OctaFX vs HotForex
If you are reading this article, you’re likely having trouble deciding whether OctaFX or HotForex 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 HotForex vs OctaFX review, we outline the highlights of each trading platform to help you make a more informed decision. We evaluate:
|Feature||HotForex (visit site)||OctaFX (visit site)|
|CySEC, FCA, FSA, DFSA, FSCA||FSA|
Type of Broker:
U.S. Clients Allowed:
Commissions / Spreads:
Features and Platforms
HotForex, founded in 2010, is home to more than 2.5 million traders and established itself as a dominant broker. OctaFX, operational since 2011, lists 6.6 million trading accounts. Both deploy their proprietary copy trading service. HotForex and OctaFX present upgraded MT4/MT5 trading platforms, but OctaFX also has cTrader. The Autochartist plugin is available at HotForex and OctaFX, but HotForex also provides traders with VPS hosting and a range of other trading tools. Beginner traders will benefit more at HotForex due to quality research and education. Both brokers maintain a generous bonus system.
|Type of Platform:||MetaTrader 4, MetaTrader 5, Proprietary platform||MetaTrader 4, MetaTrader 5, cTrader|
Guaranteed Stop Loss:
Guaranteed Limit Orders:
Interest on Margin:
Traders at HotForex have access to 57 currency pairs, an average selection, while cryptocurrencies are notably absent from available markets. Other trading instruments consist of 13 commodities, 1,005 equity CFDs, eleven index CFDs, 34 ETFs, and three bond CFDs. OctaFX is home to one of the most limited asset selections compared to all brokers. With 32 currency pairs, five cryptocurrency pairs, five commodities, and ten index CFDs, OctaFX fails to provide a competitive asset selection. HotForex achieves a more balanced choice of trading instruments versus OctaFX, despite missing or not having enough choices in cryptocurrencies, commodities, and indices.
Typical Spreads and Fees
One of the most notable differences between XM and HotForex is the pricing environment. Traders at XM get a commission-free mark-up of 0.6 pips or $6 per 1.0 standard lots. At HotForex, the minimum spread is an expensive 1.3 pips or $13. HotForex lists a commission-based alternative from 0.1 pips for a commission of $6 for a total cost of $7. The volume-based loyalty program lowers final trading costs. Equity CFD trading at XM remains commission-free but costs a minimum of 0.10% at HotForex. Direct share dealing at XM incurs a minimum commission of $10.00 or 0.10%.
Security and Trust
Both brokers have a well-established operational history. HotForex holds regulatory licenses from the UK FCA, the CySEC, the DFSA, the FSCA, and the FSA. Despite the multitude of oversight from established regulatory bodies, the bulk of its international business derives from the unregulated subsidiary out of St. Vincent & the Grenadines. OctaFX also operates out of St. Vincent & the Grenadines and has no regulator. Unfortunately, OctaFX does not take additional steps to ensure the security and protection of client deposits. Both brokers segregate client deposits and offer negative balance protection without any verifiable enforcement at OctaFX.
HotForex vs. OctaFX : Verdict
HotForex offers traders an overall competitive product and services portfolio, but low-frequency traders face a high pricing environment. Trading costs decrease for active traders via the volume-based loyalty program. Therefore, purely based on trading costs, OctaFX remains a more competitive choice. Given the dismal asset selection at OctaFX, it is best for scalpers who only trade a few assets. HotForex presents traders with more balance and a significantly better choice in trading instruments. HotForex and OctaFX maintain upgraded MT4/MT5 trading platforms, but the latter also features cTrader. The Autochartist plugin is available at both, but OctaFX has trading requirements for access to it. Overall, HotForex presents more trading tools, delivering an edge to all traders. Beginners have better research and education at HotForex, and both brokers feature a generous bonus system and support social trading. Active traders will find the trading environment at HotForex notably superior.
Which trading platform is better: HotForex or OctaFX?
Upgraded MT4/MT5 trading platforms are available at both brokers, but OctaFX also has cTrader. Given the availability of more trading tools at HotForex, the trading platforms remain superior compared to OctaFX.
How many Forex pairs and CFDs are available to trade?
Hot Forex lists 57 currency pairs and 1,050+ CFDs for a balanced choice of trading instruments. OctaFX provides traders only with 32 Forex pairs and 20 CFDs.
Which is the more reliable broker?
Both brokers have a well-established positive track record and cater to most traders as unregulated St. Vincent & the Grenadines brokers. HotForex has five regulatory licenses resulting in verifiable enforcement of trader protection versus none at OctaFX. Despite this, both brokers present an equally reliable trading environment.
Which broker is better for beginner traders?
Beginner traders have notably better resources at HotForex with quality research and educational tools.