In India, due to restrictions on locally regulated financial institutions, SEBI (The Securities and Exchange Board of India). The only way for local citizens to speculate in forex trading is to use forex brokers. One of the forex brokers is OctaFX. It is a reliable business partner in the forex market. If users are not satisfied with the OctaFX forex broker, users can use some other OctaFX similar apps 2022 like Exness. So here, I am providing a list of the top 5 best OctaFX alternative brokers. There are many Alternative forex brokers that we will be discussing in this article.
Best OctoFX Alternative 2022
In this article, I am presenting you with top OctaFX alternative sites. Also, I am justifying that the alternatives are better than the OctaFX app. OctaFX app is one of the best forex brokers, but it also has some disadvantages compared to other forex broker sites. So we are discussing about the best OctaFX Alternative.
OctaFX site has low asset selection, and currency pairs are not available for forex trade. The minimum deposit is $50, which is unavailable to US customers. These are some disadvantages of the OctaFX app. But in forex markets, plenty of forex broker sites are available, which is better than the OctaFX app. Let’s first see the OctaFX app and then the top alternative to OctaFX.
About – OctaFX
OctaFX is an online forex trading services platform. It has provided clients with a wide range of trading options with low initial deposits. It was founded in 2011, and its headquarters are located in St.Vincent and the Grenadines. MrMr Georgios D. Pantzis is the CEO or General Manager of OctaFX Company.
It is a part of two independent broker entities, Octa Markets Incorporated and Octa Markets Cyprus Limited. The OctaFX.com website is registered under Octa Markets Cyprus Limited, an investment firm registered in Cyprus. It was regulated by the Cyprus Securities and Exchange Commission (CySEC) using the domain OctaFX.eu.
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Best Alternative of OctaFX
OctaFX was registered and regulated by the law of St. Vincent and the Grenadines. Currently, it accepts clients from 185 countries. It is one of the best forex brokers for an Indian audience. According to the OctaFX Company website, over 10+ million forex trading accounts have been opened across more than 150+ countries, 1+ billion trades were executed, and 47 forex industry awards were received.
It is a multi-asset CFD forex broker. Clients can trade currency pairs, metals, CFDs, indices, and cryptocurrency using this forex website. It supports trading platforms MetaTrader 4 and MetaTrader 5, and cTrader. It has 50 financial instruments, like 32 currency pairs, 5 cryptocurrencies, 10 index CFDs, and 5 commodities.
OctaFX clients can open an online trade account with a minimum deposit of $50. Deposits can be made using Neteller, Banks transfers, Skrill, Bitcoin, UPI, Paytm, and MasterCard. Users can also withdraw their amount using MasterCard. It has multiple languages. It is a multi-award winning broker in 2022, like the best forex brokers in India, Nigeria, Pakistan, and Malaysia in 2022.
And also received the best mobile trading platform in 2022 and the best in class for social copy trading in 2022. It is also SEBI-registered forex so that the Indian audience can trade safely. The rating of OctaFX forex broker is 4 out of 5. So we have to look for the apps with more higher ratings in best OctaFX alternative.
Best forex brokers like OctaFX
No doubt, OctaFX is the best forex broker app. However, there are more alternative apps like OctaFX. Below is the list of the top 5 best OctaFX alternative brokers.
Alternative #1: Exness
Alternative #2: XM
Alternative #3: Alpari
Alternative #4: FXCM
Alternative #5: Vestrado
Alternative #1: Exness
About – Exness
The first broker we will be looking in the best OctaFX Alternative is Exness. Exness is an online forex trading service connecting people and companies across multiple countries. It provides a common platform to discuss their strategies and online trade. It was founded in 2008, and its headquarters is in Limassol, Cyprus. Mr David Morris is the CEO of the Exness group of companies. This forex broker is one of the best alternative for OctaFX.
Exness Group of Company currently offers access to trading in currencies, cryptocurrencies, stocks, indices, metals, and commodities. It offers its proprietary Trading Terminal platform and MetaTrader 4 and 5. It is available in 23 languages, which makes it easy for people from different countries to share mutual benefits over a common platform. They also provide some online videos about forex trading to beginners.
It is an international award-winning retail FX group of brokers. It regularly receives industry awards. In 2019, it received many awards, including Best Global Forex Customer Service 2019, Best Global Forex Trading Experience 2019, and Most Trusted Global Forex Broker 2019 at the Global Forex Awards.
