Written by ForexBrokers.com
In this head to head comparison of Octa vs LegacyFX, 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.
Both Octa and LegacyFX are online brokers established in the early 2010s, with Octa founded in 2011 and LegacyFX following in 2012. Neither is publicly traded or operates as a bank, offering clients online trading services without the ties to a public exchange or banking. In terms of regulatory standing, both brokers hold one Tier-1 license, reflecting a high level of trust. Octa further distinguishes itself with an additional Tier-2 license, indicating extra layers of trust according to ForexBrokers.com.
When examining trust scores from ForexBrokers.com, Octa receives a score of 72, placing it in the average risk category. LegacyFX, on the other hand, scores slightly lower at 67, categorizing it as higher risk. These scores suggest that both brokers have room to enhance their trustworthiness, with Octa having a slight edge in terms of perceived safety for traders.
| Feature |
Octa
|
LegacyFX
|
|---|---|---|
| Year Founded | 2011 | 2012 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 1 | 1 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
When comparing the commissions and fees of online brokers, Octa has made significant strides in improving its pricing structure, making it one of the more cost-effective MetaTrader brokers. With the advantage of 97.5% order execution without slippage and no overnight carry costs, Octa appeals to many traders, though it might not be ideal for those engaging in high-frequency trading. Depending on your geographical location, your choice of Octa’s EU, South African, or Mwali entity, as well as the type of account you open, will determine the exact fees you encounter. While Octa boasts competitive spreads, particularly with their EU entity offering an average spread of just 0.5 pips on the EUR/USD pair, the lack of a date range for this data means the figures should be approached with caution. Overall, Octa receives a 4-star rating and is ranked #29 for commissions and fees among 62 brokers reviewed by ForexBrokers.com.
LegacyFX, on the other hand, offers a diverse range of account types, with selection contingent upon whether traders operate under its EU entity regulated by CySEC or its international entity in Vanuatu. LegacyFX provides three account tiers for EU residents—Silver, Gold, and Platinum—each with varying minimum deposits and spreads. The Silver account, for example, has a minimum spread starting at 1.6 pips on the EUR/USD, making it one of the pricier options. In Vanuatu, LegacyFX extends its offerings with seven account types such as Bronze, Silver, Gold, and beyond, which not only vary in spreads and minimum deposits but also in levels of customer support and access to trading resources. Unfortunately, the absence of average spread disclosures makes it challenging to fully ascertain LegacyFX's cost-effectiveness. With a 3.5-star rating and a ranking of #56 in commissions and fees, LegacyFX trails behind Octa as per ForexBrokers.com's evaluation.
| Feature |
Octa
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $25 | $500 |
| Average Spread EUR/USD - Standard | 0.9 | N/A |
| All-in Cost EUR/USD - Active | N/A | N/A |
| Active Trader or VIP Discounts | No | Yes |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | No | 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.
When comparing the range of investment options, both Octa and LegacyFX stand as competent online brokers offering the ability to trade forex through CFDs or spot contracts. Octa presents a selection of 300 tradeable symbols, which is slightly overshadowed by LegacyFX's 425 symbols. For forex enthusiasts, Octa provides access to 35 forex pairs, while LegacyFX edges ahead with 44. However, a standout feature of Octa is its provision of exchange-traded securities from international exchanges, enabling purchases of global shares like Vodafone. LegacyFX, in contrast, does not offer access to international stock exchanges, narrowing its scope for stock trading.
Both platforms extend the opportunity for copy trading as well as trading cryptocurrency derivatives, though neither allows for the purchase of actual cryptocurrencies. Evaluating their performance ratings, both brokers receive a solid 3.5 out of 5 stars for their range of investment offerings. Yet, in a ranking of 62 brokers, LegacyFX holds a slight advantage in the "Range of Investments" category, securing the 48th position, compared to Octa's 52nd. This information reflects a balanced choice depending on specific trading preferences and investment goals.
| Feature |
Octa
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 300 | 425 |
| Forex Pairs (Total) | 35 | 44 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| 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 it comes to trading platforms and tools, both Octa and LegacyFX offer free virtual demo accounts, enabling users to practice trading without real money. However, Octa edges out LegacyFX with its proprietary platform, which provides a unique experience tailored by the broker itself. Both brokers offer Windows-based and web-based platforms, ensuring accessibility and flexibility across devices. For traders who prefer copy trading, both brokers support this feature, but Octa extends its compatibility by offering MetaTrader 4 and MetaTrader 5, while LegacyFX supports only MetaTrader 5.
Charting capabilities are evenly matched between Octa and LegacyFX, as both offer the same number of drawing tools and have features that allow direct trading from the stock chart. Their watch lists also offer similar functionality with seven columns each. Despite the similarities, Octa is rated higher with four stars compared to LegacyFX's 3.5 stars for trading platforms and tools, reflected in their ForexBrokers.com rankings—Octa sits at #37, while LegacyFX trails behind at #59 out of 62 brokers. Neither broker includes DupliTrade or ZuluTrade, indicating similar gaps in their tool offerings. Overall, Octa's more comprehensive platform options give it an edge over LegacyFX in this head-to-head comparison.
| Feature |
Octa
|
LegacyFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | No |
| MetaTrader 5 (MT5) | Yes | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | 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.
