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 |
OANDA and Octa are two prominent online brokers offering different strengths when it comes to commissions and fees. OANDA is known for its higher forex trading costs, with steep effective spreads in both its default and core pricing schemes. The default spread for OANDA is generally over 1.6 pips for popular pairs like the EUR/USD. However, its core pricing offers lower spreads, such as 0.4 pips for the same pair, along with an added commission of $5 per $100,000 traded, totaling roughly 1.4 pips all-in. OANDA also provides flexibility with trade sizes as small as one unit, and maintains transparency by publishing trailing average spreads. Despite its advantages, OANDA is ranked #34 out of 63 brokers by ForexBrokers.com in the Commissions and Fees category, and holds a 4-star rating.
On the other hand, Octa has made significant improvements in pricing, positioning itself closer to the low-cost MetaTrader brokers. Octa's spreads are favorable, particularly within its EU entity, where the average EUR/USD spread is 0.5 pips, compared to the 0.9 pips offered by its other entities. With nearly 97.5% of executed orders experiencing no slippage and the benefit of no overnight carry costs, Octa eliminates some common trading pitfalls. While Octa also lacks a fixed date range for its spread data, making precise comparisons challenging, its pricing is competitive enough to earn a 4-star rating and a rank of #29 among the 63 brokers assessed by ForexBrokers.com.
Both brokers cater to different trading preferences: OANDA provides extensive automated execution and flexibility in micro lot trading, while Octa appeals to clients seeking minimized costs and efficient order execution. Ultimately, both OANDA and Octa deliver viable options for traders, each with unique advantages to consider based on individual trading needs and the geographical regulatory environment clients belong to.
| 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.
Choosing between OANDA and Octa for online trading involves considering the range of investments each offers. OANDA provides a vast selection of tradeable symbols, boasting 3,928 in total, compared to Octa's 300 symbols. This includes a greater variety of forex pairs, with OANDA offering 68, almost double the 35 pairs available through Octa. Both brokers allow forex trading through CFDs or spot contracts, and they each facilitate copy trading for those interested in mimicking successful strategies. Unique to OANDA is the option to purchase actual cryptocurrencies, whereas Octa restricts clients to cryptocurrency derivatives only.
When it comes to exchange-traded securities, neither broker provides access to U.S. markets, so buying shares like Apple isn't an option. However, Octa stands out by offering international exchange-traded securities, such as shares from the London Stock Exchange, while OANDA does not. In independent rankings by ForexBrokers.com for their investment range, OANDA secures a better position at #27, with a 4-star rating, compared to Octa's #52 ranking and a 3.5-star rating. Whether you're looking for a broader spectrum of forex pairs and cryptocurrency options, or access to international stock exchanges, understanding these differences can help guide your choice.
| 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.
Both OANDA and Octa provide traders with extensive trading platforms and tools, but they have some distinct differences worth noting. They each offer simulated trading with free virtual demo accounts and have developed their own proprietary platforms, ensuring seamless experiences across devices. Whether on a Windows desktop or through a web browser, both brokers accommodate every trader's preference. They also support popular platforms such as MetaTrader 4 (MT4) and MetaTrader 5 (MT5) but do not offer services like DupliTrade or ZuluTrade. Copy trading is available on both platforms, allowing users to mirror the trades of experienced investors conveniently.
When diving deeper into their charting tools, OANDA stands out with an impressive array of 431 drawing tools, surpassing Octa's 15. Both allow traders to execute trades straight from stock charts, a feature that's crucial for those who value agility in trading. While Octa provides one more column for watchlists with seven, OANDA offers six, allowing for comprehensive market monitoring. Although both brokers are rated four stars in Trading Platforms and Tools, their rankings by ForexBrokers.com reveal differing standings: OANDA is ranked 15th, whereas Octa is positioned at 37th out of 63 brokers. This difference in rank highlights OANDA's slight edge in terms of overall platform features and usability.
| 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 offer comprehensive mobile trading apps for iPhone and Android, allowing users to trade on the go with ease. Their apps provide essential features such as stock and forex price alerts, charting capabilities with 30 technical studies, and the ability to draw trendlines and view multiple time frames. Users can also create watchlists with real-time quotes, although neither app currently offers syncing of watchlist symbols with their online accounts. This means any changes made in the app will not automatically update on the web platform and vice versa.
In terms of performance and user satisfaction, OANDA's mobile app stands out with a perfect 5-star rating and an impressive ranking as the seventh best out of 63 brokers, according to ForexBrokers.com. Meanwhile, Octa's app receives a respectable 4-star rating and is positioned at the 36th spot in the same ranking. Overall, both app offerings cater to technical traders and provide convenient, on-the-go trading solutions, though OANDA’s app garners slightly higher accolades from its users and reviewers.
| 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.
When comparing the market research offerings of OANDA and Octa, both brokers provide a solid foundation with their daily market commentary and access to forex news from esteemed outlets like Bloomberg and Reuters. Traders looking for advanced technical analysis tools will find solutions from Autochartist available at both platforms. However, those seeking sentiment-based trading tools will notice a difference: OANDA offers a tool that displays the ratio of long to short positions across various currency pairs, whereas Octa does not.
OANDA and Octa both present an economic calendar to track global news events, but they lack research tools from firms like Trading Central or Acuity Trading. Despite these similarities, OANDA edges ahead in terms of research quality, earning a 5-star rating and a top-five ranking from ForexBrokers.com. On the other hand, Octa receives a 4-star rating and ranks 27th among 63 brokers. This highlights OANDA's stronger position in providing comprehensive market insights to its users.
| 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 it comes to educational resources for beginners, both OANDA and Octa offer comprehensive options to guide new traders through the world of forex and CFDs. Each platform provides a variety of materials, including articles, videos, and archived webinars, all aimed at boosting trader knowledge. These platforms also host monthly online educational webinars and maintain a searchable library of previous sessions, making it convenient for users to deepen their understanding at any time. Beginner traders will find a wealth of resources at their disposal, with OANDA and Octa offering over ten beginner-focused educational videos. Both brokers also cater to experienced traders with advanced videos and supply an investor dictionary with over 50 investing terms.
Despite the similarities, OANDA leads slightly in the educational arena, earning a 5-star rating in this category compared to Octa’s 4 stars. OANDA ranks higher among 63 brokers, holding the 22nd spot in ForexBrokers.com's education category, while Octa comes in at 42nd. This ranking underscores the effectiveness and depth of OANDA's educational offerings, making it a preferred choice for those who prioritize education in their trading journey.
| 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 63 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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