Written by ForexBrokers.com
In this head to head comparison of IC Markets vs Octa, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Founded in 2007, IC Markets stands out as a trusted online broker with a ForexBrokers.com Trust Score of 84, placing it in the trusted category. The firm holds two Tier-1 licenses, which signifies a high level of confidence in its operations. Even though it is not publicly traded and doesn’t operate as a bank, IC Markets has built a reputation in the industry for reliability.
Octa, established in 2011, carries a ForexBrokers.com Trust Score of 72, marking it as an average risk broker. It holds one Tier-1 license and also one Tier-2 license, which collectively contribute to its standing. Similar to IC Markets, Octa is neither publicly listed nor a banking institution. While Octa lags slightly behind IC Markets in terms of licensing and trust score, it still offers regulated services in the online brokerage space.
| Feature |
IC Markets
|
Octa
|
|---|---|---|
| Year Founded | 2007 | 2011 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 1 |
| Tier-2 Licenses | 0 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 3 | 1 |
When comparing IC Markets and Octa for commissions and fees, IC Markets stands out as a top contender among low-cost forex brokers. With a 5-star rating in this category and a ranking of #5 out of 62 brokers by ForexBrokers.com, IC Markets offers competitive trading costs. Its trading platforms provide flexibility with three account types: the commission-free Standard account, and the commission-based Raw Spread and cTrader Raw Spread accounts. The cTrader account offers slightly lower commissions compared to its MetaTrader counterparts. IC Markets lists an average spread of 0.02 pips on the EUR/USD pair, providing an all-in cost of 0.62 pips for cTrader accounts, making it a compelling choice for traders.
Octa, on the other hand, has shown significant improvement in its pricing strategies, earning a respectable 4-star rating and ranking #29 for commissions and fees. Unlike IC Markets, Octa focuses on nearly slippage-free execution with 97.5% of its orders, while maintaining no overnight carry costs. However, Octa's commissions and fees vary based on the account type and entity chosen. European clients are limited to an MT5 account, while international clients can choose between MT4, MT5, and OctaTrader, with spread pricing differing slightly between entities. While Octa's average spread data do not have a specific date range for added credibility, the broker has advanced to better compete with low-cost MetaTrader options.
In summary, IC Markets and Octa offer different strengths in terms of commissions and fees. IC Markets is celebrated for its low costs and flexible platform options, making it Best in Class in this category. Octa, meanwhile, excels with its improved pricing and efficient execution, although it falls slightly short without the validated spread data. Both brokers have their unique benefits, tailored to meet varied trading needs.
| Feature |
IC Markets
|
Octa
|
|---|---|---|
| Minimum Deposit | $200 | $25 |
| Average Spread EUR/USD - Standard | 0.62 | 0.9 |
| All-in Cost EUR/USD - Active | 0.62 | N/A |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
IC Markets and Octa both cater to traders interested in forex trading, offering these as CFDs or spot contracts. When it comes to the diversity of tradeable symbols, IC Markets takes the lead with an impressive 3,583 options, compared to Octa's 300. Forex enthusiasts will also find IC Markets more appealing, boasting 61 tradeable forex pairs while Octa provides access to 35. Both platforms do not support buying actual exchange-traded securities on U.S. exchanges, such as Apple shares, but they do allow investments in international markets, including companies like Vodafone.
Neither IC Markets nor Octa offer the purchase of actual cryptocurrencies, yet both allow trading of cryptocurrency derivatives. Additionally, traders interested in copy trading will find this feature available on both platforms. In terms of range of investments, IC Markets appears more favorable with a 4.5-star rating while Octa holds 3.5 stars. This is further evidenced by their respective rankings among 62 brokers, with IC Markets positioned at #25 and Octa at #52, according to ForexBrokers.com.
| Feature |
IC Markets
|
Octa
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3583 | 300 |
| Forex Pairs (Total) | 61 | 35 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
When comparing the trading platforms and tools offered by IC Markets and Octa, traders will find both brokers offering a variety of options that cater to different needs. Both brokers provide a free virtual demo account, making it easy for new traders to practice before diving into live markets. While Octa provides its own unique platform developed in-house, IC Markets utilizes industry-standard platforms without a proprietary version. Each broker supports a Windows-based desktop download and a web-based platform, ensuring accessibility from different devices. In terms of copy trading, both IC Markets and Octa offer this feature, although only IC Markets supports ZuluTrade, giving users an additional choice for social trading.
Both brokers are rated four stars for their trading platforms and tools, illustrating their commitment to quality. However, IC Markets holds a higher position (#16) in the ForexBrokers.com ranking for platforms and tools compared to Octa, which is positioned at #37 out of 62 brokers. Charting capabilities are closely matched, with both offering 15 drawing tools, and allowing trades to be made directly from stock charts. Watch list customization is flexible on both platforms with seven fields provided for tracking investments. For those interested in using platforms like MetaTrader, both brokers support MetaTrader 4 and MetaTrader 5, but without DupliTrade support. Ultimately, choosing between IC Markets and Octa may come down to personal preference and specific platform requirements.
| Feature |
IC Markets
|
Octa
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | No | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | Yes | Yes |
| DupliTrade | No | No |
| ZuluTrade | Yes | No |
| Charting - Indicators / Studies (Total) | 30 | 30 |
| Charting - Drawing Tools (Total) | 15 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both IC Markets and Octa offer mobile trading apps compatible with iPhone and Android devices, making them accessible for traders on the go. They both provide features like stock or forex price alerts and the ability to draw trendlines and view multiple timeframes on charts. The apps from both brokers include essential tools for traders, offering 30 technical studies for chart analysis and the ability to auto-save drawings. Users can also create watchlists with real-time quotes, although neither app synchronizes watchlist changes with the online account.
