Octa vs XM - 2024 Comparison | FxScouts
EditorEditor: Chris CammackUpdated: November 15, 2023

Last Updated On November 15, 2023

Björn Michels

Trading with a reputable online broker is a crucial factor for success in the international markets. At FxScouts, we help you find the broker that suits your trading needs.

Each year we spend thousands of hours testing brokers by opening accounts, testing their platforms, and rating them according to a set of over 200 metrics. We deposit real money with the brokers to ensure that the products and user experience they advertise are consistent with reality.

We have found that the best way for traders to choose a broker is to compare brokers side-by-side. The comparison tool below allows you to compare two brokers based on their ratings and features.

Select brokers to compare

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Broker Score
Risk Statement
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Acct
Trading Platforms
Funding Methods
Trading Commission
11110.54.37/ 5 67.65% of retail CFD accounts lose moneyGBP 25CySEC Regulated BrokersFinancial Services Conduct AuthorityMwali International Services AuthoritySTPCommodities, Cryptocurrencies, Forex, Indices, Metals, Stock CFDs3530
  • Fast and free withdrawals
  • Low minimum deposit
  • Tight spreads
  • Limited range of assets
  • Poorly regulated
Read Review 111104/ 5 11110.54.5/ 5 11110.54.5/ 5 111115/ 5 11110.54.5/ 5 111104/ 5 11110.54.5/ 5 67.65%1000:10.60 pips OctaTrader, MT4, MT5 MT4, MT5, OctaTraderBitcoin, Neteller, Skrill, Mastercard, VisaFees Included in Spread
11110.54.45/ 5 75.33% of retail CFD accounts lose moneyGBP 5CySEC Regulated BrokersASIC Regulated BrokersDFSA Regulated Forex BrokersInternational Financial Services CommissionFinancial Services Conduct AuthorityMarket MakerCommodities, Energies, Stock CFDs, Forex, Indices, Metals, Shares570
  • Well regulated
  • Excellent education
  • Free deposits and withdrawals
  • Limited platform choice
Read Review 11110.54.5/ 5 111115/ 5 11110.54.5/ 5 11110.54.5/ 5 111115/ 5 1110.503.5/ 5 111104/ 5 75.33%30:10.60 pips XM Ultra-Low Micro, XM Ultra-Low Standard, XM Ultra Low, XM Zero MT4, MT5Bank Transfer, Mastercard, Visa, Skrill, Neteller, Fasapay, PerfectMoney, Bitcoin3.5 USD per side

How do XM and Octa 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.

Octa

XM

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 XM and Octa, 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 XM or Octa 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 XM holds two Tier 1 and one Tier 2 licences, and Octa holds one Tier 1 and no Tier 2 licences.

 

Is XM financially regulated?

Yes XM was founded in 2009 and is regulated by ASIC, CySEC, DFSA, FSCA and FSC.

 

Is Octa financially regulated?

Yes Octa was founded in 2011 and is regulated by CySEC, FSCA and MISA.

 

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

Does XM or Octa 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 and XM have the same trading costs. 

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Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Commission
Octa
11110.54.5/ 5
EUR, USD
0.60 pips
USD 6
0.60 pips
1.10 pips
1.20 pips
USD 0
XM
111115/ 5
USD, EUR, GBP, JPY, CHF, ‎AUD, HUF, PLN, RUB, SGD, ZAR
0.60 pips
USD 6
0.10 pips
0.20 pips
0.10 pips
USD 0

 

Does XM or Octa 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 and MT5 and XM offers support for MT4, MT5 and OctaTrader. 

Do the brokers offer copy trading?

In this case both Octa and XM offer copy trading.

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Broker
Platform Choice
Copy Trading
Platforms
Octa
11110.54.5/ 5
OctaTrader
XM
11110.54.5/ 5

 

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 XM offers a greater range and depth of instruments to trade than Octa. XM offers 57 Forex pairs to trade and Octa offers 35 Forex pairs to trade.

Toplist Forex Pairs

And what about Cryptocurrencies?

In this case, Octa offers 30 cryptocurrencies while XM 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 neither Octa nor XM charges a withdrawal fee. Overall, Octa has better deposit and withdrawal processes than XM. 

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. 

XM has better educational support than Octa. Both Octa and XM offer educational support for more experienced traders.

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Broker
Beginner Course
Advanced Course
Octa
XM

 

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 XM offers better research analysis than Octa and that both Octa and XM offer frequent webinars.

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Broker
Economic Calendar
Autochartist
Trading Central
Trading View
Free VPS
Octa
XM

 

Our overall Verdict on XM

A popular global broker with a large customer base and a good reputation, XM is a good option for most British traders. It has some of the lowest fees in the industry, provides excellent research and education, and has a beginner-friendly trading app. It also has an outstanding range of trading tools, and its customer service is responsive and well-trained.

XM offers three trading accounts, all of which have a minimum deposit of 5 USD. The two commission-free accounts have very low spreads, starting at 0.6 pips on the EUR/USD. The highlight is the XM Zero Account with spreads that start at 0 pips (EUR/USD) and a commission of 3.5 USD per lot per side.

Because XM is regulated by CySEC in Europe, British traders can be sure they will be treated fairly. Their funds are segregated at top-tier banks, and they are granted automatic negative balance protection.

Our overall Verdict on Octa

Please note that Octa no longer accepts clients from the UK.

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 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.

Which broker has the highest overall rating?

XM has an overall rating of 4.45 and Octa has an overall rating of 4.37. For more detail please read our reviews of XM and Octa.

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