eToro vs IC Markets vs OctaFX - Fees Review included
| Feature | eToro | IC Markets | OctaFX |
|---|---|---|---|
Overall |
4.8 |
4.7 |
4.1 |
5.0 |
5 |
3.9 |
|
4.7 |
4.9 |
4.5 |
|
4.9 |
4.6 |
2.9 |
|
Investment Instruments |
5.0 |
4.9 |
3.1 |
Platforms and Charting Tools |
4.1 |
4.4 |
4.4 |
Deposit and Withdrawal |
4.5 |
4.6 |
4.6 |
Research |
5 |
4.3 |
4.1 |
Education |
4.3 |
4.4 |
3.9 |
Support |
4.2 |
4.6 |
4.1 |
Bonuses |
1 |
2.5 |
4.3 |
|
|
|
eToro vs IC Markets vs OctaFX: Pros and Cons
The eToro broker is a very popular online platform for trading. Founded in 2007, the company operates as a social trading website that works with traders in dozens of countries.
IC Markets Trading Company was founded in 2007 in Sydney, Australia. The broker is licensed under the Australian Financial Services License (AFSL) and the Australian Securities and Investment Commission (ASIC). The broker is also a member of the Australian Financial Complaint Authority (AFCA), the governing body that sets the industry standard for the resolution of disputes between consumers and financial service providers, and regularly undertakes audits.
The OctaFX Broker has been providing Forex services since 2011. It operates under the CySEC license and provides favorable conditions for Forex traders. At the moment, OctaFX has been chosen by more than 6.6 million clients worldwide as an intermediary to the financial markets, but the broker is focused on the countries of the Asia-Pacific region. OctaFX is popular in Indonesia, Malaysia, Pakistan and other countries. Its services are used by both active traders and passive investors who prefer to copy the successful trading strategies of other market participants. In 2020, OctaFX was named The Best CFD broker in the Asia-Pacific region by Capital Finance International, and in 2021, The Best Forex Broker in Asia by Global Banking and Finance Review.
| eToro | IC Markets | OctaFX | |
|---|---|---|---|
| Overall Pros | Mobile app for trading from smartphones | World biggest Forex broker, over 180,000 clients and $1.11 trln monthly turnover in 2022 | Trading at weekends |
| Highly licensed and regulated broker | Advanced ECN trading | No non-trading commissions | |
| eToro charges a fixed withdrawal fee of $5 USD | Order execution speed 40 mc | Copy trading service | |
| The traders have access to the following trading offers: a copy trading service and ready-made portfolios with semi-automatic diversification | Free VPS | ||
| The funds of eToro clients are held at the licensed US banks | Trading servers in New York and London | ||
| Strong regulation | |||
| 2000+ trading assets, 60+ currency pairs | |||
| EURUSD Average spread 01 pip | |||
| Overall Cons | Customer support can be only contacted by tickets | No forex bonuses | Limited number of supported assets |
| World biggest Forex broker, over 180,000 clients and $1.11 trln monthly turnover in 2022 | High spreads |
eToro vs IC Markets vs OctaFX: Safety and Regulation
| Regulated By: | eToro | IC Markets | OctaFX |
|---|---|---|---|
Max. Regulation Level |
Tier-1 |
Tier-1 |
Tier-1 |
Investor protection |
£85,000 €20,000 |
€20,000 |
€20,000 |
FCA UK Regulation |
Yes |
No |
No |
FINRA (U.S) |
No |
No |
No |
BaFin (Germany) |
No |
No |
No |
ASIC (Australia) |
Yes |
Yes |
Yes |
CFTC (U.S) |
No |
No |
No |
MAS |
No |
No |
No |
FSCA SA |
No |
No |
No |
BVI FSC |
No |
No |
No |
VFSC |
No |
No |
No |
FSA (Seychelles) |
Yes |
Yes |
Yes |
eToro vs IC Markets vs OctaFX: Trading Conditions
| Trading Conditions | eToro | IC Markets | OctaFX |
|---|---|---|---|
Minimum Deposit |
$50 |
$200 |
$100 |
Trading Platforms |
eToro |
MT4, MT5, cTrader |
MetaTrader 4, MetaTrader 5 |
Max Leverage (Futures) |
1:30 |
1-500 |
1-500, for EU clients - 1-30 |
Supported Markets |
Forex, Stocks, Indices, Commodities, Crypto |
Forex, futures, CFDs on indices, commodities, metals, stocks and bonds |
32 currency pairs, CFDs on energy resources, cryptocurrencies, indices, gold, and silver |
Trading assets |
1000+ |
2000+ |
70+ |
Trading Accounts |
Standard, Demo |
cTrader, Raw Spread, Standard |
Demo, OctaFX MT4, OctaFX MT5 |
Base Account Currencies |
USD |
USD, AUD, GBP, CHF, JPY, NZD, SGD, CAD, HKD, BTC |
