IC Markets
Regulated in your country IC Markets is allowed by ASIC to onboard clients residing in Australia.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
OctaFX
Not regulated in your country OctaFX does not accept residents in Australia because it is not regulated by ASIC.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Best for
What we compare A comparison of the kinds of traders IC Markets and OctaFX are best suited to, based on what each one actually offers in Australia.IC Markets is better than OctaFX for professional traders, while OctaFX is better for day traders and high-volume traders. Both are a good fit for scalpers, swing traders and news traders.
| Overall score | IC Markets 84 Best | OctaFX 80 -4 |
|---|---|---|
| Day trading i | ||
| Long-term investing i | ||
| Professional traders i | ||
| High-volume traders i | ||
| Scalpers i | ||
| Swing traders i | ||
| News traders i | ||
| Algo traders i | ||
| Stock traders i | ||
| Crypto traders i | ||
| Futures traders i | ||
| Options traders i |
Regulation
What we compare A comparison between the financial authorities that supervise IC Markets and the ones that supervise OctaFX.Only IC Markets is regulated in Australia, by ASIC. OctaFX holds no licence in Australia and is regulated by CySEC.
| Section score | IC Markets 100 Best | OctaFX 85 -15 |
|---|---|---|
| Tier-1 regulators | ||
| ESMA (European Union) i | ||
| FCA (United Kingdom) i | ||
| ASIC (Australia) i | ||
| CFTC (United States) i | ||
| NFA (United States) i | ||
| SEC (United States) i | ||
| CIRO (Canada) i | ||
| MAS (Singapore) i | ||
| SFC (Hong Kong) i | ||
| JFSA (Japan) i | ||
| FINMA (Switzerland) i | ||
| Tier-2 regulators | ||
| FMA (New Zealand) i | ||
| CBR (Russia) i | ||
| FSCA (South Africa) i | ||
| DFSA (Dubai) i | ||
| CSRC (China) i | ||
| ISA (Israel) i | ||
| LFSA (Malaysia) i | ||
| JSC (Jordan) i | ||
| CMA (Kenya) i | ||
| Tier-3 regulators | ||
| FSA (Seychelles) i | ||
| MMA (Maldives) i | ||
| SCB (Bahamas) i | ||
| FSC (Mauritius) i | ||
| VFSC (Vanuatu) i | ||
| FSC (Belize) i | ||
| CIMA (Cayman Islands) i | ||
| SV FSA (Saint Vincent and the Grenadines) i | ||
| FSRC (St. Kitts & Nevis) i | ||
| BMA (Bermuda) i | ||
| BVI FSC (British Virgin Islands) i | ||
| EDR (External Dispute Resolution) i | ||
Safety
What we compare A comparison of the tools and services that IC Markets and OctaFX have in place to protect your money in Australia.IC Markets and OctaFX both offer segregated client funds and two-factor authentication.
| Section score | IC Markets 65 | OctaFX 65 |
|---|---|---|
| Company info | ||
| Is it publicly traded i | ||
| Is it a bank i | ||
| Year founded i | 2007 | 2011 |
| Parent company i | International Capital Markets Pty Ltd | Octa Markets Incorporated |
| CEO i | Andrew Budzinski | Pavel Prozorov |
| Money safety | ||
| Segregated client funds i | ||
| Two-factor authentication i | ||
| Investor compensation scheme i | ||
| Additional money insurance i | ||
| Partner bank i | Eurobank | N/A |
| Brand power | ||
| Number of customers worldwide i | 40,000,000 | |
| Annual revenue i | ||
| Monthly website search traffic i | 2.2M monthly visits | |
Costs
What we compare A comparison of what it costs to trade with IC Markets and with OctaFX in Australia, both on each trade and on holding the account.OctaFX is better than IC Markets for costs, since OctaFX is cheaper on EUR/USD, at US$6 per lot (against IC Markets' US$8), does not charge US stock CFD fees (against IC Markets' US$0.02), and does not charge currency conversion fees, unlike IC Markets. Neither IC Markets nor OctaFX charges account maintenance fees or deposit fees.
