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Alison Heyerdahl is the Head of Content at FxScouts and a financial writer with extensive experience in Forex trading, broker analysis, and market research. She has reviewed 100+ brokers, publishes weekly YouTube trading videos, and co-hosts the “Let’s Talk Forex” podcast to help traders make informed, safe decisions.
In the fast-paced world of forex trading, choosing the right broker is crucial. Octa and eToro are two popular options, each with unique strengths and weaknesses. This comparison will dive into the key features of both platforms,helping you decide which one best suits your trading style and goals.
The radar chart above illustrates the comparison between Octa and eToro across several key metrics, with the highest possible score being 100 in each category.
At FxScouts, our mission is to assist traders in finding the broker that best suits their needs. Comparing brokers side-by-side is an effective method to achieve this goal. We evaluated Octa and eToro, using our standard criteria: trust and regulation, trading platforms, costs and trading conditions, and educational and market analysis resources.
Trust and regulation are crucial when selecting a Forex broker. A broker’s credibility is largely built on its regulatory status. We spend considerable time verifying the safety of each broker by examining their regulatory licenses. We also consider numerous factors when deciding which tier a regulator belongs to. Regulators that we rank as the world’s top regulators, gets a tier 1 rank, while regulators who only scores a tier 5-rank, provide virtually no regulatory oversight. The more top-tier authorities regulating a broker, the higher its trust rating. Read more about regulation and our tier system here.
In our comparison:
Based on these findings, eToro earned a higher trust rating than Octa.
When comparing brokers, trading costs are a significant factor. We consider the minimum deposit required to open an account and ongoing costs, including spreads and commissions. We measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit, including both the spread and any commission charged.
We found that Octa has overall lower trading costs than eToro.
Trading Platforms Offered Traders prefer brokers that offer a variety of trading platforms. We rate brokers higher if they support multiple platforms like MetaTrader4, MetaTrader5, cTrader, and proprietary platforms.
Copy trading is beneficial for beginner traders or those unable to trade full-time. In this case both eToro and Octa offer copy trading.
A broader range of CFD instruments provides more trading opportunities. Octa offers a greater variety of instruments compared to eToro:
For those interested in trading cryptocurrencies, eToro offers 76 cryptocurrencies, while Octa offers 34 cryptocurrencies. Therefore, eToro is the better choice for cryptocurrency trading.
Traders prefer brokers with quick and cost-effective deposit and withdrawal processes. We favor brokers that process withdrawals within 24 hours using multiple methods without charging fees.We found that eToro charges a withdrawal fee and Octa does not. Overall, Octa has better deposit and withdrawal processes than eToro.Â
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.Â
Octa has better educational support than eToro. Both eToro and Octa offer educational support for more experienced traders.Access to frequent and high-quality market research and analysis is crucial.
We found that Octa offers better research analysis than eToro and that both eToro and Octa offer frequent webinars.
Octa will be a difficult choice for many traders. On the one hand, it has very low trading costs, charges no fees for deposits and withdrawals, and has a great copy trading service.
On the other hand, Octa is essentially unregulated in the Philippines and has a very limited range of instruments to trade compared to other brokers: 32 Forex pairs, 5 commodities, 10 indices, and 30 cryptocurrencies.
If you can look past these issues, you will find a low-cost broker with a fairly standard setup: Two accounts with minimum deposits of 100 USD, a slick mobile app, and a good range of trading tools. Octa also heavily promotes its wide range of bonuses and it can offer leverage of 1:500 on Forex pairs.
Note: eToro no longer provides service to residents of the Philippines. This review is for informational purposes only. Visit our Best Brokers page to find a broker to trade with.
eToro remains the most popular social trading broker in the world. eToro’s simple, well-designed trading platform places copy trading and its social network at the heart of its trading experience. However, these features are often more popular among beginners who haven’t yet developed advanced trading strategies.
eToro clients can only use eToro’s trading platform, so they will not have access to the automation tools available on common third-party platforms like MT4 and MT5. We were also disappointed by eToro’s high fees. These include currency conversion fees for deposits and withdrawals in currencies other than USD and a charge of 5 USD for each withdrawal. We also found eToro’s customer service to be generally non-responsive and the lack of educational support let us down.
Overall, eToro has many positive features for beginners and others who enjoy social trading, but more experienced traders may find eToro’s limitations and high non-trading fees difficult to overlook.
For more detailed reviews, please read our comprehensive assessments of Octa and eToro.
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Broker | Countries Regulated | Minimum Spread EUR/USD | Minimum Deposit | Trading cost/lot EURUSD Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission. | Broker Score | Broker Website | Select and Compare |
|---|---|---|---|---|---|---|---|
 |  | 0 pips | AUD 0 | USD 4.50 | |||
 |    | 0.10 pips | USD 3 | USD 7 | |||
 |    | 0 pips | USD 0 | USD 10 | |||
 | | 0.10 pips | USD 200 | USD 8 | |||
 |  | 0.70 pips | USD 10 | USD 17 | |||
 |    | 0.90 pips | USD 100 | USD 9 | |||
|  | 0.60 pips | USD 5 | USD 6 | |||
 | | 0 pips | USD 0 | USD 10 | |||
 | | 0.70 pips | USD 5 | USD 7 | |||
 | | 0 pips | USD 100 | USD 6 |
Select another broker to another broker to compare features, fees, and platforms side by side.
Alison and Chris cover a range of topics, including how to choose a Forex broker, safety and regulation, how to reduce your risk, trading psychology, trading platforms, and trading strategies, among others.
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