Exness charges a lower spread than OctaFX and charges commissions, while OctaFX charges only the spread. Exness Kenya has a better pricing model than OctaFX. Exness charges a spread starting at 0.0 pips. Commission charges are also competitive. Exness has a $10 minimum deposit requirement and 160 ZAR for commissions. OctaFX charges EUR/USD spread at 0.6 pip and requires a $100 minimum deposit or 1,600 ZAR. But still which one is more affordable between octafx vs exness
OctaFX is safe to trade?
OctaFX’s low trust score means that it is not safe for traders to transact with. OctaFX is a respected broker with a strong reputation. However, it is not regulated in South Africa by the Financial Sector Conduct Authority (FSC).The CySEC is Europe’s only credible regulatory body.
Worse, South African citizens would trade via Octa Markets Incorporated which is registered with the St. Vincent and Grenadines Finance Services Authority. The SVG FSA is also not a trusted regulator body and does not effectively monitor or offer protection to market participants. OctaFX, despite the absence of regulation, claims it will protect its customers from the risk of having negative balances as a gesture to good faith. OctaFX does not have to be regulated and can offer South African traders more leverage as well as bonus opportunities. Before accepting such offers, South Africans should consider their risk tolerance.
Exness is safe to trade?
It is safe to trade in Exness. Exness is not a good source of education or resources for traders, so it is best to use Exness only if you have some trading experience. It allows beginners to join, but they need to find other educational resources to learn the basics. Exness offers a variety of dynamic retail trading accounts as well as access to the MetaTrader platform. This will appeal to both advanced and intermediate traders. Exness is proud to process withdrawal requests quickly. Exness says there are many instant withdrawal options that can be used to make withdrawals quickly.
Withdrawals can be processed quickly even on weekends because there is no need to process them manually. Exness’s many awards are a testament to the high quality of its customer service. Exness was the first broker surpassing milestones of $1 trillion or $2 trillion monthly transaction volume. The company recently won several distinctions for this achievement
OctaFX: what is it?
Independent broker reviews have rated OctaFX as the most reliable Forex platform. Customers get exceptional trading services from its staff at no extra cost.
Both professional traders and retail traders could benefit from this platform to further their goals and increase their trades’ value.
- OctaFX currently is a subsidiary registered in Saint Vincent, the Grenadines. This permits traders to use an ECN broker that has been supervised and regulated by European authorities. This provides a greater level of protection.
- OctaFX is committed to providing a positive and productive experience for customers. OctaFX offers expedited deposits and withdrawals as well as a lucrative loyalty program and a 50% incentive for direct deposit.
- OctaFX offers many trading platforms including MT4, and MT5, as well as a proprietary app for CFD trading. To help novice traders get started, there are many resources. Both experienced and inexperienced traders can trade high volumes with the OctaFX Metatrader suite.
- OctaFX is approved in over 180 countries.
- OctaFX doesn’t have a trading desk. All orders are placed with liquidity providers and then executed by them. Forex ECN now allows users to access with 1:500 leverage.
Exness: what is it?
Although Exness holds an FSCA license but traders need to be aware that Exness onboards South African traders through a Seychelles-based company.
This means that traders will not be protected in the event of a dispute between Exness and them. FSCA rules still applied to Exness customers up until recent. Exness, a Seychelles-based, FSCA-compliant business, is currently accepting South African customers.
South African traders are at risk since segregation policies in South African banks will not protect their money or the benefits of local legislation. It also means that South Africans have limited legal options under FSA legislation in the event of a dispute with Exness. Exness is a trusted broker for South African traders, as it is overseen and monitored by the Financial Sector Conduct Authority (FSCA) and other organizations.
Negative balance protection is available to all customers. This protects traders from losing more than they originally invested. Deloitte is a well-known auditing company that conducts regular audits.