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In the fast-paced world of forex trading, choosing the right broker is crucial. XM and Octa 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 XM and Octa 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 XM and Octa, 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. The more top-tier authorities regulating a broker, the higher its trust rating.
In our comparison:
Based on these findings, XM 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 and XM have the same trading costs.
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 Octa and XM offer copy trading.
A broader range of CFD instruments provides more trading opportunities. XM offers a greater variety of instruments compared to Octa:
For those interested in trading cryptocurrencies, XM offers 60 cryptocurrencies, while Octa offers 34 cryptocurrencies. Therefore, XM 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 neither Octa nor XM charges a withdrawal fee. Overall, Octa has better deposit and withdrawal processes than XM.
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.Access to frequent and high-quality market research and analysis is crucial.
We found that XM offers better research analysis than Octa and that both Octa and XM offer frequent webinars.
A popular global broker with a large customer base and a good reputation, XM is a good option for most 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.
Octa is a good low-cost broker, with a few drawbacks. 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 onboards Malaysian traders through its Comoros Union-based entity, which has few regulatory protections, and the range of instruments available to trade is slightly limited compared to other brokers, with 52 Forex pairs, 5 commodities, 10 indices, 150 equities, and 34 cryptocurrencies.
If you can look past these issues, you will find an excellent low-cost broker: Three swap-free 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 1:1000 on Forex pairs. Finally, the website is fully translated into Bahasa Melayu, and Octa always runs competitions and promotions for Malaysian clients.
For more detailed reviews, please read our comprehensive assessments of XM and Octa.
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Broker | Regulated by FCA | Licenced by | Min. Deposit | Cost of Trading | Broker Score | Official Site | Compare |
|---|---|---|---|---|---|---|---|
 | Yes |     | USD 0 | USD 10 | |||
 | No | | USD 25 | USD 6 | |||
 | Yes |  | USD 100 | USD 6 | |||
 | No |     | USD 100 | USD 9 | |||
 | No | | USD 5 | USD 6 | |||
 | No |  | AUD 100 | USD 6 | |||
 | No | | USD 200 | USD 8 | |||
 | Yes | | USD 0 | USD 10 | |||
 | No |  | AUD 0 | USD 4.50 |
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.
The FxScouts podcast helps beginner Forex traders get the best start to their trading careers.
