Exness vs OctaFX
If you are reading this article, you’re likely having trouble deciding whether Exness 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 Exness vs OctaFX review, we outline the highlights of each trading platform to help you make a more informed decision. We evaluate:
|Feature||Exness (visit site)||OctaFX (visit site)|
Type of Broker:
U.S. Clients Allowed:
Commissions / Spreads:
Features and Platforms
Traders at Exness may use the out-of-the-box MT4/MT5 trading platforms, but none of the necessary third-party plugins are available. Exness does offer VPS hosting in support of automated trading solutions but fails to provide clients with research or education for beginner traders. The only value-added service is the WebTV by Trading Central. OctaFX also offers MT4/MT5 but upgrades both with the Autochartist plugin. The cTrader trading platform is also available together with its proprietary copy trading platform. Traders can also benefit from the bonus structure at OctaFX together with reduced swap rates.
|Type of Platform:||MetaTrader 4, MetaTrader 5||MetaTrader 4, MetaTrader 5, cTrader|
Guaranteed Stop Loss:
Guaranteed Limit Orders:
Interest on Margin:
Forex traders have access to one of the best asset selections at Exness, which maintains 107 currency pairs. Unfortunately, the rest of the trading instruments remain below average. Exness features seven cryptocurrency pairs, twelve commodities, and 81 equity and index CFDs. Despite the overall limited choice of trading instruments at Exness, it trumps OctaFX. Traders have only 32 currency pairs, ranking among the worst selections industry-wide, five cryptocurrencies, five commodities, and ten index CFDs. Where Exness provides Forex traders with an edge, OctaFX fails to serve any trader well and has one of the worst overall asset choices.
Typical Spreads and Fees
The Standard account at Exness shows a minimum mark-up of 1.0 pips or $10 per 1.0 lots, which is expensive. Costs improve to a commission-free spread of 0.6 pips or $6, but Exness asks for a deposit of $3,000. OctaFX presents the same 0.6 pips mark-up, but it is available for all traders. Both brokers offer a commission-based alternative, which is more expensive than the commission-based one, but the OctaFX Status Level reward program lowers overall trading costs. Traders will also pay swap rates on leveraged overnight positions, but OctaFX labels them differently, clouding cost transparency.
Security and Trust
Traders at Exness will deal either with its Nymstar or Vlerizo subsidiaries. They remain regulated by the Seychelles FSA and the South African FSCA, respectively. Exness maintains two units, one licensed by the UK FCA and one by the CySEC, but both shut their retail divisions, focusing solely on business-to-business operations. OctaFX caters to traders from St. Vincent and the Grenadines but is an unregulated Forex broker, as the FSA does not regulate brokers. OctaFX does not take additional steps to ensure client safety. Both brokers offer negative balance protection and segregate client deposits from corporate funds.
Exness vs. OctaFX: Verdict
Exness has undergone drastic changes since launching in 2008, and it continues to react to counter-productive regulatory changes by Tier1 regulators. The most visible evidence is the closure of the Exness retail operations in the UK and Cyprus. Exness converted into an execution-only Forex broker, with no research and educational content. It shines with 107 currency pairs and supports automated trading with VPS hosting, but the cost structure is expensive for portfolios below $3,000. OctaFX, founded in 2011, presents four trading platforms and a competitive pricing environment. Regrettably, asset selection ranks among the worst compared to all brokers. It provides traders with the MT4/MT5 Autochartist plugin, but traders must qualify for it via trading activity. Both brokers offer a more expensive commission-based cost structure than the commission-free one, a rare occurrence. Exness shines with its Forex selection, OctaFX with its proprietary copy-trading platform and bonus structure.
Which is the more reliable broker?
Both brokers have more than a decade of experience, but Exness has two reliable regulators in the Seychelles FSA and the South African FSCA. OctaFX remains an unregulated broker but has executed well with more than 6.6 million account openings.
What about MetaTrader and copy trading?
Exness and OctaFX offer MT4/MT5, which have a built-in copy trading platform. OctaFX additionally developed its proprietary solution for copy traders.
Does Exness or OctaFX offer lower pricing?
OctaFX offers traders an overall lower pricing environment, starting from better spreads for all traders and a mix of costs substituting most swap rates. The OctaFX Status Level reward program increases the advantage for active traders.
What are the minimum deposits for these brokers?
The minimum deposit at Exness for the expensive Standard account depends on the payment processor, while the Pro alternative requires $3,000. OctaFX asks for $100.