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IC Markets vs OctaFX: Comparison and Analysis

Written by Filippo Ucchino Fact-Checked by Luca Puddu Publication Date Last Updated
Our verdict · CFD/FX trading

IC Markets is better than OctaFX for CFD trading in the UK by a small margin, but neither holds a licence in the UK. IC Markets has faster execution (40 ms against 100 ms) and support for high-frequency trading strategies. It asks for no minimum deposit, where OctaFX asks for 5.00 USD, and runs TradingView next to the MetaTrader platforms and cTrader both brokers share. It opens managed accounts, holds more account base currencies (10 against 2) and moves money faster, with deposits credited on the same day and withdrawals paid out in 1 day, against 3 days. OctaFX, on the other hand, has a lower EUR/USD cost (6.00 USD per lot against 7.55 USD), lists more tradable symbols (270 against 180) and opens micro and fixed-spread accounts. Neither IC Markets nor OctaFX is regulated in the UK, but IC Markets holds licences from CySEC and ASIC, and OctaFX from CySEC. Both brokers cover CFDs on commodities, forex, indices and stocks, and open raw spread and ECN accounts. They allow scalping, hedging, expert advisors, VPS hosting and API access, offer copy and social trading, and provide a demo account that does not expire.

Best overall

IC Markets

CFDCFD IC Markets offers CFD trading: leveraged contracts that follow the price of an asset without owning it. Switch the comparison to CFD/FX to rate it on that. FXFX IC Markets offers forex trading: currency pairs such as EUR/USD, traded with leverage. Forex is rated together with CFDs, on the CFD/FX side. Not regulated in your country IC Markets does not accept residents in the UK because it is not regulated by FCA.
IC Markets review ›
87CFD/FXOverall score IC Markets scores 87/100 for CFD/FX trading. The overall score is calculated from the data in this comparison across 12 areas.
Not licensed in the UK

72.52% of retail investor accounts lose money when trading CFDs with this provider.

OctaFX

CFDCFD OctaFX offers CFD trading: leveraged contracts that follow the price of an asset without owning it. Switch the comparison to CFD/FX to rate it on that. FXFX OctaFX offers forex trading: currency pairs such as EUR/USD, traded with leverage. Forex is rated together with CFDs, on the CFD/FX side. Not regulated in your country OctaFX does not accept residents in the UK because it is not regulated by FCA.
OctaFX review ›
80CFD/FXOverall score OctaFX scores 80/100 for CFD/FX trading. The overall score is calculated from the data in this comparison across 12 areas.
Not licensed in the UK

73-89% of retail investor accounts lose money when trading CFDs.

Best for

What we compare A comparison of the kinds of traders IC Markets and OctaFX are best suited to, based on what each one actually offers in United Kingdom.
1 / 12

IC Markets is better than OctaFX for professional traders, while OctaFX is better for day traders. Both are a good fit for high-volume traders, scalpers and swing traders.

Best for
Overall score IC Markets 87 Best OctaFX 80 -7
Day trading i
Long-term investing i
Professional traders i
High-volume traders i
Scalpers i
Swing traders i
News traders i
Algo traders i
Stock traders i
Crypto traders i
Futures traders i
Options traders i

Regulation

What we compare A comparison between the financial authorities that supervise IC Markets and the ones that supervise OctaFX.
2 / 12

Neither IC Markets nor OctaFX is regulated in the UK. IC Markets and OctaFX are both regulated by top-tier authorities, IC Markets by CySEC and ASIC (Australia) and OctaFX by CySEC.

