FP Markets is an Australian online brokerage firm that is regulated by ASIC. FP Markets offers clients with true ECN spreads on its sophisticated platforms.
|#||Broker's Features||FP MARKETS Availability||OCTAFX Availability|
|#||Accepts US traders||❌||❌|
|#||24 hour trading||✔||✔|
|#||Trading by phone||❌||❌|
|#||1st deposit bonus||❌||❌|
|#||Forex contests competitions||❌||✔|
|#||Interest charges on the balance||❌||❌|
|#||24 hour support||✔||✔|
The variety of online brokers on the internet is very huge, so it is necessary to do a transparent review and comparison of the companies. After spending several days researching different forex brokers for trading FX, our team at onlineforextrading.net team collected over 50 data points. For this review, we will compare FP Markets vs Octafx.
Financial Trading and Investment Services: First of all, you should know which financial instrument you want to trade and then searching for the right broker. This can be stocks, forex, CFDs, cryptocurrencies or options. FP Markets offers Online Financial Trading and Investment Services Such as IRESS DMA Equities 10,000+, while Octafx offers Gold, Silver, Cryptocurrency, Indices.
Broker Type: Many types of brokers can be found in the most dynamic market in the world. FP Markets is ECN, STP, while Octafx is ECN, STP.
Minimum Deposit Requirement: To compare these two FX brokers, we will then take a look at how much is required as a basic minimum to open an account. You need to consider how much money you can spare to start off a Forex brokerage. FP Markets recommended minimum capital is 100, while Octafx has a Minimum Deposit Requirement of 5.
Is the Forex broker regulated? Commissions and fees aside, let's take a look at regulation. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. FP Markets is regulated by ASIC, while Octafx regulated by FCA UK. For our reviews, official regulation of an official financial authoritarian is required. Brokers have to fulfill certain conditions to get these licenses. In order to violate the rules, they would lose their license and a lot of money.
Account currencies: Next lets consider the Account currencies each broker offers. FP Markets offers USD, AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD different account currencies for each account types, while Octafx offers EUR, USD account currencies.
Languages Available: Next lets have a look at each broker's different Language options. FP Markets offers English, Spanish, Italian, Portuguese, German, Fre, while Octafx offers English, Indonesian, Chinese, Portuguese, Spanish, Customer Support Languages.
Payment methods: Next lets have a look at each broker's payment options. FP Markets offers Bank Wire Transfer, Credit/Debit Cards, Debit Card, Skrill, Netell different payment methods for each account types, while Octafx offers Credit/Debit Cards, Bank Wire Transfer, Skrill, FasaPay, Nete payment methods.
Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, FP Markets makes MT4, MT5, WebTrader and IRESS available to clients, while Octafx offers cTrader, MT4, MT5.
There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.
Objectively, Octafx is more reliable based on our criteria above. Only Octafx provides training and education resources which is extremely critical to beginner traders who may not be familiar with most of what goes on in the Forex markets.
The stock CFD fees are quite high. The product portfolio is limited, only CFD, forex, crypto, and stocks on the ASX are offered. With FP Markets you will not have any investor and negative balance protection.
Finally, if you're really not sure you can always use our free tool (takes 15 seconds) that will help you find a suitable Personalised Broker based on your precise requirements here.