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 examining the commissions and fees of online brokers Octa and LegacyFX, Octa has made significant strides in improving its pricing structure. Previously known for higher costs, Octa now competes closely with some of the least expensive MetaTrader brokers. Furthermore, Octa provides the benefit of no slippage on 97.5% of executed orders and avoids overnight carry costs, although there are some limitations that may affect high-frequency traders. Fees at Octa are account-dependent, influenced by the user's location and the regulatory entity overseeing the account, with varying spreads across its EU and international entities.
In contrast, LegacyFX offers a range of account types that vary by geographic region and are influenced by whether the account is regulated by the EU’s CySEC or operates out of Vanuatu. Although diverse, LegacyFX does not provide average spread data, which can make it challenging to gauge the precise trading costs. For EU residents, LegacyFX offers Silver, Gold, and Platinum accounts with minimum deposits of $500, $5,000, and $25,000, respectively, where trading costs are lowest with the Platinum account. International clients have access to a broader choice of seven account types, but each comes with varying degrees of trading support and access to tools, determined by the account's minimum deposit amount.
When compared, Octa achieves a higher star rating for its commissions and fees, earning 4 out of 5 stars and is ranked #28 out of 62 brokers by ForexBrokers.com. Meanwhile, LegacyFX receives a lower rating of 3.5 stars and ranks #56 in the same category. Octa's advancements in pricing and transparency are evident, and it stands out as a more cost-effective choice for those prioritizing lower fees and minimal slippage.
| 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 between Octa and LegacyFX, both brokers provide opportunities in forex trading, offering both CFD and spot contracts. Octa offers a selection of 257 tradeable symbols, including 35 forex pairs, whereas LegacyFX provides a broader array with 425 tradeable symbols and 44 forex pairs. While neither broker allows purchasing exchange-traded securities on U.S. exchanges, Octa presents an opportunity to invest in international shares, such as Vodafone on the London Stock Exchange, which LegacyFX does not.
Both Octa and LegacyFX support copy trading, enabling users to mimic successful trading strategies. However, neither broker offers the option to purchase actual cryptocurrencies, focusing instead on cryptocurrency derivatives. Despite their differing offerings, both brokers are rated 3.5 stars for their range of investments. However, when stacked against 62 brokers, LegacyFX slightly edges out Octa, ranking 48th to Octa's 52nd position, highlighting LegacyFX's more extensive list of available tradeable symbols.
| Feature |
Octa
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 257 | 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.
Both Octa and LegacyFX cater to mobile traders with apps available for iPhone and Android devices, offering essential tools for forex and stock trading. Users of both platforms enjoy features like price alerts, the ability to create watchlists with real-time quotes, and draw trendlines on charts. Furthermore, traders can analyze their trades using 30 different technical studies on each mobile app. Both apps also offer convenience with features like auto-saving drawings and viewing multiple time frames on charts, enhancing the trading experience on the go.
However, there are slight differences in user ratings and rankings that could influence your choice. Octa shines with a 4-star rating for mobile trading apps, whereas LegacyFX falls slightly behind with a 3.5-star rating. Additionally, Octa is ranked higher, coming in at 36th out of 62 brokers, compared to LegacyFX’s 60th place in the Mobile Trading Apps category by ForexBrokers.com. Despite these differences, both platforms provide practical and effective mobile trading solutions, though they lack watchlist syncing across devices.
| 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 comparing the educational resources available for beginners, both Octa and LegacyFX provide a wide range of tools and materials to help new traders. Each broker offers over ten educational pieces, such as articles, videos, and archived webinars focused on forex and CFDs, making them a solid choice for those just starting. They both hold monthly online educational webinars and maintain a searchable archive of these sessions, which allows users to revisit and learn at their own pace. Additionally, each broker provides extensive video content tailored for both beginners and advanced traders, ensuring that all levels of expertise can find value in their materials.
Furthermore, both Octa and LegacyFX support their educational offerings with an investor dictionary that includes definitions of over 50 investing terms, which is a valuable feature for those unfamiliar with trading jargon. However, despite these similarities, Octa is slightly higher rated at 4 stars for education compared to LegacyFX's 3.5 stars. Interestingly, in the rankings by ForexBrokers.com for educational resources, LegacyFX holds a better position at #35, whereas Octa is ranked #41 out of 62 brokers. This comparison highlights that both offer valuable resources, yet there are some differences in ratings and rankings that might influence a beginner trader's choice.
| 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) | 257 | 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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