefx reviews historical price history and straightforward account management is available. Traders can speculate on 68 major, minor and exotic currency pairs. The forex app is available to download from the Apple App Store and Google Play.
Tier 3 Regulation
LimeFx offers trading tournaments where users can compete for cash prizes on demo accounts without having to risk their own money. Features on this platform include volume profile indicators, multiple charts layout, advanced price scaling and others. Online brokers generally offer users the option not only to trade on their native platforms but also outside systems. You’ll want to be mindful about leaving positions open overnight on Oanda.
While Oanda is a market maker, LimeFx is an enhanced execution broker. What this boils down to is that LimeFx is more likely to have better effective spreads than Oanda. For example, a trader is more likely to have his orders executed at the specified/desired https://limefx.vip/ price or even at a better price (positive slippage). When it comes to trading tools, LimeFx has more to offer than Oanda. In LimeFx’s app store, you can access various types of technical indicators, add-ons, and automated trading strategies (trading bots).
LimeFx Vs Oanda – Verdict
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. 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.
