AuthorBy Björn Michels
Updated: August 5, 2022

Trading with a reputable online broker is a crucial factor for success in the international markets. At Forex Malaysia, we help you find the broker that suits your trading needs.

Each year we spend thousands of hours testing brokers by opening accounts, testing their platforms, and rating them according to a set of over 200 metrics. We deposit real money with the brokers to ensure that the products and user experience they advertise are consistent with reality.

We have found that the best way for traders to choose a broker is to compare brokers side-by-side. The comparison tool below allows you to compare two brokers based on their ratings and features.

Select brokers to compare

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Overall Rating
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
11110.54.28/ 5 AUD 100ASIC BrokersCySEC Regulated BrokersECN/DMAForex, Stock CFDs, Indices, Commodities, Cryptocurrencies6011
  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support
  • Expensive withdrawals
Read Review 111104/ 5 111115/ 5 11110.54.5/ 5 111003/ 5 11110.54.5/ 5 11110.54.5/ 5 111104/ 5 0500:10 pips Platinum IRESS, Premier IRESS, RAW, Standard, Standard IRESS MT4, MT5, IRESSVisa, Mastercard, Bank Transfer, Neteller, Skrill, Broker to Broker, Fasapay6 USD / lot - RAW Accounts
11110.54.12/ 5 USD 50Financial Services Authority – St. Vincent & the GrenadinesECN/DMAForex, Indices, Commodities, Metals, Cryptocurrencies3230
  • Fast and free withdrawals
  • Copy trading accounts
  • Limited range of assets
  • Restrictive account types
Read Review 1110.503.5/ 5 11110.54.5/ 5 11110.54.5/ 5 111115/ 5 1110.503.5/ 5 111104/ 5 111104/ 5 0500:10.60 pips cTrader ECN, MT4, MT5 MT4, MT5Bitcoin, Neteller, Skrill, Mastercard, VisaFees Included in Spread

At Forex Malaysia, we help traders find the broker that suits their trading needs. In many cases, the best way to achieve this is to compare brokers side-by-side.

To compare FP Markets and OctaFX, we used the same factors we use when reviewing brokers: The trust and regulation of the broker, the trading platform, the costs and trading conditions, and the level of education and market analysis available at the broker.

Does FP Markets or OctaFX have a better trust and regulation rating?

Trust and regulation are some of the most important factors to consider when choosing a Forex broker. Trust in the Forex trading business is almost entirely founded upon regulation. We spend many hours evaluating the safety of each broker by delving into their fine print and confirming each one of their regulatory licences on the online registers. The more top-tier authorities a broker is regulated by, the higher its trust rating.

In our comparison, we found that FP Markets holds one Tier 1 and one Tier 2 licences, and OctaFX holds no Tier 1 and no Tier 2 licences.

 

Can I trust FP Markets?

Yes as FP Markets was founded in 2005 and is regulated by ASIC and CySEC.

 

Can I trust OctaFX?

No as OctaFX is not adequately regulated.

 

Based on these findings, FP Markets earned a higher trust rating than OctaFX.

Does FP Markets or OctaFX have lower costs?

Another important aspect we consider when comparing brokers is the cost of trading. When evaluating trading costs, we always consider the minimum deposit required to open an account and the ongoing trading costs, including the spreads and commissions. When calculating trading costs, we measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit. The cost includes both the spread and any commission charged. 

Not all brokers publish their trading costs, so we often open accounts and trade on their platforms to verify the spreads and commissions. Based on our reviews, we found that FP Markets and OctaFX have the same trading costs. 

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Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Commission
FP Markets
111115/ 5
USD, AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD
0.10 pips
USD 7
0.10 pips
0.20 pips
0.10 pips
USD 6
OctaFX
11110.54.5/ 5
EUR, USD
0.70 pips
USD 7
0.70 pips
1.50 pips
1.40 pips
USD 0

 

Does FP Markets or OctaFX offer a better choice of trading platforms?

Traders want Forex brokers to offer them a choice of trading platforms, so we give brokers who offer multiple platforms higher ratings. Trading platforms we consider include MetaTrader4, MetaTrader5, cTrader and proprietary mobile and web-based platforms. 

