Our OctaFX Account Types Revealed:
- ✔️OctaFX Overview
- ✔️OctaFX Account Types
- ✔️OctaFX Account Features
- OctaFX Demo Account
- OctaFX Islamic Account
- OctaFX Pros and Cons
- OCTAFX AT A GLANCE
Established in 2011, OctaFX is a well-regulated STP and ECN broker that is headquartered in Saint Vincent and the Grenadines. OctaFX is a popular online trading broker that is well-known for providing flexible solutions to beginner, experienced, and professional traders according to their unique trading needs and objectives.
OctaFX facilitates the trade in a wide range of forex and CFD instruments, providing traders with a choice in flexible trading accounts, each with competitive trading conditions. In addition to this, OctaFX offers several advantages including:
- Some of the lowest spreads in the industry
- The provision of Swap-free account options
- Negative balance protection which is applied to retail accounts
- Fast and reliable trade execution speeds with no slippage
- Commission-free trading options
- A choice between powerful trading software including MetaTrader 4, MetaTrader 5, and the OctaFX trading app
OctaFX Account Types
OctaFX provides traders with a choice between two versatile and dynamic live trading accounts that are used on MetaTrader 4 and MetaTrader 5, with each trading platform connected to a trading account.
The account types that are provided by OctaFX are:
- OctaFX MT4 Account
- OctaFX MT5 Account
In addition to these two account types, OctaFX also offers an Islamic account option and demo account options that can be accessed through either of the two powerful trading platforms.
OctaFX Account Features
OctaFX MT4 Account
This Account is the entry-level account that is designed to cater for habitual traders. The unique features and specifications of the OctaFX MT4 Account are:
- Variable spreads that start from 0.6 pips EUR/USD
- Commission-free trading but with the broker fee being added to the spread as mark-up
- A recommended minimum deposit of at least $100
- Access to a range of markets including 35 currency pairs, precious metals, 3 energies, 4 indices, and 5 cryptocurrencies
- Leverage of up to 1:500 for forex, except for ZAR/JPY which is capped at 1:100
- Leverage of 1:200 for metals
- Leverage of 1:100 for energies
- Leverage of up to a maximum of 1:50 for indices
- Leverage of a maximum ratio of 1:25 for cryptocurrency CFD trading
- The ability to trade micro-lots starting from 0.01 lots
- A maximum trading volume of 200 standard lots
- Trades are executed at market execution within less than 0.1 seconds
- Access to 5th decimal pricing
- A choice between USD and EUR as the base account currency
- Margin call of 25% and a stop-out level of 15%
- The freedom to use a wide range of different trading strategies including hedging, scalping, and expert advisors
- Access to comprehensive CFD and Cryptocurrency trading in competitive markets using some of the best trading conditions, tools, and resources
- Access to MetaTrader 4 across mobile and desktop platforms as well as various web browsers
OctaFX MT5 Account
The OctaFX MT5 Account is the perfect account for smart traders who need the best possible trading conditions along with some of the most innovative technologies available on the market.
The OctaFX MT5 Account shares several components that the MT4 Account offers, including:
- Marked-up spreads from 0.6 pips EUR/USD and commission-free trading
- A standard recommended minimum deposit of $100
- Leverage that ranges from 1:25 for cryptocurrencies and up to 1:500 for forex pairs, except ZAR/JPY which has a maximum leverage of 1:100
- Micro-lot trading and market execution
- 5th decimal pricing, a choice between USD and EUR for the base account currency
- Margin Call and Stop-out of 25%/15%, respectively
- The ability to use hedging, scalping, and expert advisors
- The freedom to trade Cryptocurrencies as well as a wide range of CFDs
In addition, OctaFX MT5 has the following differences:
- Traders have access to all instruments including 35 forex pairs, metals, energies, cryptocurrencies and up to 10 indices
- The maximum trading volume on this account is 500 lots
- This account can be converted into a swap-free or Islamic account while the MetaTrader 4 trading account is subject to earning/paying overnight fees
OctaFX Demo Account
The demo account that OctaFX provides traders features the same forex trading experience as that of the real accounts, with the difference that the funds on the demo account are virtual and traders will not use their capital, which makes it completely risk-free.
