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Octa vs HFM - 2024 Comparison | FX Scouts
AuthorAuthor: Björn MichelsUpdated: Oct 12, 2023

Last Updated On Oct 12, 2023

Björn Michels

Trading with a reputable online broker is a crucial factor for success in the international markets. At FX Scouts, we help you find the broker that suits your trading needs.

Each year we spend thousands of hours testing brokers by opening accounts, testing their platforms, and rating them according to a set of over 200 metrics. We deposit real money with the brokers to ensure that the products and user experience they advertise are consistent with reality.

We have found that the best way for traders to choose a broker is to compare brokers side-by-side. The comparison tool below allows you to compare two brokers based on their ratings and features.

Select brokers to compare

Select brokers to compare

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Broker Score
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
11110.54.37/ 5 USD 25CySEC Regulated BrokersFSCA Regulated Forex BrokersMwali International Services AuthoritySTPCommodities, Cryptocurrencies, Forex, Indices, Metals, Stock CFDs3530
  • Fast and free withdrawals
  • Low minimum deposit
  • Tight spreads
  • Limited range of assets
  • Poorly regulated
Read Review 111104/ 5 11110.54.5/ 5 11110.54.5/ 5 111115/ 5 11110.54.5/ 5 111104/ 5 11110.54.5/ 5 67.65%1000:10.60 pips OctaTrader, MT4, MT5 MT4, MT5, OctaTraderBitcoin, Neteller, Skrill, Mastercard, VisaFees Included in Spread
11110.54.53/ 5 USD 0CySEC Regulated BrokersFCA Regulated BrokersFSCA Regulated Forex BrokersDubai Financial Services AuthorityFinancial Services CommissionThe Seychelles Financial Services AuthoritySTPBonds, Commodities, Cryptocurrencies, Energies, Stock CFDs, ETFs, Forex, Indices, Metals, Stock DMAs5340
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
  • Limited base currencies
Read Review 11110.54.5/ 5 11110.54.5/ 5 11110.54.5/ 5 11110.54.5/ 5 111115/ 5 11110.54.5/ 5 11110.54.5/ 5 72.90%1000:10 pips Pro Plus, Hf Copy Trading, HFCopy, HFM Copy Trading, Islamic, Cent, Premium, Pro, Zero MT4, MT5, HFM Trading AppBank Transfer, Visa, Mastercard, Skrill6 USD / lot - Zero Account

How do HFM 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.

HFM

Octa

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 HFM 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 HFM 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 HFM holds two Tier 1 and one Tier 2 licences, and Octa holds one Tier 1 and no Tier 2 licences.

 

Is HFM financially regulated?

Yes HFM was founded in 2010 and is regulated by CySEC, DFSA, FCA, FSC, FSCA and FSA-Seychelles.

 

Is Octa financially regulated?

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

 

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

Does HFM 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 HFM. 

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Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Commission
Octa
11110.54.5/ 5
EUR, USD
0.60 pips
USD 6
0.60 pips
1.10 pips
1.20 pips
USD 0
HFM (HotForex)
11110.54.5/ 5
EUR, USD, ZAR
1.00 pips
USD 10
0.10 pips
0.50 pips
0.30 pips
USD 0

 

Does HFM 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, HFM offers support for MT4, MT5 and HFM Trading App and Octa offers support for MT4, MT5 and OctaTrader. 

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 HFM and Octa offer copy trading.

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Broker
Platform Choice
Copy Trading
Platforms
Octa
11110.54.5/ 5
OctaTrader
HFM (HotForex)
11110.54.5/ 5
HFM Trading App

 

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 HFM offers a greater range and depth of instruments to trade than Octa. HFM offers 53 Forex pairs to trade and Octa offers 35 Forex pairs to trade.

Toplist Forex Pairs

And what about Cryptocurrencies?

In this case, HFM offers 40 cryptocurrencies while Octa offers 30 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with HFM.

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 neither HFM nor Octa charges a withdrawal fee. Overall, Octa has better deposit and withdrawal processes than HFM. 

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. 

HFM has better educational support than Octa. Both HFM and Octa offer educational support for more experienced traders.

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Broker
Beginner Course
Advanced Course
Well Structured Education
Education Quality
Webinars
Octa
Medium
HFM (HotForex)
High

 

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 HFM offers better research analysis than Octa and that both HFM and Octa offer frequent webinars.

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Broker
Economic Calendar
Autochartist
Trading Central
Trading View
Free VPS
Octa
HFM (HotForex)

 

Our overall Verdict on HFM

HFM (formerly known as HotForex) is a well-known international broker with a strong presence in Nigeria. It has local customer support, and unlike many other international brokers, it offers NGN trading accounts. It also offers fast and free deposits and withdrawals from local banks. 

HFM offers four standard accounts and one specialised copy trading account.  Three of its four standard accounts have no minimum deposit requirements and have extremely competitive trading fees. All accounts are available as Islamic accounts. We were also pleased to find that HFM has recently reintroduced cryptocurrency trading, no doubt because of the popularity of the asset. This is alongside an excellent range of trading instruments, including 950 international stocks.

HFM supports the MT4 and MT5 platforms in addition to its own mobile HF App, which allows clients to trade from charts and make deposits and withdrawals. It also has several excellent trading tools to assist traders further. Unfortunately, access to tools such as Autochartist, which other brokers offer as a free service, requires an account balance of 100 USD.

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, 150 equities, and 30 cryptocurrencies.

If you can look past these issues, you will find an excellent low-cost broker: Octa offers three swap-free accounts with minimum deposits of 25 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 1:500 on Forex pairs.

Which broker has the highest overall rating?

HFM has an overall rating of 4.53 and Octa has an overall rating of 4.37. For more detail please read our reviews of HFM and Octa.

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