Compare Forex Brokers side by side

How do Axi and Octa stack up against each other?

The Radar Chart below highlights how the brokers stack up against each other across various metrics. The highest score a broker can receive in each area is 5.

At FX Scouts, we help traders find the broker that suits their trading needs. In many cases, the best way to achieve this is to compare brokers side-by-side.

To compare Axi and Octa, we used the same factors we use when reviewing brokers: The trust and regulation of the broker, the trading platform, the costs and trading conditions, and the level of education and market analysis available at the broker.

Does Axi or Octa have a better trust and regulation rating?

Trust and regulation are some of the most important factors to consider when choosing a Forex broker. Trust in the Forex trading business is almost entirely founded upon regulation. We spend many hours evaluating the safety of each broker by delving into their fine print and confirming each one of their regulatory licences on the online registers. The more top-tier authorities a broker is regulated by, the higher its trust rating.

In our comparison, we found that Axi holds three Tier 1 and two Tier 2 licences, and Octa holds one Tier 1 and no Tier 2 licences.

 

Is Axi financially regulated?

Yes Axi was founded in 2007 and is regulated by ASIC, CySEC, DFSA, FCA, FMA and FSA-St-Vincent.

 

Is Octa financially regulated?

Yes Octa was founded in 2011 and is regulated by CySEC, FSCA and MISA.

 

Based on these findings, Axi earned a higher trust rating than Octa.

Does Axi or Octa have lower costs?

Another important aspect we consider when comparing brokers is the cost of trading. When evaluating trading costs, we always consider the minimum deposit required to open an account and the ongoing trading costs, including the spreads and commissions. When calculating trading costs, we measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit. The cost includes both the spread and any commission charged. 

Not all brokers publish their trading costs, so we often open accounts and trade on their platforms to verify the spreads and commissions. Based on our reviews, we found that Octa has overall lower trading costs than Axi. 

 

Does Axi or Octa offer a better choice of trading platforms?

Traders want Forex brokers to offer them a choice of trading platforms, so we give brokers who offer multiple platforms higher ratings. Trading platforms we consider include MetaTrader4, MetaTrader5, cTrader and proprietary mobile and web-based platforms. 

In this case, Octa offers support for MT4, MT5 and OctaTrader and Axi offers support for MT4. 

Do the brokers offer copy trading?

Copy trading is a great option for beginner traders who can’t trade full-time or lack experience with Forex trading. In this case both Axi and Octa offer copy trading.

 

Which broker offers a better choice of trading instruments?

A variety of CFD instruments – and a large range of CFDs for each instrument category allow traders more opportunities for profitable trading. The best brokers will have thousands of CFDs to trade, covering all these instrument categories. We found that Axi offers a greater range and depth of instruments to trade than Octa. Axi offers 70 Forex pairs to trade and Octa offers 52 Forex pairs to trade.

And what about Cryptocurrencies?

In this case, Axi offers 11 cryptocurrencies while Octa offers 0 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with Axi.

Which broker offers better deposit and withdrawal processes?

Although brokers may have reasonable trading fees, many traders are caught out by the high non-trading fees charged by some brokers, including deposits and withdrawals. Traders want to be able to deposit and withdraw funds quickly and cheaply. Most brokers have multiple funding methods with zero fees for making deposits, but some brokers make it more expensive and take longer to process withdrawals. 

We rate brokers more highly that process withdrawals within 24 hours by multiple withdrawal methods and without charging processing fees. We found that Axi charges a withdrawal fee and Octa does not. Overall, Octa has better deposit and withdrawal processes than Axi. 

Which broker offers better educational support?

We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas. 

Axi and Octa both have moderate educational support. Both Axi and Octa offer educational support for more experienced traders.

 

Which broker offers better market analysis materials?

To successfully predict the price movements of an instrument, traders will need access to frequent market research and analysis. We find that research and market analysis are always better when they are produced in-house and updated frequently. Third-party resources don’t show the same expertise in trading ideas, so we place a strong emphasis on frequent in-house updates. Some brokers also often offer interactive webinars where traders can learn from experts in the field. 

We found that Axi offers better research analysis than Octa and that both Axi and Octa offer frequent webinars.

 

Our overall Verdict on Axi

Axi (formerly Axitrader) is an Australian CFD broker regulated by ASIC, the FCA and the DFSA. Axi offers clients CFD trading on Forex, metals, commodities, cryptocurrencies, and indices – a smaller range than most brokers but with a good selection of 70+ Forex pairs. Axi accounts offer clients industry competitive trading costs – the Standard Account (from 0.9 pips EUR/USD) and the Pro Account (0.0 pips EUR/USD + 7 USD commission).

Although Axi limits its platform choice to MT4, it offers traders free use of various powerful platform-integrated technical analysis tools, including MT4 NexGen and Autochartist, to help experienced traders and serious beginners make better trading choices. At Axi, beginners have access to high-quality, structured learning material and frequent market analysis – though neither the education nor the market research is as good as the best brokers in this space.

Our overall Verdict on Octa

Octa is a good low-cost broker, but it has a few drawbacks. On the one hand, it has very low trading costs, charges no fees for deposits and withdrawals, and offers a great copy trading service — though this is not available on iOS mobile devices.

On the other hand, Octa onboard Nigerian traders through its Comoros Union-based entity, which has few regulatory protections. The range of instruments available to trade is also slightly limited compared to other brokers, with 52 Forex pairs, 5 commodities, 10 indices and 150 equities.

Looking past these issues, you will find an excellent low-cost broker: Octa offers three swap-free accounts with minimum deposits of 20 USD, a slick mobile app, and a good range of trading tools. It also heavily promotes its wide range of bonuses and can offer leverage of 1:1000 on Forex pairs.

Which broker has the highest overall rating?

Axi has an overall rating of 4.44 and Octa has an overall rating of 4.37. For more detail please read our reviews of Axi and Octa.