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 it comes to comparing FinecoBank and Octa for commissions and fees, FinecoBank's approach seems less transparent in terms of providing clear trading cost data. The broker lists a spread of 1 pip for the EUR/USD currency pair, which is on the higher side when compared to typical forex brokers. Although Fineco mentions a spread of 0.8 pips, these figures are not stated as average values, and no specific date range is provided, making it challenging to assess their true competitiveness. FinecoBank receives a 3.5-star rating for commissions and fees and ranks #51 out of 63 brokers in this category according to ForexBrokers.com.
On the other hand, Octa has made significant strides in improving its pricing structure, now closely aligning with some of the lowest-cost MetaTrader brokers. It boasts a no-slippage rate on 97.5% of its executed orders and offers trading without overnight carry costs. However, the costs depend on the account type and the regulating entity, be it in the EU, South Africa, or Mwali. In the EU, the broker's typical spread for the EUR/USD pair is listed at 0.5 pips, slightly lower than the 0.9 pips offered by its offshore entities. Despite the absence of a specified date range for this spread data, Octa still manages to maintain competitive pricing. Octa earns a 4-star rating for commissions and fees, ranking #29 among 63 brokers according to ForexBrokers.com.
| 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 comparing FinecoBank and Octa for available investment options, FinecoBank stands out with a substantially larger array of choices. Offering 9,770 tradeable symbols, FinecoBank provides clients with a significant variety of investment opportunities, including 54 forex pairs and access to both U.S. and international exchange-traded securities. This means FinecoBank users can invest in major U.S. stocks like Apple and international options like Vodafone. In contrast, Octa provides 300 tradeable symbols, including 35 forex pairs, and while it offers international exchange-traded securities, it lacks access to U.S. markets for direct stock purchases. However, Octa does stand out by providing copy trading and cryptocurrency derivatives, options that FinecoBank does not support.
Overall, FinecoBank receives higher accolades for its range of investments, achieving a 4.5-star rating and ranking 16th out of 63 brokers in the Range of Investments category by ForexBrokers.com. On the other hand, Octa is rated 3.5 stars and ranks 52nd in the same category. This suggests that while Octa offers some unique tools like copy trading, FinecoBank's broader range of available investments may appeal more to investors seeking diversification through traditional and international markets.
| 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 choosing between FinecoBank and Octa for their trading platforms and tools, it's essential to consider the features they offer to meet your trading needs. FinecoBank provides its own in-house platform along with a Windows-based desktop download and a web-based trading platform, ensuring flexibility and variety. However, it lacks simulated trading, copy trading, and compatibility with popular platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5). On the other hand, Octa stands out with features like simulated trading through a free virtual demo account and supports both MT4 and MT5, making it ideal for traders who require these functionalities.
Octa also offers the ability to trade directly from a stock chart and provides more drawing tools for charting than FinecoBank, with 15 tools compared to FinecoBank's seven. Octa includes a comprehensive seven-column watch list, further enhancing the trading experience. Despite these features, both platforms rank evenly at four stars for Trading Platforms and Tools. However, FinecoBank is placed higher in the rankings by ForexBrokers.com, sitting at #18 out of 63 brokers, reflecting a strong reputation in this category compared to Octa's #37 placement. Overall, your choice between FinecoBank and Octa should be guided by your preference for familiar platform support and advanced charting features.
| 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 have made strides in developing their mobile trading apps for iPhone and Android users, offering essential features for traders on the go, such as stock or forex price alerts. However, they both lack watchlist symbol syncing, meaning that if you make changes to your watchlist on either the app or your online account, those changes won't automatically sync across platforms. When it comes to charting tools, FinecoBank offers 6 technical studies, while Octa provides a more comprehensive set of options with 30 technical studies. This gives Octa an edge for traders who rely heavily on technical analysis.
Octa further differentiates itself by allowing users to draw trendlines on charts and offering the ability to create watchlists with real-time quotes—features FinecoBank currently does not offer. Octa's app also auto-saves drawings on stock or forex charts, which adds another layer of convenience for active traders. Despite these differences, both apps receive a solid 4-star rating for their mobile trading offerings. However, Octa ranks slightly higher at 36 out of 63 brokers according to ForexBrokers.com, compared to FinecoBank’s ranking of #42, indicating a slight preference among reviewers.
| 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.
When comparing FinecoBank and Octa in terms of their market research offerings, there are some notable differences and similarities. Octa stands out by providing daily market commentary, catering to those who appreciate regular updates. Both brokers deliver forex news from top-tier sources like Bloomberg and Reuters, ensuring access to authoritative information. However, Octa scores additional points with the inclusion of technical analysis tools from Autochartist, a service not found with FinecoBank. Neither broker offers sentiment-based trading tools or research tools from Trading Central or Acuity Trading, which might limit your analytical strategies to some extent. FinecoBank and Octa both feature an economic calendar to keep traders informed about significant global events. Despite slight variations in offerings, both brokers bring solid research benefits to the table, each earning a 4-star rating for research. In ranking terms, Octa edges ahead of FinecoBank, coming in at 27th place compared to FinecoBank's 33rd position among 63 brokers evaluated by ForexBrokers.com. This suggests that while both offer reliable resources, Octa might provide a slight edge for traders who heavily rely on daily insights and advanced charting tools.
| 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 valuable tools for those starting their trading journey. Although FinecoBank provides a range of educational webinars and beginner-friendly videos, it lacks a comprehensive library of forex or CFDs materials. Meanwhile, Octa stands out by offering more than ten distinct educational pieces on forex and CFDs, along with archived webinars that users can revisit anytime. Both platforms host regular webinars to keep clients informed, but only Octa allows for easy access to past sessions through a searchable archive.
For beginners eager to dive into advanced topics, Octa takes the lead with a robust collection of advanced trading videos, while FinecoBank focuses more on beginner content. Both platforms provide an investor dictionary with over 50 key investing terms, helping users speak the language of the trading world. Despite these differences in content breadth, both FinecoBank and Octa earn a 4-star rating for education. However, Octa ranks slightly higher at #42, compared to FinecoBank’s #49, among 63 brokers evaluated by ForexBrokers.com for educational quality.
| 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 63 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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