In this case, FP Markets offers support for MT4, MT5 and IRESS and OctaFX offers support for MT4 and MT5. 

Do the brokers offer copy trading?

Copy trading is a great option for beginner traders who can’t trade full-time or lack experience with Forex trading. In this case both FP Markets and OctaFX offer copy trading.

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Broker
Platform Choice
Copy Trading
Platforms
FP Markets
11110.54.5/ 5
IRESS
OctaFX
11110.54.5/ 5

 

Which broker offers a better choice of trading instruments?

A variety of CFD instruments – and a large range of CFDs for each instrument category allow traders more opportunities for profitable trading. The best brokers will have thousands of CFDs to trade, covering all these instrument categories. We found that FP Markets offers a greater range and depth of instruments to trade than OctaFX. FP Markets offers 60 Forex pairs to trade and OctaFX offers 32 Forex pairs to trade.

And what about Cryptocurrencies?

In this case, OctaFX offers 30 cryptocurrencies while FP Markets offers 11 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with OctaFX.

Which broker offers better deposit and withdrawal processes?

Although brokers may have reasonable trading fees, many traders are caught out by the high non-trading fees charged by some brokers, including deposits and withdrawals. Traders want to be able to deposit and withdraw funds quickly and cheaply. Most brokers have multiple funding methods with zero fees for making deposits, but some brokers make it more expensive and take longer to process withdrawals. 

We rate brokers more highly that process withdrawals within 24 hours by multiple withdrawal methods and without charging processing fees. We found that FP Markets charges a withdrawal fee and OctaFX does not. Overall, OctaFX has better deposit and withdrawal processes than FP Markets. 

Which broker offers better educational support?

We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas. 

FP Markets and OctaFX both have moderate educational support. Neither FP Markets nor OctaFX offer educational support for more experienced traders.

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Broker
Beginner Course
Advanced Course
FP Markets
OctaFX

 

Which broker offers better market analysis materials?

To successfully predict the price movements of an instrument, traders will need access to frequent market research and analysis. We find that research and market analysis are always better when they are produced in-house and updated frequently. Third-party resources don’t show the same expertise in trading ideas, so we place a strong emphasis on frequent in-house updates. Some brokers also often offer interactive webinars where traders can learn from experts in the field. 

We found that FP Markets offers better research analysis than OctaFX and that FP Markets offer frequent webinars and OctaFX does not.

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Broker
Economic Calendar
Autochartist
Trading Central
Trading View
Free VPS
FP Markets
OctaFX

 

Our overall Verdict on FP Markets

FP Markets is a well-regulated Forex broker with two low-cost, low minimum deposit accounts, and a range of excellent trading tools. We were also impressed with how easy the FP Markets Trading App was to use and the quality of FP Markets' customer service.

In terms of fees, FP Markets has an “ECN pricing” model, which it claims provides “extremely competitive” costs. Unfortunately, we found that the fees on its MT4 and MT5 trading accounts were higher than most of its ECN competitors. But FP Markets does make it easy for beginners to get started, with 100 AUD minimum deposits and unlimited demo accounts.

Malaysian traders will also be pleased to note that FP Markets offers attractive Islamic account options. 

Our overall Verdict on OctaFX

OctaFX will be a difficult choice for many Malaysian traders. On the one hand, it has very low trading costs, charges no fees for deposits and withdrawals, and has a great copy trading service.

On the other hand, OctaFX is essentially unregulated in Malaysia, does not accept bank transfers for deposits or withdrawals, and has a very limited range of instruments to trade compared to other brokers: 32 Forex pairs, 5 commodities, 10 indices, and 30 cryptocurrencies.

If you can look past these issues, you will find a low-cost broker with a fairly standard setup: Two accounts with minimum deposits of 100 USD, a slick mobile app, and a good range of trading tools. OctaFX also heavily promotes its wide range of bonuses and it can offer leverage of 1:500 on Forex pairs.

Finally, the website is fully translated into Bahasa Melayu and OctaFX is always running competitions and promotions for Malaysian clients.

Which broker has the highest overall rating?

FP Markets has an overall rating of 4.28 and OctaFX has an overall rating of 4.12. For more detail please read our reviews of FP Markets and OctaFX.

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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