Compare OctaFx vs RoboMarkets
What is OctaFx? What is RoboMarkets ?
OctaFx is an online broker that was founded in 2011 and is regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Sector Conduct Authority (FSCA) of South Africa. It offers trading in 40 forex pairs, 28 CFDs on indices, metals, energies and cryptocurrencies, and copy trading services through its platforms MetaTrader 4, MetaTrader 5 and cTrader.
RoboMarkets (formerly RoboForex) is an online broker that was founded in 2009 and is regulated by the CySEC. It offers trading in 36 forex pairs, 12,000 CFDs on stocks, indices, ETFs, commodities, metals, energies and cryptocurrencies, and copy trading services through its platforms MetaTrader 4, MetaTrader 5, cTrader, R Trader and R MobileTrader.
OctaFx vs RoboMarkets Regulation Comparison
Both brokers are regulated by the CySEC, which means they have to comply with strict rules regarding client funds protection, risk management, transparency and fair dealing. The CySEC also offers a compensation scheme that covers up to €20,000 per client in case of broker insolvency.
OctaFx has an additional license from the FSCA of South Africa, which provides a similar level of protection for clients in that jurisdiction. The FSCA also offers a compensation scheme that covers up to R500,000 per client in case of broker insolvency.
RoboMarkets does not have any other licenses from tier-1 or tier-2 regulators, which may limit its access to some markets or clients.
OctaFx vs RoboMarkets Trading Assets Comparison
OctaFx offers a smaller range of trading assets than RoboMarkets, with 40 forex pairs and 28 CFDs compared to 36 forex pairs and 12,000 CFDs.
OctaFx has more forex pairs than RoboMarkets, including some exotic currencies such as USD/ZAR, USD/TRY and USD/MXN.
RoboMarkets has more CFDs than OctaFx, especially on stocks, ETFs and cryptocurrencies. RoboMarkets also offers CFDs on cannabis stocks and US presidential election outcome.
OctaFx vs RoboMarkets Trading Fees Comparison
Both brokers charge variable spreads on their forex and CFD trades, which depend on the account type, market conditions and trading volume.
OctaFx has lower average spreads than RoboMarkets on most of its forex pairs and CFDs. For example, the average spread on EUR/USD is 0.6 pips for OctaFx and 1.3 pips for RoboMarkets.
RoboMarkets charges commissions on some of its account types and platforms, such as the ECN-Pro account (from $20 per million traded), the Prime account (from $10 per million traded) and the R Trader platform (from $0.015 per share). OctaFx does not charge commissions on any of its account types or platforms.
Both brokers charge swap fees for holding positions overnight, which vary depending on the instrument and direction of the trade. Both brokers also offer swap-free accounts for Islamic clients.
OctaFx vs RoboMarkets Account Types Comparison
OctaFx offers three account types: Micro, Pro and ECN. The Micro account has a minimum deposit of $100, the Pro account has a minimum deposit of $500 and the ECN account has a minimum deposit of $100. The Micro account has the highest spreads and no commissions, the Pro account has lower spreads and no commissions, and the ECN account has the lowest spreads and no commissions.
RoboMarkets offers six account types: Pro-Cent, Pro-Standard, ECN-Pro, Prime, R Trader and Demo. The Pro-Cent account has a minimum deposit of $10, the Pro-Standard account has a minimum deposit of $100, the ECN-Pro account has a minimum deposit of $100, the Prime account has a minimum deposit of $5,000, the R Trader account has a minimum deposit of $100 and the Demo account has no minimum deposit. The Pro-Cent and Pro-Standard accounts have higher spreads and no commissions, the ECN-Pro and Prime accounts have lower spreads and commissions, and the R Trader account has fixed spreads and commissions.
OctaFx vs RoboMarkets Deposit Options Comparison
OctaFx offers more deposit options than RoboMarkets, with 20 payment methods compared to 12.
OctaFx supports local bank transfers in 18 countries, including Vietnam. RoboMarkets does not support local bank transfers in Vietnam.
OctaFx supports more e-wallets than RoboMarkets, such as Skrill, Neteller, Perfect Money and Bitcoin. RoboMarkets supports only Skrill and Neteller among e-wallets.
Both brokers support credit/debit cards (Visa and Mastercard), international bank wire transfers and cryptocurrencies (Bitcoin and Ethereum).
OctaFx vs RoboMarkets Trading Platforms Comparison
Both brokers offer MetaTrader 4 and MetaTrader 5 as their main trading platforms. These are popular and user-friendly platforms that support multiple order types, charting tools, indicators and automated trading strategies.
Both brokers also offer cTrader as an alternative platform for ECN trading. This is a fast and reliable platform that supports level II pricing, advanced order types and custom indicators.
RoboMarkets has two additional platforms: R Trader and R MobileTrader. R Trader is a web-based platform that allows trading in over 12,000 instruments across multiple asset classes. It also features a built-in strategy builder and backtesting tool. R MobileTrader is a mobile app that complements R Trader and provides access to the same instruments and features.
OctaFx does not have any other platforms besides MetaTrader 4, MetaTrader 5 and cTrader.
OctaFx vs RoboMarkets Analytical Tools Comparison
Analytical tools are software or features that help traders analyze the market and make informed trading decisions. They include charting tools, indicators, drawing tools, news feeds, economic calendars, trading signals, market sentiment and more.
Both brokers offer a range of analytical tools on their trading platforms, but RoboMarkets has more variety and depth than OctaFx.
RoboMarkets provides access to over 100 technical indicators, 50 drawing tools, 12 chart types and 9 timeframes on its MetaTrader 4 and MetaTrader 5 platforms. It also offers advanced analytical tools such as Autochartist, Trading Central and Claws & Horns.
OctaFx provides access to over 30 technical indicators, 24 drawing tools, 3 chart types and 9 timeframes on its MetaTrader 4 and MetaTrader 5 platforms. It does not offer any additional analytical tools besides the ones built-in on the platforms.
RoboMarkets also offers a unique web-based platform called R Trader, which features a built-in strategy builder and backtesting tool. This allows traders to create, test and optimize their own automated trading strategies using a simple drag-and-drop interface. R Trader also supports trading in over 12,000 instruments across multiple asset classes.
OctaFx does not offer any web-based platform or strategy builder tool.
OctaFx vs RoboMarkets . Which forex broker is better? Which forex broker should you choose?
Different brokers may suit different traders depending on their preferences, needs and goals. However, here are some possible advantages and disadvantages of OctaFx and RoboMarkets:
- OctaFx may be a better choice for traders who want lower spreads and fees, more forex pairs, more deposit options and an additional license from the FSCA of South Africa.
- RoboMarkets may be a better choice for traders who want more trading assets, more trading platforms, more analytical tools, more trading signals and a strategy builder and backtesting tool.
In the end, the best way to decide which broker is better for you is to experiment for yourself. You can open a demo account with both brokers and test their platforms, services and features without any real money risk. You can also read reviews from other traders who have used these brokers and learn from their experiences.