USD, EUR |
eToro vs IC Markets vs OctaFX: Fees
| Fee | eToro | IC Markets | OctaFX |
|---|---|---|---|
Standard acc. spread EUR/USD, min pips |
0,3 |
0,8 |
0,8 |
Standard acc. spread EUR/USD, max pips |
1,1 |
1,0 |
1,0 |
ECN Commission |
3,5 |
3,5 |
|
ECN Spread EUR/USD |
0,1 |
0,1 |
|
Deposit fee, % |
No |
No |
No |
Withdrawal fee, % |
No |
No |
No |
Withdrawal fee, USD |
5 |
No |
No |
Inactivity fee, $ |
10 |
No |
No |
eToro vs IC Markets vs OctaFX: Trading Assets
| Asset Name | eToro | IC Markets | OctaFX |
|---|---|---|---|
Overall |
1000+ |
2000+ trading assets |
70+ |
Forex |
Yes |
Yes |
Yes |
Stocks |
Yes |
Yes (CFD) |
No |
Metals |
Yes |
Yes (CFD) |
Yes (CFD) |
Cryptocurrencies |
Yes |
Yes (CFD) |
Yes (CFD) |
Energy |
Yes (CFD) |
Yes (CFD) |
Yes (CFD) |
Indices |
Yes |
Yes (CFD) |
Yes (CFD) |
ETFs |
Yes |
Yes (CFD) |
No |
Bonds |
No |
Yes (CFD) |
No |
Mutual funds |
No |
No |
No |
Stock options |
No |
No |
No |
Futures Trading |
No |
Yes (CFD) |
No |
Binary Options |
No |
No |
No |
eToro or IC Markets or OctaFX: Investment Programs
| Asset Name | eToro | IC Markets | OctaFX |
|---|---|---|---|
Copy Trading |
Yes |
Yes |
Yes |
MAM/PAMM |
No |
Yes |
No |
Managed Accounts |
No |
No |
No |
Other |
No |
No |
No |
Trading Platforms: eToro or IC Markets or OctaFX
| eToro | IC Markets | OctaFX | |
|---|---|---|---|
MT4 |
No |
Yes |
Yes |
MT5 |
No |
Yes |
Yes |
cTrader |
No |
Yes |
No |
Appropriate platform |
eToro |
IC Markets terminal |
No |
Others |
No |
No |
No |
|
|
|
eToro vs IC Markets vs OctaFX: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | eToro | IC Markets | OctaFX |
|---|---|---|---|
Bank Wire |
Yes |
Yes |
Yes |
Bank Card |
Yes |
Yes |
Yes |
Neteller |
Yes |
Yes |
Yes |
BTC |
No |
No |
No |
Wise |
No |
No |
No |
Payoneer |
No |
No |
No |
USDT |
No |
No |
No |
eToro vs IC Markets vs OctaFX: Research
| Research Type | eToro | IC Markets | OctaFX |
|---|---|---|---|
News Feed |
Yes |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Yes |
Trading Ideas |
Yes |
Yes |
No |
E-Mail Reports |
Yes |
Yes |
Yes |
eToro vs IC Markets vs OctaFX: Education
| Education Type | eToro | IC Markets | OctaFX |
|---|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Yes |
Webinars |
No |
Yes |
Yes |
Articles |
Yes |
Yes |
Yes |
Videos |
Yes |
Yes |
Yes |
Cent account |
No |
No |
Yes |
eToro vs IC Markets vs OctaFX: Support
| Support Features | eToro | IC Markets | OctaFX |
|---|---|---|---|
Working Days |
24/5 |
24/5 |
24/5 |
Yes |
Yes |
Yes |
|
Phone |
No |
Yes |
yes |
Online chat |
Yes |
Yes |
Yes |
Other |
No |
No |
Twitter, Telegram, or Facebook |
eToro vs IC Markets vs OctaFX: Forex Bonuses and Promo
| Promo | eToro | IC Markets | OctaFX |
|---|---|---|---|
Forex Bonus |
No |
Not offered |
Bonuses of 10% to 50% are paid for each deposit starting at $50 During the period of special offers, the client can request a reward in the amount of 100% of the amount deposited into the account. The bonus is available for withdrawal after meeting the requirements for the trading volume. |
Affiliate Program |
$100-250 per trader |
% of trading commissions |
“Invite a friend” - a program that rewards $1 for 1 standard lot traded by the attracted referral, the minimum withdrawal amount is $5; "IB" – (Introducing Broker) the partner receives from $3 to $12 depending on the total number of connected clients; Master IB is a program for those who have created their own IB network. The master trader receives a 10% commission from the profits received by the attracted IB. He also has access to the standard introducing broker remuneration. White Label. It is an attractive solution for existing brokers who want to provide financial services to directly to others. The program makes it possible to use the powerful foundation of FP Markets, but at the same time promote a personal brand. |
Other Promos |
No |
Contests on MT4 demo accounts The winners of the competition, who take the first five prizes, receive real money to their trading account. The amount of remuneration ranges from $40 to $500. The term of the round is four weeks. Money can be withdrawn or transferred to a real account for further use in trading. |
|
|
|
|
Top 5 Reviews on eToro
