Written by ForexBrokers.com
In this head to head comparison of IG 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.
IG and Octa are two notable names in the realm of online brokerage, but they differ significantly in terms of trust and regulatory standing. IG, established in 1974, boasts a rich history and high credibility, being publicly traded and operating as a bank. It holds an impressive eight Tier-1 licenses, signifying maximum trust, alongside two Tier-2 licenses. IG's commitment to safety and reliability earns it a perfect Trust Score of 99 from ForexBrokers.com, marking it as a highly trusted choice for clients seeking security in their financial ventures.
In contrast, Octa, founded in 2011, remains a private entity and does not operate as a bank. Its regulatory portfolio includes just one Tier-1 and one Tier-2 license, which are modest compared to IG’s profile. This is reflected in its Trust Score of 72, suggesting an average risk level according to ForexBrokers.com standards. Overall, while Octa maintains a presence in the market, its regulatory assurances are less comprehensive compared to the well-established and highly trusted IG.
| Feature |
IG
|
Octa
|
|---|---|---|
| Year Founded | 1974 | 2011 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 8 | 1 |
| Tier-2 Licenses | 2 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
When it comes to commissions and fees, IG and Octa each target different segments of traders with unique offerings. IG, with its Forex Direct account, is ideal for active traders and those executing large orders. While not a discount broker, IG provides competitive spreads averaging 0.62 pips for Forex Direct accounts in July 2023, resulting in an all-in cost of 0.82 pips. For CFD accounts, typical spreads averaged 0.69 pips globally, exceeding industry norms during high liquidity periods but rising to 1.03 pips during less active times. High-volume traders can benefit from IG’s rebates and premium perks, offering spread discounts up to 20% in certain regions. With these offerings, IG has secured a 5-star rating and ranks 8th among 63 brokers in the Commissions and Fees category.
Octa has made strides in enhancing its pricing structures and now closely rivals low-cost MetaTrader brokers. Octa offers several account types, varying based on geographic location and regulation standards. European clients have a single account option through the EU entity, focusing on MT5, while international traders can access accounts for both MT4 and MT5. Spreads for the EUR/USD pair are competitive, with the EU entity offering an average spread of 0.5 pips compared to 0.9 pips for foreign entities. Despite the lack of specific date references for spread data, Octa has improved its pricing performance and is rated 4 stars, ranking 29th out of 63 brokers in the Commissions and Fees category.
In summary, IG stands out for its tailored solutions for active traders and offers significant pricing perks for high-volume trading, giving it a higher ranking and better rating in commissions and fees. However, Octa has made noticeable improvements, positioning itself better among bargain MetaTrader brokers by refining its overall fee structure and executing orders with minimal slippage.
| Feature |
IG
|
Octa
|
|---|---|---|
| Minimum Deposit | £250.00 | $25 |
| Average Spread EUR/USD - Standard | 0.98 | 0.9 |
| All-in Cost EUR/USD - Active | 0.82 | N/A |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
IG and Octa are both well-known online brokers offering a variety of investment opportunities, but they cater to different types of traders effectively. IG stands out with a vast selection of 19,537 tradeable symbols, which includes 97 forex pairs, providing traders with diverse options to suit their strategies. Unlike Octa, which offers 300 tradeable symbols and 35 forex pairs, IG also allows clients to purchase exchange-traded U.S. securities and international shares directly. While IG does not support copy trading, it does offer the opportunity to buy actual cryptocurrencies. Both platforms facilitate trading cryptocurrency derivatives, but IG holds a significant range advantage, reflected in its 5-star rating and 4th rank for Range of Investments by ForexBrokers.com.
On the other hand, Octa is a practical choice for traders interested in forex and cryptocurrency derivative trading who appreciate the added perk of copy trading to reflect others' successful strategies. Although Octa does not support the trading of U.S. exchange-traded securities or actual cryptocurrencies, its offering of international exchange-traded securities and competitive 3.5-star rating positions it as a solid option for particular trade preferences. Moreover, Octa's Range of Investments ranking at 52 by ForexBrokers.com suggests that while it might not have the extensive variety offered by IG, it still caters to traders looking for specialized trading features in certain areas.
| Feature |
IG
|
Octa
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 19537 | 300 |
| Forex Pairs (Total) | 97 | 35 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | Yes |
| Social Trading / Copy Trading | No | 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.
Both IG and Octa offer comprehensive trading platforms with free virtual demo accounts, allowing users to test strategies without financial risk. Each broker provides a proprietary platform along with support for the popular MetaTrader 4 (MT4). However, Octa has a slight edge in platform versatility by offering MetaTrader 5 (MT5), while IG does not. Both brokers offer Windows-based desktop platforms and web-based browser trading capabilities. For traders interested in enhanced portfolio options, Octa supports copy trading, which IG does not.
