OctaFX Account Types Overview

OctaFX Account Types

OctaFX has established itself as a leading copy trading broker with a growing cryptocurrency offering. Traders can choose from two OctaFX account types, where they benefit from a competitively priced commission-free spread trading environment. OctaFX does not charge swap rates on leveraged overnight positions, making all accounts compliant with Sharia law and suitable for Islamic traders. Unlimited demo accounts are available if needed, but OctaFX does not have a dedicated corporate account team or custom-tailored services for some clients with needs beyond the core offering. For additional information on OctaFX, please visit our OctaFX broker review.

The Autochartist plugin upgrades the core MT4/MT5 trading platforms, and the proprietary copy trading service offers a quality alternative to the embedded MT4/MT5 solutions. Active traders can unlock improved trading conditions via the four-tier status program. Read our comprehensive OctaFX account types review to learn the differences between the two account types before you open an account.

OctaFX Account Types Overview, at a Glance

OctaFX Account Types

Traders may choose between two OctaFX account types, and our introduction will help traders pick the most suitable option for their trading needs. The OctaFX minimum deposit is $25 for both OctaFX account types, and a competitive commission-free cost structure applies.

OctaFX Account types – Key Points

1. Trusted broker with more than eleven years of experience

2. Clean operational record

3. Easy account application and user-friendly back office

4. Upgraded MT4/MT5 trading platforms

5. Unlimited OctaFX demo accounts

6. OctaFX Islamic compliant account and swap-free trading conditions for all clients

7. Competitive commission-free trading costs

8. Fast withdrawal processing times

9. Excellent education materials for beginners

OctaFX MT4 Account

The OctaFX minimum deposit is $25, and commission-free Forex trading costs start from a spread of 0.6 pips or $6.00 per 1.0 standard round turn lot, a competitive offer. The asset list consists of 35 currency pairs, 5 commodities, 4 indices, and 30 cryptocurrencies. OctaFX publishes quotes to 5 decimals and allows all types of common trading strategies, including scalping, hedging, and algorithmic trading.

Flexible OctaFX leverage is 1:500 for currencies, except for 1:100 for the ZAR/JPY, 1:200 for metals, 1:100 for energy commodities, 1:50 for indices, and 1:25 for cryptocurrencies. It gives the broker a valuable competitive edge and is one of the key OctaFX offers, and importantly negative balance protection exists.

The minimum transaction size is 0.01 lots or $1,000 notional size, resulting in a minimum margin requirement for Forex traders of $2.00 per trade, and the maximum volume is 200 lots. OctaFX lists the execution time as under 0.01 seconds, supported deposit currencies are the US Dollar and the Euro. Margin calls occur at 25%, and the automatic liquidation level is 15% margin coverage.

Conclusion

• The OctaFX MT4 account is ideal for traders requiring fewer but highly liquid assets, like scalpers and high-frequency traders
• EEA-based traders only have Euro accounts, maximum leverage between 1:10 and 1:30, only the MT5 trading platform, and no bonuses or rewards

OctaFX MT5 Account

The OctaFX MT5 account features identical trading conditions to the OctaFX MT4 option, but the asset selection includes seven additional indices and 150 equity CFDs. Other differences include an increased volume limit of 500 lots. The MT5 infrastructure is less versatile, as evident by significantly fewer plugins, custom indicators, and EAs, where MT4 remains the dominant choice in the market with 25,000+ versus less than 6,000 for MT5.

Conclusion

• The OctaFX MT5 account is great for traders who want to trade equities

OctaFX Club VIP Account

OctaFX rewards active traders with improved trading conditions and other benefits via its four-tier Status Program. Unlike many other brokers who base incentives on trading volume or deposits, the four-tier Status Program evaluates the overall portfolio balance. This means it compares favorably to different trader needs than many of its competitors that are arguably more restrictive.