-
Comment
I’ve been familiar with the broker eToro for over a year, looking for a platform with extensive features for copy trading and the ability to buy stocks in small lots. The minimum deposit is $50, which is affordable, but spreads start at 1.0 pip — not the lowest in the market. I liked that the broker is regulated by CySEC and FCA, and has over 20 million clients worldwide. During this time, I tried buying fractional shares and investing in cryptocurrencies — the platform makes this quite convenient, although the website can be slow at times. I consider eToro more of a universal platform for passive investing than for frequent trading.
-
Comment
The broker offers only one account currency — USD. It supports trading across a wide range of assets, including currencies, stock indices, commodities, and cryptocurrencies. Deposits can be made via cards, Skrill, PayPal, and even YooMoney. Some nuances include a withdrawal fee, an STP model without ECN, and a lack of advanced analytical tools on the website. Despite these aspects, eToro consistently maintains its position in international rankings.
-
Comment
eToro is suitable for investors who want to copy successful traders. It offers the Popular Investor feature, where you can earn up to 2% of the copied volume. The platform is fully web-based and mobile-friendly, with a low entry threshold. The downside is the high spreads and a limit of 100 copiers per lead trader. There’s also no option to use expert advisors or algorithms.
-
Comment
I opened an account on eToro with the minimum deposit of $50, and the platform's interface turned out to be convenient, especially in terms of copy trading. The minimum amount for copy trading is only $1, which makes it easy to start. The available instruments include stocks, currencies, commodities, and cryptocurrencies. On the downside, there is no MT4/MT5, and withdrawals cost $5. Also, the number of followers is limited — a maximum of 100 traders can copy one.
-
Comment
Been using eToro for full year and here is my impartial review of the broker: Most compatible for trading stocks with its zero-fee structure for securities, but charges high for crypto + high spread for forex Order fulfillment is fast and glitches rarely happen. If they do, their customer service agent will promptly reach out to explain the issue and find a common ground to solve it Great for portfolio diversification with the availability of thousands of tradable assets Simple trading terminal with a number of good features e.g. copy trading, social trading, etc No deposit fee + $5 fee for withdrawals (regardless of the amount) Has a lot of ancillary charges such as inactivity fee, currency conversion fee, and overnight fee
Top 5 Reviews on IC Markets
-
Comment
I decided to use the services of IC Markets not long ago. Now I think that not all negative reviews are justified. This is a good broker and I have already withdrawn profits several times, everything went without problems. IC Markets’ rates differ from those of other brokers. But you can adapt to this problem.
-
Comment
I initially paid $3000 to start with and an account manager demonstrated a growth of $500 in quick time. A specialist then came in and tried to get me to invest $25000 to which I bluntly denied and they tried with $20K, then $10K and even $5K to all of which I refused! They have now kept me hanging and I asked for a refund to which they are asking for more money from me and I don't know what more to do! Also as of yesterday, the site itself is DOWN!! I cannot log in anymore and the email contact i had from there, when i sent the email to check it came back saying that domain does not exist anymore!! I am at loss of words and my hard earned money unfortunately i was able to recover my money back with the help of Olivia teams get in touch with them oliviatrader 44 at gmail com WhatApp +1 (423) 248 - 2140
-
Comment
I was looking for a reliable broker and noticed the long existence and good reputation of ICMarkets. Moreover, my friend, who has been trading for a long time, recommended contacting them. After several years, I have become a more experienced trader and I am satisfied with the work of the broker.
