Exness or OctaFX, Which is Better for You?

Josh: Dude, why isn't low deposit a parameter when choosing a broker for beginners? Can you explain to me what are the spreads, leverage, and other stuff? I'm sorry I have no idea. All I know is that FOREX trading involves buying and selling currencies with a high risk of course, and I don't know that I have to think about all these things anyway. Can you compare me with these brokers?

Aaron: Spread The difference between the bid price and the ask price for a size called a pip. So if a broker charges him 1 pip, it means he needs more than 1 pip to make a profit.

For example:
At level 1.0002 he traded a short position in EUR/USD and went as low as 1.0001 and when he closed the entry the spread was 1 pip and when he closed at level 1.0000 he got 2 pips and 1 pip profit/ paid to Broker. Read : How spread affected your profit.

Leverage is like money that borrowed from brokers to you so you can trade more than your actual deposit. But it has no debt system which is you need some warranty that called margin. So, when your floating loss hit several level that near zero margin, your entry will forced to close and you will be only paid the loss.

as beginner, you need to see if the broker suit for beginner, if the broker has low fees like spread and commission and high leverage. Forget about the deposit because even micro account, $1 is still not enough. And you need to accept that Forex Trading need more money.

If you still confused about the criteria that beginner need from brokers, you can read this article as your guidance book : Guide to choose Forex Broker for Beginner

Aaron:

The amount of money required to start day trading depends on several factors, such as the type of security being traded (e.g., stocks, options, futures, etc.), the type of brokerage account being used, and the trader's personal financial situation. As a general rule, it is recommended to have at least $25,000 in capital for day trading stocks, as this is the minimum amount required to meet the "pattern day trader" rule set by the U.S. Securities and Exchange Commission (SEC). However, some traders start with much less, and some with much more, depending on their financial situation and trading goals. It's important to remember that having more capital can provide more flexibility and reduce the overall risk of day trading.

However, with leveraged margin, beginners may trade with much lesser starting deposits. But bear in mind, leverages also raise the risk factor, as slight movement in price will easily drain deposits.

Jeremy Smith: I can't say much about regulation as it depends on the broker's needs. But as far as regulation is concerned, you actually have to pay for the certificate even after meeting all the conditions. Also, the broker must have an office in the regulated country. In my opinion OctaFX avoids it because it can cost so much Fees

You can read about the dark side of regulation in here : the darkside of FX Regulation.

On the other hand, as you wrote in the comment section above, the broker has obtained more regulatory certificates and the broker has various conditions and trading conditions in several countries, making it more reliable and very excellent money management. It is proven enough to be very good. However, it should be noted that OctaFX has been a broker since 2011. So it has been a broker for 12 years and can be classified as an experienced broker. This is the one of the many factors that make a broker trustworthy.

Alejandro: Sadly, there is no swap-free account in Exness, so for Muslim trader that have day trading, swing trading and seasoned trading cannot trade in Exness meanwhile for day trading that have hours duration and scalping can trade safely without worry but they need to see the hours when they trade to avoid being charged by swap.

Meanwhile, Octa FX has special condition which the MT5 Pro Account's current spread is significantly higher but it does not charge swap, though a fixed three-day fixed cost applies which is safe to trade for Muslim Trader and about Islamic-Account also available.

Smith : Thank you for the information. I think Muslim traders are safer to have a broker that offers Islamic accounts even if they are not using an account. Islam is one of the most popular religions in the world. And for brokers, this is the chance to reach more traders and they can grow as big brokers because they can get profit for developing. I hope Exness has provide this account someday because Exness has many regulations and trustable. It will be plus point if Exness has this swap-free account! This is just a recommendation and my opinion.

Alejandro:Yes, OctaFX offers swap-free accounts also known as Islamic accounts for traders who follow Sharia law. These accounts are designed to allow Muslim traders to participate in Forex trading without violating Islamic principles that prohibit the charging or paying of interest. With swap-free accounts, the overnight fees, or swap fees, are waived, allowing traders to hold positions for an extended period without incurring any additional costs. Similarly, Exness also offers Islamic accounts for traders who prefer to avoid paying or receiving interest on their positions. These accounts are also known as swap-free accounts and work similarly to OctaFX's Islamic accounts. Traders can open and close positions at any time without incurring any rollover fees. It's important to note that while these accounts are designed to accommodate traders who follow Islamic principles, they are available to all traders, regardless of their religion or beliefs. It's always best to check with your broker to confirm the availability and terms of their swap-free accounts before opening an account if you are interested in trading with one.

@Herry: To answer your first question, Islamic accounts are typically designed for Muslim traders who follow the Shariah law, which prohibits earning or paying interest. However, non-Muslim traders can also open Islamic accounts, as long as they agree to follow the same trading conditions as Muslim traders.