Exness online trading is considered safe and the most trusted platform for trading. It is one of the best OctaFX alternative brokers. The rating of Exness Group of Limited is 4.4 out of 5. The minimum initial deposit is $10. There is no charge for withdrawing the amount after trading, and there is no deposit on some platforms for forex trading.
Why is Exness the best OctaFX Alternative?
Reason 1: Exness Features & Platforms
Both Exness and OctaFX forex broker sites are pretty similar. Exness supports MT4 and MT5 trading platforms, but third-party plugins are unavailable. OctaFX also supports MT4 and MT5 but upgrades both with the Autochartist Plugin. Exness has MT4, MT5, OctaFX for Mac, Web Trader, Tablet & Mobile apps but OctaFX has MT4, MT5, Web Trader, cTrader, Tablet, & Mobile apps.
OctaFX has a cTrader platform, while Exness doesn’t have that platform. Exness has Virtual Private Sector (VPS) and ECN forex broker features, but OctaFX doesn’t have that features. Exness supports multiple languages (23 languages), while OctaFX also supports multiple languages but 12 languages only.
Reason 2: Available financial trading instruments
Exness platform has more trading instruments than the OctaFX platform. Exness allows traders to trade up to 100 financial instruments, while OctaFX allows only 50 financial instruments on their trading platform. Exness has 107 currency pairs, while OctaFX has only 32 currency pairs.
Exness trading offers several assets on 35 cryptocurrencies, 90+ stock CFDs, 10 indices, and 6 commodity indices. While OctaFX offers only 5 cryptocurrencies, 10 index CFDs, and 5 commodities. OctaFX has one of the worst asset choices and fails to serve any trader well. But, Exness provides forex traders with an edge.
Reason 3: Accounts and Pricing
Exness offers 9 accounts while OctaFX offers only 4 accounts. Among 9 accounts in Exness, some are suitable for beginners, while others may appeal to more experienced traders. Both FX brokers have trading costs that vary for different types of accounts. In Exness Standard account type shows a minimum markup of 1.0 pips or $10 per 1.0 lot, which is expensive.
Both FX brokers offer a commission-based alternative, which is more expensive than the commission-based one. But, the OctaFX broker status level reward program lowers overall trading costs. Forex traders will also pay swap rates on leveraged overnight positions, but OctaFX labels them differently, clouding cost transparency.
Reason 4: Deposit and Withdrawals
Exness has a minimum deposit of $10, while OctaFX has $50. In some cases, there is no deposit amount in Exness. Exness payment methods are Credit Cards, Bank transfers, Neteller, PerfectMoney, WebMoney, CashU, Payoneer, and QIWI. OctaFX has Credit Cards, VISA, MasterCard, Debit Cards, Bank transfers, eWallets, Neteller, Skrill, Fasapay, and more options.
There is no withdrawal fee for both forex broker sites. Different payment methods have different processing times. Exness, Skrill, Neteller, Perfect Money, SticPay, and Webmoney have instant withdrawals. But, OctaFX has no instant withdrawal. It takes some processing time to transfer the funds.
Reason 5: Security and Customer Support
Exness Limited is an investment firm authorized and regulated by Financial Conduct Authority (FCA) – United Kingdom (UK), Cyprus Securities & Exchange Commission (CySEC) – Cyprus, Financial Sector Conduct Authority (FSCA) – South Africa, Financial Services Authority (FSA) (SC) – Seychelles. It holds brokerage licenses in the UK, Cyprus, Seychelles, South Africa, BVI, Curacao, and Sint Maarten.
OctaFX.com website is registered under Octa Markets Cyprus Limited, an investment firm registered in Cyprus. It was authorized and regulated by the CySEC (Cyprus) using the domain OctaFX.eu. And also, it was registered & regulated by the law of St. Vincent and the Grenadines (SVGFSA), but it is an unregulated forex broker, as the FSA doesn’t regulate brokers. It doesn’t take additional steps to ensure client safety.
Customer support is essential when FX trading. Both have good customer support service 24/7. Exness has multiple customer support languages like English, Chinese, Thai, and more. But, OctaFX has customer support in English and Hindi language only. Both have Email and phone customer support. OctaFX has live-chat support, while Exness doesn’t have that option.
Features of Exness:
- Multiple trading platforms – MetaTrader 4 (MT4), MetaTrader 5 (MT5), Multi-Terminal, & Mobile Platform.