Regulation
Section score IC Markets 100 Best OctaFX 85 -15
Tier-1 regulators
ESMA (European Union) i
FCA (United Kingdom) i
ASIC (Australia) i
CFTC (United States) i
NFA (United States) i
SEC (United States) i
CIRO (Canada) i
MAS (Singapore) i
SFC (Hong Kong) i
JFSA (Japan) i
FINMA (Switzerland) i
Tier-2 regulators
FMA (New Zealand) i
CBR (Russia) i
FSCA (South Africa) i
DFSA (Dubai) i
CSRC (China) i
ISA (Israel) i
LFSA (Malaysia) i
JSC (Jordan) i
CMA (Kenya) i
Tier-3 regulators
FSA (Seychelles) i
MMA (Maldives) i
SCB (Bahamas) i
FSC (Mauritius) i
VFSC (Vanuatu) i
FSC (Belize) i
CIMA (Cayman Islands) i
SV FSA (Saint Vincent and the Grenadines) i
FSRC (St. Kitts & Nevis) i
BMA (Bermuda) i
BVI FSC (British Virgin Islands) i
EDR (External Dispute Resolution) i

Safety

What we compare A comparison of the tools and services that IC Markets and OctaFX have in place to protect your money in United Kingdom.
3 / 12

IC Markets and OctaFX both offer segregated client funds and two-factor authentication. IC Markets holds no licence in the UK and is not covered by the FSCS. OctaFX holds no licence in the UK and is not covered by the FSCS.

Safety
Section score IC Markets 65 OctaFX 65
Company info
Is it publicly traded i
Is it a bank i
Year founded i 2007 2011
Parent company i International Capital Markets Pty Ltd Octa Markets Incorporated
CEO i Andrew Budzinski Pavel Prozorov
Money safety
Segregated client funds i
Two-factor authentication i
Investor compensation scheme i
Additional money insurance i
Partner bank i N/A N/A
Brand power
Number of customers worldwide i 40,000,000
Annual revenue i
Monthly website search traffic i 2.2M monthly visits

Costs

What we compare A comparison of what it costs to trade with IC Markets and with OctaFX in United Kingdom, both on each trade and on holding the account.
4 / 12

OctaFX is better than IC Markets for costs, since OctaFX is cheaper on EUR/USD, at 6 USD per lot (against IC Markets' 7.55 USD), does not charge US stock CFD fees (against IC Markets' 0.02 USD), and does not charge currency conversion fees, unlike IC Markets. Neither IC Markets nor OctaFX charges account maintenance fees or deposit fees.

Costs
Section score IC Markets 79 -6 OctaFX 85 Best
Broker fees
Deposit fees i
Withdrawal fees i
Overnight fees i
Inactivity fees i
Currency conversion fees i
Discounts on volume i
Real time market data fee i
Dividend withholding i
Account opening fees i
Account maintenance fee i
Portfolio management fee i
Fees on CFDs
Forex commission per lot i USD 7 Free
EUR/USD average standard spread i
0.8 pips
0.6 pips
EUR/USD average raw spread i
0.01 pips
EUR/USD average fixed spread i
EUR/USD total cost per lot i USD 7.55 USD 6
S&P 500 fees (CFD) i 0.492 points 2 points
Gold fees (CFD) i 0.09 points 0.26 points
Bitcoin fees (CFD) i USD 12.01 USD 29
US stocks fees (CFD) i USD 0.02 Free
Fees on stocks
Stock fee type i Commission, Percentage Commission, Percentage, Spread
US stocks fees (real) i USD 30
ETF fees (real) i
Management costs i
Connection costs i
Fees on futures
Futures fees per contract i Free
Platform fees i
Fees on options
Options fees per contract i
Event fees i
Fees on savings plans
IRA opening fee i
IRA maintenance fee i
401k opening fee i
401k maintenance fee i

Available markets

What we compare A comparison of the markets and products you can trade with IC Markets and with OctaFX in United Kingdom, and of how many instruments each one gives access to.
5 / 12

There is little between IC Markets and OctaFX on available markets. Both IC Markets and OctaFX offer CFDs on commodities, crypto, forex, indices and stocks. OctaFX has a slight edge, as it gives access to 270 tradable symbols (against IC Markets' 180).

