Our OctaFX Demo Account Revealed:
How to set up a Demo Account – Step by Step
To register a demo account with OctaFX, traders can follow these steps:
- Traders can navigate to the official OctaFX website and scroll down to find the blue “Practice” banner.
- Once selected, it will load a registration form where traders can provide their first and last name, valid email address, and a user-selected password. Traders must also confirm that they are not a United States citizen, resident, or an affiliate before they can select the “I’m not a Robot” reCAPTCHA and click on “Open Account.”
- Alternatively, traders can also use their Facebook or Google credentials or Apple ID to sign up quickly by selecting the respective banner.
- To complete registration, traders must check their email and click the embedded link that will verify that their email address is valid.
- Once verified, traders will be redirected to complete the application. Traders must provide their country of residence, city, street address, mobile number, and date of birth.
- Before proceeding, traders must select whether they have traded forex before.
- Traders can then select their preferred account type and select “Demo.”
- Once traders have selected their preferred account currency, they can provide their preferred leverage ratio and provide a virtual fund amount before they can continue.
- Traders can access their demo account either through the WebTrader, desktop, or the mobile trading platform of their preferred trading software.
OctaFX Demo Account Features
The demo account that OctaFX offers is extremely beneficial for beginners because it can be used as a practice account. Through the demo account, traders can increase and build their trading experience and skills before they trade in a live trading environment.
The demo account is not only for beginners but also for advanced traders who want to test their trading strategies before applying them in a live environment where their funds are at risk.
Pros and Cons
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What is the difference between a demo and a live trading account?
A demo account is a practice account that can be used by both beginner and professional traders. Beginners can use a demo account to practice their trading while more advanced traders can use it to test their trading strategies.
Alternatively, traders can also use a demo account to explore what a broker has to offer. Demo accounts are known for the risk-free environment that they offer along with the virtual funds which are used to trade.
Does OctaFX offer a demo account?
Yes, OctaFX offers a demo account.
How long is the demo account valid?
The demo accounts that OctaFX offers on MetaTrader 4 and MetaTrader 5 can be used for an unlimited time. However, if left unattended without any trading activity, the MetaTrader 4 account will expire after 8 days while the MetaTrader 5 account will expire after 60 days.
Which live trading accounts does OctaFX offer?
OctaFX offers the following trading accounts:
- OctaFX MT4 Account
- OctaFX MT5 Account
Does OctaFX offer an Islamic Account?
Yes, OctaFX offers the option for an Islamic Account on the OctaFX MT5 Account.
What are the available deposit currencies for a live trading account?
You can use EUR and USD for deposits.