Oanda vs OctaFX - Fees Review included
Which broker is better Oanda or OctaFX? Our expert assessment conducted according to TU’s own methodology showed that Oanda is one of the top brokers in the financial market with the TU Overall Score of 5.28 out of 10. OctaFX is one of the top brokers in the financial market with the TU Overall Score of 8.86 out of 10. Find out more about TU Overall Score.
| Feature | Oanda | OctaFX |
|---|---|---|
Overall |
4.4 |
4.1 |
5 |
3.9 |
|
4.5 |
4.5 |
|
3.5 |
2.9 |
|
Investment Instruments |
4.1 |
3.1 |
Platforms and Charting Tools |
4.8 |
4.4 |
Deposit and Withdrawal |
4.2 |
4.6 |
Research |
4.7 |
4.1 |
Education |
4.5 |
3.9 |
Support |
4.8 |
4.1 |
Bonuses |
4.6 |
4.3 |
|
|
|
Oanda vs OctaFX: Pros and Cons
Olsen & Associates, also known as OANDA, is a US-registered company set up to offer a plethora of financial services to clients around the world. Its history goes as far back as 1996, and it is now under regulation in four jurisdictions. The broker has licenses from different regulators, of which the United Kingdom Financial Conduct Authority (FCA) is the major one.
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.
| Oanda | OctaFX | |
|---|---|---|
| Overall Pros | Regulated by a range of reputable financial bodies | Trading at weekends |
| Real-time news and fundamental analysis tools | No non-trading commissions | |
| localized and multilingual phone support | Copy trading service | |
| User-friendly platform for new forex traders | ||
| Outstanding research tools | ||
| Financial information publicly available | ||
| High educational value through written content and videos | ||
| Orders get executed with no requotes | ||
| Deposit minimum as low as $1 | ||
| Overall Cons | No programs offering bonus | Limited number of supported assets |
| Slow withdrawal of funds | High spreads |
Oanda vs OctaFX: Safety and Regulation
| Regulated By: | Oanda | OctaFX |
|---|---|---|
US Regulation |
Yes (CFTC, NFA) |
No |
FCA (Great Britain) |
Yes |
No |
CySec (Cyprus, EU) |
No |
Yes |
ASIC (Australia) |
Yes |
No |
Other Regulators |
European Union (regulated by the MFSA), Singapore (regulated by the MAS), Canada (regulated by IIROC), Japan (regulated by FSA) |
Saint Vincent and the Grenadines (SVG FSA) |
Oanda vs OctaFX: Trading Conditions
| Trading Conditions | Oanda | OctaFX |
|---|---|---|
Minimum Deposit |
No minimum deposit |
$100 |
Trading Platforms |
MT4, OANDA, TradingView |
MetaTrader 4, MetaTrader 5 |
Max Leverage (Futures) |
1-50 |
1-500, for EU clients - 1-30 |
Supported Markets |
Forex, CFDs (not for all entetities): Forex, Indexes, Commodities, Metals, Bonds, Cryptocurrencies |
32 currency pairs, CFDs on energy resources, cryptocurrencies, indices, gold, and silver |
Trading assets |
120+ |
70+ |
Trading Accounts |
Standard, Core, and Swap-free |
Demo, OctaFX MT4, OctaFX MT5 |
Base Account Currencies |
USD, EUR, HKD, SGD |
USD, EUR |
Oanda vs OctaFX: Fees
Forex Trading Fees
| Fee | Oanda | OctaFX |
|---|---|---|
Standard Account EURUSD Average Spread |
1.2 pips |
0.7 pips |
Standard Account Fee |
$0 |
$0 |
ECN/STP Account Fee |
not offered |
Not supported |
ECN Account EUR Average Spread |
not offered |
Not supported |
CFD Trading Fees
| Fee | Oanda | OctaFX |
|---|---|---|
CFD Trading Fee |
Floating spread |
Floating spread |
Non-Trading Fees
| Fee | Oanda | OctaFX |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
No |
Withdrawal Fee |
$20 - just for bank transfer |
No |
Inactivity Fee |
After 12 months of inactivity, 10 units of your account’s currency denomination |
No |
A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.
Oanda vs OctaFX: Trading Assets
| Asset Name | Oanda | OctaFX |
|---|---|---|
Overall |
120+trading assets |
70+ |
Forex |
Yes |
Yes |
Stocks |
No |
No |
Metals |
Yes (CFD) |
Yes (CFD) |
Cryptocurrencies |
Yes (CFD) |
Yes (CFD) |
Energy |
Yes (CFD) |
Yes (CFD) |
Indices |
Yes (CFD) |
Yes (CFD) |
ETFs |
No |
No |
Bonds |
No |
No |
Mutual funds |
No |
No |
Stock options |
No |
No |
Futures Trading |
No |
No |
Binary Options |
No |
No |
Oanda or OctaFX: Investment Programs
| Asset Name | Oanda | OctaFX |
|---|---|---|
Copy Trading |
Yes |
Yes |
MAM/PAMM |
No |
No |
Managed Accounts |
No |
No |
Other |
No |
No |
Trading Platforms: OctaFX or Oanda
| Oanda | OctaFX | |
|---|---|---|
MT4 |
Yes |
Yes |
MT5 |
Yes |
Yes |
cTrader |
No |
No |
Appropriate platform |
Oanda |
No |
Others |
No |
No |
|
|
|
Oanda vs OctaFX: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | Oanda | OctaFX |
|---|---|---|
Bank Transfer |
Yes |
No |
Debit Card |
Yes |
Yes |
Electronic Wallets |
Yes (not for all markets) |
Yes |
Crypto |
No |
Yes |
Oanda vs OctaFX: Research
| Research Type | Oanda | OctaFX |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
No |
E-Mail Reports |
Yes |
Yes |
Oanda vs OctaFX: Education
| Education Type | Oanda | OctaFX |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
Yes |
Articles |
Yes |
Yes |
Videos |
Yes |
Yes |
Cent account |
Yes |
Yes |
OctaFX vs Oanda: Support
| Support Features | Oanda | OctaFX |
|---|---|---|
Working Days |
24/5 |
24/5 |
Yes |
Yes |
|
Phone |
Yes |
yes |
Online chat |
Yes |
Yes |
Other |
No |
Twitter, Telegram, or Facebook |
Oanda vs OctaFX: Forex Bonuses and Promo
| Promo | Oanda | OctaFX |
|---|---|---|
Forex Bonus |
Yes (Not for all countries) |
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 |
Yes |
“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 |
Rebates and commission markdowns |
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 OctaFX
-
Comment
I’ve made some decent trades with OctaFX, but it took me longer than expected to withdraw my profits though. Their customer support was helpful eventually, but it took a few back-and-forth emails to get everything sorted. Not sure if this is normal or if I just ran into some glitch. Definitely something to consider, especially if you're looking to get your money out quickly.
