Broker comparison between OCTAFX vs Tradeview
Do you want to figure out which is the better broker, octafx or tradeview?
In the following table, you can compare the features of octafx and tradeview 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 tradeview 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 tradeview 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
Tradeview is an established online ECN broker based in the Cayman Islands, founded in 2004. Tradeview Ltd is authorized and regulated by the Cayman Islands Monetary Authority (CIMA) under license number 585163 and the Malta Financial Services Authority (MFSA), with regulatory license number MB/19/0037. However, the license authorized by the CIMA is just a general financial license, not the forex retail license, which means this broker cannot conduct forex trading realted activities under this license.
Tradeview currently offers investors trading in Forex instruments, Indices CFDs, Commodities, and Cryptocurrencies.
There are two trading account options available at Tradeview: the X leverage account and the Innovative Liquidity Connector account. The minimum deposit to open a X leverage account is $100, which sounds quite reasonable for most regular traders to have a try.
As with spreads and commission conditions, leverage also differs for each account. For ILC (Innovative Liquidity Connector ) accounts, the maximum trading leverage is 1:100 while on X Leverage accounts, it is up to 1:400. The minimum trade size is 0.1 lots on the ILC account and 0.01 lots on the X leverage account
Spreads & Commissions
Forex main spreads: 0.0 pips for EURUSD, 0.1 pips for GBPUSD and 0.1 pips for CAD. The lowest spread for gold is 0.09 pips, and the lowest spread for silver is 0.18 pips. The minimum spread for Bitcoin is 4.7 pips. Standard accounts are charged spreads as commission, and ECN accounts are charged a commission of $5 per lot.
Traders are free to choose from four different trading platforms, Metatrader 4, Metatrader 5, cTrader, and Currenex, depending on their trading experience and trading needs.
Deposit and withdrawal
Tradeview supports bank wire transfers, credit cards, UnionPay, Skrill, NETELLER, STICPAY, ecoPayz, and many other deposit and withdrawal methods.
The Tradeview customer service desk is available 24/5 on instant web chat. Traders can also fill the 'contact us' form and the support team will respond by email. Support can also be received through emails and telephone. On social media, they are on Facebook, Twitter, LinkedIn and Instagram.
Does octafx or tradeview 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 tradeview are, we first considered common fees for standard accounts. On octafx, the average spread for the EUR/USD currency pair is -- pips, while on tradeview the spread is From 0 PIPS.
Which broker is safer, octafx or tradeview?
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 CYSEC. tradeview is regulated by LFSA,CIMA.
Which broker provides better trading platform, octafx or tradeview?
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 --, tradable financial instruments include Innovative Liquidity Connector、X Leverage Account tradeview works/provides -- trading platform, trading instruments Innovative Liquidity Connector、X Leverage Account