How to Start Trading with OctaFX: Account Types, Demo Account, and Withdrawal

OctaFX Review

OctaFX was established in 2011 in Cyprus and is regulated by CYSEC. It offers a wide range of trading products, including currency pairs, gold/silver, commodities, indices, and cryptocurrencies.

OctaFX provides two types of trading accounts, along with unlimited demo accounts and swap-free Islamic accounts. The platform also offers floating spreads starting from 0.6 pips and forex trading leverage up to 1000x.

Additionally, it provides a 50% deposit bonus and copy trading functionality. Overall, OctaFX is a broker suitable for beginners.

Is OctaFX Safe to Trade with?

Yes, OctaFX is safe to trade with.

It is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 372/18, ensuring compliance with Cypriot regulations.

Additionally, OctaFX offers negative balance protection, meaning you cannot lose more than your initial deposit. If your account balance turns negative due to market fluctuations, OctaFX will automatically reset it to zero, protecting you from incurring debt beyond your deposited funds.

To further enhance safety, OctaFX recommends using strategies such as setting stop losses, leveraging responsibly, and managing trading volumes effectively.

OctaFX Account Types

Editor‘s Review:

OctaFX’s account opening process is fully digital, allowing users to complete it within minutes via the companys website. The broker offers two main account types: Octa MT5 and OctaTrader. The minimum deposit is set at $25, which is below the industry average, making it accessible for a wide range of traders.

In terms of fees, OctaFX remains competitive, with no commission charges and low spreads starting from just 0.6 pips. Additionally, they offer a demo account and a 50% deposit bonus, along with leverage up to 1:1000, further enhancing the trading experience.

However, there are a couple of limitations to note: only one base currency is available (USD), and there is no option for an original spread account, which may be a drawback for traders looking for more flexibility in their account structure.

Here is a detailed comparison of the two account types.

OctaFX Islamic Forex Accounts

OctaFX offers swap-free Islamic accounts tailored to Muslim traders, ensuring compliance with Sharia principles by eliminating interest (Riba), gambling (Maysir), and excessive risk (Gharar).

OctaFX Demo Account

OctaFX offers a free demo account, allowing traders to explore the platforms features and gain a deeper understanding of the forex market without depositing real funds. Using a demo account with simulated dollars, they can practice risk-free trading, learn how to manage orders, and handle risks in a safe and easy manner. The OctaFX demo account provides all the features of a real account:

• Free to Use: Traders can test their trading strategies or bots, execute risk-free trades, and incur no costs.
• Trade with Real Data: While demo forex trading is simulated, OctaFX provides real-time market data to give traders an accurate trading experience.
• Explore All Platform Features: Traders can learn to read charts, use graphic objects, levels, Fibonacci retracements, and more.
• Try Different Order Types: The demo account allows traders to familiarize themselves with how orders work.

There are no time limits on how long they can trade in the demo account. OctaFX only disables accounts that are inactive for long periods, but traders can always create a new account for free at any time.

How to Open an OctaFX Trading Account?

To get started with your first OctaFX trading account, simply register and follow the instructions. You can open additional accounts on different platforms at no extra cost.

Sign Up

Begin by registering and completing the account setup. You can choose between a real or demo account, or quickly set up a standard margin account with just one click.

Deposit

Make your first deposit, with a minimum investment of approximately $25, depending on the payment method you select.

Verify

Upload your ID for verification. This typically takes 1–2 business hours. Once your identity is confirmed, youll be able to withdraw funds from your account.

Trade

That‘s it! You’re ready to go. Log into your online trading account or download the app to start trading Forex pairs and other assets.

OctaFX Fees

Spreads and Commissions

The spreads offered by OctaFX are generally competitive, with the EUR/USD pair having the lowest spread at 1.0 pip, making it ideal for cost-effective trading.