Available markets
Section score IC Markets 75 OctaFX 75
Total tradable symbols i 180 270
Currency pairs i
Indices i
Commodities i
Stocks i
ETF i
Cryptocurrencies i
Bonds i
Interest rates i
Portfolios i
CFDs i Commodities, Crypto, Forex, Indices, Stocks Commodities, Crypto, Forex, Indices, Stocks
Futures i
Options i
Assets you can own i

Platform

What we compare A comparison of the trading platforms that IC Markets and OctaFX make available to their clients in United Kingdom.
6 / 12

IC Markets and OctaFX are equally good for platforms, as IC Markets offers TradingView and ZuluTrade while OctaFX offers AutoChartist. IC Markets and OctaFX both offer cTrader and MetaTrader 5.

Platform
Section score IC Markets 89 OctaFX 89
Proprietary platform i
MetaTrader 4 i
MetaTrader 5 i
cTrader i
Social trading platform i
Copy trading platform i
ZuluTrade i
TradingView i
Duplitrade i
Mirror Trader i
NinjaTrader i
AutoChartist i
Real time pricing i
5 digit pricing i
One-click trading i

Mobile

What we compare A comparison of the mobile apps of IC Markets and OctaFX in United Kingdom, and of what each one lets you do from your phone.
7 / 12

OctaFX is better than IC Markets for mobile trading, because OctaFX offers a social trading app and a copy trading app, which IC Markets does not. Both IC Markets and OctaFX offer a proprietary mobile app and the cTrader app.

Mobile
Section score IC Markets 93 -7 OctaFX 100 Best
Proprietary app i
Social trading app i
Copy trading app i
MetaTrader 4 app i
MetaTrader 5 app i
cTrader app i
Mobile trading signals i
Mobile alerts i
Mobile charting tools i
Mobile drawing tools i
Mobile watchlist i
Smartwatch app i

Trading features

What we compare A comparison of the trading tools and strategies that IC Markets and OctaFX allow on their platforms in United Kingdom.
8 / 12

IC Markets and OctaFX are equally good for trading features, as IC Markets executes orders faster, within 40 ms (against OctaFX's 100 ms), and allows for high-frequency trading. On the other hand, OctaFX offers negative balance protection. IC Markets and OctaFX both offer trailing stops and tier-1 liquidity providers. The leverage shown for IC Markets is set by its Seychelles entity and exceeds the retail limit in the UK (30:1 on major currency pairs). The leverage shown for OctaFX is set by its Saint Lucia entity and exceeds the retail limit in the UK (30:1 on major currency pairs).

Trading features
Section score IC Markets 83 OctaFX 83
Trade execution
Broker type i NDD NDD
Average execution time i 40 ms 100 ms
Slippage occurrence i
Requotes occurrence i
Tier-1 liquidity providers i
PFOF i
Leverage
Major FX pairs leverage i 5000:1 1000:1
Minor/Exotic FX pairs leverage i 5000:1 1000:1
Major indices leverage i 200:1 400:1
Minor indices leverage i 200:1 400:1
Gold leverage i 2000:1 1000:1
Commodities leverage i 1000:1 400:1
Equities leverage i 20:1
Cryptocurrency leverage i 500:1 200:1
Risk management
Stop losses i
Take profits i
Limit orders i
Trailing stop i
Margin call i
OCO orders i
Guaranteed stop loss i
Negative balance protection i
Minimum trade size (FX) i 0.01 lots 0.01 lots
Minimum trade size (stocks) i USD 0 USD 0
Fractional stocks i
Trading compliance
Scalping strategies allowed i
Hedging strategies allowed i
Automated trading strategy allowed i
EAs use allowed i
HFT strategy allowed i
VPS use allowed i
API use allowed i
Price scraping allowed i
FIFO rule applies i

Account types

What we compare A comparison of the kinds of account you can open at IC Markets and at OctaFX in United Kingdom, and of who each one is meant for.
9 / 12

IC Markets is better than OctaFX for account types, as IC Markets offers a professional traders account, a corporate account and a copy trading account, which OctaFX does not. IC Markets and OctaFX both offer a demo account and a managed account.

