IronFX vs OctaFX Comparison
Comparing forex brokers side by side is no easy task. Our research team has collected thousands of data points, written hundreds of thousands of words of research, and tested over 60 brokers to help you find the best forex brokers in the industry. Trying to decide between IronFX and OctaFX? Our independent database powered by our unbiased research will help you compare IronFX vs OctaFX side-by-side.
What is Trust Score?
Trust Score is a data-driven rating system that provides an at-a-glance rating of a broker’s overall trust by tracking 60+ brokers and over 100 regulatory jurisdictions across the globe. To make things clearer for everyday traders, we’ve created a five-tier system for regulators and Trust Score rating labels. Learn more about Trust Score, and check out our country guides to see the most trusted brokers in your country of residence.
Can I trust IronFX?
IronFX has a Trust Score of 84, giving it a "Trusted" Trust Score Label.
Can I trust OctaFX?
OctaFX has a Trust Score of 70, giving it a "Average Risk" Trust Score Label.
Is IronFX a good broker?
Founded in 2010, IronFX is a trusted forex broker that holds licenses in multiple reputable regulatory jurisdictions, boosting its overall Trust Score. Traders at IronFX gain access to MetaTrader 4 and the broker's proprietary TradeCopier platform for social copy trading. The broker has also done a nice job putting together decent educational materials for beginner forex traders. That said, spreads at IronFX are higher than the industry average.
Is OctaFX a good broker?
Founded in 2011, OctaFX delivers access to both MetaTrader 4 and MetaTrader 5 alongside its own OctaTrader platform for web and its proprietary OctaFX Copytrading app for social copy trading. OctaFX has decent pricing, but its range of markets is narrow, and the broker is only regulated in one Tier-1 jurisdiction (which brings down its Trust Score rating).
What Tier-1 jurisdictions is each broker regulated in?
Tier-1 is reserved for the strictest, most stringent regulatory jurisdictions in the world. Tier-1 regulators impose additional capital requirements and require a tougher initial screening process. IronFX holds regulatory licenses in the following Tier-1 jurisdictions: Australia (ASIC Authorised) and United Kingdom (U.K.) (FCA Authorised). OctaFX, on the other hand, is licensed in these Tier-1 regulatory jurisdictions: none. Neither have Canada (CIRO Authorised), Hong Kong (SFC Authorised), CBI Authorised (Ireland), Japan (SFC Authorised), Singapore (MAS Authorised), New Zealand (FMA Authorised), Switzerland (FINMA Authorised) and 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, IronFX is Cyprus (CySEC Authorised), while OctaFX is Cyprus (CySEC Authorised) and South Africa (FSCA 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 IronFX is Bermuda (BMA Authorised), while OctaFX is none.. Neither have Bahamas (SCB Authorised), Belize (FSC Authorised), British Virgin Islands (FSC Authorised), Cayman Islands (CIMA Authorised), Mauritius (FSC Authorised) and Vanuatu (VFSC Authorised).
Which broker offers more trading platforms?
Whether your broker develops its own proprietary platforms or provides access to popular third-party platforms, you should make sure you can use your preferred type of trading platform. In our testing, we found that IronFX offers a Desktop Platform (Windows), whereas OctaFX supports a Proprietary Platform and Desktop Platform (Windows). Neither have cTrader, DupliTrade and ZuluTrade
Does IronFX offer MetaTrader? Does OctaFX offer MetaTrader?
For MetaTrader IronFX provides MetaTrader 4 (MT4), while OctaFX provides MetaTrader 4 (MT4) and MetaTrader 5 (MT5). If MetaTrader is a must for you, read our guides on the best MT4 brokers or best MT5 brokers.
How do IronFX and OctaFX differ in terms of minimum deposit? What about average spreads and funding options?
IronFX requires a minimum deposit of $50, while OctaFX requires a minimum deposit of $25. You'll also want to make sure that your broker accepts the funding options and deposit methods that work best for you. In our testing, we've found that both IronFX and OctaFX offer Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and Skrill (Deposit/Withdraw) for deposits. Neither have PayPal (Deposit/Withdraw)
Which broker offers more tradeable asset classes, IronFX or OctaFX?
When choosing a broker, it’s important to check the availability of your preferred investment products and asset classes. We’ve tested each broker’s individual offering of investments to help you pick the right broker for what you want to trade. We found that both IronFX and OctaFX offer Forex Trading (Spot or CFDs), Social Trading / Copy Trading, Metals, Energies and U.S. Stocks (CFD). Neither have Spread Betting, Agriculturals and ETF.
We also keep track of each broker’s total number of tradeable symbols; IronFX offers 340, and OctaFX offers a total of 229 tradeable symbols.
Can I trade cryptocurrency with IronFX or OctaFX?
Crypto trading has become popular among forex traders across a range of international jurisdictions. As a result, many forex brokers now offer crypto products to their clients; most crypto assets are offered either as an underlying physical asset (such as when you own actual bitcoin assets, for example) or as a derivative product like a CFD. If you are looking to trade physical cryptocurrencies, you’ll find that neither IronFX nor OctaFX allow you to trade physical cryptocurrencies.
Who offers more research tools, IronFX or OctaFX?
Market research plays a huge role in any forex trader’s ability to conduct analysis within the global forex market. We test each broker’s research offering to help you decide which broker is right for your technical or fundamental analysis needs. IronFX delivers the following research tools: Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources), Trading Central (Recognia) and Social Trading / Copy Trading. OctaFX, on the other hand, provides the tools listed here: Autochartist, Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources) and Social Trading / Copy Trading
Overall winner: IronFX
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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.