General Breakdown. This graph highlights the key scores from each Macro, uniquely calculated by us.
Tier 1 Regulation
Tier 2 Regulation
Tier 3 Regulation
Deposit and Withdrawal
Costs and Fees
Forex Fixed Spreads
Forex Variable Spreads
Fees on Stocks
Fees on Indices
Fees on Cryptocurrencies
Special Trading Conditions
Available Trading Techniques
OctaFX vs XM: Which Broker is Better for You?
Choosing the right broker can be a daunting task, especially if you are new to trading. In this comparison, we’ll take a look at two popular brokers – OctaFX and XM – to help you make an informed decision.
Security and Regulations
Both OctaFX and XM are regulated by reputable regulatory bodies such as CySEC, ensuring the security of your funds. OctaFX is also regulated by SVG, while XM is regulated by ASIC, DFSA, and FSC. Capital.com security rating for both brokers is 94, which means they are considered safe brokers to trade with.
OctaFX and XM offer unlimited demo accounts, allowing you to practise trading without risking real money. OctaFX demo account comes with $5000 virtual funds that can be topped up at any time, while XM demo account comes with a whopping $100,000 virtual funds that can be restored by contacting customer support.
OctaFX and XM both offer a range of account types to suit different trading styles and preferences. OctaFX requires a minimum deposit of $50, and the account currency can be either EUR or USD. XM has a lower minimum deposit requirement of just $5, and account currency options depend on the trader’s country.
Both brokers offer a variety of payment methods, including wire transfers, credit/debit cards, and eWallets. OctaFX and XM also offer Islamic accounts for traders who follow Sharia law.
OctaFX offers copy-social trading through its proprietary OctaFX Copy Trading app, while XM doesn’t offer social trading.
Markets and Trading Fees
OctaFX offers 35 forex pairs, 5 commodities, 10 indices, 30 cryptocurrencies, and 150+ stocks, making it a suitable choice for CFD traders who prefer short-term investments. On the other hand, XM offers 57 forex pairs, 15 commodities, 30 indices, and 150+ stocks, making it a better choice for short-term investing rather than long-term investing. XM does not offer any crypto assets, ETFs, futures or options.
Both brokers offer variable spreads, with OctaFX spreads starting from 0.8 pips on forex, while XM spreads start from 0 pips on forex, making it a good option for scalping. XM also charges commissions of up to $7 per lot traded, while OctaFX does not charge any commission.
OctaFX has a proprietary platform available via web and mobile, as well as MT4 and MT5 available via desktop, mobile, and web. XM also offers MT4 and MT5 via webtrader, desktop, and mobile, and all their platforms allow traders to engage in algo trading. XM also allows traders to use VPS services.
Both brokers offer a wide range of educational materials, including webinars, articles, video courses, platform video tutorials, and FAQs. XM offers webinars in 19 languages 7 days a week, trading lessons, and much more. Both brokers have easy-to-reach customer support via email, phone, and live chat, with XM offering over 21 languages.
Both OctaFX and XM are reputable brokers that offer a range of account types, payment methods, educational materials, and customer support. If you prefer CFD trading and social trading, OctaFX is a good choice, while XM is a better choice if you prefer short-term investing and scalping. Ultimately, the choice depends on your trading style, preferences, and priorities.
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