Written by ForexBrokers.com
In this head to head comparison of TMGM 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.
When comparing online brokers TMGM and Octa, several factors like regulatory licenses and trust scores are crucial for potential investors. Founded in 2013, TMGM is not publicly traded and does not operate as a bank. It holds two Tier-1 licenses, reflecting a high level of trust according to ForexBrokers.com, and boasts a Trust Score of 83 out of 99, classifying it as a trusted broker. In contrast, Octa, founded in 2011, also is not publicly traded and isn't a bank. It holds one Tier-1 license and one Tier-2 license, with a Trust Score of 72, indicating an average risk.
The licensing and trust score distinctions shed light on the relative reliability of these brokers. TMGM's possession of two top-tier licenses enhances its credibility among investors, aligning with its higher trust rating. Octa, on the other hand, balances its single high-trust Tier-1 license with an additional Tier-2 license, catering to investors who understand its modestly higher risk profile compared to TMGM. Whether you prioritize a strong regulatory framework or a diverse licensing setup, both brokers offer unique advantages for different trading strategies.
| Feature |
TMGM
|
Octa
|
|---|---|---|
| Year Founded | 2013 | 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 | 2 | 1 |
TMGM and Octa are both highly rated for their commissions and fees, each achieving a 4-star rating. However, they offer distinct fee structures and account options that cater to different trading preferences. TMGM provides two primary account types, the spread-only Classic account and the commission-based Edge account. For those seeking lower trading costs, the Edge account is appealing, charging a small commission of $3.50 per side ($7 per round trip) alongside low spreads. Unfortunately, recent average spread data for the EUR/USD was not provided, which can limit the ability to assess exact trading costs. Additionally, for traders adhering to Islamic finance principles, TMGM offers Sharia-compliant swap-free accounts exclusively through the Edge account.
Octa has made significant strides in improving its pricing structure, striving to match the most cost-effective MetaTrader brokers. It boasts a unique advantage with no slippage on 97.5% of executed orders and no overnight carry costs. However, these benefits are coupled with restrictions that may affect high-frequency traders. Octa’s fees and available account types depend on the regulation of the client's chosen entity, with variations between its EU, South African, and offshore Mwali entities. Notably, Octa’s average spread for the EUR/USD is 0.5 pips in the EU and 0.9 pips for its foreign entities. However, the absence of a corresponding date range for these spread values diminishes their reliability for cost assessment.
In terms of ranking, Octa is positioned higher than TMGM by ForexBrokers.com, with Octa ranked #28 and TMGM ranked #35 out of 62 brokers for the Commissions and Fees category. While both brokers are competitive, Octa's improved pricing suggests it may present a slightly more attractive option for certain traders, provided the limitations of its spread data are taken into account.
| Feature |
TMGM
|
Octa
|
|---|---|---|
| Minimum Deposit | $100 | $25 |
| Average Spread EUR/USD - Standard | N/A | 0.9 |
| All-in Cost EUR/USD - Active | N/A | N/A |
| Active Trader or VIP Discounts | No | 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.
TMGM and Octa both provide a platform for investors interested in trading forex, offering forex trading as CFDs. TMGM impresses with a wide variety of 12,000 tradeable symbols and 62 forex pairs, greatly exceeding Octa's offering of 257 tradeable symbols and 35 forex pairs. However, neither broker allows clients to purchase exchange-traded securities on U.S. exchanges like Apple shares. While TMGM does not facilitate trading of international securities, Octa stands out in this regard by allowing access to international markets such as the London Stock Exchange.
Copy trading enthusiasts can benefit from leveraging this feature on both platforms. While direct purchase of cryptocurrencies is unavailable on either, both brokers provide options to trade cryptocurrency derivatives. Overall, TMGM has a higher rating for its range of investments, achieving 4.5 stars compared to Octa's 3.5 stars. In the ForexBrokers.com ranking, TMGM is positioned at #17, while Octa trails significantly at #52, highlighting TMGM's more expansive investment opportunities.
| Feature |
TMGM
|
Octa
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 12000 | 257 |
| Forex Pairs (Total) | 62 | 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) | 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 TMGM and Octa for their trading platforms and tools, both brokers offer a range of features catering to different trader preferences. TMGM and Octa allow simulated trading through free virtual demo accounts, making it easy for newcomers to familiarize themselves with the platforms. Both brokers support the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5), and provide downloadable desktop platforms for Windows users along with web-based trading solutions. While TMGM does not have a proprietary platform, Octa does, giving it a unique edge among traders who might prefer a custom-built solution. Both platforms enable copy trading and allow users to trade directly from stock charts.
In terms of charting tools, TMGM and Octa each offer 15 drawing tools, facilitating a comprehensive analysis experience. For watch lists, both brokers provide 7 columns, making it straightforward to track multiple stocks at once. Each platform is user-friendly, accommodating various trading needs, and is rated four out of five stars for their trading platforms and tools. However, in terms of ranking by ForexBrokers.com, Octa outperforms TMGM slightly, coming in at #37 out of 62 brokers, while TMGM is ranked #48, indicating a slight preference among users for Octa's platform offerings.
| Feature |
TMGM
|
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 | 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 TMGM and Octa provide versatile mobile trading apps available on iPhone and Android devices, catering to various trading preferences. Their apps allow traders to receive stock or forex price alerts and come equipped with the ability to draw trendlines, view multiple time frames, and auto-save chart drawings for seamless analysis. With 30 technical studies available for charting, traders can perform detailed technical analysis directly from their smartphones. However, neither platform supports syncing watchlist symbols between the mobile app and the client’s online account, which means changes made in either location won't automatically reflect in the other.