- It holds brokerage licenses in the UK, Cyprus, Seychelles, South Africa, BVI, & Sint Maarten.
- Multiple languages support (more than 23).
- It provides a training resource section for beginners.
- Free Virtual Private Sector (VPS)
- Instant Withdrawal of money
- Customer support service is available 24/7.
Pros:
- Multiple account types
- Wide range of assets and well regulated
- It offers VPS & Social Trading
- Minimum deposit – $10
- No inactivity fees
- No swap fees for most financial instruments
- No withdrawal fees & Instant Withdrawal
Cons
- Unavailable in Europe and UK for retail clients.
- Offshore entities have limited regulatory oversight for clients.
- The Exness Training resource section is available in the English language only.
Exness Frequently Asked Questions
Buying Guide
- Download the Exness app from the play store or iOS store
- Register and open an account
- Complete account verification
- Make your first deposit
- Choose a trading terminal
- Start trading
Alternative #2: XM
XM Group is an online forex broker company. It is one of the world’s largest networks of traders, with millions of active trading software users worldwide. It was founded in 2009, and its headquarters is located in Cyprus. It is an online broker whose parent company is a trading point holding, a global CFD, and an FX broker. Let us see about XM one of the best OctaFX alternative.
It provides access to popular trading platforms MetaTrader 4 (MT4), MetaTrader 5 (MT5), WebTrader MT4 & MT5, and iOS. It offers over 1000 financial instruments like forex pairs, CFDs, commodities, indices, stocks, and more. It has multiple options for deposits and withdrawals, including credit cards, wire transfers, and e-wallets.
The XM Group has over 5 million clients across 190 countries, and the statistics show that over 99% of its trades are executed in less than one second. It is available in more than 30 languages. The customer support service is available 24/7 through forums, phone, call back, live chat, and Email. It also provided great educational tools like videos and webinars for beginners.
It is an international award-winning retail FX group of brokers. It regularly receives industry awards. In 2022, it received three awards, including the Best Mobile App by Financial Expo Egypt 2022 and the Best Crypto CFDs by Financial Expo Egypt 2022.
XM online forex platform is considered safe and the most trusted platform for trading. It is one of the best OctaFX alternative brokers. The rating of XM Groups is 4.5 out of 5. The minimum initial deposit is $5. There is no charge for withdrawing the amount after trading, and there is no deposit on some platforms for forex trading.
Why is XM the best OctaFX Alternative?
Reason 1: XM and OctaFX Features & Platforms
Both XM and OctaFX forex broker sites are quite similar. XM supports MT4, MT5, & Web-based trading platforms. OctaFX supports MT4, MT5, & cTrader. OctaFX has a cTrader platform, while XM doesn’t have that platform. XM supports multiple languages (more than 30 languages), while OctaFX also supports multiple languages but 12 languages only.
Reason 2: Available financial trading instruments
XM platform has more trading instruments than the OctaFX platform. XM platform provides forex traders with 57 currency pairs, but cryptocurrencies remain notably missing. OctaFX has only 32 currency pairs. XM trading offers assets on 57 currency pairs, 24 indices, 19 commodities, and 1261 share CFDs.
The number of available XM trading forex pairs is average, while the number of indices, commodities, and stocks is high. While OctaFX offers only 5 cryptocurrencies, 10 index CFDs, and 5 commodities. OctaFX is one of the most distinct weaknesses in asset selections, which ranks at the bottom compared to other forex brokers. But, XM counters with more than 1300 assets centred on equity trading.
Reason 3: Accounts and Pricing
XM Group provides 3 types of accounts, while OctaFX offers only 4 accounts. XM clients can choose between a Standard account, a Micro account, and XM zero accounts. Both FX brokers have trading costs that vary for different types of accounts. But, both show a minimum markup of 0.6 pips. XM is a commission-free pricing structure, while OctaFX is a commission-based one.
Reason 4: Deposit and Withdrawals
XM has a minimum deposit of $5, while OctaFX has $50. The maximum leverage of XM in all types of accounts is 1: 1000. XM payment methods are Credit Cards, Neteller, Wire Transfer, WebMoney, iDeal, and more. OctaFX has Credit Cards, VISA, MasterCard, Debit Cards, Bank transfers, eWallets, Neteller, Skrill, Fasapay, and more options.
There is no withdrawal fee for both forex broker sites. Different payment methods have different processing times. XM provides instant processing time for all payment methods except the Wire Transfer method – it will take 2-5 business days. But, OctaFX has no instant withdrawal. It takes some processing time to transfer the funds.
