OctaFX is a Forex ECN broker registered in St.Vincent and the Grenadines offering to trade on Forex, Indices, Metals and Cryptocurrencies via CFDs, across the MetaTrader and cTrader suite of trading platforms as well as their own OctaFX Trading App.
Profitix is an offshore Forex brokerage registered in St. Vincent and the Grenadines. It provides the MT5 trading platform, and an extremely generous leverage. Traders are extended a leverage of up to 1:400. Furthermore, there is a wide range of trading products from which to choose, but the spread of 3 pips is quite high and not in favor for the traders in our opinion. The required minimum deposit is the standard $250.
|#||Broker's Features||OCTAFX Availability||PROFITIX 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 OctaFX vs Profitix.
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. OctaFX offers Online Financial Trading and Investment Services Such as Gold, Silver, Cryptocurrency, Indices, while Profitix offers Currency Trading, Commodities Trading, Shares Trad.
Broker Type: Many types of brokers can be found in the most dynamic market in the world. OctaFX is ECN, STP, while Profitix is Broker.
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. OctaFX recommended minimum capital is 5, while Profitix has a Minimum Deposit Requirement of 250.
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. OctaFX is regulated by FCA UK, while Profitix regulated by N/A. 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. OctaFX offers EUR, USD different account currencies for each account types, while Profitix offers USD, EUR, GBP account currencies.
Languages Available: Next lets have a look at each broker's different Language options. OctaFX offers English, Indonesian, Chinese, Portuguese, Spanish,, while Profitix offers English, Deutsch Customer Support Languages.
Payment methods: Next lets have a look at each broker's payment options. OctaFX offers Credit/Debit Cards, Bank Wire Transfer, Skrill, FasaPay, Nete different payment methods for each account types, while Profitix offers MasterCard, Visa, Bank Wire Transfer payment methods.
Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, OctaFX makes cTrader, MT4, MT5 available to clients, while Profitix offers MT5, WebTrader.
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 offers demo account, allowing you to test their platform to see which is suitable for you. OctaFX has a wider range of instruments to trade giving you the flexibility to get access and exposure to a wide range of markets. OctaFX offers a wider range of platforms making it easier for the traders to choose one that matches their needs most. Customer service in your national language might not be a major concern for traders based in English-speaking countries, but it is a defining requirement for traders from other regions such as Asia and South America. OctaFX has a wider range of languages in which customer service is offered making the broker more accessible. As OctaFX offer STP execution, you can expect tighter spreads with more transparency over the price you‘re paying to execute your trades. 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.
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.