Written by ForexBrokers.com
In this head to head comparison of FinecoBank 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.
FinecoBank, established in 1999, stands out in the online brokerage world with a high level of trustworthiness. As a publicly traded bank, FinecoBank boasts two Tier-1 licenses, reflecting its solid regulatory standing and a strong Trust Score of 94 out of 99, categorizing it as highly trusted. This makes it an attractive choice for individuals seeking a secure and reliable trading platform.
In contrast, Octa, founded in 2011, operates privately and holds a single Tier-1 and Tier-2 license. With a Trust Score of 72, Octa is perceived as average risk according to ForexBrokers.com. While it offers a fair level of trust, it may not match the regulatory assurances and transparency offered by a banking institution like FinecoBank.
| Feature |
FinecoBank
|
Octa
|
|---|---|---|
| Year Founded | 1999 | 2011 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 2 | 1 |
| Tier-2 Licenses | 0 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
FinecoBank and Octa have distinct approaches when it comes to commissions and fees, which reflect in their respective ratings and rankings. FinecoBank charges spreads of 1 pip for the EUR/USD, which is higher than the norm among forex brokers. An alternate spread of 0.8 pips is mentioned, but without specification as an average or a date range, leaving an unclear picture of its trading costs. FinecoBank seems to offer more competitive spreads for index CFDs. Rated 3.5 stars for its commissions and fees, FinecoBank places 50th in a comparison of 62 brokers on ForexBrokers.com.
In contrast, Octa has made significant strides in improving its pricing and is catching up with the lowest-cost MetaTrader brokers. A key advantage Octa holds is that 97.5% of its orders execute without slippage and incur no overnight carry costs, though it maintains restrictions that might not favor high-frequency traders. Spreads depend on the account type and are slightly better in the EU entity with an average spread of 0.5 pips for the EUR/USD pair, compared to 0.9 pips in others. Due to these improvements, Octa receives a 4-star rating and ranks 29th out of 62 brokers in the same category.
While FinecoBank may offer favorable spreads for specific financial products like index CFDs, Octa has a more attractive overall fee structure, especially for forex trading. Both brokers, however, lack a transparent time-stamped reference for their spread data, making a direct comparison challenging. Ultimately, Octa is generally better suited for traders seeking a cost-efficient trading platform with minimal order execution slippage.
| Feature |
FinecoBank
|
Octa
|
|---|---|---|
| Minimum Deposit | $0 | $25 |
| Average Spread EUR/USD - Standard | N/A | 0.9 |
| All-in Cost EUR/USD - Active | N/A | 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 it comes to the variety of investment choices, FinecoBank significantly surpasses Octa in several aspects. FinecoBank presents an impressive collection of 9,770 tradeable symbols, providing investors plenty of opportunities to diversify their portfolios. This includes 54 forex pairs and access to the U.S. stock market, allowing clients to buy shares like Apple. Moreover, FinecoBank extends its reach to international exchanges, letting investors tap into global markets with ease. Additionally, FinecoBank is a solid option for those interested in trading forex, as it offers these as both CFDs and spot contracts.
On the other hand, Octa offers 300 tradeable symbols, including 35 forex pairs available as CFDs or spot contracts. While Octa does not grant access to U.S. stock exchanges, it does facilitate trading on international exchanges and supports copy trading, appealing to users who prefer to follow more experienced traders' strategies. Octa also provides options for trading cryptocurrency derivatives, broadening the scope for users interested in digital assets. However, in terms of the overall range of investments, FinecoBank is rated higher, securing 4.5 stars and a ranking of 16th out of 62, while Octa receives 3.5 stars with a ranking of 52nd in the same category.
| Feature |
FinecoBank
|
Octa
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 9770 | 300 |
| Forex Pairs (Total) | 54 | 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) | No | 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.
