image ForexTime VISIT FOREXTIME image OctaFX VISIT OCTAFX image City Index VISIT CITY INDEX
About

ForexTime is regulated by CySEC. ForexTime have provided Forex, Metals, CFD trading services since 2011.

OctaFX is regulated by Financial Conduct Authority soon. OctaFX have provided Forex trading services since 2011.

City Index is regulated by the Financial Conduct Authority. City Index have provided Forex trading services since 1983.

Why choose them?
  • Yes Over 7 years in business
  • Yes Segregates clients funds
  • Yes Regulated by CySEC
  • Yes Over 7 years in business
  • Yes
  • Yes
  • Yes Over 35 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority, ASIC and MAS
Headquarters Tassou Papadopoulou 6, Flat /office 22, Ag. Dometios, 2373, Nicosia, Cyprus London, UK London, UK

TRADING SERVICES OFFERED

Spot Forex Yes Yes Yes
Forex (CFD) Yes No Yes
CFD Yes No Yes
Spread Betting No No Yes
Social Trading No No No
MARKETS & INSTRUMENTS
Forex (currency pairs) 57 84
Commodities Offered 0 26
Stocks Offered 173 4500
Bitcoin No No Yes
Majors Yes Yes Yes
Indices No Yes Yes
US Stocks No No Yes
Penny stocks No No Yes
Energies No Yes Yes
Metals Yes Yes Yes
Agriculturals No No Yes
FTSE No Yes Yes
Dow Jones No Yes Yes
Dax No Yes Yes
Nikkei No Yes Yes
ETFs Yes No Yes
IPO No No No
See all instruments

64% of retail investor accounts lose money when trading CFDs with this provider

See all instruments

Losses can exceed deposits

See all instruments

70% of retail investor accounts lose money when trading CFDs with this provider

PLATFORM & FEATURES

See the platforms and features offered by each broker

Screenshot image image image
MT4 Yes Yes Yes
MT5 Yes Yes No
MT4 Mac No No No
WebTrader Yes Yes Yes
Mirror Trader No No No
ZuluTrade No No No
Sirix No No No
cTrader No Yes No
PAMM No No Yes
Custom Platforms No No AT Pro, Advantage Web

APPS

iOS image Yes Yes Yes
Android image Yes Yes Yes
Windows image Yes No Yes
Available Languages

Italian, Malay, Polish, Dutch, English, Arabic, Chinese, Czech, Indonesian, Russian, Serbian, Slovak, Spanish, French, German, and Greek

English

English, Spanish, German, Arabic, Polish, and Chinese

See platform & features

64% of retail investor accounts lose money when trading CFDs with this provider

See platform & features

Losses can exceed deposits

See platform & features

70% of retail investor accounts lose money when trading CFDs with this provider

ACCOUNT INFORMATION

From micro accounts to ECN accounts, compare the accounts offered by ForexTime and OctaFX

Demo account Yes Yes Yes
Mini account Yes Yes Yes
Micro account Yes Yes Yes
Standard account Yes Yes Yes
ECN Account Yes No No
Islamic account Yes Yes No
Zero spread account Yes Yes No
VIP account No No Yes
Fixed spreads No No Yes
Variable spreads Yes Yes Yes
See account options

64% of retail investor accounts lose money when trading CFDs with this provider

See account options

Losses can exceed deposits

See account options

70% of retail investor accounts lose money when trading CFDs with this provider

TRADING CONDITIONS

Scalping Yes Yes No
Hedging Yes Yes Yes
Expert advisors (EAs) Yes Yes Yes
Virtual private server Yes No No
Direct market access No No No
STP broker Yes Yes Yes
Market maker Yes Yes Yes
Min trade Varies 0.01 Lot 1 Lot
Max trade Varies 10 Lot Varies
Min deposit $5 $5 $25

RISK MANAGEMENT

Stop losses Yes No Yes
Limit orders Yes Yes Yes
One-click trading Yes Yes Yes
Trailing stops Yes No Yes
Price alerts Yes Yes Yes
Signal trading Yes No Yes

FUNDING METHODS

Credit card Yes Yes Yes
Bank transfer Yes Yes Yes
Standard account Yes Yes Yes
Paypal No No No
Neteller Yes Yes No
Skrill No No No
Payment processing time 1 business day Varies 2-3 business days
Withdrawal processing time 2 business days Varies 2-3 business days
See all funding options

