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 considering commissions and fees, Octa is steadily catching up with some of the most cost-efficient MetaTrader brokers, boasting a 4-star rating and ranking 29th out of 63 brokers, according to ForexBrokers.com. One of Octa's key advantages is the absence of slippage on 97.5% of its executed orders and no overnight carry costs. However, potential traders should be aware of restrictions that might limit high-frequency trading strategies. The commissions and overall pricing will vary based on the account type and regulatory entity under which your Octa account is managed, whether within Europe or through their South African or Mwali offshore branches.
Octa's spreads fluctuate according to the regulatory entity managing the account. For European clients, the average spread for the EUR/USD pair is more competitive at 0.5 pips, compared to the 0.9 pips offered by the overseas entities. Importantly, Octa does not provide a time frame for these average spread stats, which could affect their reliability compared to brokers that do provide dated spread data. Despite these limitations, Octa has shown significant improvements in its pricing structure, aligning more closely with leading low-cost brokers.
In contrast, LegacyFX holds a 3.5-star rating and ranks 57th out of 63 brokers. LegacyFX offers different account types based on the client's region—European clients can choose between Silver, Gold, and Platinum accounts, while international clients have seven options up to VIP level. Unfortunately, LegacyFX does not disclose average spreads, hindering a transparent evaluation of trading costs. The minimum deposit requirements for LegacyFX vary widely across account types, influencing the trading costs and range of services, such as access to personalized support and trading tools.
| 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 investment offerings of Octa and LegacyFX, both brokers provide opportunities for forex trading through CFDs or spot contracts. Octa offers a total of 300 tradeable symbols which include 35 forex pairs, while LegacyFX presents a slightly broader array consisting of 425 symbols and 44 forex pairs. However, neither broker offers the ability to purchase exchange-traded U.S. securities directly, but Octa does provide an edge with the option to invest in exchange-traded securities on international exchanges.
Both Octa and LegacyFX support trading in cryptocurrency derivatives, although they do not offer the purchase of actual cryptocurrencies. In addition, copy trading is a feature available with both brokers, appealing to traders interested in mimicking the strategies of successful investors. Despite sharing a 3.5-star rating in the Range of Investments category, LegacyFX is ranked slightly ahead at #48 compared to Octa’s position at #52 out of 63 brokers evaluated by ForexBrokers.com. Overall, each platform offers distinct advantages, catering to different investment preferences.
| 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 key features that cater to diverse trading needs, but there are distinct differences. Both brokers provide simulated trading with free virtual demo accounts, which is an excellent way for beginners to practice without financial risk. Octa stands out with its proprietary platform, developed in-house, alongside the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. LegacyFX, while not offering a proprietary platform, supports MetaTrader 5. Both brokers provide Windows-based desktop and web-based trading platforms and include copy trading as a feature. However, neither offers DupliTrade or ZuluTrade integration.
Traders who value charting tools will find both brokers offering identical options, with 15 drawing tools and the ability to trade directly from a stock chart. They also have matching functionality concerning watch lists, each providing seven columns. Yet, based on reviews from ForexBrokers.com, Octa edges out with a 4-star rating compared to LegacyFX's 3.5 stars. This is mirrored in their platform rankings, with Octa positioned at #37, offering a broader toolset and user-friendly experience, while LegacyFX is ranked #60 out of 63 brokers. These differences make Octa a slightly more appealing choice for those seeking a comprehensive trading platform experience.
| 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 offer iPhone and Android apps for mobile trading, ensuring compatibility across popular devices. Whether you're interested in stock or forex trading, both brokers provide essential features, including price alerts and the ability to create watchlists with real-time quotes. However, if you frequently update your watchlists, note that neither platform offers syncing between the mobile app and the online account. In terms of charting capabilities, Octa and LegacyFX provide 30 technical studies, let you draw trendlines, view multiple time frames, and automatically save chart drawings. These features empower traders to conduct technical analysis effectively on the go.
Despite these similarities, there are differences in user feedback and rankings. Octa's mobile trading app enjoys a four-star rating and ranks 36th out of 63 brokers according to ForexBrokers.com, while LegacyFX garners a slightly lower rating of 3.5 stars and holds the 61st spot. Both platforms offer solid options for traders seeking comprehensive mobile trading tools, but Octa slightly edges out LegacyFX in terms of user reviews and industry rankings.
| 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 in terms of market research, both online brokers present attractive options for traders. They each provide daily market commentary and access to forex news from renowned sources like Bloomberg and Reuters. Additionally, traders have access to technical analysis tools from Autochartist with both brokers. However, neither Octa nor LegacyFX offers tools from Trading Central or sentiment-based trading tools to display market positions. Similarly, neither broker provides market research from TipRanks or Acuity Trading. On the bright side, both brokers include economic calendars, keeping traders informed of significant global events.
In terms of ratings and rankings, Octa slightly edges out LegacyFX with a 4-star research rating compared to LegacyFX's 3.5 stars. When assessed by ForexBrokers.com, Octa was ranked 27th out of 63 brokers, while LegacyFX landed at the 46th spot. This subtle difference may influence traders seeking a more highly rated research experience. However, the similarities between the two could mean the final choice hinges on other aspects of their services.
| 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 offer substantial support, ensuring that newcomers to forex and CFDs can access enough materials to build a solid foundation. Each platform provides over ten educational pieces, which include articles, videos, and archived webinars, all focusing primarily on forex or CFDs. Beginners also have access to monthly live webinars designed to enhance their learning experience, along with a searchable archive of recorded sessions for additional flexibility. Both brokers provide a collection of over ten beginner-focused videos on essential trading topics, catering specifically to new traders' needs.
Octa and LegacyFX extend their educational offerings beyond the basics, providing over ten advanced trading videos aimed at more seasoned traders looking to deepen their knowledge. Additionally, both platforms include an investor dictionary, featuring definitions of over 50 investing terms that help users comprehend complex financial jargon. Despite Octa receiving a slightly higher educational rating of 4 stars compared to LegacyFX's 3.5 stars, LegacyFX has a better standing in the educational rankings by ForexBrokers.com. Out of 63 brokers, LegacyFX holds the 35th position, while Octa is at the 42nd. Both brokers clearly place a significant emphasis on education, supporting traders of all levels.
| 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 63 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 #63.
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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