OctaFX
Visit

Your capital is at risk.

Vs.

Saxo Bank
Visit

69% of retail CFD accounts lose money.

OctaFX Vs. Saxo Bank - Compare Trustworthiness, Capabilities, Fees and Legitimacy

Updated Oct 20 2022

Visit

Your capital is at risk.

Visit

69% of retail CFD accounts lose money.

Overview

OctaFX is an international FX broker operating as an incorporated company from St. Vincent and the Grenadines specialising in currencies trading via MetaTrader 4 & 5.

Saxo Bank is a Danish investment bank operating since 1992. It is one of the most regulated brokerages in the world with an exceptional selection of financial instruments.

Best For
  • Traders looking for a high leverage off-shore broker
  • New traders looking to experiment using MT4 & 5 with a no commission low-cost broker
  • Professional investors looking to trade a variety of markets
  • High net worth traders or investors
Licenses

Financial
Licenses

Regulation

Unregulated

Top-tier Licenses

0

Other Licenses

0

Provided by
TheTradingBible.com

Learn More

Financial
Licenses

Regulation

Regulated

Top-tier Licenses

7

Other Licenses

0

Provided by
TheTradingBible.com

Learn More
🏛 Financial Regulators

None

  • ASIC (Australia)
  • HKMA (Hong Kong)
  • ADGM (United Arab Emirates)
  • FINMA (Switzerland)
  • MAS (Singapore)
  • FFAJ (Japan)
  • AFM (Netherlands)
The Good
  • High leverage offered due to no regulatory restrictions
  • MetaTrader 4 & 5 platforms with their own copy trading integration
  • Low minimum deposit
  • Exceptional selection of financial instruments at one place
  • 2 highly-customizable proprietary trading platforms
  • API integration for 3rd party services like Excel or TradingView
The Bad
  • Despite having financial licenses, OctaFX does not operate using them, meaning that they are an unregulated broker.
  • Their asset offering is extremely limited (80 instruments)
  • High minimum deposit for certain countries
  • Withdrawals via bank transfer only
  • High fees on options and futures
Status
Operational Operational
Recent News

No fresh news at the moment. Check again soon!

No fresh news at the moment. Check again soon!

Key Data
⌛ Account Opening Time
1 day 4 days
📋 Documents Required
  • Valid identity document (Passport, ID Card, etc)
  • Valid proof of residence document (Bank statement, utility bills)

All documents must be under the account holder's name.

  • Valid identity document (Passport, ID Card, etc)
  • Valid proof of residence document (Bank statement, utility bills)

All documents must be under the account holder's name.

📍 Year Founded
2011 1992
💳 Minimum Deposit Range
$25 From $500 up to $2,000
💰 Payment Methods
  • Visa
  • Mastercard
  • Maestro
  • Skrill
  • Neteller
  • Bitcoin
  • Ethereum
  • USDT (Tether)
  • Litecoin
  • Dogecoin
  • Bank Transfer
  • Visa
  • Mastercard
  • Bank Transfer
💵 Account Base Currencies
2 - EUR, USD. 26 - AED, AUD, CAD, CHF, CNH, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, LTL, MXN, MYR, NOK, NZD, PLN, RON, RUB, SEK, SGD, TRY, USD, ZAR.
🗽 Available to U.S Citizens
No No
❌ Restricted Countries

US, CA.

US, BR, ES, IN, KE, MX, NG, PK, ZA.

📊 STP Account
Yes Yes
📊 DMA Account
No Yes
📊 ECN Account
Yes Yes
Banking License
No No
Debit Card
No No
Assets
📚 Assets Type
CFDs Hybrid
Total Asset Offering
80 49,339
Exchange Access
0 0
📙 Real Stocks
0 30,000
📙 Stock CFDs
0 0
📘 Currency Pairs
0 0
📘 Currency Pair CFDs
35 182
📗 Commodities
0 0
📗 Commodities CFDs
5 19
📕 Indices
0 0
📕 Indices CFDs
10 29
📔 ETFs
0 5,400
📔 ETFs CFDs
0 5,400
💸 Cryptocurrencies
0 0
💸 Cryptocurrency CFDs
30 9
📒 Bonds
0 5,000
📒 Bonds CFDs
0 0
📓 Options
0 3,000
📓 Options CFDs
0 0
📗 Futures
0 300
📗 Futures CFDs
0 0
Trading Experience
📈 Minimum Stock Trade Size
Unavailable Unavailable
📉 Minimum ETFs Trade Size
Unavailable Unavailable
📈 Minimum Crypto Trade Size
$1,000 (0.01 Lots) Varies by Cryptocurrency (eg: 0.01 units of BTC)
📉 Minimum FX Trade Size
$1,000 (0.01 Lots) $1,000 (0.01 lots)
📈 Minimum Commodities Trade Size
$1,000 (0.01 Lots) Unavailable
📉 Minimum Bonds Trade Size
Unavailable Unavailable
📈 Minimum Futures Trade Size
Unavailable Unavailable
📉 Minimum Options Trade Size
Unavailable Unavailable
💪 Retail Leverage
500 30
💪 Professional Leverage
Unavailable 66
✍ Customisable Leverage
Yes No
🎲 Deleveraged Trading
Yes Yes
🎓 Demo Account
Yes Yes
📱 IOS App
Yes Yes
📱 Android App
Yes Yes
📺 MetaTrader 4
Yes No
📺 MetaTrader 5
Yes No
📺 cTrader
No No
💻 Web trader
Yes Yes
💻 TradingView Platform
No Yes
💻 Proprietary Platform
No Yes
📊 Multi-chart Tools
Yes Yes
👬 Copy Trading
Yes Yes
👫 Social Trading
Yes No
🔑 Guaranteed Stop-loss
No No
🔨 Trailing Stop-loss
Yes Yes
Fees
💰 Inactivity Fee
None

Up to $150 after 6 months of inactivity, £25 after one quarter in the UK.

💰 Deposit Fees
None None
💰 Withdrawal Fees
None None
💰 Commissions
None

$0.02/share (min $10) for US Stocks, from 0.10% (min €10) for other equity markets, €4 per futures contract.

Spreads
📈 EUR/USD
Dynamic - From 0.6 Pips Dynamic - From 0.4 to 0.8 Pips
📉 SP500
Dynamic - From 20 Pips Unavailable
📈 GOLD
Dynamic - From 180 Pips Unavailable
📉 TSLA (Stock CFD)
Unavailable Unavailable
📈 XLK (ETF - CFD)
Unavailable Unavailable
📉 BTC
Dynamic - From $57 Unavailable
Research and Analysis
⭐ Watchlists
Yes Yes
🔭 Stock Screener
No Yes
🗓 Economic Calendar
Yes Yes
📜 Integrated Newsfeed
No Yes
📡 Reuters Feed
No No
📡 Educational Content
No No
📡 Live Chat Support
No Yes
📡 Video Tutorials
No No
📡 Account Management
No Yes
📡 Webinars
No No