| Section score | IC Markets 64 -21 | OctaFX 85 Best |
|---|---|---|
| Broker fees | ||
| Deposit fees i | ||
| Withdrawal fees i | ||
| Overnight fees i | ||
| Inactivity fees i | ||
| Currency conversion fees i | ||
| Discounts on volume i | ||
| Real time market data fee i | ||
| Dividend withholding i | ||
| Account opening fees i | ||
| Account maintenance fee i | ||
| Portfolio management fee i | ||
| Fees on CFDs | ||
| Forex commission per lot i | US$7 | Free |
| EUR/USD average standard spread i | ||
| EUR/USD average raw spread i | ||
| EUR/USD average fixed spread i | ||
| EUR/USD total cost per lot i | US$8 | US$6 |
| S&P 500 fees (CFD) i | 0.492 points | 2 points |
| Gold fees (CFD) i | 0.08 points | 0.26 points |
| Bitcoin fees (CFD) i | US$12.01 | US$29 |
| US stocks fees (CFD) i | US$0.02 | Free |
| Fees on stocks | ||
| Stock fee type i | Commission, Percentage | Commission, Percentage, Spread |
| US stocks fees (real) i | US$30 | |
| ETF fees (real) i | ||
| Management costs i | ||
| Connection costs i | ||
| Fees on futures | ||
| Futures fees per contract i | ||
| Platform fees i | ||
| Fees on options | ||
| Options fees per contract i | ||
| Event fees i | ||
| Fees on savings plans | ||
| IRA opening fee i | ||
| IRA maintenance fee i | ||
| 401k opening fee i | ||
| 401k maintenance fee i | ||
Available markets
What we compare A comparison of the markets and products you can trade with IC Markets and with OctaFX in Australia, and of how many instruments each one gives access to.There is little between IC Markets and OctaFX on available markets. Both IC Markets and OctaFX offer CFDs on commodities, crypto, forex, indices and stocks. IC Markets has a slight edge, as it offers CFDs on ETFs, and gives access to 2,250 tradable symbols (against OctaFX's 270).
| Section score | IC Markets 75 | OctaFX 75 |
|---|---|---|
| Total tradable symbols i | 2,250 | 270 |
| Currency pairs i | ||
| Indices i | ||
| Commodities i | ||
| Stocks i | ||
| ETF i | ||
| Cryptocurrencies i | ||
| Bonds i | ||
| Interest rates i | ||
| Portfolios i | ||
| CFDs i | Commodities, Crypto, ETF, Forex, Indices, Stocks | Commodities, Crypto, Forex, Indices, Stocks |
| Futures i | ||
| Options i | ||
| Assets you can own i |
Platform
What we compare A comparison of the trading platforms that IC Markets and OctaFX make available to their clients in Australia.IC Markets and OctaFX are equally good for platforms, as IC Markets offers TradingView and Mirror Trader while OctaFX offers social trading and AutoChartist. IC Markets and OctaFX both offer cTrader and MetaTrader 5.
| Section score | IC Markets 89 | OctaFX 89 |
|---|---|---|
| Proprietary platform i | ||
| MetaTrader 4 i | ||
| MetaTrader 5 i | ||
| cTrader i | ||
| Social trading platform i | ||
| Copy trading platform i | ||
| ZuluTrade i | ||
| TradingView i | ||
| Duplitrade i | ||
| Mirror Trader i | ||
| NinjaTrader i | ||
| AutoChartist i | ||
| Real time pricing i | ||
| 5 digit pricing i | ||
| One-click trading i |
Mobile
What we compare A comparison of the mobile apps of IC Markets and OctaFX in Australia, and of what each one lets you do from your phone.OctaFX is better than IC Markets for mobile trading, because OctaFX offers a social trading app, a copy trading app and mobile trading signals, which IC Markets does not. Both IC Markets and OctaFX offer a proprietary mobile app and the cTrader app.
