Webull vs OctaFX - Fees Review included
Which broker is better Webull or OctaFX? Our expert assessment conducted according to TU’s own methodology showed that Webull is one of the top brokers in the financial market with the TU Overall Score of 7.09 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 | Webull | OctaFX |
|---|---|---|
Overall |
3.2 |
4.1 |
5 |
3.9 |
|
3.4 |
4.5 |
|
3.1 |
2.9 |
|
Investment Instruments |
4.0 |
3.1 |
Platforms and Charting Tools |
3.1 |
4.4 |
Deposit and Withdrawal |
2.7 |
4.6 |
Research |
1.8 |
4.1 |
Education |
1.2 |
3.9 |
Support |
3.6 |
4.1 |
Bonuses |
4.1 |
4.3 |
|
|
Webull vs OctaFX: Pros and Cons
Webull is an American broker-dealer headquartered in New York City and is a FINRA, SIPC, NYSE, and NASDAQ member. The company was incorporated in May 2017, and in January 2018 it was already registered with the SEC. It is part of Webull Financial LLC and is licensed to carry out brokerage activities in all 50 US states. The broker offers a wide range of stock market assets, professional analytics and an intuitive trading platform with a variety of technical and fundamental analysis tools
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.
| Webull | OctaFX | |
|---|---|---|
| Overall Pros | Zero commission when trading stocks, options, and ETFs | Trading at weekends |
| No minimum deposit requirements for brokerage and retirement (IRA) accounts | No non-trading commissions | |
| Access to professional intelligent analytics and trading tools | Copy trading service | |
| Overall Cons | There is no support for trading in mutual funds, futures, bonds or stocks of the OTC markets | Limited number of supported assets |
| It doesn’t provide an opportunity to make transactions with currency pairs | High spreads | |
| Cryptocurrency trading is available only in mobile applications | ||
| Replenish your account from $2,000 to trade with favorable leverage |
Webull vs OctaFX: Safety and Regulation
| Regulated By: | Webull | OctaFX |
|---|---|---|
US Regulation |
Yes |
No |
FCA (Great Britain) |
No |
No |
CySec (Cyprus, EU) |
No |
Yes |
ASIC (Australia) |
No |
No |
Other Regulators |
Membership in the SIPC Insurance Fund |
Saint Vincent and the Grenadines (SVG FSA) |
Webull vs OctaFX: Trading Conditions
| Trading Conditions | Webull | OctaFX |
|---|---|---|
Minimum Deposit |
1 USD |
$100 |
Trading Platforms |
Own platform |
MetaTrader 4, MetaTrader 5 |
Max Leverage (Futures) |
1-2/1-4 |
1-500, for EU clients - 1-30 |
Supported Markets |
Stocks, options, ETFs, ADRs, cryptocurrencies |
32 currency pairs, CFDs on energy resources, cryptocurrencies, indices, gold, and silver |
Trading assets |
100+ |
70+ |
Trading Accounts |
Paper Account (Demo), Margin Account, Cash Account (IRA, Individual) |
Demo, OctaFX MT4, OctaFX MT5 |
Base Account Currencies |
USD |
USD, EUR |
Webull vs OctaFX: Fees
Forex Trading Fees
| Fee | Webull | OctaFX |
|---|---|---|
Standard Account EURUSD Average Spread |
Market stock spread |
0.7 pips |
Standard Account Fee |
From $0,002. for each share. There are also other fees for certain transactions |
$0 |
ECN/STP Account Fee |
Not supported |
Not supported |
ECN Account EUR Average Spread |
Not supported |
Not supported |
CFD Trading Fees
| Fee | Webull | OctaFX |
|---|---|---|
CFD Trading Fee |
Market stock spread |
Floating spread |
Non-Trading Fees
| Fee | Webull | OctaFX |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
Yes |
No |
Withdrawal Fee |
Yes |
No |
Inactivity Fee |
No |
No |
A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.
