Octa: Your Complete Guide to Trading Accounts and Demo Practice

Octa is a brokerage firm that offers a wide range of trading instruments including Currency pairs, Commodities, Indices, Stocks, Shares, and Cryptocurrencies. Octa trading platform also offers low spreads, 0% commissions, no overnight fees, and 24/7 customer support.

Octa is a copy trading broker. Traders can experience a commission-free spread trading environment from two Octa account types. All accounts are Shariah compliant and suitable for Islamic traders as Octa does not charge swap rates on leveraged overnight positions. Unlimited demo accounts are available upon request.

For more information on Octa, visit the Octa broker information page at WikiFX. Before opening an account, read this comprehensive Octa account type review to understand the differences between the two account types.

Is Octa Legit?

EEA-based traders must deal with the CySEC-regulated subsidiary. It follows the Financial Instruments Directive 2014/65/EU known as MiFID II and the EU 5th Anti-Money Laundering Directive. An investor compensation fund, per EU Directive 2014/49/EU, protects 90% of client deposits up to a limit of €20,000.

It segregates client deposits (per client money rules) from corporate funds and offers negative balance protection, vital for leveraged traders ensuring they cannot lose more than their deposit on account.

Introduction to Octa Account

Octa Account Types

Key Features of Octa Account

OctaTrader Account

Octa has a minimum deposit of $25 and commission-free forex trading costs starting from 0.6 pips or $6.00 per 1.0 standard round, which is a competitive offer. Octa publishes quotes accurate to 5 decimal places and allows all types of common trading strategies, including scalping, hedging, and algorithmic trading.

Flexible Octa leverage is 1:1000 (Forex 1:1000(ZARJPY 1:200), Precious Metals 1:400, Energy 1:400, Index 1:400, Cryptocurrency 1:200). And it has negative balance protection.

The minimum trade size is 0.01 lots or $1,000 notional size, so forex traders have a minimum margin requirement of $2.00 per trade and a maximum trade size of 200 lots.

MetaTrader 5 Account

The Octa MT5 account is ideal for traders who want to trade stocks. The trading conditions for the Octa MT5 account are the same as the OctaTrader account option, but the asset selection includes 7 additional indices and 150 stock CFDs. Other differences include an increase in the trading volume limit to 500 lots.

Octa Demo Account

Octa offers unlimited and unrestricted demo accounts. Beginners can use demo accounts to get familiar with the features of the trading platform. Advanced traders get the flexibility they need to tweak existing strategies, try new ones, or test EAs. Copy traders can evaluate signal providers before committing funds to a live account, and algorithmic traders can test execution and bug-fix trading strategies.

Choosing a demo account balance and leverage settings to simulate a planned live deposit will increase the benefits of the demo account experience. However, demo trading has limitations, especially the impact of trading psychology, which, unlike real money situations, can create unrealistic trading expectations or give a false sense of achievement.

Islamic Account

Octa launches the first 100% Sharia-compliant trading account for Muslim traders. Islamic trading accounts are swap-free, so you don't pay or receive any interest for open positions (eliminating riba, or usury). You trade on a real market with other traders, so you can learn to predict its behavior for financial outcomes (eliminating maysir, or gambling). We at Octaalso provide you with negative balance protection and flexible leverage rates from 1:1000 to 1:1 to help mitigate risks associated with market volatility (eliminating gharar, and uncertainty).

How to Get Started with Octa Account

Octa Account Opening

To open a live account, you need to click on any of the “Open Live Account” The process of opening an account with Octa is simple.

Registration: The first step is to fill out a short registration form on the Octa website, providing basic information such as name, email, and phone number.

Verification: After signing up, you must verify your email address and phone number.

Confirmation Information: Octa will send a confirmation e-mail to the provided address, and traders must verify their account registration by clicking the blue “Confirm” button within the received email.

Provide additional information: Following the confirmation, traders must provide basic information for KYC purposes, like their address and date of birth, which is standard procedure. Octa does not ask unnecessary questions. More information may be requested from clients of its EU-based subsidiary, where the regulator mandates more information be collected.

Select Trading Account: Traders can select their desired account type, MT4 or MT5, choose a live or demo account, pick their preferred account base currency, the US Dollar or the Euro, and their desired leverage, up to 1:1000 (for all non-EEA clients). Clicking Continue will finalize the account registration.

Upload documents: Finally, you will need to upload your ID document to verify your identity and proof of address, which is required for regulatory obligations.

Traders can start trading all available assets after making the Octa minimum deposit of $25 or above, which completes the account registration.

As long as the necessary documents are readily available, the entire process can be completed quickly, usually within a day. Octa does not require a minimum deposit to open an account, which is also a point in their favor.

Noteworthy:

• Octa does not accept traders from the US or Canada.
• EEA-based clients must use the CySEC-regulated subsidiary, which does not accept traders from Belgium or the UK.

What are Octa Account Fees

Spread, Commission, and Swaps

No trading commissions and no fees for deposits, withdrawals, or inactivity.

Deposit and Withdrawal

Deposit: Octa accepts various deposit methods such as credit/debit cards, bank wires, e-wallets such as Skrill and Neteller, and cryptocurrencies such as Bitcoin and Ethereum. Octa does not charge any deposit fees, but your payment provider may charge a fee. The minimum deposit amount is set at $25 to encourage traders of different investment abilities to use it.

Withdrawals: Similar to deposits, withdrawals can also be made through the same payment methods listed above, providing customers with a convenient transfer service. Bank withdrawals are usually processed within 1-3 business days. Transactions through other payment methods take a shorter time of about 1-3 hours. Octa does not charge any fees for withdrawals, but fees may apply depending on the policies of your payment provider.

How to deposit funds

To make a deposit, log in to your profile. At Octa, the deposit and withdrawal process is very convenient and fast.

1. Press the New Deposit button.

1. Select the account you want to top up.

1. Choose your preferred transfer method. You can deposit money using several payment methods, including bank transfers, credit cards, debit cards, e-wallets, and more.

Overall, Octa simplifies the deposit and withdrawal process, making it quick and easy, without charging any extra fees. These trader-friendly policies earn Octa a top rating for deposit and withdrawal procedures.

Broker Comparison

Conclusion

Octa has over 11 years of operating experience. Octa account types offer clients swap-free trading at low prices and commission-free. Octas minimum fee for forex traders is 0.6 pips or $6.00 per 1.0 standard round, and the minimum Octa deposit is $25.

High leverage and NDD/STO order execution processing time of less than 0.01 seconds provide traders with a competitive advantage. Compared to many other brokers, Octa supports cryptocurrency trading. The proprietary copy trading service is very eye-catching. In addition, Octa does not restrict scalping and encourages high-frequency trading strategies.