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 provides forex traders with the advantage of no minimum deposit requirements for its main brokerage accounts, including Schwab One and Schwab Global, which offer access to forex trading and the thinkorswim platform. While Schwab does not charge commissions for forex trading, traders should be mindful of the bid/ask spread, which stood at an industry-high of 1.35 pips for EUR/USD in October 2024. The Schwab Global account caters to international trading across twelve markets, with currency conversion fees varying based on account balance. Overall, Charles Schwab earns a strong 4-star rating for its commissions and fees but ranks 23rd out of 63 brokers in this category according to ForexBrokers.com.
Octa has made considerable improvements in its pricing structure, positioning itself among the more economical MetaTrader brokers. It offers no slippage on 97.5% of its trades and does not charge overnight carry costs. Octa's spreads vary depending on the entity that regulates the account, with its EU entity offering an average spread of 0.5 pips for the EUR/USD pair, while foreign entities offer around 0.9 pips. Despite lacking specific date references for its spread data, Octa maintains competitive pricing within the industry. The broker also holds a 4-star rating for commissions and fees and ranks 29th out of 63 brokers according to ForexBrokers.com.
Both Charles Schwab and Octa present attractive options for forex trading, each with distinct advantages. Schwab offers a seamless entry with no minimum balance requirement, along with a vast array of financial account types, and caters to international traders with various currency options. On the other hand, Octa's pricing enhancements and competitive spreads appeal to cost-sensitive traders, although some restrictions may limit high-frequency trading. Ultimately, the choice between these two brokers will depend on individual trading needs 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.
When comparing the range of investments offered by Charles Schwab and Octa, Charles Schwab stands out with a vast selection. It provides access to an impressive 40,000 tradeable symbols, including 73 forex pairs. Clients can invest in both U.S. and international exchange-traded securities, such as Apple and Vodafone shares. Additionally, Charles Schwab supports derivatives for cryptocurrencies, though it does not offer spot trading for cryptocurrencies or copy trading functionalities. Recognized for its wide array of investment options, Charles Schwab has secured a perfect rating of 5 stars in the Range of Investments category and ranks 5th out of 63 brokers on ForexBrokers.com.
Octa, while offering a more limited selection compared to Charles Schwab, provides 300 tradeable symbols, including 35 forex pairs, and focuses heavily on forex trading with options for CFD and spot contracts. Although it doesn't allow trading in U.S.-listed exchange securities, it does offer securities on international exchanges, similar to Charles Schwab. Octa allows cryptocurrency derivative trading but does not support the purchase of actual cryptocurrencies. Interestingly, Octa includes a feature for copy trading, a unique offering compared to Charles Schwab. With a 3.5-star rating for its range of investments, Octa is ranked 52nd in this category by ForexBrokers.com, highlighting its niche focus in specific investment areas.
| 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.
When it comes to trading platforms and tools, both Charles Schwab and Octa provide a range of options that cater to different trading styles. Charles Schwab and Octa both offer simulated trading through virtual demo accounts, proprietary platforms, and trading software available on Windows and web-based browsers. However, a significant difference lies in copy trading and platform variety. Octa supports copy trading and offers popular MetaTrader 4 and MetaTrader 5 platforms, appealing to traders who seek these features, whereas Schwab does not support these functions. On the other hand, both platforms allow trading directly from stock charts, but differ in technical indicators and drawing tools, with Schwab providing 24 drawing tools compared to Octa's 15.
In terms of watch list customization, Charles Schwab offers a highly detailed setup with 580 configurable fields, vastly surpassing Octa's seven. This expansive range enhances personalization for serious traders who prioritize detailed data on their dashboards. These differences contribute to Charles Schwab's stronger rating of 5 stars for trading platforms and tools, compared to Octa's 4-star rating. Similarly, Charles Schwab is ranked 5th by ForexBrokers.com out of 63 brokers in this category, whereas Octa is ranked at 37th, indicating a preference for Schwab's comprehensive platform offerings by industry standards.
| 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.
Comparing the mobile trading apps of Charles Schwab and Octa reveals some key differences that traders might find valuable. Both apps are available for iPhone and Android users and support stock or forex price alerts, making them convenient for traders on the go. While both offer the ability to draw trendlines and view multiple time frames on charts, Charles Schwab stands out with a significantly higher number of technical studies, offering 374 compared to Octa's 30. Furthermore, only Charles Schwab enables watchlist symbol syncing between its mobile app and online accounts, ensuring seamless updates across platforms.
In terms of user satisfaction, Charles Schwab's app holds an impressive 5-star rating, whereas Octa's app receives 4 stars. This is mirrored in their rankings by ForexBrokers.com for mobile trading apps, where Charles Schwab takes the sixth spot out of 63 brokers while Octa ranks 36th. Both platforms allow users to create watchlists with real-time quotes, and any drawings on charts are automatically saved. Overall, while both apps offer essential features, Charles Schwab provides a more advanced trading experience with its more extensive technical tools and better integration, which some traders may prefer.
| 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 comparing Charles Schwab and Octa for market research tools, both platforms shine with their daily market commentary and provide forex news from top-tier sources like Bloomberg, Reuters, and Dow Jones. While neither broker includes tools from Trading Central or Acuity Trading, Octa stands out by offering resources from Autochartist, potentially appealing to those who prioritize technical analysis. Additionally, both brokers offer an economic calendar that keeps users informed about upcoming global news events.
Despite some similarities, Charles Schwab holds a slight edge over Octa, particularly in research ratings and rankings. Charles Schwab earns 5 stars for research and ranks fourth out of 63 brokers, while Octa gets 4 stars, placing it at the 27th position. For traders seeking superior research capabilities, Charles Schwab may be the more suitable choice, offering comprehensive resources that cater to a wide array of market needs.
| 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 it comes to educational resources for beginner traders, both Charles Schwab and Octa stand out by offering comprehensive materials to help new investors understand forex and CFDs. Each platform provides more than ten educational pieces such as articles, videos, and archived webinars focused on these trading topics. Furthermore, both brokers host regular online webinars, at least once a month, and allow users to access a searchable archive of past sessions. For those just starting out, both Charles Schwab and Octa provide a collection of beginner-friendly videos covering essential trading topics, ensuring that novices have a solid foundation to build upon.
Charles Schwab and Octa also extend their educational efforts to more seasoned traders. They offer at least ten advanced videos focusing on strategies for experienced individuals. Additionally, investors have access to comprehensive dictionaries that define over 50 investing terms, crucial for anyone eager to become proficient in trading jargon. Despite both platforms offering rich educational features, Charles Schwab earns a higher education rating with a five-star evaluation compared to Octa's four stars. This is further reflected in their ForexBrokers.com rankings, where Charles Schwab takes the sixth spot out of 63 brokers, while Octa is positioned at 42, indicating a stronger reputation for providing top-tier educational resources.
| 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 63 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 | 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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