Webull vs OctaFX: Trading Assets
| Asset Name | Webull | OctaFX |
|---|---|---|
Overall |
100+ |
70+ |
Forex |
No |
Yes |
Stocks |
Yes |
No |
Metals |
No |
Yes (CFD) |
Cryptocurrencies |
Yes |
Yes (CFD) |
Energy |
No |
Yes (CFD) |
Indices |
No |
Yes (CFD) |
ETFs |
Yes |
No |
Bonds |
No |
No |
Mutual funds |
No |
No |
Stock options |
No |
No |
Futures Trading |
No |
No |
Binary Options |
No |
No |
Webull or OctaFX: Investment Programs
| Asset Name | Webull | OctaFX |
|---|---|---|
Copy Trading |
No |
Yes |
MAM/PAMM |
No |
No |
Managed Accounts |
No |
No |
Other |
No |
No |
Trading Platforms: OctaFX or Webull
| Webull | OctaFX | |
|---|---|---|
MT4 |
No |
Yes |
MT5 |
No |
Yes |
cTrader |
No |
No |
Appropriate platform |
No |
No |
Others |
Own trading platform |
No |
|
|
Webull vs OctaFX: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | Webull | OctaFX |
|---|---|---|
Bank Transfer |
Yes |
No |
Debit Card |
Yes |
Yes |
Electronic Wallets |
No |
Yes |
Crypto |
No |
Yes |
Webull vs OctaFX: Research
| Research Type | Webull | OctaFX |
|---|---|---|
News Feed |
No |
Yes |
Fundamental Data |
No |
Yes |
Chart Analysis |
No |
Yes |
Trading Ideas |
Yes |
No |
E-Mail Reports |
No |
Yes |
Webull vs OctaFX: Education
| Education Type | Webull | OctaFX |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
No |
Yes |
Articles |
No |
Yes |
Videos |
No |
Yes |
Cent account |
No |
Yes |
OctaFX vs Webull: Support
| Support Features | Webull | OctaFX |
|---|---|---|
Working Days |
24/7 |
24/5 |
Yes |
Yes |
|
Phone |
Yes |
yes |
Online chat |
No |
Yes |
Other |
No |
Twitter, Telegram, or Facebook |
Webull vs OctaFX: Forex Bonuses and Promo
| Promo | Webull | OctaFX |
|---|---|---|
Forex Bonus |
Flexible bonus system with the ability to receive a bonus in the form of securities in the amount of up to 1600 USD |
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 |
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 Webull
-
Comment
The Webull broker is characterized by low-quality execution of transactions. Transactions revolve within the company. If you compare trading here with trading in other companies, the difference will be very noticeable. I do not advise.
-
Comment
I have been cooperating with Webull for the third month. It seems to me that this is a sufficient period to see all the obvious advantages and disadvantages of the company. First, about the cons, which, perhaps, only catch me. I don't like their terminal from the word "generally". It lacks tools for analysis, and performance leaves much to be desired. Another disadvantage is that access to margin trading is opened from $2,000 in the account balance. But still, I lingered here, because there are pluses: trading without spreads, increased leverage on intraday trading and a demo account for testing strategies. I don’t see a worthy replacement among competitors yet, I stay with Webull until better times.
-
Comment
I won’t complain about Webull either. My homie advised me to cooperate with this broker and I immediately checked its legal documents. It’s as clear as day, the company operates in the legal field. Trust my experience, there are a lot of scammers these days but Webull is not one of them. The broker's terminal is rock-solid, and after the last update, it became even more convenient to use it compared to before. Everything is smooth with payments and the company strives to make the process even better.
-
Comment
I opened an account with Webull a year ago, the company's experts helped to develop a strategy and decide on financial instruments. I cannot say that I am very impressed with the results, but there is an indisputable plus from our cooperation. Transactions are well protected, there is no commission for withdrawing funds from the account.
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.
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.