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eToro vs OctaFX 2022

BrokerNotes.co

Written by BrokerNotes.co

November 08, 2022

Trying to decide between eToro and OctaFX? Weโ€™ve taken the guesswork out of the equation with our Comparison Tool. Use our tool to compare hundreds of data points, side-by-side, to see how these two brokers stack up against each other.

Based on our extensive research, hands-on testing, and expert analysis of over a hundred data-driven variables, we've determined that, overall, eToro ranks more highly than OctaFX.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Overall RatingeToroOctaFXFOREX.com
Overall Rating8.6 / 106.8 / 108.7 / 10
Account TypeeToroOctaFXFOREX.com
Standard Trade Size (100,000 units)YesYesYes
Mini Trade Size (10,000 units)YesYesYes
Micro Trade Size (1,000 units)YesYesYes
Islamic AccountNoYesYes
Copy TradingeToroOctaFXFOREX.com
Social Trading / Copy TradingYesYesNo
DupliTradeNoNoNo
ZuluTradeNoNoNo
CryptocurrencyeToroOctaFXFOREX.com
Cryptocurrency (Physical)YesNoNo
Cryptocurrency (CFD)YesYesYes
BitcoinYesYesYes
ethereumYesYesYes
Forex Trading (Spot or CFDs)eToroOctaFXFOREX.com
Forex Trading (Spot or CFDs)YesYesYes
Mobile Trading - Forex or CFDsYesYesYes
Indices (Index CFDs)eToroOctaFXFOREX.com
DAXYesYesYes
Dow JonesYesYesYes
FTSEYesYesYes
NASDAQ 100YesYesYes
NikkeiYesYesYes
SP 500YesYesYes
InvestmentseToroOctaFXFOREX.com
Forex Trading (Spot or CFDs)YesYesYes
Spread BettingNoNoNo
Social Trading / Copy TradingYesYesNo
MetalsYesYesYes
EnergiesYesYesYes
AgriculturalsYesNoYes
ETFYesNoYes
U.S. Stocks (CFD)YesYesYes
Trading PlatformseToroOctaFXFOREX.com
Apple iOS AppYesYesYes
Android AppYesYesYes
Proprietary PlatformYesYesYes
Desktop Platform (Windows)NoYesYes
Web PlatformYesYesYes
MetaTrader 4 (MT4)NoYesYes
MetaTrader 5 (MT5)NoYesYes
Regulatory LicenseseToroOctaFXFOREX.com
Tier-1 Licenses204
ASIC Authorised (Australia)YesNoNo
IIROC Authorised (Canada)NoNoYes
FCA Authorised (U.K.)YesNoYes
SFC Authorised (Hong Kong)NoNoNo
MAS Authorised (Singapore)NoNoNo
FINMA Authorised (Switzerland)NoNoNo
CFTC Registered (USA)NoNoYes
Tier-2 Licenses112
Tier-3 Licenses001
Research, EducationeToroOctaFXFOREX.com
Trading Central (Recognia)YesNoYes
Forex News (Top-Tier Sources)NoYesYes
Daily Market CommentaryYesYesYes
AutochartistNoYesNo
Investor Dictionary (Glossary)YesYesYes
Videos - Beginner Trading VideosYesYesYes
Client Webinars (Archived)YesYesNo
Trading CostseToroOctaFXFOREX.com
Minimum Initial Deposit$10-$10,000$25$100
Average Spread EUR/USD - Standard1 (August 2021)0.6 (August 2021)1.0 (July 2022)
All-in Cost EUR/USD - ActiveN/AN/A1.0 (July 2022)
Active Trader or VIP DiscountsYesNoYes
Bank Wire (Deposit/Withdraw)YesYesYes
Visa/Mastercard (Credit/Debit)YesYesYes
PayPal (Deposit/Withdraw)YesNoYes
Trading ToolseToroOctaFXFOREX.com
Watchlists - Total Fields6720
Mobile WatchlistYesYesYes
Charting - Indicators / Studies (Total)6630203
Mobile Charting - Indicators / Studies53088
Trust FactorseToroOctaFXFOREX.com
Year Founded200720111999
Publicly Traded (Listed)NoNoYes
BankNoNoNo
Authorised in European UnionYesYesYes
Trust Score936799
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eToro vs OctaFX Comparison

Comparing forex brokers side by side is no easy task. For our 2022 annual forex broker review, we spent hundreds of hours assessing 39 forex and CFD brokerages to find the best forex broker. Let's compare eToro vs OctaFX.

