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 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 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.
When comparing FinecoBank to Octa in the realm of market research, there are notable distinctions and similarities between the two online brokers. Octa stands out by offering daily market commentary, a feature FinecoBank does not provide. Both brokers supply forex news from top-tier sources like Bloomberg, Reuters, and Dow Jones, ensuring clients have access to quality information. Octa further differentiates itself with the inclusion of Autochartist tools for technical analysis or fundamental research, whereas FinecoBank lacks this resource. However, neither platform provides tools from Trading Central for technical analytics or sentiment-based trading tools that display position ratios across currency pairs, and both brokers skip on offering resources from TipRanks and Acuity Trading.
Both FinecoBank and Octa offer robust economic calendars that display global news events. Despite the lack of certain tools and features, FinecoBank and Octa earn similar research ratings, both achieving 4 out of 5 stars as assessed by ForexBrokers.com. However, Octa slightly outpaces FinecoBank in ranking, securing the #27 spot compared to FinecoBank's #33 position among 62 brokers. This shows that while both brokers offer solid research capabilities, Octa might appeal more to those seeking daily insights and advanced analysis 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, FinecoBank and Octa each offer distinct advantages. FinecoBank provides monthly online educational webinars that cater to newbies eager to learn, and ensures these sessions are tailored with beginner-friendly trading videos. However, FinecoBank falls short in offering a comprehensive library of forex or CFDs materials as compared to its competition, with no searchable archive of previous webinars. Despite these limitations, investors can find an investor dictionary with over 50 terms, making it easier to get acquainted with trading terminology.
Octa stands out for its diverse array of forex and CFDs education, boasting a minimum of 10 pieces such as articles and webinars focused on these topics. It also presents an accessible archive of recorded webinars, giving beginners the flexibility to learn at their pace. Moreover, Octa provides advanced trading videos for experienced traders looking to deepen their skills. Like FinecoBank, Octa offers a dictionary with essential investing terms, supporting a foundational understanding of the market. Despite both brokers being equally rated with 4 stars for education, Octa secures a more favorable position in ForexBrokers.com’s education ranking, giving it a marginal edge in educational offerings for new traders.
| 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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