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 |
When comparing FinecoBank and Octa regarding commissions and fees, FinecoBank's lack of published average spread data for forex and CFD trading makes it challenging to evaluate its true trading costs. While they note a spread of 1 pip for EUR/USD, this is generally higher than the typical spread offered by other forex brokers, potentially increasing trading expenses. There’s also mention of a 0.8 pip spread, but without confirmation as an average or a specified date range, assessing its competitiveness is tricky. FinecoBank offers potentially lower spreads on index CFDs but still falls short in transparency and consistency, which results in a 3.5-star rating and a rank of 50 out of 62 brokers for commissions and fees.
Conversely, Octa has shown significant improvements in its pricing model, aligning itself with some of the most cost-effective MetaTrader brokers. Remarkably, it boasts no slippage on 97.5% of its executed orders and doesn't charge overnight carry costs, though some restrictions might affect high-frequency traders. Octa presents a more varied spread pricing, depending on the entity regulating your account. For instance, in the European Union, it offers an average spread of 0.5 pips for EUR/USD, slightly more competitive than 0.9 pips for its foreign entities. However, like FinecoBank, Octa does not provide a specific date range for its spread data. Despite this, Octa's improved pricing earns it a 4-star rating and a better rank of 28 out of 62 brokers for commissions and fees.
| 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.
FinecoBank and Octa both offer forex trading through CFDs or spot contracts, catering to investors looking to engage in the foreign exchange market. FinecoBank impressively features 9770 tradeable symbols, including 54 forex pairs, while Octa offers a more modest selection of 257 symbols with 35 forex pair options. FinecoBank stands out by allowing clients to invest in exchange-traded securities on U.S. exchanges, providing a broader canvas for investment, whereas Octa does not facilitate access to U.S. markets but does provide opportunities on international platforms. Both brokers lack support for purchasing actual cryptocurrencies but differ in their stance on cryptocurrency derivatives, with Octa providing access, whereas FinecoBank does not.
While FinecoBank does not support copy trading, Octa offers this feature to its clientele, appealing to those interested in mimicking successful trading strategies. In terms of investment range, FinecoBank has gained a strong rating of 4.5 out of 5 stars and is ranked 16th out of 62 brokers by ForexBrokers.com. Meanwhile, Octa carries a rating of 3.5 stars and is positioned 52nd in the same category, suggesting that FinecoBank tends to offer broader and more varied investment options compared to its competitor. This comparison indicates that FinecoBank may be a preferred choice for investors seeking extensive market access and a diverse portfolio range.
| Feature |
FinecoBank
|
Octa
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 9770 | 257 |
| 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 offered by FinecoBank and Octa, both brokers present solid proprietary platforms developed in-house, providing users with distinct trading experiences. FinecoBank caters to traditional Windows-based desktop users and those who prefer web-based platforms, yet it falls short in offering simulator or paper trading options, which can be a significant drawback for beginners seeking practice. Octa, however, provides a free virtual demo account, allowing new users to refine their skills risk-free. In terms of platform options, Octa shines by offering MetaTrader 4 (MT4) and MetaTrader 5 (MT5), popular choices for many traders, whereas FinecoBank lacks support for these third-party platforms.
For traders interested in charting features and additional tools, Octa appears more comprehensive with 15 drawing tools and an innovative feature allowing trading directly from stock charts, enhancing the user's experience with seamless execution. In contrast, FinecoBank offers seven drawing tools and does not provide direct trading from charts. Both platforms earn a commendable four-star rating for trading platforms and tools, according to ForexBrokers.com, yet FinecoBank stands higher in the rankings at #18 compared to Octa at #37 out of 62 brokers. This indicates FinecoBank's slightly better overall performance in this category, despite having fewer platform options for specialized trading.
| 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 for iPhone and Android devices, allowing users to trade on the go. These apps support important features like stock and forex price alerts to keep traders informed of market movements. However, both lack the ability to sync watchlist symbols between their mobile apps and online accounts, which means any updates made on one platform are not automatically reflected on the other. While FinecoBank provides six technical studies for charting, Octa offers a more comprehensive choice with 30 technical studies, which can be advantageous for those who rely heavily on technical analysis. Additionally, Octa allows users to draw trendlines and automatically saves these drawings, enhancing the charting experience, whereas FinecoBank does not offer such functionality.
When it comes to exploring charts over multiple time frames, both FinecoBank and Octa deliver on this front, allowing users to view daily, weekly, or intraday charts. However, only Octa supports the creation of watchlists with real-time quotes, which can be a crucial feature for active traders. Both apps have been rated four out of five stars for their mobile trading platforms, indicating a solid level of satisfaction among users. In terms of rankings by ForexBrokers.com for mobile trading apps, Octa is placed higher at #36 out of 62 brokers, while FinecoBank ranks at #42. This suggests that while both apps are competitive, Octa might offer a slight edge in terms of overall usability and extra features.
| 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.
For beginners looking to learn forex or CFDs, FinecoBank provides a solid start. It offers online educational webinars every month and more than ten beginner-friendly videos focusing on trading topics. Beginners will also find an investor dictionary with over 50 investment terms, which can be quite helpful. However, FinecoBank lacks a comprehensive collection of advanced videos for experienced traders and does not have a searchable archive of past webinars. Additionally, it falls short in providing a wide array of articles or other educational resources specifically aimed at forex or CFDs.
Octa, on the other hand, provides a more extensive educational experience for both beginners and advanced traders. Similar to FinecoBank, Octa offers monthly online webinars and a selection of beginner videos covering essential trading concepts, as well as an investor dictionary. However, Octa excels by offering a larger pool of educational materials that cover forex and CFDs specifically, including a searchable archive of recorded webinars and advanced video topics for seasoned traders. Both brokers receive a 4-star rating for education, but Octa edges ahead in rankings, as assessed by ForexBrokers.com.
| 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
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Octa
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|---|---|---|
| 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 | 257 | |
| 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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