OctaFX Alternatives - Better Forex Brokers for 2024
Find out the major disadvantages of OctaFX Forex Brokers and alternatives with lower fees and more security. Unbiased OctaFX Alternatives reviews.
So which brokers are better than OctaFX? Want to jump straight to the answer? OspreyFX is the best alternative broker to OctaFX in 2024 .

3.5 / 5

Rating breakdown

Security
80%
4.0/5
Ease of Use
80%
4.0/5
Tradable Assets
60%
3.0/5
Deposit and withdrawal
80%
4.0/5
Trading Fees
60%
3.0/5
Support
60%
3.0/5

Things we didn't like:

 Arbitrage is not permitted;
 Only a narrow selection of tradeable symbols

Why would you want an alternative to OCTAFX?

Considering an alternative to OctaFX might be advisable due to several notable limitations. First, customers served by OctaFX's Mwali entity do not enjoy the same level of regulatory protection as those in more established jurisdictions, which can be a significant concern for traders prioritizing security and regulatory oversight. Additionally, the prohibition of arbitrage and the risk of bot bans for exceeding 30 requests per minute on MT4 can be restrictive for traders who rely on such strategies. While OctaFX offers competitive trading costs, the absence of corresponding date ranges for its listed spreads raises transparency issues. Furthermore, the limited selection of tradeable symbols—just over 230 on MT5 and only 80 on its OctaTrader platform—restricts traders looking for diverse market opportunities. Although OctaFX continues to develop its market research, it still lags behind the leading brokers in this aspect. The discontinuation of the cTrader platform at OctaFX might also be a drawback for traders who prefer this platform.

What to look for in a OCTAFX Alternative?

When looking for an alternative to OctaFX, prioritize brokers with strong regulatory protections from established authorities for greater security. Seek brokers that support a wide range of trading strategies without restrictive conditions like those on arbitrage and automated trading imposed by OctaFX. Ensure transparency in trading costs, with clearly dated spreads. Opt for brokers offering a broader selection of tradeable symbols to increase diversification opportunities. Additionally, choose brokers with robust market research tools and support for popular platforms like cTrader, MT4, and MT5 to enhance your trading experience.

Best OCTAFX alternatives – forex brokers like (or better than) OCTAFX

Best Octafx Alternatives

4.3 / 5

Rating breakdown

Security
80%
4.0/5
Ease of Use
80%
4.0/5
Tradable Assets
100%
5.0/5
Deposit and withdrawal
80%
4.0/5
Trading Fees
100%
5.0/5
Support
80%
4.0/5

Things we liked:

 Up to 500:1 leverage
 Low minimum deposit requirement

Things we didn't like:

 Absence of a direct telephone number for customer support
 Ospreyfx is not a fully licensed and regulated broker

#1
OspreyFX Overview

Named after the very large, distinctively shaped, fish preying hawk, which suitably decorates the brand’s logo, OspreyFX is a relatively new entrant in the world of forex brokerages, aiming to offer existing and aspiring traders an innovative venue in which they can satisfy all their trading needs, including the trading of cryptocurrencies.

4.2 / 5

Rating breakdown

Security
70%
3.5/5
Ease of Use
90%
4.5/5
Tradable Assets
100%
5.0/5
Deposit and withdrawal
100%
5.0/5
Trading Fees
80%
4.0/5
Support
60%
3.0/5

Things we liked:

 AvaTrade has low trading fees
 The account opening is user-friendly and fast
 It offers a lot of deposit and withdrawals options free of charge

Things we didn't like:

 The product portfolio is limited as it offers only CFDs, forex, and cryptos
 The research tools are limited

#2
AvaTrade Overview

Since its establishment in 2006, AvaTrade has expanded to 11 countries and offers an array of trading platforms for web, desktop, and mobile use. It facilitates trading in spot forex, forex options, and CFDs across various asset classes, including cryptocurrencies. AvaTrade boasts 300,000 registered traders executing over 3 million trades monthly, with a total traded value exceeding $1.47 trillion.

4.0 / 5

Rating breakdown

Security
80%
4.0/5
Ease of Use
100%
5.0/5
Tradable Assets
50%
2.5/5
Deposit and withdrawal
100%
5.0/5
Trading Fees
80%
4.0/5
Support
70%
3.5/5

Things we liked:

 XM has low trading fees
  The account opening is user-friendly and fast
 Lots of educational tools

Things we didn't like:

 XM has a limited product portfolio
 The research tools are limited
 It charges inactivity fees

#3
XM Overview

XM is a CySEC, ASIC and IFSC regulated, multi-asset class broker offering to trade on more than 1,000+ tradable CFD’S on Forex, Stocks, Commodities, Indices, Metals and Energies on the globally-recognised trading platforms MetaTrader 4 and MetaTrader 5 for PC, Mac, Web, iOS and Android systems.

OctaFX Alternatives Frequently Asked Questions (FAQs):

Are there any sites like OctaFX?
Yes, there are many sites offering similar services like OctaFX. Those include OspreyFX, TradeOr, Tickmill and many more. If you are to look for an alternative to OctaFX for your forex trading needs, then you must make sure it is one with a better offering.
Who are OctaFX Top Competitors?
OctaFX 's top competitors in July 2024 are: OspreyFX, AvaTrade, XM and more. OspreyFX is currently rank as the number one on the list of top Forex brokers.

Are you Satisfied with what They Offer?