OctaFX vs Eightcap
If you are reading this article, you’re likely having trouble deciding whether Eightcap or OctaFX is the better Forex trading platform for you. While both platforms generally provide positive user experiences, there are some essential differences to note.
In this Eightcap vs OctaFX review, we outline the highlights of each trading platform to help you make a more informed decision. We evaluate:
|Feature||OctaFX (visit site)||Eightcap (visit site)|
Type of Broker:
U.S. Clients Allowed:
Commissions / Spreads:
Features and Platforms
Eightcap, based in Australia, maintains the core MT4/MT5 trading platforms and recently expanded its trading environment with Capitalise AI. It allows traders to automate trading with natural language input that requires no coding skills. Quality in-house research, education, and excellent trade execution are other notable features. OctaFX provides traders with MT4/MT5 plus the Autochartist plug-in and cTrader as an alternative. It also developed its proprietary copy trading platform and has a generous bonus structure. OctaFX advertises swap-free trading on its website, but the account page displays them, although at a limited rate.
|Type of Platform:||MetaTrader 4, MetaTrader 5, cTrader||MetaTrader 4, MetaTrader 5|
Guaranteed Stop Loss:
Guaranteed Limit Orders:
Interest on Margin:
Eightcap features 29 currency pairs versus 32 at OctaFX. The asset selection extends with four commodities and eight index CFDs at the former compared to five and ten at the latter. Eightcap maintains 150+ equity CFDs and zero cryptocurrencies, while OctaFX has zero and five, respectively. Overall, Eightcap grants equity traders an acceptable entry-level choice. OctaFX fails to cater to any traders and maintains one of the smallest trading instrument choices compared against all brokers.
Typical Spreads and Fees
Eightcap deploys an expensive commission-free pricing environment with a minimum mark-up of 1.0 pips or $10 per 1.0 standard lot. OctaFX counters with 0.6 pips or $6 per lot. The commission-based alternative at Eightcap shows raw spreads of 0.0 pips for a cost of $7 per lot. OctaFX lists an expensive commission-based option with spreads from 0.8 pips for a commission between $4.00 and $6.00. The Status Level reward program decreases costs further. Eightcap levies swap rates on leveraged overnight positions, while OctaFX applies a mix of fees labeled differently. Third-party payment processor fees apply equally.
Security and Trust
The Australian Securities & Investments Commission (ASIC) is the primary regulator at Eightcap. International clients will trade with the subsidiary operating under oversight from the Vanuatu Financial Services Commission (VFSC). OctaFX is an unregulated broker out of St. Vincent and the Grenadines, where the financial regulator, the Financial Services Authority (FSA), does not regulate Forex brokers. OctaFX fails to take steps to ensure the security of clients. It states segregation of client deposits, but unlike at Eightcap, there is no guarantee of it. Negative balance protection exists at both brokers, but Eightcap remains more secure and trustworthy.
OctaFX vs Eightcap – Verdict
Eightcap continues to improve its trading environment, geared towards equity traders. Only the out-of-the-box MT4/MT5 trading platforms are available, but adding Capitalise AI delivered a competitive edge only a few brokers provide. Eightcap publishes in-house research and maintains quality educational content. The trade execution remains competitive and trading costs acceptable, but a volume-based rebated program is missing. The most significant drawback is the limitation on available markets. OctaFX presents more trading platform choices with cTrader and a proprietary mobile app. It also has the Autochartist plug-in, but traders must qualify for it via trading activity. The asset selection at OctaFX is dismal, ranking among the worst industry-wide, but the commission-free cost structure is competitive. OctaFX remains a rare broker where the commission-based alternative remains notably more expensive. Copy traders may benefit from the in-house platform at OctaFX, but Eightcap is the superior choice for most traders.
Which trading platform is better: Eightcap or OctaFX?
Both brokers offer the core MT4/MT5 trading platforms, but OctaFX also has cTrader and offers select clients the Autochartist plug-in. Eightcap added Capitalise AI, available to all clients, giving it an overall competitive edge.
How many Forex pairs and CFDs are available to trade?
Eightcap lists 29 currency pairs and more than 150 CFDs against 32 and 20 at OctaFX, respectively.
Which is the more reliable broker?
Eightcap operates under the oversight of two regulators compared to unregulated OctaFX. While OctaFX makes claims on its website, there is no proof. The category “Why clients choose us” lists made-up trading costs to make its pricing appear attractive. Therefore, Eightcap is the more reliable broker.
Which broker is better for beginner traders?
Eightcap offers new traders higher quality educational content, making it the better choice.