Reason 5: Security and Customer Support
XM Group is available globally and is regulated by four financial authorities – the Cyprus Securities and Exchange Commission (CySEC) – Cyprus, the Australian Securities and Investments Commission (ASIC) – Australia, the Financial Services Commission of Belize (FSC) – Belize, and the Dubai Financial Services Authority (DFSA) – United Arab Emirates.
OctaFX.com website is registered under Octa Markets Cyprus Limited, an investment firm registered in Cyprus. It was authorized and regulated by the CySEC (Cyprus) using the domain OctaFX.eu. And also, it was registered & regulated by the law of St. Vincent and the Grenadines (SVGFSA), but it is an unregulated forex broker, as the FSA doesn’t regulate brokers. It doesn’t take additional steps to ensure client safety.
Customer support is essential when FX trading. Both have good customer support service 24/7. XM Group has multiple languages of customer support. But, OctaFX has customer support in English and Hindi language only. Both have Email, phone, and live-chat customer support. But, XM has additionally called back and forum services.
Features of XM:
- Multiple trading platforms – MetaTrader 4 (MT4), MetaTrader 5 (MT5), & Mobile Platform.
- Multiple languages support (more than 30).
- It provides a good training resource section for beginners.
- Virtual Private Sector (VPS) servers are available
- No fees or commission
- Customer support service is available 24/7.
Pros:
- Multiple account types
- Wide range of assets
- Minimum deposit – $5
- No withdrawal fees & commissions
- Low fees for CFD trading
- It offers multiple education trading tools and hosts webinars regularly for beginners
- Fast and good customer support service
- Live chat support available in multiple languages
Cons
- Cryptocurrencies trading is not available
- Inactivity & average forex fees
- ETF forex trading is not supported
- The limited product portfolio for traders
- It doesn’t allow users to deposit cash via the Paypal method
- Non-EU clients don’t have access to investor compensation schemes
XM Frequently Asked Questions
Buying Guide
- Download the XM app (MT4/MT5) platform from the Play Store, iOS store, or desktop using (.exe file).
- Register and open an account
- Complete account verification
- Make your first deposit
- Choose a trading terminal
- Start trading
Alternative #3: Alpari
The next in line of the best OctaFX alternative is Alpari Group who is an online forex broker company. It has been providing financial services in the international foreign exchange market. It was founded on December 24th-1998, and its headquarters is in Mauritius. It was rebranded to Alpari International in 2013. A brand name is Exinity Limited Company, authorized and regulated by the Financial Services Commission (FSC) – Mauritius.
The financial services include both active forex trading and investment offers. Alpari International provides access to globally recognized trading platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5) for desktop, web, & mobile platforms. It offers the ability to trade on more than 250+ financial CFD instruments, including forex, metals, indices, commodities, and stocks. So this is an important
It also provides access to Alpari Copy Trade to copy trading positions from other Strategy Managers. It is registered in Saint Vincent and the Grenadines and issued by the Registrar of International Business Companies. It is also a member of the Financial Commission, which handles the settlement of disputes worldwide between forex brokers and their clients.
The Alpari Group has over 2 million clients across the world. It is available in 8 languages. The customer support service is available 24/5 through phone, live chat, and Email. It also provides access to live webinars on an almost daily basis. The website also has educational materials along with different promotional offers.
The company has received more than 30 awards, including Forex Expo Awards in 2011, 2012, & 2014, International Finance Magazine Awards in 2013, and FX Empire Awards in 2017. The website has a bonus and promotions. When users refer their friends/family, they will earn $50. And also, they will earn $5 cashback on every trade they make.
Alpari Group is one of the largest forex brands. It is considered a safe, most trusted platform, and the 20+ years of experience in the forex industry. It is one of the best OctaFX alternative brokers. The rating of Alpari Group is 4 out of 5. The minimum initial deposit is $5.
Why is Alpari the best OctaFX Alternative?
Reason 1: Alpari and OctaFX Features & Platforms
Both Alpari and OctaFX forex broker sites are pretty similar. Both brokers support MT4 & MT5 trading platforms. OctaFX additionally supports the cTrader platform. Alpari supports multiple languages (8 languages), while OctaFX also supports multiple languages but 12 languages only.
