Best OctaFX Alternatives
OctaFX is a household name in the Forex trading industry. The broker has offered traders across the globe a platform to showcase their trading skills and make a profit. Our OctaFX Review gives an insight into this trading platform.
However, OctaFX isn’t the only player in the Forex industry. Some of the best OctaFX alternatives are highlighted in this article.
Here is a tabular representation of the reasons why we chose these brokers as alternatives to OctaFX:
| OctaFX Alternatives | Alternatives for | Minimum Deposit |
|---|---|---|
| IC Markets | Scalping, unlimited demo, PAMM Account | $0 |
| Plus500 | Proprietary platform, Total number of CFD assets | $100 |
| eToro | Copy Trading, Real stocks trading | $200 |
| Pepperstone | Scalping, PAMM Account | $0 |
| FBS | Account types choice, Low Spreads | $1 |
| AvaTrade | Spread Betting, Fixed Spreads | $100 |
| XM | Low spreads, Good education section | $5 |
| Axi | Scalping, Spread Betting, MAM Account | $0 |
| BDSwiss | Low spreads, Proprietary Platform | $100 |
| Roboforex | Cent Account, Low Spreads | $10 |
WARNING
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Between 74-89% of retail investor accounts lose money when trading CFDs.
You should consider whether you can afford to take the high risk of losing your money
Table of contents
OctaFX Low Spread Alternatives
Selling low spread is a great way to take advantage of the Forex market to increase your profit margin. You can trade low spreads on OctaFX.
Aside from OctaFX, some other brokers allow low spread trading on their platforms. Here’s a review of the Top 10 Lowest Spread Forex Brokers:
| Broker | Minimum Deposit | Avg. Spread EUR/USD |
|---|---|---|
| IC Markets | $200 | 0.1 pips |
| Pepperstone | $0 | 0.09 pips |
| FBS | $0 | 0 pips |
| XM | $100 | 0.1 pips |
| Axi | $1 | 0.2 pips |
| BDSwiss | $0 | 0.4 pips |
| Roboforex | $10 | 0.1 pips |
OctaFX Copy Trading Alternatives
Traders can trade copy on a good number of trading platforms aside from OctaFX. The OctaFX Copy trading alternatives are discussed in the Top 10 Copy Trading Best Platforms. These brokers are chosen as OctaFX alternatives for the reasons tabulated below:
| Broker | Minimum Deposit | Copy Trading Platform |
|---|---|---|
| eToro | $200 | WebTrader |
| IC Markets | $0 | ZuluTrade |
| Pepperstone | $0 | DupliTrade, myfxbook |
| AvaTrade | $100 | ZuluTrade, DupliTrade |
| FBS | $1 | WebTrader |
| Axi | $0 | ZuluTrade |
| Roboforex | $10 | WebTrader |
OctaFX Spread Betting Alternatives
If you are interested in spread betting but will rather trade on other platforms aside from OctaFX, your options are listed in the Top 10 UK Spread betting Forex Brokers.
Below is a tabular representation of why these are considered the best alternatives to OctaFX for spread betting:
| Broker | Minimum Deposit | Minimum Bet |
|---|---|---|
| Pepperstone | $0 | £0.2 |
| AvaTrade | $100 | 0.10 per points |
| Axi | $0 | N/A |
OctaFX Unlimited Demo Alternatives
Traders take advantage of demo accounts to hone their trading skills before trading on live accounts. A host of other trading platforms offer unlimited demo accounts as listed in the Top 10 Best Forex Demo Account list.
For a summary of the reasons why these are chosen as OctaFX unlimited demo alternatives, check the table below:
| Broker | Demo trial | Minimum Deposit |
|---|---|---|
| Plus500 | Unlimited | $100 |
| IC Markets | Unlimited | $0 |
| eToro | Unlimited | $200 |
| XM | Unlimited | $5 |
| Roboforex | Unlimited | $10 |
Choosing OctaFX Alternatives: Main Perks and Characteristics
Some of the outstanding features of OctaFX trading platform are:
- Unlimited demo account.
- Spreads from 0 pips.
- Copy trading services for UK traders.
- Minimum deposit of $5 for traders outside the EU and from $100 for EU-based traders.
- Top-level MT4, MT5, and cTrading platforms.
Despite its attractive features listed above, OctaFX supports few account currencies such as EUR and USD. The number of tradable assets on the platform is quite limited.
For a comprehensive review of OctaFX, take a look at our OctaFX Review.
What is OctaFX Missing?
Do you wonder what OctaFX is missing? This is a checklist of areas where the trading platform can improve:
- It is not available in the ASIC Regulation.
- It’s not available in Canada.
OctaFX Alternatives Comparison
It’s pretty obvious that OctaFX isn’t the only Forex trading platform because tons of other platforms offer Forex trading services.
The OctaFX alternatives comparison table below shows how these alternatives compare with each other and why they make the list of the best OctaFX alternatives:
| Feature | Minimum Deposit | Low spreads from 0 pips | Copy Trading | Spread Betting | Unlimited Demo | Execution |
|---|---|---|---|---|---|---|
| OctaFX | $5 within EU, $100 outside EU | Yes | Yes (for UK traders) | No | Yes | ECN-DMA |
| IC Markets | $0 | Yes | Yes | No | Yes | ECN |
| Plus500 | $100 | No | No | No | Yes | Market Maker |
| eToro | $200 | No | Yes | No | Yes | STP |
| Pepperstone | $0* | Yes | Yes | Yes | No | ECN/STP |
| FBS | $1 | Yes | Yes | No | No | ECN/STP |
| AvaTrade | $100 | No | Yes | Yes | No | Market Maker |
| XM | $5 | Yes | No | No | Yes | Market Maker |
| Axi | $0 | Yes | Yes | Yes | No | ECN |
| BDSwiss | $100 | Yes | No | No | No | ECN/STP |
| Roboforex | $10 | Yes | Yes | No | Yes | ECN/STP |
*200$ suggested by Pepperstone
OctaFX Alternatives FAQ
What is OctaFX’s best alternative?
OctaFX’s overall best alternative is IC Markets. However, for specific trades, you may consider other options.
For instance, for scalping, the best alternative is IC Markets while eToro outperforms other competitors for copy trading. Pepperstone and Plus500 are the best alternatives for spread betting and unlimited demo features respectively.
Although OctaFX is a leading name in the Forex market industry, the OctaFX alternatives have what it takes to give it a good run for its money while providing traders with numerous trading platform options.
About the Author
Anthony Gallagher
Anthony is a financial journalist and business advisor with several years’ experience writing for some of the most well-known sites in the Forex world.
A trader turned industry writer, he is currently based in Shanghai with a finger on the pulse of Asia’s biggest markets.
He is a keen golfer with a very high handicap so when not helping you find the best broker for your needs, you may find him on the course or just as likely following any number of sports from the comfort of his sofa.