| Section score | IC Markets 86 -14 | OctaFX 100 Best |
|---|---|---|
| Proprietary app i | ||
| Social trading app i | ||
| Copy trading app i | ||
| MetaTrader 4 app i | ||
| MetaTrader 5 app i | ||
| cTrader app i | ||
| Mobile trading signals i | ||
| Mobile alerts i | ||
| Mobile charting tools i | ||
| Mobile drawing tools i | ||
| Mobile watchlist i | ||
| Smartwatch app i |
Trading features
What we compare A comparison of the trading tools and strategies that IC Markets and OctaFX allow on their platforms in Australia.IC Markets is better than OctaFX for trading features, because IC Markets executes orders faster, within 40 ms (against OctaFX's 100 ms), and allows for high-frequency trading. Both IC Markets and OctaFX offer negative balance protection and trailing stops. The leverage shown for OctaFX is set by its Saint Lucia entity and exceeds the retail limit in Australia (30:1 on major currency pairs).
| Section score | IC Markets 87 Best | OctaFX 83 -4 |
|---|---|---|
| Trade execution | ||
| Broker type i | Hybrid | NDD |
| Average execution time i | 40 ms | 100 ms |
| Slippage occurrence i | ||
| Requotes occurrence i | 0% | |
| Tier-1 liquidity providers i | ||
| PFOF i | ||
| Leverage | ||
| Major FX pairs leverage i | 30:1 | 1000:1 |
| Minor/Exotic FX pairs leverage i | 20:1 | 1000:1 |
| Major indices leverage i | 20:1 | 400:1 |
| Minor indices leverage i | 10:1 | 400:1 |
| Gold leverage i | 20:1 | 1000:1 |
| Commodities leverage i | 10:1 | 400:1 |
| Equities leverage i | 5:1 | |
| Cryptocurrency leverage i | 2:1 | 200:1 |
| Risk management | ||
| Stop losses i | ||
| Take profits i | ||
| Limit orders i | ||
| Trailing stop i | ||
| Margin call i | ||
| OCO orders i | ||
| Guaranteed stop loss i | ||
| Negative balance protection i | ||
| Minimum trade size (FX) i | 0.01 lots | 0.01 lots |
| Minimum trade size (stocks) i | US$0 | US$0 |
| Fractional stocks i | ||
| Trading compliance | ||
| Scalping strategies allowed i | ||
| Hedging strategies allowed i | ||
| Automated trading strategy allowed i | ||
| EAs use allowed i | ||
| HFT strategy allowed i | ||
| VPS use allowed i | ||
| API use allowed i | ||
| Price scraping allowed i | ||
| FIFO rule applies i | ||
Account types
What we compare A comparison of the kinds of account you can open at IC Markets and at OctaFX in Australia, and of who each one is meant for.IC Markets and OctaFX are equally good for account types, since IC Markets offers a professional traders account and a corporate account while OctaFX offers a managed account and a micro account. Both IC Markets and OctaFX offer a demo account and an ECN account.
| Section score | IC Markets 74 | OctaFX 72 -2 |
|---|---|---|
| Demo account i | ||
| Unlimited demo account i | ||
| Standard account i | ||
| Micro account i | ||
| Cent account i | ||
| Nano account i | ||
| Raw spread account i | ||
| ECN account i | ||
| Swap-free account i | ||
| Islamic account i | ||
| Professional traders account i | ||
| Fixed spread account i | ||
| Spread betting account i | ||
| Copy trading account i | ||
| Corporate account i | ||
| Managed account i | ||
| Stock investing account i | ||
| Margin investing account i | ||
| Savings account i | ||
| Retirement account i |
Account opening
What we compare A comparison of what it takes to open and fund an account with IC Markets and with OctaFX in Australia.IC Markets is better than OctaFX for account opening, given that IC Markets offers 10 account base currencies (against OctaFX's 2), and supports 3 e-wallets (against OctaFX's 2). However, the minimum deposit is lower at OctaFX, at US$5 (against IC Markets' US$200). OctaFX holds no licence in Australia.