Alpari’s fundamental focuses are PAMM accounts. It has over 56K catering to more than 550K traders. But, OctaFX doesn’t have PAMM accounts which is a huge drawback and we must look for this feature in the best OctaFX alternative. Alpari supports social trading via its copy trade platform, while OctaFX also supports copy trading. Alpari also has a loyalty cashback program that reduces trading costs for active traders. Platform are very important matter in trading and this will be a best OctaFX alternative features we can look into.
Reason 2: Available financial trading instruments
Alpari platform has more trading instruments than the OctaFX platform. Alpari Group provides more than 250+ assets with the primary focus on the Forex Market. While best OctaFX alternative offers 70+ assets only includes 32 currency pairs, 5 cryptocurrencies, 10 index CFDs, and 5 commodities.
The trading assets rating of Alpari is 4.1, while OctaFX has 2.9. Best OctaFX alternative is one of the most distinct weaknesses in asset selections, which ranks at the bottom compared to other forex brokers.
Reason 3: Accounts and Pricing
Alpari Group provides 5 types of accounts, while OctaFX offers only 4 accounts. Alpari clients can choose between a Standard account, Micro account, ECN account, ECN Pro account, and demo trading account. Both FX brokers have trading costs that vary for different types of accounts.
Alpari spreads start as high as 1.7 pips in the Micro account, lowered to 1.2 pips in the Standard account. Both micro & standard accounts are commission-free. ECN accounts start at 0.4 pips with a commission charge of $1.50 per lot/side. Best OctaFX alternative has a 0.6 pips markup and also a commission-based one.
Reason 4: Deposit and Withdrawals
Alpari has a minimum deposit of $5, while OctaFX has $50. The maximum leverage of Alpari will vary for different types of accounts. Alpari has a maximum leverage of 1:3500 (FSC). Alpari payment methods are Credit Cards, Neteller, Wire Transfer, WebMoney, Cryptocurrencies, and more.
OctaFX has Credit Cards, VISA, MasterCard, Debit Cards, eWallets, Neteller, Skrill, Fasapay, and more options. There is no withdrawal fee in OctaFX forex broker sites, but the Alpari broker site needs withdrawal fees.
Reason 5: Security and Customer Support
Alpari Group is available globally and is regulated and authorized by the Financial Services Commission (FSC) of the Republic of Mauritius. It is registered in Saint Vincent and the Grenadines and issued by the Registrar of International Business Companies.
OctaFX.com website is registered under Octa Markets Cyprus Limited, an investment firm registered in Cyprus. It was authorized and regulated by the CySEC (Cyprus) using the domain OctaFX.eu. And also, it was registered & regulated by the law of St. Vincent and the Grenadines (SVGFSA). It doesn’t take additional steps to ensure client safety.
Customer support is essential when FX trading. Both have good customer support service 24/7. Alpari Group has multiple languages of customer support. But, best OctaFX alternative has customer support in English and Hindi language only. Both have Email, phone, and live-chat customer support service.
Features of Alpari:
- Multiple trading platforms – MetaTrader 4 (MT4), MetaTrader 5 (MT5), & Mobile Platform.
- Multiple languages support.
- It provides access to live webinars on an almost daily basis.
- Virtual Private Sector (VPS) servers are available
- Refer and earn a bonus of $50.
- Customer support service is available 24/5.
Pros
- Multiple account types
- It offers 250+ financial CFD instruments
- ECN forex trading account available
- Can trade on Alpari CopyTrade method
- Fast and good customer support service
- Live chat support available in multiple languages
Cons
- There is no trading on weekends.
- Deposit & withdrawal fees
- Trading on the MT5 platform is available only for traders with standard accounts, and MT4 platform accounts work only for swap-free forex Islamic accounts.
- The limited product portfolio for trader education and research
- It doesn’t provide services to the USA, Japan, Canada, Australia, Korea, European Union, UK, Iran, Syria, Sudan, and Cuba residents.
Alpari Frequently Asked Questions
Buying Guide:
- Download the Alpari app (MT4/MT5) platform from the Play Store, iOS store, or desktop using (.exe file).
- Register and open an account
- Complete account verification
- Make your first deposit
- Choose a trading terminal
- Start trading
Alternative #4: FXCM
FXCM is also known as Forex Capital Markets. It is a retail forex broker for trading on the foreign exchange market. It was founded in 1999, and its headquarters is in New York. It is a leading global provider of online foreign exchange trading, CFD trading, stocks, indices, commodities, Crypto, and related services. So let us see about FXCM one of the best OctaFX alternative in details.
