Broker comparison between OCTAFX vs IC Markets
Do you want to figure out which is the better broker, octafx or ic-markets?
In the following table, you can compare the features of octafx and ic-markets side by side to determine the best fit for your trading needs.
Which broker is more reliable?
You can determine the reliability and credibility of a broker by checking four factors:
1.Forex broker introduction.
2.Does octafx or ic-markets have a lower transaction costs and fees?
3.Which broker is safer?
4.Which broker provides better trading platform?
Based on these four factors, we believe that octafx and ic-markets are both reliable. We analyze the reasons as following:
Forex broker introduction
Basic Information & Regulators of OTCAFX
Octa Markets was established in 2017 with the aim of developing into a reputable, reliable, fair, and transparent forex trader. Octa Markets was authorized and regulated by the Cyprus Securities and Exchange Commission in 2018 (license number: 372/18).
Safety Analysis of OTCAFX
Octa Markets holds a full license from CySEC, a regulatory body that regulates forex fairly strictly, and therefore, a certain level of security can be ensured. Moreover, the trader has initiated a negative balance protection policy for each account, which completely separates the client's funds from the broker's operating funds to protect the safety of the client's funds.
Octa Markets offers investors the most popular tradable instruments on the financial markets, mainly spot Forex, CFDs on stock indices, CFDs on spot metals, CFDs on commodities.
Leverage & Account of OTCAFX
Octa Markets offers two different account types for conservative and aggressive traders: MetaTrader5 account and cTrader account. The maximum leverage of the account is set according to the amount of money deposited by the trader's registration. The maximum default leverage is 1:20 for major currency pairs, 1:20 for minor currency pairs, gold and major indices, and 1:10 for commodities other than gold and non-major stock indices.
Spreads & Commission Fees of OTCAFX
The minimum spread for EURUSD is 0.4 pips, for GBPUSD 0.5 pips, and for EURGBP 0.6 pips. The minimum spread for spot gold is 0.8 pips, and for spot silver is 1.0 pips. The minimum spread for MetaTrader5 accounts starts from 0.3 pips, and no commission is charged for Forex and precious metals trading. cTrader accounts have a minimum spread of 0.0 pips, and a commission is charged for trading, which includes the opening fee for one side and the closing fee for the other side. There is no SWAP for both accounts. The trading commission on the cTrader Platform consists of a side charge for the opening of the position and another side charge for the closure of the trade.
Trading Platform Applied of OTCAFX
Octa Markets provides traders with two market-leading and high-performance trading software packages: MT5 and cTrader5. MT5 is the latest version of the multifunctional trading platform with a powerful trading system that supports various order types, including markets, pending orders, and stop orders, and supports desktop, web, Android, and iOS versions. cTrader5 features secondary quotes, server tracking, stops, cloud services to keep all accounts and templates in one place, one-click trading, and advanced charting features. Traders have the flexibility to choose the trading software according to their needs.
Deposit & Withdrawal of OTCAFX
Octa Markets Cyprus Ltd does not charge its clients any fees. Moreover, deposit and withdrawal fees applied by third parties are also covered by the broker Octa Markets supports wire transfers with a minimum amount of 50 Euros, which can be received within 3 to 7 business days.
General Information & Regulation of IC Markets
Raw Trading Ltd registered in Seychelles with registration number: 8419879-2, is regulated by the Financial Services Authority of Seychelles with License number: SD018. Other entities of the group include:International Capital Markets Pty Ltd with registration number 123 289 109, regulated by the Australian Securities and Investments Commission with License No. 335692; IC Markets (EU) Ltd is a limited company registered in Cyprus and is regulated by the Cyprus Securities and Exchange Commission with License No. 362/18; IC Markets Ltd, registered in The Bahamas with registration number 76823 C, is regulated by the Securities Commission of The Bahamas with License No. SIA-F214.
IC Markets offers investors a diversified range of investment assets, mainly popular currency pairs in the foreign exchange market, commodities, indices, bonds, cryptocurrencies, stocks, futures.
To meet different investors' investment needs and trading experience, IC Markets offers three different types of accounts, which are Raw Spread Accounts (cTrader), Raw Spread Accounts, and Standard Accounts. The minimum deposit for the three types of accounts is €200,
IC Markets Leverage
IC Markets offer the highest leverage level of up to 500:1 from its offshore FSA regulatory division in the Seychelles. This leverage varies across the brokers 65 currency pairs and other CFDs (such as cryptocurrencies). The brokers offshore branch offers the following leverage:
Forex, gold and commodities 500:1
Indices, futures and bonds 200:1
Spreads & Commissions
The spreads on the original spread account (cTrader) start from 0.0 pips, and the commission is €3/ per 100K traded. The spreads on the original spread account start from 0.0 pips, and the commission is €3.50/100K volume. Standard accounts have spread from 1.0 pips and no commission.
IC Markets offers traders the MT4, MT5, and cTrader trading software to meet a wide range of user needs. MT4 is currently the most popular trading platform with a highly customizable, user-friendly interface with several technical indicators and data analysis tools to help traders develop different trading strategies. MT5 is the latest version of MT4 and has all the positive features of MT4 with more powerful trading capabilities. cTrader is a platform specifically designed for high-speed execution through which traders can trade global markets. cTrader's independent design, elegant interface, and advanced features make it a favorite among freelance traders.
Deposit and withdrawal
IC Markets supports traders to deposit and withdraw funds to their investment accounts via VISA, MasterCard, NETELLER, Skrill, and wire transfer.
IC Markets offers 24/7 customer support via a range of contact methods. Local customer support is available from their Sydney office at Level 6 309 Kent Street Sydney, NSW 2000. CFD traders can reach them through different channels like email, Skype or by phone. Their Sydney response time is within 15 minutes based on our enquiries with the most complex issues solved within a day. Live chat customer service is also offered by the CFD provider.
Does octafx or ic-markets have a lower transaction costs and fees?
To compare transaction costs across different brokers, our experts analyze the transaction-specific fees (such as spreads) and non-trading fees (such as inactivity fees and payment costs).
To get a comprehensive understanding of how cheap or expensive octafx and ic-markets are, we first considered common fees for standard accounts. On octafx, the average spread for the EUR/USD currency pair is -- pips, while on ic-markets the spread is --.
Which broker is safer, octafx or ic-markets?
To determine the safety of a forex brokers, our experts take various factors into consideration in a multi-dimensional manner. This includes which regulatory licenses the forex trader holds and how reputable those licenses are. We also consider the history of a forex dealer, as long-standing dealers are usually more reliable and trustworthy than newer start-ups. octafx is regulated by ASIC,CYSEC. ic-markets is regulated by CYSEC.
Which broker provides better trading platform, octafx or ic-markets?
When our experts review a broker, they usually open real trading accounts and trade through the broker's trading platform. This gives us a better overall assessment of the quality of the platform, the ease of use and the features it offers. octafx Available trading platforms include MT4 ECN account、cTrader ECN account、MT4 standard account, tradable financial instruments include -- ic-markets works/provides MT4 ECN account、cTrader ECN account、MT4 standard account trading platform, trading instruments --