Compare Forex Brokers side by side

How do FP Markets 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.

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 FP Markets 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 FP Markets 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 FP Markets holds one Tier 1 and one Tier 2 licences, and Octa holds no Tier 1 and one Tier 2 licences.

 

Is FP Markets financially regulated?

Yes FP Markets was founded in 2005 and is regulated by ASIC, CMA, CySEC, FSA-St-Vincent and FSCA.

 

Is Octa financially regulated?

Yes Octa was founded in 2011 and is regulated by CySEC, FSA-St-Vincent and FSCA.

 

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

Does FP Markets 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 has overall lower trading costs than FP Markets. 

 

Does FP Markets 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, FP Markets offers support for and Octa offers support for . 

Do the brokers offer copy trading?

In this case both FP Markets and Octa offer copy trading.

 

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 FP Markets offers a greater range and depth of instruments to trade than Octa. FP Markets offers 70 Forex pairs to trade and Octa offers 35 Forex pairs to trade.

And what about Cryptocurrencies?

In this case, Octa offers 30 cryptocurrencies while FP Markets offers 11 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 FP Markets charges a withdrawal fee and Octa does not. Overall, Octa has better deposit and withdrawal processes than FP Markets. 

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. 

FP Markets and Octa both have moderate educational support. Both FP Markets and Octa offer educational support for more experienced traders.

 

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 0 offers better research analysis than 0 and that both FP Markets and Octa offer frequent webinars.

 

Our overall Verdict on FP Markets

FP Markets is a well-regulated Forex broker with two low-cost, low minimum deposit accounts, and a range of excellent trading tools. We were also impressed with how easy the FP Markets Trading App was to use and the quality of FP Markets' customer service.

In terms of fees, FP Markets has an “ECN pricing” model, which it claims provides “extremely competitive” costs. Unfortunately, we found that the fees on its standard trading accounts were higher than most of its ECN competitors. But FP Markets does make it easy for beginners to get started, with 100 AUD minimum deposits and unlimited demo accounts.

We are also impressed that in addition to MT4 and MT5, cTrader is also available. FP Markets is now one of a handful of brokers that has such a good platform offering. 

Malaysian traders will also be pleased to note that FP Markets offers attractive Islamic account options. 

Our overall Verdict on Octa

Octa will be a difficult choice for many Malaysian 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 Malaysia and the range of instruments available to trade is slightly limited compared to other brokers, with 35 Forex pairs, 5 commodities, 10 indices, 150 equities, 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 25 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.

Finally, the website is fully translated into Bahasa Melayu, and Octa always runs competitions and promotions for Malaysian clients.

Which broker has the highest overall rating?

FP Markets has an overall rating of 4.30 and Octa has an overall rating of 4.27. For more detail please read our reviews of FP Markets and Octa.