When comparing the trading platforms and tools of FinecoBank and Octa, both brokers demonstrate solid offerings, but with unique strengths catering to different trading needs. FinecoBank, ranked #17 out of 62 brokers by ForexBrokers.com, offers an in-house developed platform, a Windows-based desktop platform, and a web-based trading option. While FinecoBank does not provide MetaTrader support or simulated trading accounts, it offers a manageable seven drawing tools for charting. However, it lacks the ability to trade directly from stock charts or engage in copy trading.
On the other hand, Octa, though ranked #37 by ForexBrokers.com, provides a versatile experience with MetaTrader 4 and MetaTrader 5 support, in addition to its proprietary platform. Octa stands out by offering a free virtual demo account for paper trading and advanced charting capabilities with 15 drawing tools, plus the possibility to trade directly from stock charts. Additionally, Octa supports copy trading, enhancing its appeal to those interested in mimicking the trades of successful peers. Both brokers garnered a four-star rating for their trading platforms and tools, signifying reliable user satisfaction across various aspects.
| Feature |
FinecoBank
|
Octa
|
|---|---|---|
| Virtual Trading (Demo) | No | 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) | 37 | 30 |
| Charting - Drawing Tools (Total) | 7 | 15 |
| Charting - Trade From Chart | No | Yes |
| Watchlists - Total Fields | N/A | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both FinecoBank and Octa offer mobile trading apps compatible with iPhone and Android devices, enabling seamless access to trading on the go. Users can receive stock or forex price alerts through both platforms, ensuring that staying informed on market fluctuations is straightforward. Despite their similarities, there are some differences in features. While neither FinecoBank nor Octa offer watchlist symbol syncing, Octa stands out by allowing users to draw trendlines on charts, offering more advanced chart interaction features with 30 technical studies available compared to FinecoBank’s six.
When it comes to viewing multiple time frames within charts, both apps provide this functionality, accommodating various trading strategies. However, Octa offers autosave for chart drawings and the ability to create a watchlist with real-time quotes, features FinecoBank lacks. Ultimately, both apps receive a solid 4-star rating for their mobile trading experiences. As per ForexBrokers.com rankings, Octa is slightly ahead at rank #35, while FinecoBank is at #42 out of 62 brokers evaluated for their mobile trading app offerings.
| Feature |
FinecoBank
|
Octa
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | 6 | 30 |
| Mobile Charting - Draw Trendlines | No | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | No | Yes |
| Mobile Watchlist | No | Yes |
Dive deeper: Best Forex Trading Apps.
FinecoBank and Octa both provide significant market research tools, but they cater to different needs. Octa stands out by offering daily market commentary, which can be beneficial for traders needing frequent updates on market changes. FinecoBank, while not offering this feature, supplies forex news from top-tier sources like Bloomberg and Reuters, much like Octa, keeping traders informed with high-quality insights. However, when it comes to advanced technical analysis tools, Octa takes the lead with resources from Autochartist, whereas FinecoBank does not offer this feature. Neither broker presents features such as Trading Central tools or sentiment-based trading tools.
Both brokers maintain an economic calendar to highlight pivotal global events, allowing traders to anticipate market movements effectively. Despite their subtle differences, FinecoBank and Octa both receive a solid four-star rating in research, according to ForexBrokers.com. In a crowded field of 62 brokers, Octa is positioned slightly higher at rank 26, while FinecoBank holds rank 33. Each broker offers unique strengths, allowing users to choose based on their specific research and analysis needs.
| Feature |
FinecoBank
|
Octa
|
|---|---|---|
| Daily Market Commentary | No | 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 it comes to educational resources for beginners, both FinecoBank and Octa offer a range of helpful tools, but there are some notable differences. Octa stands out by providing more than ten educational pieces focusing on forex or CFDs, while FinecoBank does not meet this threshold. Both platforms host regular online webinars to engage their clients, but Octa offers an advantage with a searchable archive of past sessions, which FinecoBank lacks. Additionally, both brokers offer more than ten beginner educational videos tailored to novice traders. However, Octa caters to more seasoned investors by providing advanced educational videos, a resource not available at FinecoBank. On the subject of investor dictionaries, both brokers meet the standard by offering definitions for over fifty investing terms.