When it comes to charting tools, IG offers a slight advantage with 20 drawing tools compared to Octa's 15. Both platforms permit trading directly from stock charts, enhancing user convenience. In terms of watch list customization, Octa offers seven columns, outpacing IG's five. Overall, IG shines brighter in ratings, receiving five out of five stars for its trading platforms and tools, and is ranked second out of 63 brokers. In contrast, Octa is rated four stars and holds the 37th position according to ForexBrokers.com.
| Feature |
IG
|
Octa
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 33 | 30 |
| Charting - Drawing Tools (Total) | 20 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 5 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of IG and Octa, both platforms cater to users with iPhone and Android devices, offering an array of features that meet the needs of active traders. Both apps support various time frames for stock and forex chart analysis, accommodate trendline drawing, and allow for the creation of watchlists with real-time quotes. Users can receive price alerts seamlessly, enhancing their trading strategies on the go. However, a key distinction lies in watchlist syncing; while IG offers seamless synchronization between the mobile app and the online account, Octa does not offer this feature. This means changes made to watchlists in the Octa app won't sync with other platforms, potentially requiring manual updates.
Further exploring their charting capabilities, IG provides 33 technical studies for a more comprehensive analysis compared to Octa's 30. Both apps auto-save chart drawings, but IG's overall user experience and features have earned it a five-star rating for its mobile trading app, significantly outperforming Octa's four-star rating. This distinction in quality is echoed in rankings by ForexBrokers.com, where IG leads the pack at #1 among 63 brokers for mobile trading apps, while Octa holds the #36 spot. For traders seeking a top-tier mobile trading experience with seamless integration, IG stands out as a superior choice.
| Feature |
IG
|
Octa
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 33 | 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 exploring online brokers for market research, IG and Octa present strong offerings, yet IG distinguishes itself with a few unique resources. Both brokers provide daily market commentary and deliver forex news from reputable sources like Bloomberg and Reuters. They also offer technical analysis from Autochartist and provide economic calendars for upcoming global events. However, IG goes a step further with additional tools and features that enhance a trader's experience. Notably, IG includes market research from TipRanks and insights from Acuity Trading, like the Signal Centre, resources that Octa does not offer. This extended support gives IG an edge in providing comprehensive market insights.
The differences between IG and Octa become clearer when looking at sentiment trading tools and overall research ratings. IG offers a sentiment-based trading tool showing the ratio of long or short positions, a feature that Octa lacks. These distinctions contribute to IG's higher ranking and rating. IG is rated with an impressive 5 stars and ranks #2 out of 63 brokers in the Research category, according to ForexBrokers.com. This contrasts with Octa, which, while still strong, receives a 4-star rating and ranks #27. For traders prioritizing extensive market research tools, IG’s broader array of available resources makes it a compelling choice.
| Feature |
IG
|
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 | Yes | 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, both IG and Octa provide valuable offerings. For those interested in forex or CFDs, each broker offers at least 10 educational pieces, such as articles, videos, and archived webinars. Additionally, both IG and Octa host regularly scheduled online webinars, ensuring that learners have monthly opportunities to gain insights from experts. Furthermore, both platforms cater to beginners by providing a wealth of educational videos and maintain searchable archives for easy access to past webinars.
IG and Octa also cater to more advanced learners, offering at least 10 educational videos on complex trading topics. To further support understanding, both brokers offer an extensive investor dictionary, which contains definitions for over 50 investing terms. Despite these similarities, IG stands out with a 5-star rating for education and is ranked as the top broker in this category by ForexBrokers.com. In contrast, Octa earns a respectable 4-star rating but ranks as the 42nd among 63 brokers, making IG a strong contender for beginners looking for comprehensive educational resources.
| Feature |
IG
|
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 63 of the best forex brokers, our research and account testing finds that IG is better than Octa. IG finished with an overall rank of #1, while Octa finished with an overall rank of #47.
IG offers the ultimate comprehensive trading package, featuring excellent trading and research tools, industry-leading education, and an extensive range of tradeable markets.
| Feature |
IG
|
Octa
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 72 |
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IG provides the option to purchase actual cryptocurrencies and cryptocurrency derivatives, while Octa only offers cryptocurrency derivatives.
IG offers a variety of options for depositing and withdrawing account funds, including ACH, SEPA, PayPal, Visa, Mastercard, and bank wires, while Octa supports Visa, Mastercard, bank wires, and Skrill, but not ACH, SEPA, or PayPal.
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 | IG | Octa | |
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| Trust Score | 99 | 72 | |
| Winner | check_circle | ||
| Review | IG Review | Octa Review |
| Broker Screenshots | IG | Octa | |
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| Regulation | IG | Octa | |
|---|---|---|---|
| Trust Score | 99 | 72 | |
| Year Founded | 1974 | 2011 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 8 | 1 | |
| Tier-2 Licenses | 2 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | IG | Octa | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | Yes | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | IG | Octa | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | Yes | Yes | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | IG | Octa | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 19537 | 300 | |
| Forex Pairs (Total) | 97 | 35 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| Social Trading / Copy Trading | No | 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 | IG | Octa | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.98 | 0.9 | |
| All-in Cost EUR/USD - Active | 0.82 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | IG | Octa | |
|---|---|---|---|
| Minimum Deposit | £250.00 | $25 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | IG | Octa | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | IG | Octa | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 5 | 7 | |
| Charting - Indicators / Studies (Total) | 33 | 30 | |
| Charting - Drawing Tools (Total) | 20 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | IG | Octa | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 33 | 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 | IG | Octa | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | IG | 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 | IG | 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 | IG Review | Octa Review |
| Overall | IG | Octa | |
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| Trust Score | 99 | 72 | |
| Winner | check_circle | ||
| Review | IG Review | Octa Review |
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