The company is now owned by Jefferies Financial Group, which changed its name from Leucadia National Corporation in 2018. Mr Drew Niv is the founder of FXCM Group of Companies. Mr Jimmy Hallac is the Chairman of FXCM Group. Mr Rich Handler and Mr Brian Friedman are the CEO and presidents of the Jefferies Financial Group of companies.
It provides access to popular trading platforms MetaTrader 4 (MT4), NinjaTrader, Trading Station, and ZuluTrade. The proprietary trading stations are FXCM’s flagship web, desktop, and mobile platforms. It offers 90% CFDs (Contract for Differences) financial instruments and 10% Cryptocurrencies. CFDs include currency pairs, commodities, indices, stocks, and more.
Some financial instruments like bonds, Exchange Traded Funds (ETFs), and options are unavailable. With over 20+ years of experience, it has been a pioneer in bringing online currency trading into the mainstream. It also provides strong research and education materials, an excellent choice for beginner traders.
It is an international award-winning retail FX group of brokers. It regularly receives industry awards. In 2022, it received two awards, including the Ultimate Fintech Awards 2022 – Broker of the year and the Best Zero Commission Broker.
It is considered safe as it has a long track record, is a strong parent company, and is regulated by several top-tier financial authorities like FCA, ASIC, CySEC, and FSCA. So, it is one of the best OctaFX alternative brokers. The rating of FXCM Groups is 4.6 out of 5.
Why is FXCM the best OctaFX Alternative?
Reason 1: FXCM and OctaFX Features & Platforms
Both FXCM and OctaFX forex broker sites are quite similar. FXCM supports MT4 on desktop, mobile, and web platforms. OctaFX supports MT4, MT5, & cTrader. OctaFX has a cTrader & MT5 platform, while FXCM doesn’t have that platform. Both forex broker sites support multiple languages.
Reason 2: Available financial trading instruments
FXCM platform has more trading instruments than the OctaFX platform. FXCM platform provides forex traders with 42 currency pairs, but OctaFX has only 32 currency pairs. FXCM trading offers assets on 16 indices, 12 commodities, 7 Cryptocurrencies, and 191 Global Stock CFDs.
While OctaFX offers only 5 cryptocurrencies, 10 index CFDs, and 5 commodities. Overall, FXCM and OctaFX have distinct weak asset selections compared to other industry forex brokers.
Reason 3: Accounts and Pricing
FXCM Group provides 2 major types of accounts, while OctaFX offers 4 accounts. FXCM offers Standard accounts and Active Trader accounts. Both FX brokers have trading costs that vary for different types of accounts. But, both show a minimum markup of 0.6 pips.
FXCM is a commission-free spread, while OctaFX is a commission-based one. FXCM carries a $50 inactivity fee. Users will get a signup bonus of $25. Traders from India are not accepted in FXCM Forex Brokers Company.
Reason 4: Deposit and Withdrawals
FXCM users will get a deposit trade bonus of up to $300. In the FXCM Standard account type, the minimum deposit is $300 within the EU. For non-EU countries, the minimum deposit is $50. OctaFX also has $50 for all types of accounts. The maximum leverage of FXCM is 1: 30 for FCA & ASIC.
FXCM payment methods are Credit Cards, Debit Cards, Neteller, Wire Transfer, and Skrill. OctaFX has Credit Cards, VISA, MasterCard, Debit Cards, Bank transfers, eWallets, Neteller, Skrill, Fasapay, and more options. In FXCM, withdrawal via credit or debit cards is free, but bank transfers can be costly, up to $40. The processing time for both FXCM & OctaFX takes 1 to 3 business days.
Reason 5: Security and Customer Support
FXCM Group is available globally and is regulated by several financial authorities – the Cyprus Securities and Exchange Commission (CySEC) – Cyprus, Financial Conduct Authority (FCA) – United Kingdom (UK), the Australian Securities and Investments Commission (ASIC) – Australia, the Financial Sector Conduct Authority (FSCA) – South Africa, and AMF – France.
OctaFX.com website is registered under Octa Markets Cyprus Limited, an investment firm registered in Cyprus. It was authorized and regulated by the CySEC (Cyprus) using the domain OctaFX.eu. And also, it was registered & regulated by the law of St. Vincent and the Grenadines (SVGFSA), but it is an unregulated forex broker, as the FSA doesn’t regulate brokers. It doesn’t take additional steps to ensure client safety.