-
Comment
OctaFX offers a mixed bag of experiences for traders. On the bright side, their user-friendly platform is a welcoming space, even for beginners. The abundance of educational resources has been a boon for honing trading skills. However, the downside comes in the form of occasional slow execution speeds during peak trading hours, leading to frustration. Although customer support is responsive, the solutions provided may not always hit the mark. Overall, OctaFX serves as a decent starting point for traders, but there's room for improvement to ensure a smoother journey.
-
Comment
Been using OctaFX for a few months now, trying to get into forex trading. Signed up cause they advertised for beginners a lot. They do have a demo account which is cool, but switching to live trading felt kinda rough. There are tons of options on the platform and not much explanation for what they all do. I mostly use the copy trading cause I'm still learning the ropes, but finding a good trader to copy can be tricky. This platform is inferior to market leaders i d say, although it has its advantages, in particular simplicity. The most popular traders charge significant commissions - up to 33%, while their profitability is quite low. Overall, it's not a bad platform, but I wish there were more and cheaper options for beginners. One of the copy trading app leader on the screen.
-
Comment
I trade with OctaFX permanently and everything is fine. Trades are opened at a current price. Everything is great, I withdraw my profits periodically. But to do this, you have to work a lot. So, you can make money with OctaFX, the main thing is to put in the effort!
-
Comment
OctaFX is closer to what I was looking for! I read all the reviews, and I want to say that this broker inspires confidence in me. Thanks to everyone who provided their feedback and personal examples of trading with this company! I will open a trading account here.
Top 5 Reviews on Oanda
-
Comment
I can describe OANDA as one of the most proper brokers on the currency market. It works quickly, there are no failures, and no market movements have a significant impact on it. I'm safe here.
-
Comment
OANDA is a good company and I plan to continue trading with them. I started with a demo account and then switched to a live one with a small deposit. OANDA successfully passed my tests in trading and withdrawals. I easily withdraw profits to my bank card.
-
Comment
I got acquainted with the OANDA broker online. Initially, I read reviews about it and decided to give this platform a try. If you do everything correctly, you can pass the verification process, although it does take some time. Then, the actual trading process began. The conditions at OANDA are average, so I can give this broker a decent rating.
-
Comment
The broker OANDA is licensed by reliable regulators, offers a wide range of financial services, boasts years of experience, multiple regulators, and significant awards. There is a vast selection of popular trading instruments, a very low minimum deposit, and qualified technical support. However, the OANDA website occasionally functions poorly. Overall, I currently have no major complaints about trading with this broker.
-
Comment
OANDA offers tight spreads, is licensed, and has a low entry threshold and fast withdrawals. The overall impression of working with this company is positive. I would recommend this broker. Another advantage is that OANDA's client support is excellent.
- Webull vs Oanda
- Oanda vs InstaForex
- OspreyFX vs Oanda
- ProsperityFX vs Oanda
- Deriv vs Oanda
- EagleFX vs Oanda
- Capital.com vs Oanda
- Oanda vs AMP Global
- Oanda vs Spreadex
- Oanda vs Moneta Markets
- Oanda vs Vantage
- Oanda vs BlackBull Markets
- Oanda vs London Capital Group (LCG)
- Oanda vs FXCC
- Oanda vs Trading 212
- Oanda vs FXChoice
- Oanda vs IFC Markets
- Oanda vs XBTFX
- Oanda vs NAGA
- Oanda vs FXOpen
- Oanda vs City Index
- Oanda vs IG
- Oanda vs Saxo Bank
- Oanda vs Dukascopy
- Oanda vs LiteForex
- Oanda vs CMC Markets
- Oanda vs FP Markets
- Oanda vs HotForex
- Oanda vs TD Ameritrade
- Oanda vs FBS
- Oanda vs Pepperstone
- Oanda vs Fusion Markets
- Oanda vs XTB
- Oanda vs Plus500
- Oanda vs FXTM
- Oanda vs Interactive Brokers
- Oanda vs AvaTrade
- Oanda vs Forex.com
- Oanda vs Libertex
- Oanda vs XM
- Oanda vs InstaForex
- Oanda vs IC Markets
- Oanda vs Exness
- Tickmill vs Oanda
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.
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.