Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs Octa, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Charles Schwab, founded in 1971, stands out as a highly trusted online broker, with a top Trust Score rating of 99 according to ForexBrokers.com. As a publicly traded bank, Charles Schwab holds five Tier-1 regulatory licenses, which are considered to be of the highest trust. This robust regulatory standing ensures a secure trading environment for its users, making it a preferred choice for those seeking a reliable financial partner.
In contrast, Octa, established in 2011, brings a different profile to the table. While it is not publicly traded or a bank, Octa holds a Trust Score of 72, indicating average risk. Additionally, Octa is regulated with one Tier-1 license and one Tier-2 license, which aligns it within the average trusted category. This may appeal to traders looking for varied trading experiences with moderate risk in global markets.
| Feature |
Charles Schwab
|
Octa
|
|---|---|---|
| Year Founded | 1971 | 2011 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 5 | 1 |
| Tier-2 Licenses | 0 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
Charles Schwab and Octa are two well-regarded online brokers, each with competitive commissions and fees. Charles Schwab shines with a no minimum deposit requirement for its primary brokerage accounts, providing a low entry barrier for forex traders. Notably, Schwab does not charge commissions for forex trading; instead, trading costs come from the bid/ask spread, which averaged 1.35 pips for EUR/USD in October 2024. Schwab One account holders can trade forex in USD while the Schwab Global account lets users access twelve international markets. However, currency conversion fees ranging from 0.2% to 1% may apply. Schwab proudly holds a 4-star rating and ranks #23 out of 62 brokers for commissions and fees according to ForexBrokers.com.
Octa, on the other hand, has shown significant improvements in pricing over time, now aligning closely with the lowest-cost MetaTrader brokers. Octa does not experience slippage on 97.5% of executed orders and refrains from charging overnight fees, offering attractive conditions for specific trading strategies. Account types and associated fees differ based on the regulatory entity, with the EU entity generally providing better spread pricing. For instance, Octa's EU entity offers an average EUR/USD spread of 0.5 pips, compared to 0.9 pips for its foreign entities. Despite these improvements, lack of date-specific data for their spreads limits direct comparisons. Octa earns a 4-star rating and ranks #29 out of 62 brokers in the same ForexBrokers.com category.
In summary, both Charles Schwab and Octa provide solid options for traders, with Schwab offering a variety of account types and no forex commissions, while Octa continues to enhance its cost-efficiency and order execution. Both brokers hold commendable 4-star ratings in the commissions and fees category, yet their offerings cater to different trading strategies and preferences.
| Feature |
Charles Schwab
|
Octa
|
|---|---|---|
| Minimum Deposit | $0 | $25 |
| Average Spread EUR/USD - Standard | 1.35 | 0.9 |
| All-in Cost EUR/USD - Active | 1.35 | N/A |
| Active Trader or VIP Discounts | No | No |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Charles Schwab and Octa both accommodate forex trading through contracts for difference (CFDs) or spot contracts, catering to forex enthusiasts. However, when it comes to the sheer variety of investment options, Charles Schwab stands out with an impressive offering of 40,000 tradeable symbols, including 73 forex pairs. In contrast, Octa provides a more limited selection with only 300 tradeable symbols and 35 forex pairs. If you're keen on buying exchange-traded securities, both domestically and internationally, Charles Schwab provides the flexibility to invest in stocks listed on U.S. exchanges such as Apple and international venues like the London Stock Exchange. On the other hand, Octa does not support buying U.S. stocks directly but does allow access to international exchanges.
For those interested in cryptocurrency investments, neither Charles Schwab nor Octa supports the purchase of actual cryptocurrencies, although both offer cryptocurrency derivatives. While Octa shines with its copy trading feature, Charles Schwab lacks this option. Based on their range of offerings, Charles Schwab is rated higher with five stars, while Octa holds a rating of 3.5 stars. When evaluated by ForexBrokers.com, Charles Schwab ranks at #5 out of 62 brokers, asserting its position as a top choice for varied investments. Meanwhile, Octa stands at #52, showing that while it offers core features, its range might not satisfy all investors seeking diverse trading opportunities.
| Feature |
Charles Schwab
|
Octa
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 300 |
| Forex Pairs (Total) | 73 | 35 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
Charles Schwab and Octa both provide versatile trading platforms suitable for a variety of investors. Both brokers feature simulated trading options, allowing users to test strategies through virtual demo accounts. Each has developed its proprietary platform, and offers platforms for Windows-based desktops as well as web-based trading, giving traders flexibility in how and where they trade. However, a notable difference lies in copy trading capabilities, with Octa offering this feature, while Charles Schwab does not. Octa also supports popular platforms like MetaTrader 4 and MetaTrader 5, which are not available at Charles Schwab.
When it comes to charting tools, Charles Schwab slightly outperforms Octa by offering a greater variety of drawing tools (24 compared to 15). Both brokers enable trading directly from stock charts, adding convenience for active traders. Charles Schwab shines in watch list customization, offering 580 fields compared to Octa's 7. In terms of user ratings, Charles Schwab has been awarded 5 stars for its Trading Platforms and Tools, ranking it #5 out of 62 brokers, while Octa holds a 4-star rating and ranks at #37 in the same category. These differences suggest that seasoned traders who value extensive customization and platform features might lean towards Charles Schwab, whereas those seeking a mix of copy trading and MetaTrader options may find Octa appealing.
| Feature |
Charles Schwab
|
Octa
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 374 | 30 |
| Charting - Drawing Tools (Total) | 24 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 580 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Charles Schwab and Octa both offer iPhone and Android apps, allowing traders to stay connected to the markets on the go. Both platforms provide essential features like price alerts and the ability to draw trendlines and view multiple time frames on stock and forex charts. They also support watchlists with real-time quotes to help users keep track of market movements. However, a key difference lies in watchlist syncing capabilities: Charles Schwab offers seamless syncing between its mobile app and online accounts, while Octa does not.
