OctaFX vs FXPrimus Comparison
Comparing forex brokers side by side is no easy task. For our 2023 annual forex broker review, we spent hundreds of hours assessing 39 forex and CFD brokerages to find the best forex broker. Let's compare OctaFX vs FXPrimus.
Can I trust OctaFX?
OctaFX has a trust score of 69, giving it a "High Risk" trust label. Here's what each trust score label means:
- "Highly Trusted" (90-99) - These brokers are considered the most trustworthy firms in the industry. Simply put, we would not hesitate to open and fund an account with a Highly Trusted broker.
- "Trusted" (80-89) - These brokers are reliable and trustworthy. "Trusted" firms are a solid choice, and may simply hold fewer regulatory licences or feature different corporate structures than those brokers that have earned our top Trust Score rating.
- "Average Risk" (70-79) - Average Risk brokers are firms we generally consider to be safe, but that may warrant a closer inspection before you open and fund a live trading account. At the least, we always encourage traders to check the regulatory licenses for Average Risk firms to verify that they are regulated in their own country of residence.
- "High Risk" (60-69) - High-risk firms should be scrutinized and carefully reviewed before opening an account. These forex brokers are – in most cases – operating without credible regulatory licensing, and likely have a history of legal or financial issues. Before considering an account with a high-risk firm, we recommend checking our country guides for your country of residence to see if a more trusted broker is available.
- "Do Not Trust" (<59) - We do not recommend opening an account of any kind with a broker that earns a “Do Not Trust” rating.
Can I trust FXPrimus?
FXPrimus has a trust score of 69, giving it a "High Risk" trust label.
Is OctaFX a good broker?
OctaFX is a MetaTrader broker that boasts its own social copy trading platform, developed in-house. OctaFX has decent pricing, but a narrow range of markets to trade and fewer regulatory licenses than you'd find with the best brokers in the industry.
Is FXPrimus a good broker?
FXPrimus offers cTrader as well as the full MetaTrader suite, but offers less than 140 symbols that you can trade from its platform. Despite carrying indemnity insurance from its Vanuatu regulated entity and holding a regulatory license in Cyprus, FXPrimus' lack of additional top-tier licenses brings its Trust Score down.
What tier-1 jurisdictions is each broker regulated in?
Tier-1 regulators go above and beyond by requiring additional capital requirements, checking in on brokers more frequently, and putting brokers through a tougher screening process. unfortunately, neither OctaFX nor FXPrimus are Australia (ASIC Authorised), Canada (SRO Authorised), Hong Kong (SFC Authorised), CBI Authorised (Ireland), Japan (SFC Authorised), Singapore (MAS Authorised), New Zealand (FMA Authorised), Switzerland (FINMA Authorised), United Kingdom (U.K.) (FCA Authorised) and USA (CFTC Authorized).. Neither have USA (CFTC Authorized)
What tier-2 jurisdictions is each broker regulated in? What about tier-3?
Tier-2 and tier-3 licenses are still important in evaluating the overall trustworthiness of forex brokers. As far as tier-2 licenses go, OctaFX is Cyprus (CySEC Authorised) and South Africa (FSCA Authorised), while FXPrimus is Cyprus (CySEC Authorised).. Neither have China (CBRC Authorised), India (SEBI Authorised), Israel (ISA Authorised), Russia (CBR Authorised), Thailand (SEC Authorised) and UAE (DFSA/Central Bank Authorised). When comparing tier-3 licenses OctaFX is none, while FXPrimus is Vanuatu (VFSC Authorised).. Neither have Bahamas (SCB Authorised), Belize (FSC Authorised), Bermuda (BMA Authorised), British Virgin Islands (FSC Authorised), Cayman Islands (CIMA Authorised) and Mauritius (FSC Authorised).
Which broker offers more trading platforms?
For trading platforms OctaFX supports a Proprietary Platform and Desktop Platform (Windows), whereas FXPrimus supports a Desktop Platform (Windows) and cTrader.. Neither have DupliTrade and ZuluTrade
Does OctaFX offer MetaTrader? Does FXPrimus offer MetaTrader?
Both OctaFX and FXPrimus offer the whole MetaTrader suite, which consists of both MetaTrader 4 and MetaTrader 5. If you’re new to MetaTrader 4 here’s our educational guide on how to use MT4.
How do OctaFX and FXPrimus differ in terms of minimum deposit? What about average spreads and funding options?
OctaFX requires a minimum deposit of $25, while FXPrimus requires a minimum deposit of $100. From our testing we found OctaFX offers spreads of 0.9, while FXPrimus offers spreads of N/A. Both OctaFX and FXPrimus offer Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and Skrill (Deposit/Withdraw) for deposits.. Neither have PayPal (Deposit/Withdraw)
Which brokers offers more tradeable asset classes, OctaFX or FXPrimus?
OctaFX offers a more diverse selection of investment options than FXPrimus allowing you to trade Forex Trading (Spot or CFDs), Social Trading / Copy Trading, Metals, Energies and U.S. Stocks (CFD).. Neither have Spread Betting, Agriculturals and ETF Looking at total tradeable symbols, OctaFX has 229, compared to 140 from FXPrimus.
Can I trade cryptocurrency with OctaFX or FXPrimus?
Crypto trading is popular with forex traders. Most crypto assets are offered either as the underlying physical asset or as a CFD or other derivative — including spot forex contracts. In terms of trading physical cryptocurrency neither OctaFX nor FXPrimus allow you to trade physical cryptocurrencies.
Who offers more research tools, OctaFX or FXPrimus?
In terms of research and research tools OctaFX gives traders the following tools: Autochartist, Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources) and Social Trading / Copy Trading. In comparison FXPrimus has the tools listed here: Daily Market Commentary, Stock Charts and Social Trading / Copy Trading.. Neither have Trading Central (Recognia)
Overall winner: OctaFX
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We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.