3.5 / 5
Rating breakdown
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 other users do not like about OctaFX
OctaFX TrustPilot Customer Reviews, Feedback and Complaints
On Trustpilot, OctaFX has currently 7.5k number of reviews with a TrustScore (the overall measurement of reviewer satisfaction) of 4.40/5.00.
Main Complains according to the Users' Reviews
- Withdrawal takes ages
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
4.3 / 5
Rating breakdown
Things we liked:
Up to 500:1 leverageLow minimum deposit requirement
Things we didn't like:
Absence of a direct telephone number for customer supportOspreyfx is not a fully licensed and regulated broker
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
Things we liked:
AvaTrade has low trading feesThe 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 cryptosThe research tools are limited
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
Things we liked:
XM has low trading feesThe account opening is user-friendly and fast
Lots of educational tools
Things we didn't like:
XM has a limited product portfolioThe research tools are limited
It charges inactivity fees
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.