Customer support is essential when FX trading. OctaFX has good customer support service 24/7, while FXCM has 24/5. FXCM Group has multiple languages of customer support. But, OctaFX has customer support in English and Hindi language only. Both have Email, phone, and live-chat customer support service.
Features of FXCM:
- Variety of platforms
- It provides a good education and research materials for beginners at a low cost.
- Virtual Private Sector (VPS) servers are available
- Low Commission & Spreads
- Customer support service is available 24/5.
Pros
- Signup bonus of $25.
- No withdrawal fees & commissions for credit and debit card methods.
- Strong algorithmic trading.
- It offers multiple education trading tools and hosts webinars regularly for beginners.
- Reliable customer support service.
- Live chat support is available.
Cons
- Somewhat limited trading instruments.
- The inactivity fee is high – $50.
- There is no trading on weekends.
- Non-EU clients’ minimum deposit is $50, and EU clients’ minimum is $ 300.
- It doesn’t accept clients from India.
FXCM Frequently Asked Questions
Buying Guide:
- Download the FXCM trading station from the play store, iOS store, or desktop using the link.
- Accept the license agreement’s terms
- Register and open an account
- Complete account verification
- Make your first deposit
- Choose a trading terminal
- Start trading
Alternative #5: Vestrado
Vestrado is an online forex trading broker owned by Vestrado Limited. It was founded in 2020, and its headquarters is in the United States. The registration address of the Vestrado forex broker company is Hinds Building Kingstown – Saint Vincent and the Grenadines.
It provides access to popular trading platforms MetaTrader 4 (MT4). It offers trading instruments like currency pairs or forex, Cryptocurrencies, commodities, indices, and stocks/equities. A group of leading financial traders established it with a singular focus. It also provides educational materials for beginner traders.
Vestrado is an unregulated offshore forex broker, meaning the customers are not protected. Users should beware of using this forex site. It is registered under the Financial Services Commission (FSC) but is not authorized and regulated by any entities. Users should not trust unregulated forex brokers.
It is not considered a safe forex broker site because entities do not license it. The rating of Vestrado is 1 out of 5. But, OctaFX has a good rating of 4.5 out of 5. So, it is not one of the best OctaFX alternative brokers.
Why is Vestrado the best OctaFX Alternative?
Reason 1: Vestrado and OctaFX Features & Platforms
Vestrado supports the MT4 platform. OctaFX supports MT4, MT5, & cTrader. OctaFX has a cTrader & MT5 platform, while Vestrado doesn’t. OctaFX supports multiple languages, while Vestrado supports one language (English).
Reason 2: Available financial trading instruments
OctaFX platform has more trading instruments than the Vestrado platform. OctaFX platform provides forex traders with 32 currency pairs, while the Vestrado platform provides fewer currency pairs than OctaFX. OctaFX offers only 5 cryptocurrencies, 10 index CFDs, and 5 commodities. Overall, Vestrado has distinct weak asset selections compared to other industry forex brokers.
Reason 3: Accounts and Pricing
Vestrado Group provides 2 major types of accounts, while OctaFX offers 4 accounts. Both FX brokers have trading costs that vary for different types of accounts. Vestrado has a minimum markup of 0.3 pips, while OctaFX has a minimum markup of 0.6. Vestrado has a maximum leverage cap of 1:500, a typical offshore value.
Both the forex brokers are commission-based. Vestrado accounts have commissions that add huge amounts of extra pips to the spreads. For example, the Vestrado Standard account type has a $20 commission applied round turn to all major forex pairs. The spread increases to 2 pips. So, 0.3 pips spread is 2.3 pips. The commissions apply to all trade assets.
Reason 4: Deposit and Withdrawals
Vestrado payment methods are Credit Cards, Debit Cards, VISA, Neteller, Crypto wallets, and Bank transfers. OctaFX has Credit Cards, VISA, MasterCard, Debit Cards, Bank transfers, eWallets, Neteller, Skrill, Fasapay, and more options. The deposit processing time for VISA and Neteller methods ranges from 5-10 minutes. For bank transfers, processing time ranges from 2-7 days. The bank transfer method alone will charge the commission fees.
In Vestrado, withdrawal via credit or debit cards is free, but bank transfers can be costly, up to $20. The withdrawal processing time for Vestrado will take 1-24 hours except for VISA, Bank Transfer, and MasterCard, which will take 7-14 days. But, OctaFX takes 1 to 3 business days for all payment methods. The minimum deposit value is $5, while the OctaFX minimum is $50.