Other major pairs like GBP/USD and XAU/USD have slightly higher spreads, but they remain reasonable. Cryptocurrency pairs such as BTC/USD and ETH/USD also feature low spreads, reflecting the growing liquidity in the crypto market. However, pairs with higher volatility like GBP/JPY and USD/JPY have somewhat wider spreads, which is typical for these instruments.

Swap Fees

OctaFX currently does not charge swap fees (the cost of holding leveraged positions overnight).

Non-Trading Fees

OctaFX does not charge inactivity fees or account maintenance fees.

Is OctaFX's pricing competitive?

The editor believes that OctaFX's pricing is competitive for the following reasons:

• The spreads for forex, gold, and stocks are highly competitive, with indices being closer to the industry average.
• Unlike most CFD brokers, OctaFX does not charge swap fees.
• OctaFX does not charge commission on stocks (or any other instruments) for CFDs.
• OctaFX does not charge any inactivity fees or account maintenance fees.

Trading Platforms

OCTA supports several trading platforms across different devices: OctaTrader Web, OctaTrader Android, OctaTrader iOS, and MetaTrader 5 (Web, Desktop, and Android).

Each platform offers device switching, technical analysis tools, real-time order management, and the ability to test various strategies, including the use of Expert Advisors (EAs).

These platforms ensure flexibility for traders, whether they are using a browser, mobile device, or desktop.

50% Deposit Bonus

OctaFX offers a 50% bonus on each deposit, available instantly once the required trading volume is met. To qualify for the bonus, you only need to deposit at least $50, and the bonus applies to all subsequent deposits.

The bonus can significantly increase your trading volume— for instance, a $200 deposit earns a $100 bonus, allowing you to trade 1.5 lots instead of 1.

Once the required trading volume is completed, the bonus funds become withdrawable and can be used for other accounts or investments.

Additionally, during special events, you can claim a 100% bonus with up to 1:1000 leverage, enabling larger trades and boosting your trading power.

Deposit & Withdrawal

OctaFX offers a diverse range of deposit and withdrawal methods, covering traditional options like VISA and Mastercard, as well as cryptocurrencies such as Bitcoin, Ethereum, and Tether, providing convenience for customers with varying preferences.

From a payment perspective, all methods are commission-free and have fast execution times. Most payment methods are processed instantly, with only a few cryptocurrency options taking slightly longer—between 3 to 30 minutes.

Similarly, in terms of withdrawals, OctaFX maintains a strong advantage. All supported methods incur no fees, and withdrawal processing times are typically between 1 to 3 hours. Most cryptocurrency withdrawals are completed within 30 minutes.

OctaFX Copy

OctaFX Copy provides a simple way for users to invest by copying the strategies of top traders. This copy trading model is suitable for users with no forex experience, allowing them to diversify their risk by selecting different forex masters and creating a diversified investment portfolio.

OctaFX offers fast order execution and flexible control, allowing users to modify or stop copying trades at any time.

Conclusion

OctaFX is a trading platform characterized by low spreads and high leverage, offering a wide range of trading products and account types. Its unique swap-free Islamic accounts and demo accounts provide flexible options for different trader needs.

The platform's commission-free structure and negative balance protection ensure a safer trading environment, while the 50% deposit bonus and copy trading feature further enhance the appeal.

Overall, OctaFXs low entry requirements, transparent fee structure, and design catering to both beginners and experienced traders make it a reliable platform worth considering.

FAQs

Is OCTA a Market Maker?

No, OCTA is an STP/ECN broker.

Does OCTA Provide VPS Hosting?

No, OCTA does not offer VPS hosting, but it does provide access to Expert Advisors (EAs).

How Long Does It Take to Withdraw Funds from OCTA?

Withdrawal processing time can take up to 3 hours, depending on the withdrawal method.

How Can I Withdraw Funds from OCTA?

Traders can withdraw funds through bank wire transfer, Visa, Skrill, Neteller, Bitcoin, Dogecoin, Ethereum, Litecoin, and Tether.

How Does OCTA Make Money?

OCTA earns money through the bid-ask spread.