Written by ForexBrokers.com
In this head to head comparison of OANDA 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 1996, OANDA is a well-established online broker with a strong reputation. It is not publicly traded, nor is it a bank, but it holds an impressive seven Tier-1 licenses. This places OANDA in the highly trusted category, as per ForexBrokers.com's Trust Score rating, where it garners a score of 93 out of 99. This high trust score reflects OANDA's commitment to maintaining industry-leading regulatory standards, providing clients with confidence in their trading experience.
In comparison, Octa was founded in 2011 and, like OANDA, is neither publicly traded nor a bank. Octa holds one Tier-1 license and one Tier-2 license, showing a more modest regulatory backing compared to OANDA. With a Trust Score rating of 72, Octa falls into the average risk category according to ForexBrokers.com. While Octa offers certain protections for its clients, its regulatory credentials are less extensive than those of OANDA, offering a different level of trust and assurance for traders.
| Feature |
OANDA
|
Octa
|
|---|---|---|
| Year Founded | 1996 | 2011 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 7 | 1 |
| Tier-2 Licenses | 0 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
When comparing the commissions and fees of online brokers OANDA and Octa, both platforms offer distinct advantages and drawbacks. OANDA is noted for its automated execution across a range of accounts, although its forex trading costs are generally considered steep compared to leading brokers. The effective spreads in both its default and core pricing are higher than its competitors, like FOREX.com and FxPro. For core pricing, OANDA offers lower bid/ask spreads with an additional commission fee, which can result in a marginally better overall cost compared to its commission-free pricing. OANDA is rated 4 stars and ranked #34 out of 62 brokers for their commissions and fees category by ForexBrokers.com, benefiting from features such as trading rebates for high-volume traders and micro lot trading flexibility.
Octa, on the other hand, has made significant improvements in its pricing structure, putting it in closer competition with the lowest-cost MetaTrader brokers. The broker ensures minimal slippage on 97.5% of executed orders and eliminates overnight carry costs, though there are restrictions for high-frequency traders. The type of account and the regulatory entity managing your account greatly influence any commissions or fees incurred. Spreads are competitive, particularly within the EU where the EUR/USD average spread is 0.5 pips, although the variability in pricing across different regulatory entities can be noticed. Octa also shares a 4-star rating for its commissions and fees, but ranks slightly higher at #29 out of 62 brokers according to ForexBrokers.com.
Both OANDA and Octa offer commendable features that appeal to specific types of traders, with OANDA providing automation and rebate programs, and Octa focusing on low slippage and absence of overnight fees. However, each broker has its limitations in terms of transparency and consistency in spread pricing, making the decision dependent on whether overall trading costs or specific features align with an investor’s trading strategy.
| Feature |
OANDA
|
Octa
|
|---|---|---|
| Minimum Deposit | $0 | $25 |
| Average Spread EUR/USD - Standard | 1.61 | 0.9 |
| All-in Cost EUR/USD - Active | 1.61 | N/A |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | Yes | 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.
When it comes to the variety of investment options, OANDA and Octa both provide opportunities for forex trading through CFDs and spot contracts. However, OANDA surpasses Octa in offering a remarkable 3,928 tradeable symbols compared to Octa's 300. For those focused on forex pairs, OANDA again leads with 68 available pairs, nearly doubling Octa's offering of 35. While neither platform provides direct access to U.S. exchange traded securities like Apple stocks, Octa stands out with its offering of international exchange-traded securities, unlike OANDA.
Both brokers support copy trading, appealing to investors interested in leveraging the strategies of experienced traders. In the realm of cryptocurrencies, OANDA provides a more holistic experience by allowing users to buy actual cryptocurrencies in addition to derivatives, whereas Octa is limited to cryptocurrency derivatives alone. Reflecting these differences, OANDA is rated 4 stars for range of investments, compared to Octa's 3.5 stars. According to ForexBrokers.com, OANDA holds the 27th position among 62 brokers in this category, whereas Octa is ranked 52nd, highlighting OANDA's broader investment choices.
| Feature |
OANDA
|
Octa
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3928 | 300 |
| Forex Pairs (Total) | 68 | 35 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | Yes | 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 of OANDA and Octa, both brokers offer several features designed to enhance the trading experience. They both provide simulated trading through free virtual demo accounts, allowing traders to practice without risking real money. Each broker has developed their own proprietary platform and also offers popular trading platforms like MetaTrader 4 and MetaTrader 5. Additionally, traders can access their accounts through Windows-based desktop downloads as well as web-based platforms, providing flexibility in how they manage their trades. Both OANDA and Octa support copy trading, which can be a valuable feature for those looking to replicate the strategies of successful traders. However, neither offers DupliTrade or ZuluTrade as part of their platform tools.