Reason 5: Security and Customer Support
The Vestrado registration address of the forex broker is Saint Vincent and the Grenadines (SVG). It is registered under the Financial Services Commission (FSC). But, it is not officially authorized and regulated by FSC and other entities. It is an unregulated forex broker, which means clients are not protected. There will be no regulating agency and license to hold them responsible.
OctaFX.com website is registered under Octa Markets Cyprus Limited, an investment firm registered in Cyprus. It was authorized and regulated by the CySEC (Cyprus) using the domain OctaFX.eu. And also, it was registered & regulated by the law of St. Vincent and the Grenadines (SVGFSA), but it is an unregulated forex broker, as the FSA doesn’t regulate brokers. Both the forex brokers don’t take additional steps to ensure client safety.
Customer support is essential when FX trading. Both forex brokers have good customer support service 24/7 and also have customer support in the English language only. OctaFX has Email, phone, and live-chat customer support, while Vestrado has Email customer service.
Features of Vestrado:
- MT4 trading platforms.
- It provides good educational material for beginners at a low cost.
- Low Commission & Spreads.
- Fast processing time for deposits and withdrawals.
- Customer support service is available 24/7.
Pros
- No withdrawal fees & commissions for visa, credit, and debit card methods.
- Minimum deposit – $5.
- Fast deposit and withdrawal
- Fast and good customer support service.
- Good education trading materials for beginners.
Cons
- Somewhat limited trading assets.
- It is not authorized and regulated by any of the entities.
- No license
- No valid regulatory
Vestrado Frequently Asked Questions
Buying Guide:
- Download the Vestrado from the play store, iOS store, or desktop using the website link.
- Register and open an account
- Complete account verification
- Make your first deposit
- Choose a trading terminal
- Start trading
Best Forex Brokers Like OctaFX
OctaFX Similar Websites
Above are the top 5 best OctaFX similar websites. We have seen why it is an alternative, features, advantages, and disadvantages of all alternatives of OctaFX forex brokers. OctaFX features are a range of forex account types, a cryptocurrency-friendly platform, a highly competitive spread, following top-notch forex traders, no swap & inactivity fees, good research materials, and ample market resources.
OctaFX Alternatives
Other OctaFX alternative apps are IQ Option, Avatrade, Plus500, OANDA, eToro, ZuluTrade, IFC Markets, Roboforex, SaxoBank, XTB, HotForex, FXPro, and more forex broker sites.
Winner
Among the top 5 best OctaFX alternative brokers, the winner is Exness. Both Exness and OctaFX forex broker sites are quite similar. But, Exness has more assets than OctaFX. OctaFX has a cTrader platform, while Exness doesn’t have that platform. Exness supports 23 languages, while OctaFX supports 12 languages only.
Exness has a minimum deposit of $10, while OctaFX has $50. Exness is authorized and regulated by FCA-UK, CySEC-Cyprus, FSCA-South Africa, & FSA-Seychelles. But, OctaFX is regulated by CySEC-Cyprus. OctaFX doesn’t take additional steps to ensure client safety. The rating of Exness is 4.4 out of 5, while OctaFX has 4 out of 5.
Frequently Asked Questions of Best OctaFX Alternative
Is OctaFX Safe?
Yes, OctaFX is safe. The offshore entity of OctaFX is registered in Saint Vincent & Grenadines. It is regulated and authorized by CySEC. It is considered high risk, with an overall trust score of 67 out of 99.
What is the minimum deposit in OctaFX?
The minimum deposit of OctaFX is $50.
What platforms does OctaFX offer?
OctaFX offers three platforms – MetaTrader 4, MetaTrader 5, and cTrader.
Conclusion – Best OctaFX Alternative
OctaFX forex broker is good when compared to all other forex brokers. There are plenty of OctaFX similar apps. But if a user is thinking of moving from OctaFX for some reason, I am sure you can pick anyone from the above-mentioned best OctaFX alternative. If you ask me to recommend the best of the 5 best OctaFX alternatives, I will go for the top rating forex broker app Exness.
Exness is quite similar to OctaFX. Hopefully, I pointed out why it is the best OctaFX alternative and the features, advantages, & disadvantages of the top 5 alternatives of OctaFX similar apps. So, let’s look at the above article to find the best OctaFX alternatives.
