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Alison Heyerdahl is the Head of Content at FxScouts, a Chartered Market Technician (CMT), and an experienced trader, as well as a financial writer with extensive expertise in Forex trading, broker analysis, and market research. She has reviewed 100+ brokers, publishes weekly YouTube trading videos, and co-hosts the “Let’s Talk Forex” podcast.
In the fast-paced world of forex trading, choosing the right broker is crucial. IG and Octa are two popular options, each with unique strengths and weaknesses. This comparison will dive into the key features of both platforms,helping you decide which one best suits your trading style and goals.
The radar chart above illustrates the comparison between IG and Octa across several key metrics, with the highest possible score being 100 in each category.
At FxScouts, our mission is to assist traders in finding the broker that best suits their needs. Comparing brokers side-by-side is an effective method to achieve this goal. We evaluated IG and Octa, using our standard criteria: trust and regulation, trading platforms, costs and trading conditions, and educational and market analysis resources.
Trust and regulation are crucial when selecting a Forex broker. A broker’s credibility is largely built on its regulatory status. We spend considerable time verifying the safety of each broker by examining their regulatory licenses. We also consider numerous factors when deciding which tier a regulator belongs to. Regulators that we rank as the world’s top regulators, gets a tier 1 rank, while regulators who only scores a tier 5-rank, provide virtually no regulatory oversight. The more top-tier authorities regulating a broker, the higher its trust rating. Read more about regulation and our tier system here.
In our comparison:
Based on these findings, IG earned a higher trust rating than Octa.
When comparing brokers, trading costs are a significant factor. We consider the minimum deposit required to open an account and ongoing costs, including spreads and commissions. We measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit, including both the spread and any commission charged.
We found that IG and Octa have the same trading costs.
Trading Platforms Offered Traders prefer brokers that offer a variety of trading platforms. We rate brokers higher if they support multiple platforms like MetaTrader4, MetaTrader5, cTrader, and proprietary platforms.
Copy trading is beneficial for beginner traders or those unable to trade full-time. In this case both IG and Octa offer copy trading.
A broader range of CFD instruments provides more trading opportunities. IG offers a greater variety of instruments compared to Octa:
For those interested in trading cryptocurrencies, Octa offers 34 cryptocurrencies, while IG offers 10 cryptocurrencies. Therefore, Octa is the better choice for cryptocurrency trading.
Traders prefer brokers with quick and cost-effective deposit and withdrawal processes. We favor brokers that process withdrawals within 24 hours using multiple methods without charging fees.We found that neither IG nor Octa charges a withdrawal fee. Overall, IG has better deposit and withdrawal processes than Octa.
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.
IG has better educational support than Octa. Both IG and Octa offer educational support for more experienced traders.Access to frequent and high-quality market research and analysis is crucial.
We found that IG offers better research analysis than Octa and that both IG and Octa offer frequent webinars.
Updated June 2026
Founded in 1974, IG is one of the most established brokers in the world, known for its low trading fees, advanced platforms, and access to over 17,000 instruments. Until mid-2025, IG operated a locally regulated FSCA entity in South Africa, but the broker has since closed its South African office. New clients are now onboarded through IG International Limited, regulated by the Bermuda Monetary Authority.
Trading via the Bermuda entity means South African traders retain access to IG’s full global CFD range, including forex, indices, shares, commodities, cryptocurrencies, ETFs, and bonds. All instruments can be traded on IG’s award-winning proprietary platforms, MetaTrader 4, L2 Dealer for direct market access, or via TradingView integration.
IG offers a single multi-asset account with no minimum deposit requirement, competitive spreads from 0.6 pips on EUR/USD, and a choice of base currencies (though ZAR accounts are no longer available). In addition to its powerful trading tools, IG provides a world-class library of educational resources and market analysis, making it a strong choice for both beginners and experienced traders seeking a global trading environment.
Updated June 2026
Octa has very low trading costs, charges no fees for deposits and withdrawals, and offers a great copy trading service. All Octa clients in South Africa will trade with Orinoco Capital Pty, an FSCA-regulated financial service provider that acts as Octa’s intermediary.
However, Octa’s range of instruments is slightly limited compared to other brokers, with 52 Forex pairs, five commodities, ten indices, 150 equities, and 34 cryptocurrencies.
If you can look past the limited range of assets, you will find a low-cost broker with a fairly standard setup: Two accounts with minimum deposits of 25 USD, a slick mobile app, and a good range of trading tools. Octa also heavily promotes its wide range of bonuses, and it can offer leverage of 1:1000 on Forex pairs.
For more detailed reviews, please read our comprehensive assessments of IG and Octa.
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Broker | Overall Rating Our overall rating evaluates brokers on platform quality, fees, service, regulation, and instruments. Higher scores reflect better performance and reliability. | Official Site Click to visit the broker’s official website for more information and to open an account. | FSCA Regulated Indicates whether the broker is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, ensuring compliance with local financial laws and offering trader protection. | FSP number The FSCA licence number for the broker’s South African Financial Services Provider entity. Use it to verify local authorisation. | Onboarding Entity The legal company that holds your account after signup. It may be different from the broker’s brand name or local FSCA-licensed entity. | ZAR Account | Licenced by Displays the financial regulators licensing the broker, shown by national flags, ensuring compliance with financial standards for safer trading. | Best For This category highlights a broker's strongest feature based on trading conditions, platform experience, regulation, and user feedback. | Min. Deposit The smallest amount needed to open a live account with this broker. The real amount you need may be higher depending on the account type, base currency, and payment method. | Cost of Trading Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission. | Typical Withdrawal Broker-level withdrawal time field, typically shown in days where available. | Compare Select two brokers using the checkboxes to compare their features, fees, platforms, and more side by side. |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 | Yes | 50926 | FP Markets (Pty) Ltd, South Africa | No |   | Best for ECN Trading | USD 100 | USD 6 | Next Business Day | |||
 | Yes | 45984 | AvaTrade Markets Ltd, BVI | Yes |    | Best for Beginners | ZAR 1900 | USD 9 | Two Plus Business Days | |||
 | No | Pepperstone Markets Kenya Limited | No | | Best for Algorithmic Trading | USD 0 | USD 10 | Same Day | ||||
 | Yes | 51024 | Exness SC Ltd, Seychelles | Yes |   | Best Overall Broker | USD 3 | USD 7 | Two Plus Business Days | |||
 | No | 49970 | XTB International Limited, Belize | No |   | Most user-friendly proprietary platform | USD 0 | USD 7 | Next Business Day | |||
| No | 49977 | XM Global Limited, Belize | Yes | | Best for Educational Resources | USD 5 | USD 6 | Next Business Day | |||
 | No | IC Markets Ltd, Bahamas or Raw Trading Ltd, Seychelles | No |  | Best for Scalping | USD 200 | USD 8 | Same Day | ||||
 | Yes | 41393 | IG International Limited. Bermuda | Yes | | Best for Professional Traders | USD 0 | USD 6 | Same Day | |||
 | Yes | 51008 | ACY Securities SA Pty Ltd, South Africa | No |  | Best for Trading Tools | USD 50 | USD 10 | Next Business Day | |||
 | Yes | 49464 | Tickmill Seychelles Ltd. | Yes | | Best for Low Spreads | USD 100 | USD 6 | Next Business Day |
Select another broker to another broker to compare features, fees, and platforms side by side.
Alison and Chris cover a range of topics, including how to choose a Forex broker, safety and regulation, how to reduce your risk, trading psychology, trading platforms, and trading strategies, among others.
The FxScouts podcast helps beginner Forex traders get the best start to their trading careers.
