Compare Forex Brokers side by side

How do Octa and FXTM stack up against each other?

The Radar Chart below highlights how the brokers stack up against each other across various metrics. The highest score a broker can receive in each area is 5.

At FxScouts, we help traders find the broker that suits their trading needs. In many cases, the best way to achieve this is to compare brokers side-by-side.

To compare Octa and FXTM, we used the same factors we use when reviewing brokers: The trust and regulation of the broker, the trading platform, the costs and trading conditions, and the level of education and market analysis available at the broker.

Does Octa or FXTM have a better trust and regulation rating?

Trust and regulation are some of the most important factors to consider when choosing a Forex broker. Trust in the Forex trading business is almost entirely founded upon regulation. We spend many hours evaluating the safety of each broker by delving into their fine print and confirming each one of their regulatory licences on the online registers. The more top-tier authorities a broker is regulated by, the higher its trust rating.

In our comparison, we found that Octa holds one Tier 1 and no Tier 2 licences, and FXTM holds one Tier 1 and no Tier 2 licences.

Is Octa financially regulated?

Is FXTM financially regulated?

Based on these findings, Octa earned a higher trust rating than FXTM.

Does Octa or FXTM have lower costs?

Another important aspect we consider when comparing brokers is the cost of trading. When evaluating trading costs, we always consider the minimum deposit required to open an account and the ongoing trading costs, including the spreads and commissions. When calculating trading costs, we measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit. The cost includes both the spread and any commission charged. 

Not all brokers publish their trading costs, so we often open accounts and trade on their platforms to verify the spreads and commissions. Based on our reviews, we found that Octa has overall lower trading costs than FXTM. 

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Broker

Trading Conditions

Base Currencies

EURUSD (Standard)

Trading Cost (Standard)

EURUSD (Best)

GBPUSD (Best)

USDJPY (Best)

Commission

Octa

4.5/ 5

EUR, USD

0.60 pips

USD 6

0.60 pips

1.10 pips

1.20 pips

USD 0

Does Octa or FXTM offer a better choice of trading platforms?

Traders want Forex brokers to offer them a choice of trading platforms, so we give brokers who offer multiple platforms higher ratings. Trading platforms we consider include MetaTrader4, MetaTrader5, cTrader and proprietary mobile and web-based platforms. 

In this case, Octa offers support for MT4, MT5 and OctaTrader and FXTM offers support for MT4 and MT5. 

Do the brokers offer copy trading?

Copy trading is a great option for beginner traders who can’t trade full-time or lack experience with Forex trading. In this case both FXTM and Octa offer copy trading.

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Broker

Platform Choice

Copy Trading

Platforms

Octa

4.5/ 5

Yes

MT4, MT5, OctaTrader

Which broker offers a better choice of trading instruments?

A variety of CFD instruments – and a large range of CFDs for each instrument category allow traders more opportunities for profitable trading. The best brokers will have thousands of CFDs to trade, covering all these instrument categories. We found that FXTM offers a greater range and depth of instruments to trade than Octa. FXTM offers 62 Forex pairs to trade and Octa offers 52 Forex pairs to trade.

And what about Cryptocurrencies?

In this case, Octa offers 34 cryptocurrencies while FXTM offers 0 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with Octa.

Which broker offers better deposit and withdrawal processes?

Although brokers may have reasonable trading fees, many traders are caught out by the high non-trading fees charged by some brokers, including deposits and withdrawals. Traders want to be able to deposit and withdraw funds quickly and cheaply. Most brokers have multiple funding methods with zero fees for making deposits, but some brokers make it more expensive and take longer to process withdrawals. 

We rate brokers more highly that process withdrawals within 24 hours by multiple withdrawal methods and without charging processing fees. We found that FXTM charges a withdrawal fee and Octa does not. Overall, Octa has better deposit and withdrawal processes than FXTM. 

Which broker offers better educational support?

We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas. 

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Broker

Beginner Course

Advanced Course

Well Structured Education

Education Quality

Webinars

Octa

Yes

No

Yes

Medium

Yes

Which broker offers better market analysis materials?

To successfully predict the price movements of an instrument, traders will need access to frequent market research and analysis. We find that research and market analysis are always better when they are produced in-house and updated frequently. Third-party resources don’t show the same expertise in trading ideas, so we place a strong emphasis on frequent in-house updates. Some brokers also often offer interactive webinars where traders can learn from experts in the field. 

We found that Octa offers better research analysis than FXTM and that both FXTM and Octa offer frequent webinars.

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Broker

Economic Calendar

Autochartist

Trading Central

Trading View

Free VPS

Octa

Yes

Yes

No

No

No

Our overall Verdict on Octa

Octa is an excellent low-cost broker, but it has a few drawbacks. On the one hand, it has very low trading costs, charges no fees for deposits and withdrawals, and offers an excellent copy trading service — though this is not available on iOS mobile devices.

On the other hand, Octa onboards Filipino traders through its Comoros Union-based entity, which has few regulatory protections. The range of instruments available to trade is also slightly limited compared to other brokers, with 52 Forex pairs, 5 commodities, 10 indices, 150 equities, and 34 cryptocurrencies.

Looking past these issues, you will find an excellent low-cost broker: Octa offers three swap-free accounts with minimum deposits of 20 USD, a slick mobile app, and a good range of trading tools. It also heavily promotes its wide range of bonuses and can offer leverage of 1:1000 on Forex pairs. Finally, customer support is available 24/7. 

Our overall Verdict on FXTM

FXTM is an established and award-winning market maker/ECN broker offering trading on Forex, commodities, metals, stocks, and indices. FXTM’s trading costs are higher than average on its two commission-free accounts, with spreads starting at 1.5 pips on the EUR/USD. However, trading conditions improve significantly on its Advantage Account, with spreads starting at 0 pips on the EUR/USD in exchange for a reasonable commission, but a high minimum deposit of 500 USD.

FXTM offers support for both the MT4 and MT5 platforms in addition to its proprietary FXTM Trading App, and a wide range of trading tools, including a VPS hosting service.  

FXTM excels in its education and market analysis sections, with a good overview of Forex trading in its guides and tutorials. In addition, its daily market analysis will help beginners understand the real-world implications of news events on the Forex market and where trading opportunities lie. Beginner traders will also benefit from FXTM’s unique copy trading platform, which allows traders to copy the trades of strategy providers.

Which broker has the highest overall rating?