OANDA vs Octa 2024

OANDA is not publicly traded and does not operate a bank. OANDA is authorised by seven Tier-1 regulators (Highly Trusted), zero Tier-2 regulators (Trusted), zero Tier-3 regulators (Average Risk), and one Tier-4 regulators (High Risk). OANDA is authorised by the following tier-1 regulators: Australian Securities & Investment Commission (ASIC), Investment Industry Regulatory Organization of Canada (IIROC), Japanese Financial Services Authority (JFSA), Monetary Authority of Singapore (MAS), Financial Conduct Authority (FCA), and the Commodity Futures Trading Commission (CFTC), and regulated in the European Union via the MiFID passporting system.

Octa is not publicly traded and does not operate a bank. OctaFX is authorised by one Tier-1 regulator (high trust), one Tier-2 regulator (average trust), zero Tier-3 regulators (low trust), and zero Tier-4 regulators (High Risk). Octa is authorised by the following Tier-1 regulators: Regulated in the European Union via the MiFID passporting system.

A trusted global brand, OANDA stands out for its reputation and quality market research. Its regulatory track record is strong, and its support for third-party features bolsters its overall offering.

Octa offers a basic, low-cost MetaTrader platform experience alongside its social copy-trading platform.

To open a trading account with OANDA, you'll need to make an initial minimum deposit of $0.

Octa requires a minimum deposit of $25 before you can open an account and start trading.

It's important to make sure that your forex broker accepts the funding options and deposit methods that work best for you. OANDA offers Visa/Mastercard (Credit/Debit), Bank Wire (Deposit/Withdraw), PayPal (Deposit/Withdraw), Skrill (Deposit/Withdraw) and Neteller (Deposit/Withdraw) for banking, whereas Octa provides Visa/Mastercard (Credit/Debit), Bank Wire (Deposit/Withdraw), Skrill (Deposit/Withdraw) and Neteller (Deposit/Withdraw).

Comparing the trading costs of forex and CFDs is not easy. Not every broker publishes average spread data, and pricing structures vary. Based on our thorough, data-driven testing of each broker's commissions and fees, we found that Octa offers better pricing overall for traders.

Methodology: When testing each broker's commissions, fees, and pricing, we analyze multiple trade scenarios and award points based on the expansiveness (or inexpensiveness) of the broker's spreads. We then run multiple scenarios for different investor types, incorporating any miscellaneous fees, to determine an "all-in" cost per trade. Learn more about how we test.

At ForexBrokers.com, we track over 110 international regulatory agencies and sort them by tiers (Tier-1, Tier-2, Tier-3, Tier-4, and Tier-5) to help you choose well-regulated, highly trusted forex brokers. Learn more about our proprietary Trust Score rating system. Based on our research on the regulatory status of over 60 brokers, we've found that OANDA holds 7 global Tier-1 licenses, while Octa holds 1. Octa holds 1 global Tier-2 licenses, while OANDA holds 0.

After evaluating each broker based on their number of held licenses, years in business, and a range of other data-driven variables, we've determined that OANDA (93) earned a higher Trust Score than Octa (70).

To compare the trading platforms of both OANDA and Octa, we tested each broker's trading tools, research capabilities, and mobile apps. For trading tools, OANDA offers a better experience. With research, OANDA offers superior market research. Finally, we found OANDA to provide better mobile trading apps.

Here’s what trading platforms are available at OANDA:

• Proprietary Platform - Yes
• Web Platform - Yes
• cTrader - No
• DupliTrade - No
• MT4 - Yes
• MT5 - Yes
• ZuluTrade - No
• TradingView - Yes

Here’s what trading platforms are available at Octa:

• Proprietary Platform - Yes
• Web Platform - Yes
• cTrader - No
• DupliTrade - No
• MT4 - Yes
• MT5 - Yes
• ZuluTrade - No
• TradingView - No

The MetaTrader trading platform suite is wildly popular among forex and CFD traders across the globe. Both OANDA and Octa offer MetaTrader 4 (MT4). Forex traders also appreciate the ability to engage in social copy trading. OANDA and Octa both offer copy trading.

OANDA provides traders 71 currency pairs (e.g., EUR/USD) compared to Octa's 35 available pairs. If you are interested in trading CFDs, OANDA offers traders access to 1744 CFDs, while Octa offers access to 230 CFDs; so OANDA offers 1514 more CFDs than Octa.

We found in our testing that OANDA offers a more diverse selection of investment options than Octa, allowing you to trade Forex Trading (Spot or CFDs), Cryptocurrency (Physical), Cryptocurrency (Derivative), Social Trading / Copy Trading and Spread Betting. Neither have Int'l Stock Trading (Non CFD).