| Section score | IC Markets 85 Best | OctaFX 80 -5 |
|---|---|---|
| Minimum deposit i | US$200 | US$5 |
| Minimum withdrawal i | US$0 | US$0 |
| Wire transfers i | ||
| Credit cards i | ||
| Debit cards i | ||
| eWallets i | PayPal, Neteller, Skrill | Neteller, Skrill |
| Local payment methods i | ||
| Account base currencies i | AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, CHF | EUR, USD |
| Deposit waiting time i | up to 5 business days | up to 3 business days |
| Withdrawal waiting time i | up to 5 business days | up to 3 business days |
| Bonus program i |
Customer care
What we compare A comparison of the customer support of IC Markets and OctaFX in Australia, in how it can be reached and how fast it answers.IC Markets is better than OctaFX for customer care, given that IC Markets offers customer support in 17 languages (against OctaFX's 11), has a website in 17 languages (against OctaFX's 11), and offers a dedicated account manager, which OctaFX does not. IC Markets and OctaFX both offer phone support and live chat.
| Section score | IC Markets 92 Best | OctaFX 67 -25 |
|---|---|---|
| Number of languages supported i | 17 | 11 |
| Website languages i | Arabic, Bulgarian, Czech, German, English, French, Croatian, Indonesian, Italian, Korean, Malay, Portuguese, Russian, Spanish, Thai, Vietnamese, Chinese | Bangla, German, English, Indonesian, Malay, Portuguese, Spanish, Thai, Urdu, Vietnamese, Chinese |
| Website available in English i | ||
| Customer support languages i | Arabic, Bulgarian, Czech, German, English, French, Croatian, Indonesian, Italian, Korean, Malay, Portuguese, Russian, Spanish, Thai, Vietnamese, Chinese | Bangla, German, English, Indonesian, Malay, Portuguese, Spanish, Thai, Urdu, Vietnamese, Chinese |
| Customer support in English i | ||
| Call back request i | ||
| Email support i | ||
| Phone support i | ||
| Live chat i | ||
| Priority customer support i | ||
| Dedicated account manager i | ||
| Cash sweep i | ||
| Stock lending i | ||
| Distributes proceeds i | ||
| Tax withholding agent i | ||
| Tax assistance i |
Learning
What we compare A comparison of the educational material that IC Markets and OctaFX provide to their clients in Australia.IC Markets is better than OctaFX for learning, given that IC Markets offers professional reports, daily market commentary and traders' sentiment, which OctaFX does not. Both IC Markets and OctaFX offer education for advanced traders and webinars.
| Section score | IC Markets 100 Best | OctaFX 75 -25 |
|---|---|---|
| Education | ||
| Education center i | ||
| Education for beginners i | ||
| Education for advanced traders i | ||
| Webinars i | ||
| Tutorials i | ||
| Glossary i | ||
| Research | ||
| Economic calendar i | ||
| Traders' sentiment i | ||
| Daily market commentary i | ||
| Daily trading ideas i | ||
| News via social media i | ||
| Professional reports i | ||
| Watchlist i | ||
IC Markets vs OctaFX: which one should you choose?
IC Markets
CFD/FX Choose IC Markets if you want a CFD broker regulated in Australia by ASIC, with TradingView and a wide choice of markets.
Open Account CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
OctaFX
CFD/FX Choose OctaFX if you want a forex brokerage service with low trading costs and a small minimum deposit and live in a country where it is licensed to operate.
Not licensed in Australia CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.Other popular comparisons
Below are other head-to-head comparisons that include IC Markets or OctaFX, each scored with the same data and method as this page.
