Compare OctaFx vs SimpleFX
What is OctaFx? What is SimpleFX ?
OctaFx is a forex broker that offers trading services for various instruments, such as forex, CFDs, indices, commodities, metals, and cryptocurrencies. OctaFx is regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Services Authority (FSA) of Saint Vincent and the Grenadines. OctaFx was established in 2011 and has won more than 60 awards in the industry.
SimpleFX is a forex broker that offers trading services for various instruments, such as forex, CFDs, indices, spread betting, gold, silver, and cryptocurrencies. SimpleFX is not regulated by any authority and operates as an offshore company. SimpleFX was established in 2014 and has received positive reviews from some users.
OctaFx vs SimpleFX Regulation Comparison
OctaFx has a higher level of regulation than SimpleFX, as it is licensed by two reputable authorities: CySEC and FSA. CySEC is the financial regulator of Cyprus and a member of the European Securities and Markets Authority (ESMA). FSA is the financial regulator of Saint Vincent and the Grenadines and a popular jurisdiction for offshore brokers. Both regulators require brokers to follow certain rules, such as keeping client funds in segregated accounts, maintaining adequate capital, submitting regular reports, and participating in compensation schemes.
SimpleFX does not have any regulation from any authority and operates as an offshore company. This means that SimpleFX does not have to comply with any rules or standards that protect traders’ interests and funds. Offshore brokers are often associated with higher risks of fraud, manipulation, or insolvency.
OctaFx vs SimpleFX Trading Assets Comparison
OctaFx and SimpleFX offer a similar range of trading assets, but OctaFx has more variety and options than SimpleFX. OctaFx offers over 230 trading instruments, including 28 currency pairs, 4 metals, 10 indices, 3 energies, 3 cryptocurrencies, and 182 stocks. OctaFx also offers futures, options, agriculture, bonds, binary options, ETFs, and shares.
SimpleFX offers over 170 trading instruments, including 60 currency pairs, 4 metals, 11 indices, spread betting, gold, silver, and 100 cryptocurrencies. SimpleFX does not offer any other instruments besides these.
OctaFx vs SimpleFX Trading Fees Comparison
OctaFx and SimpleFX both charge variable spreads as their main trading fees. Variable spreads are dynamic and depend on market conditions and liquidity. Variable spreads can be lower or higher than fixed spreads at different times. Both brokers do not charge any commissions or swaps on their trades.
OctaFx vs SimpleFX Account Types Comparison
OctaFx offers three types of accounts: Micro, Pro, and ECN. Micro accounts are suitable for beginners who want to trade with small volumes and low risk. Pro accounts are suitable for experienced traders who want to trade with larger volumes and access more instruments. ECN accounts are suitable for advanced traders who want to trade with the best market conditions and execution speed.
SimpleFX offers only one type of account: Standard. Standard accounts are suitable for all types of traders who want to trade with flexible leverage and no minimum deposit requirement.
OctaFx vs SimpleFX Deposit Options Comparison
OctaFx and SimpleFX both offer a variety of deposit and withdrawal options for their clients. However, OctaFx has more options than SimpleFX. OctaFx accepts deposits and withdrawals via credit/debit cards, Neteller, Skrill, FasaPay, and cryptocurrencies. OctaFx does not charge any fees for deposits or withdrawals and processes them within one business day.
SimpleFX accepts deposits and withdrawals via Skrill, Neteller, FasaPay, Crypto, Litecoin, Dash, Ethereum, Monero, Crypto Cash, Zcash, Ethereum Classic, Tether (USDT), Dogecoin, Tron, USD Coin (USDC), Dai (DAI), EOS.IO, Binance Coin and Ripple. SimpleFX does not charge any fees for deposits or withdrawals and processes them within one business day.
OctaFx vs SimpleFX Trading Platforms Comparison
OctaFx and SimpleFX both offer the popular MetaTrader 4 platform as their main trading platform. MetaTrader 4 is a user-friendly and reliable platform that supports various features, such as charting tools, indicators, expert advisors, automated trading, one-click trading, trailing stop, and pending orders.
OctaFx also offers two other platforms: MetaTrader 5 and cTrader. MetaTrader 5 is an upgraded version of MetaTrader 4 that supports more instruments, order types, execution modes, analytical tools, and market depth. cTrader is a platform designed for ECN trading that offers fast execution speed, advanced charting tools, level II pricing, and full market transparency.
SimpleFX also offers two other platforms: Mobile Trading Platform and WebTrader. Mobile Trading Platform is a platform that allows traders to access their accounts and trade from their mobile devices. WebTrader is a platform that allows traders to trade from their web browsers without downloading any software.
OctaFx vs SimpleFX Analytical Tools Comparison
OctaFx and SimpleFX both offer some analytical tools to help their clients with their trading decisions. However, OctaFx has more tools than SimpleFX. OctaFx offers daily trading ideas based on technical analysis and market trends. OctaFx also offers free educational materials such as webinars, live trading sessions, articles, news, bonus programs, promotions, contests.
SimpleFX does not offer any trading ideas or educational materials. SimpleFX only offers a blog that covers some topics related to trading and cryptocurrencies.
OctaFx vs SimpleFX . Which forex broker is better? Which forex broker should you choose?
Choosing the right broker depends on your personal preferences, trading style, risk appetite and goals. However, you can refer to some suggestions to help you make your decision:
- If you value regulation and security, you might prefer OctaFx over SimpleFX, as OctaFx is licensed by two reputable authorities while SimpleFX is not regulated by any authority.
- If you value variety and options, you might prefer OctaFx over SimpleFX, as OctaFx offers more instruments, account types, platforms, and analytical tools than SimpleFX.
- If you value low costs and flexibility, you might prefer SimpleFX over OctaFx, as SimpleFX has a lower minimum deposit requirement, higher maximum leverage ratio, and more payment methods than OctaFx.
- If you value simplicity and convenience, you might prefer SimpleFX over OctaFx, as SimpleFX has only one account type, one spread type, and two platforms to choose from.
In the end, the choice is yours. You should do your own research and test brokers with a demo account before opening a real account. You should also carefully read the terms and conditions of each broker and understand the risks involved in forex trading.
