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 is known for its user-friendly access with no minimum deposit requirement for forex trading, offering the Schwab One and Schwab Global accounts for those interested in leveraging the thinkorswim platform. While Schwab doesn't charge commissions for forex trading, the trading costs stem from the bid/ask spread on currency pairs, with the EUR/USD averaging 1.35 pips—a bit above the industry norm. Furthermore, Schwab Global allows access to twelve international markets in local currencies with conversion fees from 0.2% to 1%, based on the account balance. Schwab's overall commitment to service is reflected in its 4-star rating for commissions and fees, ranked 23rd out of 62 brokers by ForexBrokers.com.
Octa, although it previously faced challenges in pricing, has made strides and now competes closely with some of the most cost-effective MetaTrader brokers. Octa excels with features like no slippage on 97.5% of executed orders and zero overnight carry costs, though it maintains certain restrictions that might affect high-frequency traders. The broker’s spread pricing can vary by location, with the EU entity offering an average spread of 0.5 pips on the EUR/USD pair, contrasting with 0.9 pips from other foreign entities. Despite this improvement, the lack of date-referenced data for spreads slightly diminishes their credibility. Octa mirrors Charles Schwab with a 4-star rating for commissions and fees, holding the 28th position out of 62 brokers ranked by ForexBrokers.com.
| 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.
When comparing Charles Schwab and Octa in terms of available investment options, Schwab stands out with an extensive range of 40,000 tradeable symbols, including 73 forex pairs. This American firm allows investors to delve into both U.S. and international exchange-traded securities, enabling direct purchases of stocks such as Apple's AAPL and Vodafone. However, Schwab does not offer copy trading or the ability to purchase actual cryptocurrencies; instead, it provides access to cryptocurrency derivatives. Charles Schwab's broad portfolio offerings have earned it a 5-star rating and a commendable position at #5 for the Range of Investments category by ForexBrokers.com.
In contrast, Octa provides a more limited selection, with 257 tradeable symbols and 35 forex pairs. While it supports forex trading through CFDs and offers cryptocurrency derivatives, Octa does not grant access to exchange-traded securities on U.S. exchanges, limiting its scope compared to Schwab. On the positive side, Octa caters to investors interested in social trading with its copy trading feature. Despite these offerings, Octa is rated 3.5 stars for its range of investments and holds the #52 rank in the ForexBrokers.com assessment. The differences in investment options highlight the distinct approaches of these two brokers in catering to their clientele's needs.
| Feature |
Charles Schwab
|
Octa
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 257 |
| 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 mobile trading apps for iPhone and Android users, along with useful features like stock and forex price alerts. However, when it comes to syncing watchlists and analytics, Charles Schwab takes a significant lead. Schwab’s app allows for seamless watchlist syncing across devices, whereas Octa does not offer this feature. Additionally, Charles Schwab provides a more extensive selection of technical studies for charting, boasting 374 studies compared to Octa's 30, which could be a decisive factor for traders who rely on comprehensive analysis tools.
Both apps allow users to draw trendlines, view different time frames, and automatically save chart drawings, ensuring a smooth trading experience. Real-time quotes and watchlist creation are supported in both apps, yet Charles Schwab scores higher overall with a 5-star rating for its mobile trading platform, compared to Octa’s 4-star rating. In terms of rankings by ForexBrokers.com, Schwab is placed at an impressive #6 out of 62 brokers for mobile trading apps, while Octa is ranked at #36. Thus, while both platforms offer valuable mobile trading capabilities, Charles Schwab emerges as the more feature-rich and highly-rated choice.
| 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 exploring educational resources for beginner traders, both Charles Schwab and Octa offer a comprehensive suite of tools to help you get started. Each platform provides a wealth of knowledge on forex and CFDs, with numerous educational pieces including articles, videos, and archived webinars. Both brokers also host regular online educational webinars and maintain searchable archives for past sessions, ensuring you have continuous access to valuable learning materials. Whether you're just starting or looking to deepen your understanding, both Charles Schwab and Octa include at least 10 beginner-focused and advanced educational videos to cater to traders at different stages.
For individuals seeking definitions and explanations of investment terms, both brokers provide an investor dictionary encompassing over 50 terms. Despite the similar offerings, Charles Schwab edges ahead with a 5-star educational rating and is ranked 6th out of 62 brokers by ForexBrokers.com, in contrast to Octa's 4-star rating and 41st place ranking. This accolade suggests that Schwab provides a slightly more refined educational experience, potentially offering more engaging or in-depth resources for budding traders.
| 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
|
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 | 257 | |
| 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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