In terms of charting capabilities, OANDA stands out by offering 431 drawing tools, while Octa provides 15. Both brokers enable trades to be executed directly from stock charts, which is a convenient option for many traders. Additionally, Octa offers slightly more watch list customization with seven columns compared to OANDA's six. While both brokers receive a rating of 4 out of 5 stars for their trading platforms and tools, OANDA is ranked 15th out of 62 brokers by ForexBrokers.com in this category, ahead of Octa, which holds the 37th spot. This comparison highlights key differences and similarities that traders might consider when choosing between OANDA and Octa for their trading needs.
| Feature |
OANDA
|
Octa
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | 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 | No | No |
| Charting - Indicators / Studies (Total) | 81 | 30 |
| Charting - Drawing Tools (Total) | 431 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 6 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both OANDA and Octa provide comprehensive mobile trading apps for iPhone and Android devices, offering features essential for effective trading. Users can set up stock or forex price alerts and conveniently draw trendlines on their charts. Both platforms offer 30 technical studies for chart analysis, allowing traders to view multiple time frames, such as daily, weekly, or intraday, and enjoy auto-saving features for their chart drawings. While both apps support creating watchlists with real-time quotes, they lack the ability to sync watchlists across different devices.
When it comes to user ratings, OANDA's mobile app earns a strong five-star rating, placing it at an impressive 7th position out of 62 brokers according to ForexBrokers.com. In contrast, Octa's mobile trading app receives a four-star rating, ranking it at 35th place. This suggests that while Octa is a solid choice for mobile trading, OANDA's app is more highly regarded by users for its functionality and ease of use.
| Feature |
OANDA
|
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.
OANDA and Octa offer comprehensive market research services for traders, featuring daily market commentary and access to forex news from reputable sources like Bloomberg, Reuters, and Dow Jones. Both brokers provide tools from Autochartist for technical and fundamental analysis, although neither supports Trading Central tools. When it comes to sentiment-based trading tools, OANDA stands out by offering resources that display trading sentiment ratios, unlike Octa. While neither broker provides research from TipRanks or Acuity Trading, both include an economic calendar for tracking global news events, enhancing their appeal to informed traders.
Despite their similarities, OANDA receives a 5-star rating for research and secures an impressive fifth place among 62 brokers according to ForexBrokers.com, outperforming Octa, which holds a 4-star rating and ranks 26th. This distinction highlights OANDA's stronger focus on providing insightful market analysis tools and resources, giving it an edge for traders seeking a more enriched research experience.
| Feature |
OANDA
|
Octa
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | 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 comparing OANDA and Octa for their educational offerings to beginners, both platforms provide impressive resources. They each deliver a minimum of 10 educational pieces focused on forex and CFDs, including articles, videos, and archived webinars. Additionally, OANDA and Octa both host monthly online webinars for clients, enhancing the learning experience for novice traders. Their searchable archives of past webinars offer a convenient way to access previous lessons and gain further insights at any time.
For video content tailored specifically for beginners, both brokers meet the standard with at least 10 video tutorials each. Advanced traders are also catered to with the same quantity of in-depth educational videos offered by both. An investor dictionary with over 50 defined terms is accessible through each platform, making it easier for new traders to familiarize themselves with industry jargon. Despite their similarities, OANDA stands out slightly higher in the educational rankings, receiving a 5-star rating compared to Octa's 4 stars. This distinction places OANDA in the 22nd position out of 62 brokers on ForexBrokers.com's Education category, while Octa is ranked at 41st.
| Feature |
OANDA
|
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 OANDA is better than Octa. OANDA finished with an overall rank of #12, while Octa finished with an overall rank of #47.
A trusted global brand, OANDA stands out for its reputation and quality market research. Its regulatory track record is strong, and its support for third-party features bolsters its overall offering.
| Feature |
OANDA
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Octa
|
|---|---|---|
| Overall Rating |
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| Trust Score | 93 | 72 |
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OANDA provides the capability to purchase actual delivered cryptocurrency as well as cryptocurrency derivatives, whereas Octa only offers the option to buy cryptocurrency derivatives, not the actual cryptocurrency.
When comparing online brokers OANDA and Octa, OANDA offers a broader range of deposit and withdrawal options, including ACH/SEPA transfers, PayPal, and Skrill, while Octa provides only Skrill as an additional option, with both platforms supporting Visa/Mastercard and bank wires.
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 | OANDA | Octa | |
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| Trust Score | 93 | 72 | |
| Winner | check_circle | ||
| Review | OANDA Review | Octa Review |
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| Regulation | OANDA | Octa | |
|---|---|---|---|
| Trust Score | 93 | 72 | |
| Year Founded | 1996 | 2011 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 1 | |
| Tier-2 Licenses | 0 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | OANDA | Octa | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | OANDA | 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 | OANDA | Octa | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3928 | 300 | |
| Forex Pairs (Total) | 68 | 35 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | Yes | 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 | OANDA | Octa | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.61 | 0.9 | |
| All-in Cost EUR/USD - Active | 1.61 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | OANDA | Octa | |
|---|---|---|---|
| Minimum Deposit | $0 | $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 | Yes | No |
| Trading Platforms | OANDA | Octa | |
|---|---|---|---|
| Proprietary Platform | Yes | 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 | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | OANDA | Octa | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 6 | 7 | |
| Charting - Indicators / Studies (Total) | 81 | 30 | |
| Charting - Drawing Tools (Total) | 431 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | OANDA | 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 | OANDA | Octa | |
|---|---|---|---|
| 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 | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | OANDA | 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 | OANDA | 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 | OANDA Review | Octa Review |
| Overall | OANDA | Octa | |
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| Trust Score | 93 | 72 | |
| Winner | check_circle | ||
| Review | OANDA Review | Octa Review |
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