Despite both companies earning a respectable four-star rating for their educational offerings, their rankings by ForexBrokers.com tell a slightly different story. FinecoBank is ranked 49th among 62 brokers in the education category, while Octa sits at 42nd. This suggests that Octa's broader scope of resources, particularly for both beginners and advanced traders, could make it a more appealing option for those looking to deepen their trading knowledge and skills. Whether you're just starting out or looking to expand your expertise, considering the educational resources each broker provides may help you choose the right fit for your trading journey.
| Feature |
FinecoBank
|
Octa
|
|---|---|---|
| Education (Forex or CFDs) | No | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | No | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | No | 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 FinecoBank is better than Octa. FinecoBank finished with an overall rank of #25, while Octa finished with an overall rank of #47.
FinecoBank is a trusted multi-asset broker offering forex and CFDs across its brands regulated in the U.K. and Italy. However, unless you visit a physical branch as a citizen of the EU – or you are a resident of Italy or the U.K. – you will not be permitted to open an online account with FinecoBank.
| Feature |
FinecoBank
|
Octa
|
|---|---|---|
| Overall Rating |
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| Trust Score | 94 | 72 |
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While FinecoBank does not provide the option to purchase actual cryptocurrency or cryptocurrency derivatives, Octa allows for the buying of cryptocurrency derivatives but
When comparing online brokers FinecoBank and Octa, FinecoBank supports ACH or SEPA transfers and bank wires for deposits and withdrawals, whereas Octa allows deposits and withdrawals via Skrill, Visa or Mastercard, and bank wires, but not ACH or SEPA transfers.
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 | FinecoBank | Octa | |
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| Trust Score | 94 | 72 | |
| Winner | check_circle | ||
| Review | FinecoBank Review | Octa Review |
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| Regulation | FinecoBank | Octa | |
|---|---|---|---|
| Trust Score | 94 | 72 | |
| Year Founded | 1999 | 2011 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 2 | 1 | |
| Tier-2 Licenses | 0 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | FinecoBank | Octa | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | No | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | FinecoBank | 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 | FinecoBank | Octa | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 9770 | 300 | |
| Forex Pairs (Total) | 54 | 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) | No | 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 | FinecoBank | Octa | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | N/A | 0.9 | |
| All-in Cost EUR/USD - Active | N/A | N/A | |
| Active Trader or VIP Discounts | No | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | No | Yes | |
| Execution: Market Maker | No | Yes |
| Funding | FinecoBank | 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 | FinecoBank | 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 | FinecoBank | Octa | |
|---|---|---|---|
| Virtual Trading (Demo) | No | Yes | |
| Alerts - Basic Fields | No | Yes | |
| Watchlists - Total Fields | N/A | 7 | |
| Charting - Indicators / Studies (Total) | 37 | 30 | |
| Charting - Drawing Tools (Total) | 7 | 15 | |
| Charting - Trade From Chart | No | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | FinecoBank | Octa | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | No | Yes | |
| Watchlist Syncing | No | No | |
| Mobile Charting - Indicators / Studies | 6 | 30 | |
| Mobile Charting - Draw Trendlines | No | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | No | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | FinecoBank | Octa | |
|---|---|---|---|
| Daily Market Commentary | No | 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 | FinecoBank | Octa | |
|---|---|---|---|
| Education (Forex or CFDs) | No | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | No | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | No | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | FinecoBank | 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 | FinecoBank Review | Octa Review |
| Overall | FinecoBank | Octa | |
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| Trust Score | 94 | 72 | |
| Winner | check_circle | ||
| Review | FinecoBank Review | Octa Review |
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