To answer your second question, Muslim traders avoid swap charges because they are considered interest payments, which are prohibited under Shariah law. Swap charges are applied when a trader holds a position open overnight, and they are calculated based on the interest rates of the currencies involved in the trade. Therefore, Islamic accounts are structured differently to accommodate the needs of Muslim traders who do not want to pay or receive interest on their trades. Instead of swap charges, Islamic accounts charge an administration fee, which is a fixed fee that is agreed upon between the broker and the trader.

@Jenne: When OctaFX's customer support is closed during specific hours in Indonesia, they provide alternative channels and methods for customers to seek assistance and clarification. One of the options available is the FAQ section on their website, where customers can find answers to commonly asked questions. They also have a Help Center with comprehensive articles and tutorials that can provide guidance on various topics.

To address customers' concerns promptly, OctaFX has a ticketing system in place. Customers can submit a support ticket through their website or client area, detailing their inquiry or issue. The support team then reviews and responds to these tickets as soon as they resume their operations.

In terms of availability hours, OctaFX continuously evaluates customer feedback and market demands to improve their responsiveness. One suggestion to enhance their service during non-business hours could be to introduce extended customer support hours or provide limited but essential support during closed hours, such as through a dedicated emergency hotline or a live chat support team that operates on a rotational basis.

@Hendra: I cannot tell you which one is better because they have each other advantages. When choosing a trading platform for your Expert Advisor (EA) on OctaFX, consider these key points in simple terms:

• MetaTrader 4 (MT4): It's user-friendly, supports many EAs, and offers backtesting for performance evaluation.

• MetaTrader 5 (MT5): It's an upgraded version of MT4 with more features, improved performance, and advanced EA development options.

• cTrader: It has a modern interface, supports C# programming for EA development, and provides direct market access for fast and efficient trading.

Consider your familiarity with programming languages, the specific features you need, and compatibility with your EA's code. Look for platform stability, performance, and availability of backtesting tools. Also, explore the resources and support provided by OctaFX for each platform. By considering these factors, you can make a suitable choice for smooth and efficient EA trading.

@Sammy: I'll dive into your first question because I'm a proud cTrader user! What sets cTrader apart are its exceptional user-friendly interface, advanced charting capabilities, and Level II pricing, providing a more comprehensive view of market liquidity compared to MetaTrader 4 and 5. It excels in one-click trading, supports algorithmic trading via the cAlgo platform, and grants access to direct market access (DMA) for swift order execution. With an extensive array of timeframes, advanced order types, and real-time account synchronization, cTrader caters to a diverse range of traders and trading strategies, making it a robust and flexible platform for both forex and CFD trading. The choice between cTrader, MetaTrader 4, or MetaTrader 5 hinges on your individual trading preferences, strategies, and specific requirements. It's all about finding the right fit for your unique approach to trading.

Hey there, I've got a question. According to the article, Exness entities are subject to regulation by a wide range of financial supervisory organizations globally, including but not limited to the Seychelles Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority in the United Kingdom (FCA), the South Africa Financial Sector Conduct Authority (FSCA), Central Bank of Curacao and Sint Maarten (CBCS), the Financial Services Commission (FSC) in the British Virgin Islands, Financial Services Commission (FSC) in Mauritius, and the Capital Markets Authority (CMA). Without making any judgments about which regulator is stronger or weaker, I'm interested in understanding more about the relative strength and effectiveness of these regulatory bodies. Could anyone here provide insights into the key factors or aspects that traders should take into account when evaluating the regulatory oversight offered by these various authorities?

@Justin: Based on the information provided, I would recommend choosing Exness for using an Expert Advisor (EA). Exness offers low minimum deposits, making it accessible for beginner traders who want to start with a smaller capital. Their user-friendly platform allows for easy integration and usage of EAs, providing a seamless experience for automated trading. Additionally, Exness provides demo accounts, allowing you to test and fine-tune your EAs in a risk-free environment before trading with real money. They also offer educational programs to support traders in understanding and utilizing EAs effectively. While OctaFX may have similar features, Exness appears to better meet the needs of EA users. However, it's always a good idea to explore both options further, consider trading conditions, and compare their platforms to make an informed decision that aligns with your specific requirements and preferences.

@Rashford: Hey there! Exness is reputed for providing top-notch customer service and assistance to their clients. They are known to offer 24/7 customer support in English, indicating that their dedicated team should be available to assist you even on weekends.

Based on my experience, having round-the-clock support is a significant advantage, as it means you can rely on their assistance whenever you have a burning question or concern, regardless of the day or time. This can be particularly valuable in the fast-paced world of trading, where timely responses can make a difference.