When comparing the mobile trading apps of Octa and LegacyFX, both platforms provide apps for iPhone and Android users. They offer essential features such as stock or forex price alerts, the ability to draw trendlines, view multiple time frames on charts, and create watchlists with real-time quotes. Both apps include 30 technical studies for chart analysis, further equipping traders with needed tools for informed decision-making. However, both platforms lack watchlist symbol syncing, which means changes made to watchlists on one device will not automatically update on another. Despite this shared setback, Octa's app stands out slightly with a higher user rating of 4 stars compared to LegacyFX's 3.5 stars.
Overall, users looking to trade on-the-go will find both Octa and LegacyFX's mobile apps sufficient for their trading needs. However, when it comes to ranking among brokers for mobile apps, Octa fares better, positioned at #35 out of 62, whereas LegacyFX is ranked at #60. This indicates a marginally better user experience for Octa users, potentially due to a more streamlined or user-friendly interface. For those who prioritize app rankings and ratings as a part of their trading platform decision, Octa presents a more favorable option compared to LegacyFX.
| Feature |
Octa
|
LegacyFX
|
|---|---|---|
| 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 Octa and LegacyFX for market research, both brokers offer daily market commentary and provide forex news from top-tier sources like Bloomberg and Reuters. They also feature technical and fundamental research tools from Autochartist, ensuring a comprehensive analysis of market trends. However, neither broker provides tools from Trading Central or sentiment-based trading tools that display long or short positions across various instruments. Additionally, both lack market research from TipRanks and tools from Acuity Trading's Signal Centre.
While Octa and LegacyFX both offer economic calendars to keep clients informed of global news events, their research ratings differ slightly. Octa scores a 4-star rating, compared to LegacyFX's 3.5-star rating, indicating a more favorable evaluation in research capabilities. Moreover, Octa ranks 26th among 62 brokers on ForexBrokers.com for research, while LegacyFX is positioned at 45th. This difference reflects Octa's slight edge in delivering research support and resources to traders.
| Feature |
Octa
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | No |
| Social Sentiment - Currency Pairs | No | 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 educational resources for beginners, both Octa and LegacyFX provide a comprehensive foundation for those venturing into forex or CFDs trading. Each offers over ten educational pieces, including articles, videos, and archived webinars, focused on forex and CFDs. They also host regular online webinars each month, allowing learners to gain real-time insights. If you miss any webinar, both platforms have built searchable archives of past sessions, ensuring you can access valuable information anytime. Additionally, beginners can benefit from more than ten trading videos specifically designed to simplify complex topics.
For traders seeking to deepen their knowledge, Octa and LegacyFX each offer over ten advanced instructional videos. These materials cater to experienced traders looking to refine their strategies. Both brokers also provide an investor dictionary with definitions for over 50 terms, making it easier for new investors to understand the forex lingo. Despite their strong educational offerings, Octa scores a slightly higher rating of four stars compared to LegacyFX's 3.5 stars for education, although LegacyFX is ranked higher at 35th out of 62 brokers in ForexBrokers.com's Education category, compared to Octa's 42nd place.
| Feature |
Octa
|
LegacyFX
|
|---|---|---|
| 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 Octa is better than LegacyFX. Octa finished with an overall rank of #47, while LegacyFX finished with an overall rank of #62.
Octa offers a basic, low-cost MetaTrader platform experience alongside its social copy-trading platform.
| Feature |
Octa
|
LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 72 | 67 |
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Both Octa and LegacyFX do not provide the option to purchase actual (delivered) cryptocurrency, but they both offer the capability to buy cryptocurrency derivatives.
Both Octa and LegacyFX do not support ACH or SEPA transfers, nor PayPal for deposits or withdrawals, but they both offer Skrill, Visa, Mastercard, and bank wire options for financial transactions.
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 | Octa | LegacyFX | |
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| Trust Score | 72 | 67 | |
| Winner | check_circle | ||
| Review | Octa Review | LegacyFX Review |
| Broker Screenshots | Octa | LegacyFX | |
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| Regulation | Octa | LegacyFX | |
|---|---|---|---|
| Trust Score | 72 | 67 | |
| Year Founded | 2011 | 2012 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 1 | 1 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | Octa | LegacyFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | 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) | Octa | LegacyFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | Yes | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Octa | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 300 | 425 | |
| Forex Pairs (Total) | 35 | 44 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| 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 | Octa | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.9 | N/A | |
| All-in Cost EUR/USD - Active | N/A | N/A | |
| Active Trader or VIP Discounts | No | Yes | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | Octa | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $25 | $500 | |
| PayPal (Deposit/Withdraw) | No | 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 | Octa | LegacyFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | No | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Octa | LegacyFX | |
|---|---|---|---|
| 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 | Octa | LegacyFX | |
|---|---|---|---|
| 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 | Octa | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | No | No | |
| Economic Calendar | Yes | Yes |
| Education | Octa | LegacyFX | |
|---|---|---|---|
| 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 | Octa | LegacyFX | |
|---|---|---|---|
| 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 | Octa Review | LegacyFX Review |
| Overall | Octa | LegacyFX | |
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| Trust Score | 72 | 67 | |
| Winner | check_circle | ||
| Review | Octa Review | LegacyFX Review |
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