64% of retail investor accounts lose money when trading CFDs with this provider

See all funding options

Losses can exceed deposits

See all funding options

70% of retail investor accounts lose money when trading CFDs with this provider

DETAILED INFO

Excluded countries US US US, CF, TD, CG, CG, CI, CU, GN, ER, GN, FR, GW, HT, IR, IQ, KR, LB, LR, LY, MM, NZ, NG, SL, SO, SD, SY, TM, UZ, VE, EH, YE, ZW
Contact email Send Email Send Email Send Email
phone number 44 203 734 10 25 44 20 3322 1059 0845 355 0801
Live Chat Yes No Yes
Website http://www.forextime.com/ https://www.octafx.co.uk/ www.cityindex.co.uk
Forex Spreads
EUR/USD 0.10 0.50
GBP/USD 1.80 0.80
USD/JPY 1.70 0.50
AUD/USD 1.8 0.6 0.5
Cryptocurrency Spreads N/A N/A 70
View all FX spreads

64% of retail investor accounts lose money when trading CFDs with this provider

View all FX spreads

Losses can exceed deposits

View all FX spreads

70% of retail investor accounts lose money when trading CFDs with this provider

INDICE SPREADS
Dax 30 160.0 0.6 1.0
Nasdaq 100 100.0 0.2 1.0
Euro Stoxx 50 45.0 1.0 2.0
ASX 200 1.0
S&P 500 20.0 0.2 0.4
FTSE 100 70.0 0.4 1.0
Google N/A 0.0015
Facebook N/A 0.0015
View all spreads

64% of retail investor accounts lose money when trading CFDs with this provider

View all spreads

Losses can exceed deposits

View all spreads

70% of retail investor accounts lose money when trading CFDs with this provider

FEES

Inactivity Fee No No Yes
Commission No No 0.0015
Deposit Fee No No Varies
Withdrawal Fee Yes No Varies
View All Fees

64% of retail investor accounts lose money when trading CFDs with this provider

View All Fees

Losses can exceed deposits

View All Fees

70% of retail investor accounts lose money when trading CFDs with this provider

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Last update

All information collected from http://www.forextime.com/. Last updated on 01/05/2019.

All information collected from https://www.octafx.co.uk/. Last updated on 01/05/2019.

All information collected from www.cityindex.co.uk. Last updated on 01/05/2019.

Company

ForexTime is an online broker that service a wide range of clientele including retail and institutional clients. They offer a large amount of trading instruments including forex, metals, CFDs, ETF CFDs and share CFDs. They utilise the latest technology for trading including the MT4 and MT5 Trading platform across PC, MAC and smartphones. They provide currency convertors, margin calculators and market analysis to stay on top of the financial markets.

ForexTime has a goal to become the industry leader by putting their clients needs at the center of every decision. This is why they offer tight spreads from a low as 0.1, variety of trading instruments, 7 different accounts to suit every type of investor, fast and secure withdrawals and deposits on top of their free forex education program which including weekly webinars.

OctaFX is an online forex trading service provider who are regulated by the Financial Conduct Authority. To open an account with OctaFX, minimum deposits start from $5.

With OctaFX you can trade Forex. If you like to trade on the go, OctaFX have iPhone, iPad and Android apps so you can trade from anywhere on your phone.

OctaFX offer MetaTrader 4, Metatrader 4 for PC, Metatrader 4 for iOS, Metatrader 4 for Android, cTrader, cT Desktop, cT iOS, cT Android, cT Web-based client platforms to make your trades and support 7 different languages.

The spreads offered by OctaFX for the most popular instruments are:
0.6 EUR/USD, n/a FTSE 100, 4.5 GOLD,
0.6 GBP/USD, n/a DOW/JONES, n/a Crude Oil,
see all the spreads here.



For more information about trading with OctaFX, we have put together an indepth OctaFX review with all the pros and cons about this broker.

Since establishing themselves as one of the first spread betting providers in the UK. , City Index have grown to a global company in over 50 countries completing over two million trades every month. City Index provide some of the most competitive spreads across thousands of markets including indices, shares, currencies, commodities and many more.

City Index have continued to innovate and were the first to provide a downloadable Android and iPhone app for spread betting and CFD trading and with over 30 years experience in the industry, you know you can trust Cityindex to handle your trades.

For more information about trading with City Index, we have put together an indepth City Index review with the pros and cons about this broker.

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ForexTime or OctaFX?

ECN execution or low spreads?

If you’re a trader looking for a broker that offers ECN execution (as opposed to a market maker), ForexTime is likely the better choice. However, if you want a broker with lower spreads on currency pairs like EUR/USD, OctaFX may be more appropriate.

Which broker is more reliable?

You can determine a broker’s reliability & trustworthiness by looking at eight factors:

  • Who are they regulated by?
  • How long have they been around for?
  • Do they hold your money in a separate bank account?
  • Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?
  • Have they been fined or penalised in the last five years?
  • The popularity of their service/website
  • Are they publicly listed?
  • Where are they located?

Based on these eight factors, we consider OctaFX to be the more reliable broker. We’ve broken down why below:

Who are they regulated by?

ForexTime is regulated by CySEC, while OctaFX is regulated by FSA.

City Index are also regulated by the Financial Conduct Authority.

How long have they been around for?

