Having said that, it is also widely known that the United States is the most restrictive forex marketplace on the planet. 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. A PIP represents a unit of measurement that’s the smallest price move in the exchange rate of the currency you’re trading.
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- Features on this platform include volume profile indicators, multiple charts layout, advanced price scaling and others.
- Manage risk, trade through charts and take advantage of a currency-strength heat map.
- OANDA is the more popular broker worldwide based on the number of Google branded searches and visits to the website.
- FOREX.com is regulated by several financial authorities globally, including the Financial Conduct Authority (FCA) in the UK, and the Commodity Futures Trading Commission (CFTC) in the US.
Oanda stands out for its wide variety of tradeable assets and global reputation, offering access to over 3,900 financial instruments, including Forex, stocks, commodities, and cryptocurrencies. Lime Fx, on the other hand, has a smaller range with around 440 instruments but is especially recognized for its advanced trading tools and algorithmic trading support. Lime Fx vs OANDA both offer a singular account option, inclusive of Islamic accounts. This facilitates traders who follow Sharia principles to participate in currency trading on their platforms. In this case, OANDA provides their pricing with Fixed spread while Lime Fx offers Fixed spread. From my perspective, Lime Fx is the better option for UK Forex traders.
A market maker facilitates the process required to provide liquidity for trading pairs on centralised exchanges. In limefx scammers the forex industry, market makers often have a bad reputation because some brokers display worse bid/ask prices than ECN brokers. Lime Fx offers its proprietary Trading Station platform, MetaTrader 4, and TradingView.
- Lime Fx also wins when it comes to trading tools available and the multiple trading platforms their traders can access.
- FOREX.com offers several account types, including a Standard Account, a Commission Account, and a Direct Market Access account.
- Oanda is a great option for traders who value wide asset variety, superior market research, and MT5 support.
- Ask any gathering of retail forex traders what they most prize in an online broker platform and you will soon discover no two answers are exactly alike.
- Whether it’s foreign exchange (forex), shares, bonds, commodities or cryptocurrencies.
- However, OANDA stands out by offering a more extensive selection of e-payment methods.
Both brokers are considered safe for forex trading, with excellent trust scores. For more on trust and regulation, see this ASIC Regulated Brokers page. You can begin with a small investment, learn the ropes easily, and keep more of your profits thanks to the tight spreads. However, this is just my personal take based on what I value most as a trader. Some forex traders prefer to trade through market makers, while others prefer to trade through intermediary brokers.
FOREX.com offers competitive spreads on its standard account, often lower than the industry average. On the other hand, OANDA’s spreads tend to be variable, with the potential to be lower during peak trading times. For more details on standard account spreads, you can check out this Standard Account Spreads testing. Oanda offers access to over 70 forex trading pairs, including major and minor currency pairs.
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Education and Client Support
Both apps auto-save any chart drawings, providing a seamless experience as traders switch between time frames and analyses. When setting up a watchlist, both apps allow for real-time quotes, giving users quick access to live market information. For experienced traders, FOREX.com offers a more comprehensive range of trading platforms and CFD markets, making it the better option. Lime Fx also wins when it comes to trading tools available and the multiple trading platforms their traders can access.
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 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). A trusted global brand, OANDA stands out for its reputation and quality market research.
Based on six simple questions, we can recommend the best trading software for your trading needs. Although Oanda has no cryptocurrency and basket instruments, it has more stock indices (16 vs 11) and bonds (6 vs 1) than Lime Fx. Although Lime Fx has fewer instruments than Oanda, it has a very good variety.
Known for its transparent pricing, intuitive trading platform, and strong regulatory standing, Oanda has gained a reputation as a trusted broker in the industry. In this module, we will explore the pros and cons of Oanda for a trader looking to open an account, as well as the regulatory information pertaining to this broker. Lime Fx is a reliable and competitive online broker, particularly for forex and CFD traders. With its advanced trading platform, educational resources, and strong regulatory framework. limefx forex brokers reviews However, its limited product offerings and lack of cryptocurrency trading may not cater to all traders’ needs.