Hey, if you're checking out Exness from Thailand, make sure you know which watchdog is keeping an eye on them. Look into the Seychelles Financial Services Authority, Cyprus Securities and Exchange Commission, Financial Conduct Authority in the UK, South Africa Financial Sector Conduct Authority, and the rest to figure out who's regulating Exness in your neck of the woods. But if my memory serves me right, Seychelles FSA is the one you're dealing with.

Now, about the heavyweight among these regulators, it's a bit tricky to say one is definitively tougher than the rest. They all have their own rep and specialties. Some folks might say the Financial Conduct Authority (FCA) in the UK is top-notch. But hey, if you're in Thailand, Seychelles isn't too shabby either (read : Discovering Seychelles Regulation for Forex Brokers )

It's truly intriguing! In the comparison between Exness and OctaFX, it's crucial to consider various aspects. Both platforms boast user-friendly interfaces, with Exness supporting MetaTrader 4 and 5, while OctaFX provides these along with cTrader. In terms of account types, both typically offer standard accounts with variable spreads. As a beginner, I would recommend opting for Metatrader 4.

Regarding fees, sticking to your trading plan is advisable. For instance, if you prefer short-term trading, a lower spread is essential. Exness seems promising in this regard, offering spreads as low as 0.1 pips. More experienced traders can explore the zero spread account with a nominal 0 pip spread, albeit with a higher commission of $3.50. (read : Exness Review)

For educational resources and tools tailored for beginners, exploring the educational materials and demo accounts provided by each broker is crucial. Exness and OctaFX consistently offer educational content and tools to help traders improve their skills.

Further details on these features are available in the article. It's recommended to try both brokers since the demo accounts are free, allowing you to assess which one aligns better with your preferences.

The Tick History feature provided by Exness is essentially a tool that offers transparency and precision in order execution, as highlighted in the article. Here's a breakdown based on my experience:

• Accessibility to the Public: Unlike some platforms, Tick History is not restricted; it's available to the general public. This openness is intended to ensure that the prices at which orders are executed truly mirror the market conditions.

• Execution at Accurate Market Prices: The primary purpose of Tick History is to guarantee that orders are executed at prices that accurately represent the current market conditions. This accuracy is crucial for traders who rely on precise pricing information for their strategies and decision-making.

Now, as for the advantages:

• Transparency: Traders can access a detailed history of price movements (ticks) for various financial instruments. This transparency helps in understanding how prices have behaved over time, aiding in informed decision-making.

• Accurate Analysis: The historical tick data allows for in-depth analysis of market movements. Traders can use this information to identify patterns, trends, and potential areas of opportunity or risk, contributing to more informed trading strategies.

• Risk Management: Having access to accurate tick data assists traders in better managing risks. By understanding how prices have moved historically, traders can make more informed decisions about setting stop-loss levels and managing their overall risk exposure.

Hope my answer can help!

Hey as the user of cTrader and Metatrader, i think for its beginner-friendliness, cTrader is known for its intuitive design and user-friendly features, making it accessible for those who are new to trading. The platform offers a straightforward and visually appealing interface, which can contribute to a smoother learning curve for beginners.

In terms of tools and features, cTrader has some distinctions compared to MT4. While both platforms provide essential trading tools, cTrader is often praised for its user-friendly charting tools, advanced order management features, and a more streamlined interface. It also has a unique feature called "Level II Pricing," allowing traders to access a detailed view of market depth. (read : Is cTrader Better Than MT4? Here are 4 Things to Consider)

For beginners, the choice between cTrader and MT4 may come down to personal preference and specific trading needs. But I suggest trying cTrader because it is just really straightforward.

Indeed, as per the details provided in the article, Octa FX operates without charging any commission. This aspect renders it an appealing choice, particularly for novice traders seeking an economical brokerage service. Assessing the merits and demerits of each broker will be essential for determining which one suits your trading objectives and preferences better.

Suppose your primary aim in trading is to garner experience in the forex market while keeping expenses to a minimum. In that case, Exness emerges as a favorable option owing to its nominal initial deposit requirement of just $1. With such a low entry threshold, you can initiate trading with a modest amount of funds and acquire valuable market experience without committing significant financial resources.

Conversely, if your objective is to cultivate a more substantial trading portfolio over time, with a focus on accessing advanced trading tools and potentially mitigating long-term expenses, Octa FX might present a more suitable alternative. Despite mandating a higher initial deposit of $25, the absence of commission charges could result in cost savings in the long haul, especially if you envisage frequent trading activities or dealing with larger position sizes.