Unfortunately, Lime Fx gets some points deducted for the recent performance of their apps. From the most recent user reviews for each app, it appears the company is in the midst of a number of app updates. Users report frequent crashes and missing or slow-to-load features. Unfortunately, recent Lime Fx users give both the iOS/Apple and Android apps poor reviews over the last few months. In other words, both brokers have what equestrians like to call “staying power.” After this many years in the biz, it is safe to say they are each fundamentally built to last.
This facilitates traders who follow Sharia principles to participate in currency trading on their platforms. Lime Fx is the better choice for experienced traders, offering a superior trading platform and a wider range of products. In Australia, Lime Fx doesn’t have this type of account, but they do have such an account for their clients in the UK, and it’s called their active trader account.
Oanda Customer Service and Support ☎
- Lime Fx and Oanda both offer outstanding trading conditions in terms of low trading costs, reliable trade execution, and great trading platforms.
- The broker describes its own support as friendly and professional.
- The OANDA subsidiary with whom a client contracts depends on their country of residence.
- Lime Fx is a reliable and competitive online broker, particularly for forex and CFD traders.
- Based on our analysis, Lime Fx offers a slightly more comprehensive customer service experience, particularly with its educational webinars and in-depth responses.
This account has a fixed rather than a tiered commission for each lot, this being $7.00 per lot, which in our experience, limefx scam is the standard amount most brokers charge. Interestingly, our tests captured OANDA as having lower minimum spreads and lower average minimum spreads as well. So to us, if you time your order, OANDA can be a better choice. To achieve this, your best bet is to use some sort of automation, which is possible with both brokers.
Thanks to CFDs, users can start small, use leverage, go short and choose from Trading Station, MT4 or the broker’s API feature. This broker offers similar options for commodities trading and offers a range of crypto CFDs to choose from. The price that traders pay is the spread, which is the difference between the ask and the bid price of the security being traded. The trading platform is essential as you can’t execute a trade without it. Additionally, trading platforms provideprice charts and an assortment of analytical tools to help traders with their strategies. Lime Fx vs OANDA both offer a singular account option, inclusive of Islamic accounts.
If social trading is a key factor for you, you may need to look at other brokers. For more options, you can explore this list of the best social trading platforms. When it comes to customer service, both OANDA and Lime Fx have their merits.
So Is OANDA or Lime Fx The Best Broker?
Oanda gave us the edge to choose more bonds and treasuries, which we really liked. Despite both brokers being highly regulated, we found the brokers are not spotlessly clean. OANDA was fined $20,000 by the NFA in 2021 and $500,000 by the CFTC for regulatory breaches in 2020. Of course, if we had chosen different currency pairs or tested on a different date, the results might have been different.
Is OANDA or Lime Fx better in providing the trading instruments?
Long hold times, slow responsiveness to urgent queries and difficulty navigating the website to find the correct support contacts are some of the top complaints. Customer service and support is a particularly big deal in the fast-moving, high-risk field of forex trading. A minute can equal an eternity in a marketplace that deals in the trillions on a daily basis. The OANDA subsidiary with whom a client contracts depends on their country of residence. Each subsidiary provides different products via different platforms, so clients will experience OANDA differently depending on their country of residence. On the other hand, Oanda ensures traders have access to a wealth of educational resources.
Lime Fx and Oanda both operate in multiple jurisdictions and are highly regulated in major markets. To support their clients, OANDA enables trading with FxTrade App, MetaTrader 5, Oanda Platform, MetaTrader 4. Experienced traders in particular are well-served by Oanda’s research and resource offerings. Oanda’s mobile app for iOS/Apple is a hit with traders as the recent reviews will attest. Unfortunately, the same does not hold true for the Android version of the app. Recent reviews cite frequent crashes and auto-logouts that interfere with their trades.
A notable difference between Lime Fx and Oanda is that clients of Lime Fx have segregated trading accounts while clients of Oanda do not. The FCA , by which Lime Fx is regulated, requires Lime Fx to ensure a clear segregation between money belonging to retail clients and money that belongs to itself. The funds are kept safe by top global banks and cannot be used to reimburse creditors in the unlikely case of Lime Fx going bankrupt or insolvent. On the other hand, Lime Fx 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.
The rise of online brokers and mobile trading has been a major milestone that has helped to level the playing field for investors. Considering that spread is a trading cost, the lower the spread, the better it is for traders. However, spread information among brokers is not easy to get, as not every broker transparently publishes their spreads data.
Both brokers use floating spreads, which means that their spreads vary frequently. limefx reviews The first model is a ‘spread only’ account where traders pay just the spread and no commission. Lime Fx and Oanda offer daily market commentaries and frequent webinars to assist and educate their traders.
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. Traders may choose to do social trading on Lime Fx via ZuluTrade, where you can copy the trading strategies of the pros. On Lime Fx, you can also access MT4 without any third-party bridges. On MT4, you can harness trading strategies such as scalping, expert advisors (EAs) and virtual private server (VPS) for no additional charge. In this article, we will compare two of the leading online brokers — Forex Capital Markets (Lime Fx) vs. Oanda. This website and its content are not intended to provide professional or financial advice.
Lime Fx takes the lead in this category, as it features Capitalise AI, a code-free service to automate trading strategies, and broader support for copy and social trading. OANDA provides traders 71 currency pairs (e.g., EUR/USD) compared to Lime Fx’s 43 available pairs. It’s a tie between OANDA and Lime Fx when it comes to lower costs. Both brokers offer competitive spreads, but the exact numbers can vary based on the trading pair and market conditions. For example, OANDA has an average spread for EUR/USD at 1.2, while Lime Fx’s is slightly higher at 1.3.
Additionally, OANDA hosts frequent webinars covering various trading topics and maintains an archive of past webinars for on-demand viewing. In our case, though, we found that Lime Fx and OANDA provided consistent low spreads without manipulation, so you shouldn’t concern yourself if the broker has a dealing desk or not. We found that Lime Fx and OANDA are close in this category, but Lime Fx edged out OANDA. These are derivative products that let you trade a fraction of the value of the asset you’re trading.
