ForexChief vs OctaFX

ForexChief vs OctaFX Comparison Table 2023
ForexChief OctaFX
3.3

ForexChief is #8 in our CFD broker rankings.

4.1
United States Flag Traders from US accepted
United States Flag Traders from US not accepted

ForexChief is a foreign exchange and CFD broker, established in 2014. The company is based offshore and registered with the VFSC and FMA. Users can choose between a wide selection of accounts and base currencies, making ForexChief accessible to global traders. The brand also stands out for its no deposit bonus and fee rebates for high-volume traders.

OctaFX is an award-winning forex and CFD broker, founded in 2011. The Cyprus-based entity is regulated by the CySEC while the offshore branch is registered with SVGFSA. The ECN broker offers competitive trading conditions on its 80+ financial instruments, with tight spreads from 0.2 pips, fast execution speeds of 0.1 second and flexible leverage. OctaFX also offers two industry-leading platforms in MetaTrader 4 and MetaTrader 5, plus an in-house copy trading solution.

Bonus Offer
$100 No Deposit Bonus Up to 50% deposit bonus
Comment by Reviewer
"ForexChief will prove popular with investors looking to trade highly leveraged CFDs on the popular MetaTrader platforms. The large welcome bonus and low starting deposit will also appeal to new traders." "OctaFX is a great pick for traders of all experience levels. Seasoned day traders will appreciate the ECN model with fast execution and tight spreads, while beginners will rate the user-friendly copy trading platform and low minimum deposit."
Pros
  • High leverage up to 1:1000 is available
  • A welcome deposit bonus is offered to new users
  • The low minimum deposit of $10 will appeal to beginners
  • 8 account types to suit different strategies and requirements
  • Full range of investments including popular cryptos
  • STP/ECN execution with low spreads from 0.0 pips
  • Turnover rebates for active traders
  • Copy trading solution with signals
  • MT4 and MT5 integration
  • Low margin rates
  • Demo account with access to unlimited virtual funds
  • Bonuses and contests available (non-EU)
  • Negative balance protection (Within EU)
  • Comprehensive educational content
  • High Leverage 1:500 (non-EU)
  • Excellent copy trading service
  • No deposit and withdrawal fees
  • Offers Islamic accounts
  • Low minimum deposit
  • Highly rated broker
  • MT4 and MT5 integration
  • Commission-free trading
  • Mobile app compatibility
Cons
  • Weak regulatory oversight
  • Limited market research
  • Withdrawal fees on several payment methods
  • No stock trading
  • Few payment methods
  • Zero pip spreads unavailable
  • The global entity is regulated offshore
Awards
  • Most Secure Broker Indonesia 2022- International Business Magazine
  • Best Global Broker Asia 2022- International Business Magazine
  • Best Forex Broker Pakistan 2022- Global Brands
  • Best Forex Broker India 2022- World Finance
  • Best Mobile Trading Platform 2022- FXDailyInfo
  • Best In Class For Social Copy Trading 2022- Forexbrokers.com
  • Best Trading Conditions Asia 2021- World Business Outlook
Instruments
CFDs, Forex, Metals, Commodities, Stocks, Indices Forex, CFDs, indices, commodities, cryptocurrencies
Demo Account
Yes Yes
Minimum Deposit
$10 $100
Trading Platforms
  • MT4
  • MT5
  • MT4
  • MT5
  • AutoChartist
Payment Methods
Minimum Trade
0.01 Lots 0.01 Lots
Regulator
VFSC SVGFSA, CySEC
Margin Trading
Yes Yes
Margin Rate
0.1%
STP Account
Yes No
ECN Account
No Yes
DMA Account
No No
MAM Account
No No
PAMM Account
Yes No
LAMM Account
No No
Demat Account
No No
AI / Machine Learning
No No
Robo Advisor
No No
Negative Balance Protection
No Yes
Market Maker
No No
P2P Trading
No No
Spot Trading
Yes Yes
Mobile Apps
iOS & Android Yes (iOS & Android)
Auto Trading
Expert Advisors (EAs) on MetaTrader Yes
Copy Trading
Yes Yes
Copy Trading Platform
Clients can follow copy trading signals on the MetaTrader platform. Alternatively, signal providers can generate extra income by selling their positions. You can start copy trading in a few easy steps. Copy trading at OctaFX is offered through a proprietary platform and mobile app, as well as integration via the MetaTrader suites. Users can easily diversify portfolios by copying the most profitable traders. Track professionals and their performance live for smart investing, control your portfolio and view how your funds are invested and manage risks in real time.
Social Trading
No Yes
Trade Signals
Yes Yes (EAs)
VPS Hosting
No Yes
Tournaments
No No
Demo Competitions
No Yes
Ethical Investing
No No
Custodial Account
No No
Guaranteed Stop Loss
No No
Inactivity Fee
$0
Islamic Account
Yes Yes
Account Currencies
  • USD
  • EUR
  • GBP
  • JPY
  • CHF
  • USD
  • EUR
Stock Exchanges
Commodities
CFD Trading
ForexChief offers a competitive range of CFDs, encompassing crypto, indices, energies and metals. A clear pricing schedule is available to clients with no hidden charges. Traders can also access very high leverage up to 1:1000. OctaFX offers leveraged CFDs on popular asset classes spanning forex, indices, commodities and cryptos. Traders benefit from ultra-fast execution speeds, reliable trading tools and zero commissions. There are also no restrictions on strategies, including hedging, scalping and automated trading.
Leverage
1:1000 1:30 (EU), 1:500 (Global)
FTSE Spread
70 1.8
GBPUSD Spread
0.9 1.1
Oil Spread
12 0.7
Stocks Spread
50 Variable
Forex Trading
ForexChief supports spot foreign exchange trading on all account types for 40+ major, minor and exotic currency pairs on the leading MT4 and MT5 platforms. Spreads are tight starting from zero and there are no dealers or requotes. OctaFX offers leveraged trading on dozens of currencies with competitive spreads that average 0.9 pips on the EUR/USD. Clients also benefit from high-quality research from the team's analysts with insights into forex trends and news events, alongside technical analysis.
Forex App

OctaFX offers a user-friendly trading platform that can be used to take positions on major and minor currency pairs. Copy trading is also available via the broker’s in-house mobile application.

GBPUSD Spread
0.9 1.1
EURUSD Spread
0.4 0.7
EURGBP Spread
0.9 2.1
Assets
40 35
Cryptocurrency
ForexChief supports crypto trading with five major digital currencies paired against the US dollar. Traders can bet on rising and falling prices with leveraged CFDs and market-leading trading software. Trade 30+ popular digital currencies paired with the USD, including big tokens like Bitcoin and Ethereum. EU traders can access 1:2 leverage while global traders can access rates of up to 1:25 on major tokens. Cryptos can be traded around the clock, including on weekends.
Spread
Variable Variable
Coins
  • BTC
  • BCH
  • ETH
  • LTC
  • XRP
  • BTC
  • LTC
  • ETH
  • ZEC
  • SOL
  • ADA
  • DOT
  • ATOM
  • LINK
  • AVAX
  • BTB
  • MANA
  • MATIC
  • NEAR
  • IOTA
  • DOGE
  • DASH
  • ALGO
  • AAVE
Crypto Lending
No No
Crypto Mining
No No
Crypto Staking
No No
Auto Market Maker
No No
More Comparisons
ForexChief
vs
OctaFX
vs