IC Markets vs OctaFX: Comparison and Analysis

IC Markets vs OctaFX: A Comprehensive Comparison Summary

Choosing the right broker can be a daunting task for traders, as there are numerous options available in the market. In this comparison summary, we will explore and compare two popular brokers – IC Markets and OctaFX – based on their security, demo accounts, account opening, social-copy trading, markets, trading fees, platforms, and customer care.

Security

Both IC Markets and OctaFX are regulated brokers, with IC Markets being regulated by CySEC, ASIC, FSA, and SCB, and OctaFX being regulated by CySEC and SVG. In terms of security rating, OctaFX scores slightly higher than IC Markets, with a rating of 94 compared to IC Markets’ rating of 93.

Demo Accounts

Both brokers offer unlimited demo accounts. IC Markets allows traders to choose the amount of virtual funds they want (up to $5,000,000), and the virtual funds can be restored by contacting customer support. On the other hand, OctaFX offers a fixed virtual fund amount of $5000, but traders can top up the virtual balance anytime they want.

Account Opening

IC Markets has no minimum deposit requirement, although the broker suggests a minimum deposit of $200. The broker offers over 10 base currencies, including USD, EUR, AUD, and GBP, and accepts various payment methods such as wire transfers, credit/debit cards, eWallets, bitcoin deposits, and several local payment methods. IC Markets offers Standard, RAW Spread, and Professional accounts for advanced traders.

OctaFX requires a minimum deposit of $50 and offers only two account currencies (EUR and USD). The broker accepts wire transfers, credit/debit cards, and eWallets. OctaFX offers MT4, MT5, Octatrader, and Islamic accounts.

Social-Copy Trading

Both brokers offer social-copy trading features. IC Markets allows traders to engage in copy trading through third-party platforms such as ZuluTrade, while OctaFX has its own copy trading app.

Markets

IC Markets offers a wider range of markets than OctaFX, with 63 forex pairs, 21 commodities, 25 indices, 63 crypto assets, and 1600+ stocks. IC Markets also offers futures and options trading. On the other hand, OctaFX offers 35 forex pairs, 5 commodities, 10 indices, 30 crypto assets, and 150+ stocks.

Trading Fees

IC Markets’ spreads are variable, starting from 0 pip on forex, and the broker charges up to $7 per lot traded. IC Markets also charges variable spreads on stocks. On the other hand, OctaFX has variable spreads starting from 0.8 pips on forex, which is lower than the market average. The broker does not charge any commission per lot traded, and it has a lower spread on commodities than IC Markets.

Platforms

IC Markets offers MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader platforms, all of which allow traders to engage in algo trading. IC Markets also offers VPS services. On the other hand, OctaFX offers its proprietary platform available via web and mobile, as well as MT4 and MT5 platforms.

Education/Customer Care

Both brokers provide a range of educational materials, including webinars, podcasts, forex articles, video courses, platform video tutorials, glossary, and FAQs. IC Markets has customer support available in over 18 languages and can be contacted via email and live chat. OctaFX can also be contacted via email and live chat.

Conclusion

Both IC Markets and OctaFX are reputable brokers with strong security and regulatory frameworks. IC Markets offers a wider range of markets, a range of account types, low spreads, and commission-based trading. It also offers VPS services and allows traders to engage in algo trading. On the other hand, OctaFX has lower minimum deposit requirements, a proprietary platform, and a copy trading app.

In summary, traders looking for a wider range of markets, more account options, and commission-based trading may prefer IC Markets. On the other hand, traders who prioritise a lower minimum deposit requirement, a proprietary platform, and a copy trading app may prefer OctaFX. It’s important to note that the ultimate decision should depend on the individual trader’s needs and preferences.