The benefits of the OctaFX demo account are:
- Traders can practice trading without risking their funds or being afraid of losses
- Traders have access to a demo contest that allows them to win cash
- Traders can practice trading while they have access to a range of educational materials, resources, and tools
- Advanced traders can test their forex trading strategies in a conducive and versatile environment where they can use the full features of powerful trading platforms such as MetaTrader 4 and MetaTrader 5
OctaFX Islamic Account
The purpose of an Islamic Account is that it caters specifically for Muslim traders who follow Sharia law. The law prevents its followers from paying any type of interest, such as overnight fees, which is seen as wasteful or exploitive.
Overnight fees are charged should traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees or interest, should they hold positions open for longer.
OctaFX offers Muslim traders an award-winning Islamic Account (World Finance – 2020) that provides traders access to comprehensive trading education and the benefit of negative balance protection which is automatically applied to retail accounts.
The OctaFX Islamic Account does not require tedious registration processes or extreme criteria. To activate the swap-free option, traders can select the option when they register for a live trading account.
OCTAFX AT A GLANCE
|Headquartered||Saint Vincent and the Grenadines|
|Regulating Authorities||FSA SVG, CySEC|
|Countries not accepted for trade||United States|
|Islamic Account (Swap Free)||Yes|
|OS Compatibility||Android, iOS, macOS, Windows, Linux, Web Browsers|
|Languages supported on Website||English, Malaysian, Hindi, Bangla, Thai, Spanish, German, Vietnamese, Portuguese, Arabic, Simplified Chinese, and more.|
|Customer Support Languages||Multilingual|
|Customer Service Hours||24/5|
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How many instruments can I trade with OctaFX?
You can trade any of the following instruments:
- Index CFDs
Which platforms are supported by OctaFX?
OctaFX supports the use of:
- OctaFX Trading App
- MetaTrader 4
- MetaTrader 5
Does OctaFX offer leverage?
Yes, OctaFX offers leverage according to the financial instruments that can be traded through MetaTrader 4 and MetaTrader 5 as follows:
- Forex – up to 1:500 except on ZAR/JPY which is capped at 1:100
- Metals (Silver and Gold) – up to 1:200
- Energies – up to 1:100
- Indices – up to 1:50
- Cryptocurrencies – up to 1:25
What spreads can I expect with OctaFX?
You can expect floating spreads from 0.6 pips EUR/USD on MetaTrader 4 and MetaTrader 5.
Does OctaFX charge commission?
No, instead of charging a commission on trades, OctaFX offers marked-up spreads that include the broker fee for facilitating trades.
Are there additional charges on the Islamic account?
No, there are no additional charges on the Islamic Account.
Is OctaFX regulated and by whom?
Yes, OctaFX is regulated by CySEC and FSA SVG.
Is OctaFX a recommended forex trading broker for experts and beginners?
Yes, OctaFX is recommended for both beginners and experts.
What is the overall rating out of 10 for OctaFX?
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.
DEPOSITS AND WITHDRAWALS
What is the minimum deposit required to open an account with OctaFX?
The recommended minimum deposit is $100.
How do you make a deposit and withdraw money with OctaFX?
- Debit Card
- Credit Card
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether TRC-20 (USDTT)
- Tether ERC-20 (USDTE)
- Dogecoin (DOGE)
- Litecoin (LTC)
Does OctaFX charge withdrawal fees?
No, OctaFX does not charge any withdrawal fees.
How long does it take to make a withdrawal?
Depending on the withdrawal method used, withdrawals can take up to three hours according to the official OctaFX website.