If a broker has been around for a long period of time, they’re likely to be more reliable (in comparison, most scam brokers only exist for several years before they disappear).

This also suggests that a broker has good risk management processes that have prevented them being caught out by major financial events, as was the case with Alpari UK going bust when they were there was a policy reversal of capping the Swiss Franc against the Euro.

ForexTime has been around for 8 years, while OctaFX have been around for 8 years. Our third alternative broker, City Index, have been around for 36 years.

Do they hold your money in a separate bank account?

You wouldn’t want your broker paying their staff out of the same bank account account that you’re depositing your trading funds into, would you?

Fortunately, all regulated brokers must use segregated bank accounts to hold client money. This is one of the reasons why we only feature regulated brokers here on BrokerNotes.

All three brokers above will hold your money in a separate bank account.

Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?

Most tier-1 banks like Barclays and HSBC have been around for over 100 years and manage trillions of dollars of assets, proving that they have stood the test of time.

Both ForexTime and OctaFX use tier one banks, but we are not sure of which bank specifically.

Have they been fined or penalised in the last five years?

If a broker has been penalised by a regulator in the past five years, it may mean that they were caught doing something they shouldn’t be doing - which may be of concern to you as an end client.

How popular is their service/website?

While not always the case, the number of traders a broker has can be a good metric for understanding how reputable a brokers is.

OctaFX is more popular with over 300,000 traders.

Are they publicly listed?

Companies that are publicly listed on a stock exchange tend to be considered more reputable as they will be required to disclose their financials, and aspects of their operations, to the public.

Both ForexTime and OctaFX are privately owned companies.

Where are they located?

Most reputable brokers tend to be headquartered in a major capital city or a financial hub such as Cyprus.

ForexTime are based in Tassou Papadopoulou 6, Flat /office 22, Ag. Dometios, 2373, Nicosia, Cyprus, while OctaFX are based in London, UK.

Do they offer the features you need?

Assuming the brokers you’re choosing between are reputable, the next point to consider is whether they offer all of the features you require to trade.

This can be broken down into three categories:

  • Services & instruments
  • Platforms & account types
  • Trading features, risk management tools & funding methods

Services and Instruments

If you’re looking to trade currency pairs, both ForexTime and OctaFX offer forex trading. ForexTime have a slightly larger variety of currency pairs with 57 pairs, compared to offered by OctaFX. Also, if you’re looking to trade cryptocurrencies,

If you’re looking to trade commodities like gold, silver or oil, ForexTime may be a better fit as OctaFX does not offer commodity trading.

Platforms & Account Types

If you trade forex, there’s a good chance you might want a broker that offers the popular MT4 trading platform. If that’s the case, both ForexTime and OctaFX offer this. Both brokers also offer the new & improved MT5 platformOur alternative broker, City Index, also offers MT4 and MT5.

In addition to the platform, you’ll also want to ensure that the broker you choose offers the account type best suited to your needs. City Index, for example, offer a mini account, standard account and VIP account.

For Muslim traders, ForexTime offers an Islamic account, which doesn’t accrue interest or incur/receive rollover swap points, as this is prohibited in Shariah law. You can learn more & compare Islamic trading accounts head-to-head here.

Trading features, risk management tools & funding methods

If you have a certain trading style (e.g. scalping, hedging, or using EAs), you’ll want to double check that the broker you choose allows this, as not all of them do.

ForexTime does allow scalping and hedging. While OctaFX also allows scalping and hedging. You can trade with EAs (expert advisors) on both ForexTime and OctaFX.

In terms of risk management tools, ForexTime does offer negative balance protection to prevent you owing your broker more than you’ve deposited, but OctaFX doesn't offer this.

ForexTime also offer stop losses, limit orders, and price alerts to help you automate aspects of your trading strategy.

ForexTime accept Neteller while OctaFX accept Neteller.

Are they affordable for what you need?

Comparing the fee structures of different brokers can be a minefield at times. The important thing to consider is what the spreads & fees are on the specific instruments and account type that you will be using.

For trading EUR/USD, ForexTime charges 0.10 points, while OctaFX charges points. Therefore, OctaFX is the more affordable for this instrument. If you want to compare their spreads across more instruments, You can jump back up to our comparison of their currency pair & indice spreads above.

Another consideration is whether or not your broker charges inactivity, deposit/withdrawal fees, or commissions on trades. If you’re a frequent trader, inactivity fees are unlikely to be an issue.

The Verdict: ForexTime or OctaFX?

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. ForexTime has a wider range of instruments to trade. ForexTime offer lower spreads on popular forex instruments like EUR/USD and are used by more traders.

Both brokers offer demo accounts, allowing you to test their platforms to see which is suitable for you. You can test drive their demos using the links below:

Finally, if you’re really not sure you can always use our free tool (takes 15 seconds) that will help you find a suitable broker based on your precise requirements here.

Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.