-
Comment
I have been trading with IC Markets for some time now and I can draw some conclusions. The platform works stably, which indicates a serious approach to its work. Spreads are quite optimal, although for cryptocurrencies they are higher than average as compared to those of its competitors. Slippages occur, there is nothing you can do about it. But there are no problems with requotes at all. In general, I think it’s possible to rate IC Markets “good”.
-
Comment
There are many advantages to IC Markets broker. First, of course, is the presence of a license from a reputable regulator. Accounts can be opened for citizens of many countries. Second, the platform works very well. Order execution speed is high, and you can actively trade manually or with the help of an advisor. I am quite satisfied with IC Markets as a broker.
Top 5 Reviews on OctaFX
-
Comment
Octa offers competitive spreads from 0.6 pips on EUR/USD and leverage up to 1:1000, making it suitable for active traders. The conditions are also beginner-friendly — copy trading is supported, and there’s an economic calendar, educational articles, and analytics. The website is intuitive, and support responds within a couple of minutes, even at night. Another plus is the Trade & Win program with deposit bonuses of up to 50%.
-
Comment
Octa offers very transparent trading conditions: no hidden fees and zero deposit commissions. I use Skrill and Visa — everything goes smoothly. The OctaTrader platform is convenient, featuring a built-in idea feed and market event notifications. It’s also nice that cryptocurrency is supported — Bitcoin, Ethereum, and even local bank transfers are available for deposits.
-
Comment
Octa has been confidently established in the market since 2011, serving clients from 150 countries, which reflects the trust of traders worldwide. Licenses from FSC and MISA provide basic regulatory protection, and the availability of negative balance protection allows for trading with peace of mind. A nice bonus is the contests on demo accounts where real money is awarded — an excellent way to improve skills and earn without risk.
-
Comment
Octa offers a well-developed trading infrastructure with over 300 instruments, including 52 currency pairs, 150 stocks, and 34 cryptocurrencies. The minimum lot size starts from 0.01, and leverage goes up to 1:1000. I especially appreciated that 97% of orders are executed without slippage, and the ability to choose between fixed and floating spreads on MT4 and MT5 provides greater flexibility for different trading strategies.
-
Comment
Octa turned out to be one of the few brokers that lets you start trading with just $25 while offering access to three platforms: MetaTrader 4, MetaTrader 5, and OctaTrader. This is especially convenient for those exploring different trading styles. Spreads start from 0.6 pips, and there are no deposit or withdrawal fees, which helps reduce costs at the beginning. Plus, you can copy other traders’ positions through the built-in CopyTrading service.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 61% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
This communication is intended for information and educational purposes only and should not be considered investment advice or investment recommendation. Past performance is not an indication of future results.
Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.
"Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more"
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.
FAQs
What should I start Forex trading with?
It is desirable for novice traders to explore trading using a demo account to learn the market and how to work on the trading platform without the risk of suffering losses. At the same time, it is advisable to review the educational materials of the broker, learn trading basics. Then you can deposit the minimum required amount to perform a small number of transactions. If you manage to close several months in a row in the black, without substantial drawdowns on the account, then you can try increasing your deposit. Also trying to copy trades automatically is a good option for a start.
What amount should I start trading with?
The minimum deposit of $10 may be enough to trade on the cent account. However, for trading on Standard/ECT accounts, experts recommend starting with at least $200-500. With this amount, you can use not a very big leverage. Remember, getting carried away with the margin is the main cause of losses among beginners.
What should I take into consideration when choosing a broker?
Experts recommend looking at the broker’s reliability first and foremost. The other important features include basic trading conditions, commissions and fees, customer reviews. If brokers are approximately the same in terms of basic criteria, you need to choose based on your experience and tasks. One broker may be good for professionals and another – for novice traders.
Is it possible to be scammed by a broker with a license from a reputable regulator?
In theory, yes. But in practice, it takes so much time and money to comply with the requirements of reputable regulators that it is not worth it for scammers to bother obtaining a legitimate license.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.