FBS vs OctaFX: Comparison and Analysis

FBS vs OctaFX: A Comparison Summary

FBS and OctaFX are two well-known brokers in the forex trading industry. While both offer CFD trading, they differ in several aspects, including security, demo accounts, account opening, social-copy trading, markets, trading fees, platforms, education, and customer care. In this comparison summary, we will highlight the key differences between FBS and OctaFX.

Security

FBS is regulated by the IFSC and CySEC, while OctaFX is regulated by CySEC and SVG. Both brokers have a good security rating, with FBS at 93 and OctaFX at 94. However, OctaFX has an edge over FBS with its more stringent regulations and additional oversight.

Demo Accounts

FBS offers a demo account with a duration of 90 days and allows traders to choose their virtual funds amount. Meanwhile, OctaFX provides an unlimited demo account with a fixed virtual funds amount of $5000, which traders can top up at any time. Therefore, traders who prefer an unlimited demo account may find OctaFX more convenient.

Account Opening

FBS has a lower minimum deposit requirement, starting at $1, although it may be higher depending on the account type chosen. OctaFX requires a minimum deposit of $50. FBS offers more account types, including Standard, Cent, Micro, Zero Spread, Ultra, Crypto, ECN, Islamic, and CopyTrading accounts. OctaFX, on the other hand, offers MT4, MT5, Octatrader, and Islamic accounts.

Social-Copy Trading

Both FBS and OctaFX offer copy trading services, but with different approaches. FBS offers copy trading through its dedicated account called FBS Copy Trading, while OctaFX provides a copy trading app.

Markets

FBS offers 37 forex pairs, four commodities, four indices, 37 crypto assets, and 30+ stocks, while OctaFX offers 35 forex pairs, five commodities, ten indices, 30 crypto assets, and 150+ stocks. OctaFX has more markets available than FBS, making it more attractive to traders who want a wider range of trading options.

Trading Fees

FBS offers both variable and fixed spreads, with spreads starting from 0.0 pips on forex, depending on the account type chosen. OctaFX offers only variable spreads, with spreads starting from 0.8 pips on forex. FBS charges a commission of $6 per lot for ECN accounts, while OctaFX does not charge commissions. Overall, OctaFX offers more competitive spreads than FBS.

Platforms

Both brokers offer MT4 and MT5 platforms, available via desktop, mobile, and web. FBS also offers its proprietary platform called FBS Trader, available on mobile devices. OctaFX has a proprietary platform available via web and mobile.

Education/Customer Care

FBS provides clients with access to webinars, video tutorials, educational articles, and market analysis. The broker also offers customer support via email, phone, and live chat, available in 18 languages. OctaFX offers webinars, forex articles, forex video courses, platform video tutorials, platform articles, glossary, and FAQ. The broker’s customer support is available via email and live chat.

Conclusion

In conclusion, both FBS and OctaFX have their strengths and weaknesses. FBS has a lower minimum deposit requirement, a wider range of account types, and a dedicated copy trading account. OctaFX offers an unlimited demo account, more markets, and more competitive spreads. Ultimately, the choice between the two will depend on a trader’s individual needs and preferences.