Both brokers allow users to create watchlists with real-time quotes, offering quick access to crucial trading data. When it comes to user ratings, both TMGM and Octa receive a respectable 4 stars for their mobile trading apps. However, when evaluating their ranking among 62 brokers in the Mobile Trading Apps category, Octa takes a slight edge, positioned at #36, while TMGM is ranked at #46, as per ForexBrokers.com. These rankings hint at Octa's marginally better reception in the market, although both apps offer essential features for effective mobile trading.
| Feature |
TMGM
|
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 it comes to market research offerings, both TMGM and Octa provide daily market commentary and access to forex news from premiere sources like Bloomberg and Reuters. While TMGM integrates Trading Central's tools, Octa offers resources from Autochartist. TMGM takes advantage of Acuity Trading's tools, such as Signal Centre, and provides sentiment-based trading tools that analyze market positions, which Octa does not. However, both brokers include an economic calendar for tracking global news events.
Despite these offerings, TMGM receives a research rating of 3.5 out of five stars, compared to Octa's four stars. In an evaluation of research services among 62 brokers by ForexBrokers.com, TMGM ranks at #53, while Octa sits much higher at #26. This suggests that while TMGM offers a diverse array of tools, Octa might have a slight edge in overall research quality according to industry rankings.
| Feature |
TMGM
|
Octa
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | Yes | No |
| Social Sentiment - Currency Pairs | Yes | No |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | Yes | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners, Octa offers more comprehensive options compared to TMGM. Octa provides a wealth of content, including over ten educational materials focusing on forex and CFDs, while TMGM falls short of this. Additionally, Octa hosts monthly educational webinars, providing live learning opportunities for its clients, an area where TMGM does not participate. Both brokers, however, offer searchable archives of past webinars, allowing clients to catch up on missed sessions at their convenience.
For those new to trading, Octa delivers an edge with more than ten beginner-friendly educational videos, which are not available through TMGM. The same advantage extends to advanced traders, as Octa supplies over ten informational videos tailored for experienced users. In terms of resources like investor dictionaries, both platforms match in providing definitions for over 50 investing terms. This comprehensive approach has earned Octa a higher educational rating of 4 stars compared to TMGM's 3.5 stars, and Octa is ranked 41 out of 62 brokers in the Education category, while TMGM is ranked 54.
| Feature |
TMGM
|
Octa
|
|---|---|---|
| Education (Forex or CFDs) | No | Yes |
| Client Webinars | No | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | No | Yes |
| Videos - Advanced Trading Videos | No | 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 TMGM is better than Octa. TMGM finished with an overall rank of #37, while Octa finished with an overall rank of #47.
TMGM stands out for its impressive education toolset, though it still trails behind the best brokers in most categories. TMGM offers a small range of markets via the MetaTrader 4 (MT4) platform. While primarily a MetaTrader broker, it also offers the more exclusive IRESS platform – though the platform-specific requirements will limit who can use it.
| Feature |
TMGM
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Octa
|
|---|---|---|
| Overall Rating |
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| Trust Score | 83 | 72 |
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TMGM and Octa both do not offer the ability to buy actual delivered cryptocurrency, but they each provide options for trading cryptocurrency derivatives.
Comparing online brokers, TMGM and Octa both do not provide ACH or SEPA transfers for account deposits or withdrawals, while TMGM offers PayPal as a payment option, unlike Octa; both platforms accept Skrill and major credit cards such as Visa and Mastercard, as well as bank wire transfers for handling account funds.
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 | TMGM | Octa | |
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| Trust Score | 83 | 72 | |
| Winner | check_circle | ||
| Review | TMGM Review | Octa Review |
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| Regulation | TMGM | Octa | |
|---|---|---|---|
| Trust Score | 83 | 72 | |
| Year Founded | 2013 | 2011 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 2 | 1 | |
| Tier-2 Licenses | 0 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 2 | 1 |
| Tier-1 Licenses (Highly Trusted) | TMGM | 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) | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes |
| Tier-2 Licenses (Trusted) | TMGM | 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 | TMGM | Octa | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 12000 | 257 | |
| Forex Pairs (Total) | 62 | 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) | 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 | TMGM | Octa | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | N/A | 0.9 | |
| All-in Cost EUR/USD - Active | N/A | N/A | |
| Active Trader or VIP Discounts | No | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | TMGM | Octa | |
|---|---|---|---|
| Minimum Deposit | $100 | $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 | TMGM | 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 | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | TMGM | 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 | TMGM | 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 | TMGM | Octa | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | TMGM | Octa | |
|---|---|---|---|
| Education (Forex or CFDs) | No | Yes | |
| Client Webinars | No | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | No | Yes | |
| Videos - Advanced Trading Videos | No | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | TMGM | 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 | TMGM Review | Octa Review |
| Overall | TMGM | Octa | |
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| Trust Score | 83 | 72 | |
| Winner | check_circle | ||
| Review | TMGM Review | Octa Review |
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