Can I trust eToro?

eToro has a trust score of 93, giving it a "Highly Trusted" trust label. Here's what each trust score label means:

  • "Highly Trusted" (90-99) - These brokers are considered the most trustworthy firms in the industry. Simply put, we would not hesitate to open and fund an account with a Highly Trusted broker.
  • "Trusted" (80-89) - These brokers are reliable and trustworthy. "Trusted" firms are a solid choice, and may simply hold fewer regulatory licences or feature different corporate structures than those brokers that have earned our top Trust Score rating.
  • "Average Risk" (70-79) - Average Risk brokers are firms we generally consider to be safe, but that may warrant a closer inspection before you open and fund a live trading account. At the least, we always encourage traders to check the regulatory licenses for Average Risk firms to verify that they are regulated in their own country of residence.
  • "High Risk" (60-69) - High-risk firms should be scrutinized and carefully reviewed before opening an account. These forex brokers are โ€“ in most cases โ€“ operating without credible regulatory licensing, and likely have a history of legal or financial issues. Before considering an account with a high-risk firm, we recommend checking our country guides for your country of residence to see if a more trusted broker is available.
  • "Do Not Trust" (<59) - We do not recommend opening an account of any kind with a broker that earns a โ€œDo Not Trustโ€ rating.

Can I trust OctaFX?

OctaFX has a trust score of 67, giving it a "High Risk" trust label.

Is eToro a good broker?

Best known for its versatile social copy trading platform suite for web and mobile, eToro also offers a large selection of cryptocurrency products, as well as CFDs, shares, forex pairs, and a wide range of powerful trading tools. Though not a discount broker, eToro offers which includes CFDs, shares, and forex pairs. While not a discount broker, eToro delivers more benefits than its competitors in the same price range.

Is OctaFX a good broker?

OctaFX is a MetaTrader broker that boasts its own social copy trading platform, developed in-house. OctaFX has decent pricing, but a narrow range of markets to trade and fewer regulatory licenses than you'd find with the best brokers in the industry.

What tier-1 jurisdictions is each broker regulated in?

Tier-1 regulators go above and beyond by requiring additional capital requirements, checking in on brokers more frequently, and putting brokers through a tougher screening process. eToro is ASIC Authorised (Australia) and FCA Authorised (U.K.), while OctaFX is none., neither have IIROC Authorised (Canada), SFC Authorised (Hong Kong), CBI Authorised (Ireland), FSA Authorised (Japan), MAS Authorised (Singapore), FMA Authorised (New Zealand), FINMA Authorised (Switzerland) and CFTC Registered (USA)

What tier-2 jurisdictions is each broker regulated in? What about tier-3?

Tier-2 and tier-3 licenses are still important in evaluating the overall trustworthiness of forex brokers. As far as tier-2 licenses go, both eToro and OctaFX are CySEC Authorised (Cyprus)., neither have CBRC Authorised (China), SEBI Authorised (India), ISA Authorised (Israel), CBR Authorised (Russia), FSCA Authorised (South Africa), SEC Authorised (Thailand) and DFSA / Central Bank Authorised (UAE). When comparing tier-3 licenses unfortunately, neither eToro nor OctaFX are SCB Authorised (Bahamas), IFSC Authorised (Belize), BMA Authorised (Bermuda), FSC Authorised (British Virgin Islands), CIMA Authorised (Cayman Islands), FSC Authorised (Mauritius) and VFSC Authorised (Vanuatu)., neither have VFSC Authorised (Vanuatu).

Which broker offers more trading platforms?

For trading platforms eToro supports a Proprietary Platform, whereas OctaFX supports a Proprietary Platform and Desktop Platform (Windows)., neither have cTrader, DupliTrade and ZuluTrade

Does eToro offer MetaTrader? Does OctaFX offer MetaTrader?

For MetaTrader eToro provides neither of these, while OctaFX provides MetaTrader 4 (MT4) and MetaTrader 5 (MT5). If MetaTrader is a must for you, read our guides on the best MT4 brokers or best MT5 brokers.

How do eToro and OctaFX differ in terms of minimum deposit? What about average spreads and funding options?

eToro requires a minimum deposit of $10-$10,000, while OctaFX requires a minimum deposit of $25. From our testing we found eToro offers spreads of 1 (August 2021), while OctaFX offers spreads of 0.6 (August 2021). eToro supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit), PayPal (Deposit/Withdraw) and Skrill (Deposit/Withdraw) for popular funding options, where OctaFX supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and Skrill (Deposit/Withdraw).

Which brokers offers more tradeable asset classes, eToro or OctaFX?

eToro offers a more diverse selection of investment options than OctaFX allowing you to trade Forex Trading (Spot or CFDs), Social Trading / Copy Trading, Metals, Energies, Agriculturals, ETF and U.S. Stocks (CFD)., neither have Spread Betting Looking at total tradeable symbols, eToro has 3458, compared to 80 from OctaFX.

Can I trade cryptocurrency with eToro or OctaFX?

Crypto trading is popular with forex traders. Most crypto assets are offered either as the underlying physical asset or as a CFD or other derivative โ€” including spot forex contracts. In terms of trading physical cryptocurrency neither eToro nor OctaFX allow you to trade physical cryptocurrencies.

Who offers more research tools, eToro or OctaFX?

In terms of research and research tools eToro gives traders the following tools: Daily Market Commentary, Stock Charts, Trading Central (Recognia) and Social Trading / Copy Trading. In comparison OctaFX has the tools listed here: Autochartist, Daily Market Commentary, Forex News (Top-Tier Sources) and Social Trading / Copy Trading.

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