Overall Rating
4.6/5
Rated #51 of
Recommended FX Brokers
Minimum Deposit
USD 5
Regulators
FCA UK
No Trading Desk
Yes
28
Islamic Account
Yes
Trading Fees
Low
24 Hours
Our OctaFX Minimum Deposit Revealed:
- ✔️Minimum Deposit
- ✔️Deposit fees and deposit methods
- ✔️Step by step guide to depositing the minimum amount
- Pros and Cons
Minimum Deposit
OctaFX has a recommended minimum deposit amount of $100.
This means that traders are urged to fund their OctaFX account with a minimum of 1,500 ZAR at the average exchange rate between the United States dollar and the South African Rand. OctaFX guarantees that client fund security is ensured by keeping funds away from the broker account.
When traders deposit funds into their trading account, these funds are sent to segregated accounts which are held and overseen by top tier banks. Frequent audits must be carried out to ensure that brokers such as OctaFX comply with all the necessary regulations and that they can fulfil their financial obligations.
OctaFX may not use client funds for any purpose that relates to operational activities. OctaFX is also prohibited from using client funds as collateral or a hedge in trades. These funds may also not be used to fulfil its financial obligations.
Deposit fees and deposit methods
OctaFX does not charge any deposit fees according to the official website. When traders pay the minimum deposit amount of $100, they can use any of the following payment methods:
- Debit Card
- Credit Card
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether TRC-20 (USDTT)
- Tether ERC-20 (USDTE)
- Dogecoin (DOGE)
- Litecoin (LTC)
When traders deposit the minimum deposit, they can use the following deposit currencies:
- EUR
- USD
Step by step guide to depositing the minimum amount
Once traders have completed the registration for their live trading account, they must complete the “Know Your Customer” (KYC) process which forms part of its Anti-Money Laundering policies. This involves the trader providing proof of identity and proof of residence to ensure that a fair, safe, and transparent environment can be maintained.
Traders can log into their client portal on the OctaFX website and select the option to deposit funds. Traders can then select their preferred payment option, deposit currency, and the amount that they wish to deposit.
When traders select their deposit currency they must do so carefully as this payment method will be the default method for withdrawals.
Traders must ensure that they make deposits from an account that reflects the same name that they registered their trading account with OctaFX. The reason for this surrounds the fact that OctaFX prohibits third party payments and does not accept funds from unknown sources.
If funds are received from an unknown source, they will be returned, and traders will be held liable for the processing fees.
Pros and Cons
| PROS | CONS |
| Standard recommended minimum deposit amount | Limited deposit currencies |
| Several flexible funding options supported | |
| Clients are kept in segregated accounts | |
| Deposit fees are not charged |
You might also like: OctaFX Account Types
You might also like: OctaFX Demo Account
You might also like: OctaFX Fees and Spreads
You might also like: OctaFX Islamic Account
Overall Rating
4.6/5
Rated #51 of
Recommended FX Brokers
Minimum Deposit
USD 5
Regulators
FCA UK
No Trading Desk
Yes
28
Islamic Account
Yes
Trading Fees
Low
24 Hours
FAQ
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.
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