Compare OctaFx vs ForexChief
What is OctaFx? What is ForexChief ?
OctaFx is a forex broker that was established in 2011 and is regulated by CySEC and FSA. It offers trading in various instruments, including forex, CFDs, indices, commodities, metals, energies, futures, ETFs, options and shares. It has offices in Cyprus and Saint Vincent and the Grenadines. It provides various trading platforms, such as MT4, MT5 and cTrader, as well as analytical tools, educational resources, bonuses, promotions and contests for its clients.
ForexChief is a forex broker that was established in 2014 and is regulated by the Ministry of Finance and Economic Management of Vanuatu. It offers trading in forex, CFDs, indices, metals, cryptocurrencies and binary options. It has an office in Vanuatu. It provides MT4 and MT5 trading platforms, as well as free forex trading signals, rebate bonus program and a demo contest for its clients.
OctaFx vs ForexChief Regulation Comparison
OctaFx is regulated by two reputable authorities: the Cyprus Securities and Exchange Commission (CySEC) with license number 372/18 and the Financial Services Authority (FSA) of Saint Vincent and the Grenadines with license number 19776 IBC 2011. These regulators ensure that OctaFx complies with the rules and standards of investor protection, financial reporting, anti-money laundering and fair trading practices.
ForexChief is regulated by the Ministry of Finance and Economic Management (MFEM) of Vanuatu with license number 14777. This regulator is not considered to be very reputable or strict in terms of oversight and enforcement. The MFEM does not have a clear legal framework or guidelines for forex brokers operating in Vanuatu. Therefore, ForexChief may not be subject to the same level of regulation and supervision as OctaFx.
OctaFx vs ForexChief Trading Assets Comparison
OctaFx offers a wider range of trading assets than ForexChief. OctaFx allows its clients to trade in more than 40 currency pairs, 28 CFDs on indices, commodities, metals, energies and futures, 10 ETFs, 6 options and over 100 shares. OctaFx also offers trading in cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, Ripple and more.
ForexChief offers trading in 40 currency pairs, 20 CFDs on indices, metals and cryptocurrencies and 2 binary options. ForexChief does not offer trading in commodities, energies, futures, ETFs, options or shares.
OctaFx vs ForexChief Trading Fees Comparison
OctaFx and ForexChief both use variable spreads as their main source of trading fees. Variable spreads depend on the market conditions and may fluctuate according to the supply and demand of the underlying assets. Variable spreads can be advantageous for traders who trade during low volatility periods or when there is high liquidity in the market.
OctaFx claims to offer low spreads starting from 0.4 pips on major currency pairs. However, the actual spreads may vary depending on the account type, trading platform and market situation. OctaFx also charges commissions on some account types and platforms. For example, the MT5 Pro account has a commission of $5 per lot round turn.
ForexChief claims to offer zero spreads on some account types. However, this does not mean that there are no trading costs involved. ForexChief charges commissions on all account types ranging from $15 to $20 per lot round turn.
OctaFx vs ForexChief Account Types Comparison
OctaFx offers four account types: Micro, Pro, ECN and Islamic. The Micro account is suitable for beginners who want to trade with small volumes and low risk. The Pro account is designed for experienced traders who want to access more instruments and features. The ECN account is ideal for advanced traders who want to trade with raw spreads and fast execution. The Islamic account is compliant with the Sharia law and does not charge or receive any interest or swaps.
ForexChief offers two account types: MT4.DirectFX and MT4.Classic+. The MT4.DirectFX account is a commission-based account that offers zero spreads and market execution. The MT4.Classic+ account is a spread-based account that offers no commissions and instant execution.
OctaFx vs ForexChief Deposit Options Comparison
OctaFx supports more deposit and withdrawal options than ForexChief. OctaFx allows its clients to fund and withdraw their accounts using various methods, such as credit/debit cards, Neteller, Skrill, WebMoney, UnionPay, Perfect Money, local bank transfer, FasaPay, crypto, Litecoin, Ethereum, Crypto Cash, AdvCash, Ripple, Tether (USDT), Dogecoin, USD Coin (USDC) and Dai (DAI). OctaFx does not charge any fees for deposits or withdrawals.
ForexChief supports only four deposit and withdrawal options: credit/debit cards, Neteller, Skrill and crypto. ForexChief does not charge any fees for deposits or withdrawals.
OctaFx vs ForexChief Trading Platforms Comparison
OctaFx and ForexChief both offer the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms. These platforms are widely used by traders around the world for their user-friendly interface, advanced charting tools, technical indicators, automated trading systems, market news and analysis. OctaFx and ForexChief also provide mobile versions of MT4 and MT5 for iOS and Android devices.
In addition to MT4 and MT5, OctaFx also offers the cTrader platform. cTrader is a modern and innovative platform that provides direct access to the interbank market, transparent pricing, fast execution, level II quotes, advanced order types, custom indicators, cloud service and more. OctaFx also provides a mobile version of cTrader for iOS and Android devices.
OctaFx vs ForexChief Analytical Tools Comparison
OctaFx provides more analytical tools than ForexChief. OctaFx offers various tools to help its clients improve their trading performance and skills, such as market insights, trading signals, economic calendar, trading calculators, copy trading service, webinars and tutorials.
ForexChief offers only one analytical tool: free forex trading signals. These signals are generated by technical analysis and provide entry and exit points for various currency pairs. ForexChief does not offer any other tools such as market news, economic calendar, trading calculators or educational resources.
OctaFx vs ForexChief . Which forex broker is better? Which forex broker should you choose?
Choosing a forex broker depends on your personal preferences, trading style, goals and risk appetite. You should compare the features, benefits, and limitations of each broker and decide which broker is right for you. You can use the summary I provided earlier as a guide, but you should also do your own research and due diligence before opening an account with any broker. You can also check the reviews and ratings of other traders who have used OctaFx and ForexChief on various websites and forums.