Account types
Section score IC Markets 92 Best OctaFX 72 -20
Demo account i
Unlimited demo account i
Standard account i
Micro account i
Cent account i
Nano account i
Raw spread account i
ECN account i
Swap-free account i
Islamic account i
Professional traders account i
Fixed spread account i
Spread betting account i
Copy trading account i
Corporate account i
Managed account i
Stock investing account i
Margin investing account i
Savings account i
Retirement account i

Account opening

What we compare A comparison of what it takes to open and fund an account with IC Markets and with OctaFX in United Kingdom.
10 / 12

IC Markets is better than OctaFX for account opening, given that IC Markets does not require a minimum deposit (against OctaFX's 5 USD), offers 10 account base currencies (against OctaFX's 2), and supports 3 e-wallets (against OctaFX's 2). Both IC Markets and OctaFX offer credit cards and debit cards. Neither IC Markets nor OctaFX holds a licence in the UK.

Account opening
Section score IC Markets 95 Best OctaFX 80 -15
Minimum deposit i USD 0 USD 5
Minimum withdrawal i USD 0 USD 0
Wire transfers i
Credit cards i
Debit cards i
eWallets i PayPal, Neteller, Skrill Neteller, Skrill
Local payment methods i
Account base currencies i AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD EUR, USD
Deposit waiting time i Instant up to 3 business days
Withdrawal waiting time i up to 1 business days up to 3 business days
Bonus program i

Customer care

What we compare A comparison of the customer support of IC Markets and OctaFX in United Kingdom, in how it can be reached and how fast it answers.
11 / 12

IC Markets is better than OctaFX for customer care, given that IC Markets offers customer support in 17 languages (against OctaFX's 11), has a website in 17 languages (against OctaFX's 11), and offers a dedicated account manager, which OctaFX does not. IC Markets and OctaFX both offer phone support and live chat.

Customer care
Section score IC Markets 87 Best OctaFX 67 -20
Number of languages supported i 17 11
Website languages i Arabic, Bulgarian, Czech, German, English, French, Croatian, Indonesian, Italian, Korean, Malay, Portuguese, Russian, Spanish, Thai, Vietnamese, Chinese Bangla, German, English, Indonesian, Malay, Portuguese, Spanish, Thai, Urdu, Vietnamese, Chinese
Website available in English i
Customer support languages i Arabic, Bulgarian, Czech, German, English, French, Croatian, Indonesian, Italian, Korean, Malay, Portuguese, Russian, Spanish, Thai, Vietnamese, Chinese Bangla, German, English, Indonesian, Malay, Portuguese, Spanish, Thai, Urdu, Vietnamese, Chinese
Customer support in English i
Call back request i
Email support i
Phone support i
Live chat i
Priority customer support i
Dedicated account manager i
Cash sweep i
Stock lending i
Distributes proceeds i
Tax withholding agent i
Tax assistance i

Learning

What we compare A comparison of the educational material that IC Markets and OctaFX provide to their clients in United Kingdom.
12 / 12

IC Markets is better than OctaFX for learning, given that IC Markets offers professional reports, daily market commentary and traders' sentiment, which OctaFX does not. Both IC Markets and OctaFX offer education for advanced traders and webinars.

Learning
Section score IC Markets 100 Best OctaFX 75 -25
Education
Education center i
Education for beginners i
Education for advanced traders i
Webinars i
Tutorials i
Glossary i
Research
Economic calendar i
Traders' sentiment i
Daily market commentary i
Daily trading ideas i
News via social media i
Professional reports i
Watchlist i
IC Markets
Not licensed in the UK 72.52% of retail investor accounts lose money when trading CFDs with this provider.
OctaFX
Not licensed in the UK 73-89% of retail investor accounts lose money when trading CFDs.
Our verdict

IC Markets vs OctaFX: which one should you choose?

IC Markets

CFD/FX Choose IC Markets if you want a CFD and forex broker with no minimum deposit, several account base currencies and money that moves in a day and live in a country where it is licensed to operate.

Not licensed in the UK 72.52% of retail investor accounts lose money when trading CFDs with this provider.
OctaFX

CFD/FX Choose OctaFX if you want an online CFD broker with micro and fixed-spread accounts and live in a country where it is licensed to operate.

Not licensed in the UK 73-89% of retail investor accounts lose money when trading CFDs.

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