When it comes to charting tools, Charles Schwab offers a significant advantage, providing users with 374 technical studies compared to Octa's 30. Schwab also outshines Octa in user satisfaction, earning a five-star rating compared to Octa’s four stars. Ranked #6 out of 62 brokers by ForexBrokers.com for its mobile trading app, Schwab stands well ahead of Octa, which holds the #35 spot. These distinctions make Charles Schwab a more appealing choice for those seeking a comprehensive mobile trading experience.
| Feature |
Charles Schwab
|
Octa
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 374 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When looking to compare the market research offerings of Charles Schwab and Octa, both platforms provide daily market commentary and access to forex news from leading sources like Bloomberg and Reuters. However, a key difference is that Octa comes equipped with tools from Autochartist, which can aid in technical and fundamental analysis. On the other hand, neither broker offers tools from Trading Central or sentiment-based trading utilities. Furthermore, both Charles Schwab and Octa lack market research from TipRanks and research tools from Acuity Trading. For investors focused on global economic news, both brokers supply an economic calendar to track significant events.
Despite these similarities and differences, Charles Schwab outshines Octa in research quality, evidenced by its perfect five-star rating compared to Octa’s four stars. This superior rating correlates with Charles Schwab’s higher ranking in the research category by ForexBrokers.com, where it stands at #4 out of 62 brokers. Meanwhile, Octa is ranked #26, which indicates a noticeable gap between the two in terms of research resource offerings and overall investor support in this area.
| Feature |
Charles Schwab
|
Octa
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | No | No |
| Social Sentiment - Currency Pairs | No | No |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing Charles Schwab to Octa in terms of educational resources for beginners, both brokers offer a wide array of learning materials aimed at fostering a deeper understanding of forex and CFDs. Charles Schwab and Octa each provide more than ten educational resources, such as articles, videos, and webinars, focused on forex or CFDs. Furthermore, both platforms conduct monthly online educational webinars for clients and maintain searchable archives of past webinars for easy access and review.
Additionally, both Charles Schwab and Octa cater to traders at different stages of their journey by offering at least ten beginner videos and a set of advanced videos. They also include an investor dictionary with definitions of over 50 investing terms to aid in the learning process. In terms of educational quality and recognition, Charles Schwab stands out with a 5-star rating and is ranked 6th out of 62 brokers by ForexBrokers.com, whereas Octa has a 4-star rating and ranks 42nd. While both platforms serve beginners well, Charles Schwab appears to be the more highly valued resource by industry standards.
| Feature |
Charles Schwab
|
Octa
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| Investor Dictionary (Glossary) | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 62 of the best forex brokers, our research and account testing finds that Charles Schwab is better than Octa. Charles Schwab finished with an overall rank of #6, while Octa finished with an overall rank of #47.
Charles Schwab is a highly trusted financial institution and multi-asset broker catering to U.S.-based and international forex traders. Schwab's award-winning thinkorswim platform offers over 70 tradeable currency pairs alongside impressive tools, research, and education. That said, the broker’s forex offering is still largely limited to what is available on thinkorswim.
| Feature |
Charles Schwab
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Octa
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 72 |
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Both Charles Schwab and Octa provide investors with the option to trade cryptocurrency derivatives, but neither offers the ability to buy actual delivered cryptocurrencies.
In comparing online brokers, Charles Schwab supports ACH and SEPA transfers as well as bank wires for deposits and withdrawals, whereas Octa offers bank wires, Skrill, and accepts Visa or Mastercard, lacking ACH, SEPA, and PayPal options.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
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0 of 5| Overall Rating | Charles Schwab | Octa | |
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| Trust Score | 99 | 72 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | Octa Review |
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| Regulation | Charles Schwab | Octa | |
|---|---|---|---|
| Trust Score | 99 | 72 | |
| Year Founded | 1971 | 2011 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 5 | 1 | |
| Tier-2 Licenses | 0 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | Octa | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | No | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes |
| Tier-2 Licenses (Trusted) | Charles Schwab | Octa | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | Yes | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Charles Schwab | Octa | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 300 | |
| Forex Pairs (Total) | 73 | 35 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | Charles Schwab | Octa | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.35 | 0.9 | |
| All-in Cost EUR/USD - Active | 1.35 | N/A | |
| Active Trader or VIP Discounts | No | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | No | Yes |
| Funding | Charles Schwab | Octa | |
|---|---|---|---|
| Minimum Deposit | $0 | $25 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | Charles Schwab | Octa | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Charles Schwab | Octa | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 580 | 7 | |
| Charting - Indicators / Studies (Total) | 374 | 30 | |
| Charting - Drawing Tools (Total) | 24 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Charles Schwab | Octa | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 374 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Charles Schwab | Octa | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | No | No | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | Octa | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Charles Schwab | Octa | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | Charles Schwab Review | Octa Review |
| Overall | Charles Schwab | Octa | |
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| Trust Score | 99 | 72 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | Octa Review |
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