In terms of ratings, both brokers receive a commendable four-star rating for their mobile trading apps. However, IC Markets is ranked 22nd out of 62 brokers by ForexBrokers.com, whereas Octa stands at the 35th position. This difference in ranking might be a factor to consider for users looking for reliability and efficiency in their mobile trading experience. Although similar in many features, this ranking suggests a slight edge for IC Markets in the realm of mobile trading app performance.
| Feature |
IC Markets
|
Octa
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | 30 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing market research offerings, IC Markets and Octa each provide valuable insights for traders. Both brokers offer daily market commentary and deliver forex news from reputable sources like Bloomberg and Reuters. Additionally, IC Markets and Octa enhance traders' experience by providing technical analysis tools from Autochartist. However, IC Markets distinguishes itself by offering tools from Trading Central and a sentiment-based trading tool that allows traders to gauge the market's mood by showing the ratio of long or short positions across different assets. These offerings can be crucial for traders who rely on in-depth analysis and sentiment indicators.
Both IC Markets and Octa provide an economic calendar, helping traders stay informed on key global economic events. Neither broker offers market research tools from TipRanks or Acuity Trading's Signal Centre, which may be a consideration for users seeking diverse research tools. According to research ratings, both brokers achieve a solid 4-star score. However, IC Markets holds a slight advantage in the rankings from ForexBrokers.com, positioned at #23, compared to Octa’s rank of #26 out of 62 brokers. This minor difference reflects IC Markets' additional resources and tools that might appeal to traders looking for more comprehensive market analysis.
| Feature |
IC Markets
|
Octa
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | Yes | No |
| Social Sentiment - Currency Pairs | Yes | No |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to providing educational resources for beginners, both IC Markets and Octa offer more than ten educational pieces focused on forex and CFDs. This includes articles, videos, and archived webinars. Both platforms hold educational webinars monthly, allowing newcomers to gain insights from live discussions. If you miss these sessions, no worry—both brokers host an accessible archive of previously recorded webinars. For visual learners, IC Markets and Octa each supply at least ten beginner-friendly videos designed to cover essential trading topics, making them a great start for those new to the trading arena.
Addressing the needs of more seasoned traders, IC Markets and Octa also provide over ten advanced educational videos, catering to more experienced individuals looking to enhance their trading strategies. Furthermore, investors can benefit from an extensive dictionary that defines over fifty investing terms on both platforms. While both brokers share a 4-star education rating, IC Markets claims a higher rank in the Education category on ForexBrokers.com, positioned at #16 compared to Octa's #41 ranking out of 62 brokers. This slightly elevated ranking may provide beginners with a bit more confidence in IC Markets' educational offerings.
| Feature |
IC Markets
|
Octa
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| Investor Dictionary (Glossary) | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 62 of the best forex brokers, our research and account testing finds that IC Markets is better than Octa. IC Markets finished with an overall rank of #20, while Octa finished with an overall rank of #47.
IC Markets’ competitive pricing and scalable execution make it an excellent option for algorithmic traders. Though it supports an impressive range of third-party tools and plugins, IC Markets’ research and education offerings are not as impressive as those offered by industry leaders.
| Feature |
IC Markets
|
Octa
|
|---|---|---|
| Overall Rating |
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| Trust Score | 84 | 72 |
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Both IC Markets and Octa do not offer the ability to buy actual (delivered) cryptocurrency, but they do provide options to trade cryptocurrency derivatives.
IC Markets and Octa both offer Skrill, Visa, Mastercard, and bank wire options for depositing and withdrawing account funds, but only IC Markets supports PayPal, while neither provides ACH or SEPA transfers.
Please note:
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.
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0 of 5| Overall Rating | IC Markets | Octa | |
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| Trust Score | 84 | 72 | |
| Winner | check_circle | ||
| Review | IC Markets Review | Octa Review |
| Broker Screenshots | IC Markets | Octa | |
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| Regulation | IC Markets | Octa | |
|---|---|---|---|
| Trust Score | 84 | 72 | |
| Year Founded | 2007 | 2011 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 2 | 1 | |
| Tier-2 Licenses | 0 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 3 | 1 |
| Tier-1 Licenses (Highly Trusted) | IC Markets | Octa | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | No | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | No | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | IC Markets | Octa | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | Yes | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | IC Markets | Octa | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3583 | 300 | |
| Forex Pairs (Total) | 61 | 35 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | IC Markets | Octa | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.62 | 0.9 | |
| All-in Cost EUR/USD - Active | 0.62 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | IC Markets | Octa | |
|---|---|---|---|
| Minimum Deposit | $200 | $25 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | No |
| Trading Platforms | IC Markets | Octa | |
|---|---|---|---|
| Proprietary Platform | No | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | Yes | No | |
| DupliTrade | No | No | |
| ZuluTrade | Yes | No |
| Trading Tools | IC Markets | Octa | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 7 | 7 | |
| Charting - Indicators / Studies (Total) | 30 | 30 | |
| Charting - Drawing Tools (Total) | 15 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | IC Markets | Octa | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | No | No | |
| Mobile Charting - Indicators / Studies | 30 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | IC Markets | Octa | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | IC Markets | Octa | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | IC Markets | Octa | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | IC Markets Review | Octa Review |
| Overall | IC Markets | Octa | |
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| Trust Score | 84 | 72 | |
| Winner | check_circle | ||
| Review | IC Markets Review | Octa Review |
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