The four OctaFX Status Program tiers are:

• Bronze (minimum portfolio balance of $5) - It includes swap-free trading
• Silver (minimum portfolio balance of $1,000) - It offers the Autochartist plugin
• Gold (minimum portfolio balance of $2,500) - It lowers trading costs via reduced spreads
• Platinum (minimum portfolio balance of $10,000) - It provides fully paid access to VIP events

Conclusion

• The OctaFX Club VIP account offers active users a significant upgrade to trading conditions with low a low threshold, making it accessible to all profitable traders.

OctaFX Islamic Account

While OctaFX dedicates a section to its Islamic account, all OctaFX traders get swap-free trading, a unique offer across the brokerage industry. It provides traders that hold leveraged trading positions overnight with a tremendous cost benefit. Since all OctaFX trading accounts are Sharia-compliant and neither take nor grant riba, Islamic traders do not have to request special treatment or upgrades.

Conclusion

• The OctaFX Islamic account is genuine, as OctaFX neither supplements the lack of swap rates with other fees nor has punitive trading conditions.

OctaFX Demo Account

OctaFX offers unlimited and unrestricted demo accounts. Beginner traders can use a demo account to familiarize themselves with the functionalities of the trading platforms. Advanced traders get the required flexibility to tweak existing strategies, try new ones, or test EAs. Copy traders may evaluate signal providers before committing capital in their live accounts, and algorithmic traders can test out execution and bug-fix trading strategies.

Beginners should make use of the high-quality educational content at OctaFX with their OctaFX demo account. Selecting a demo account balance and leverage settings to mimic the planned live deposit will increase the benefits of the demo account experience. Beginners must be aware of the limitations of demo trading, particularly the exposure to trading psychology, which is different when real funds are at stake, this could create unrealistic trading expectations or promote a false sense of accomplishment.

Conclusion

• The OctaFX demo account is ideal for assessing the functionalities of the OctaFX trading platforms, testing EAs, tweaking and trying new strategies, evaluating signal providers, and bug-fixing algorithmic trading solutions

OctaFX Account Opening - Step by Step

OctaFX has a swift online application process for onboarding new clients, which can take less than 10 seconds to complete. Account verification is mandatory to comply with AML/KYC regulations. Sending a copy of the client’s government-issued ID and one proof of residency document usually suffices for most traders to get verified quickly.

A step-by-step guide on how to open your OctaFX trading account:

1. Go to the OctaFX website and click the blue “Open Account” button towards the top right corner.
2. During the first account registration step, traders must only submit their name, e-mail, and desired password. They may also use their Facebook, Google, or Apple IDs. Clicking on the blue “Open Account” button completes the onboarding process.
3. OctaFX 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.
4. Following the confirmation, traders must provide basic information for KYC purposes, like their address and date of birth, which is standard procedure. OctaFX does not ask unnecessary questions, more information may be requested for clients of its EU-based subsidiary, where the regulator mandates more information be collected.
5. 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 1:500 (for all non-EEA clients). Clicking “Continue’ will finalize the account registration.
6. Account verification is a mandatory step. Most traders will pass it after uploading a copy of their government-issued ID and one proof of residency document. OctaFX may ask for additional information on a case-by-case basis if these checks cannot be completed automatically.
7. Traders can start trading all available assets after making the OctaFX minimum deposit of $25 or above, which completes the account registration.

Noteworthy:

• OctaFX 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

OctaFX Account Verification

OctaFX account verification is mandatory to satisfy AML/KYC regulations and maintain security of client money. Traders complete it during the account registration, as only verified clients may request withdrawals. Most traders will pass verification after sending a copy of their government-issued ID and one proof of residency document.

Traders should never trade with a broker that does not require account verification. OctaFX is a secure and safe broker with over eleven years of experience, catering to clients from 150+ countries, they have 10M+ mobile app downloads, 50 industry awards, and 12M+ account registrations. Therefore, traders can trust OctaFX with their information.

How to Remove an OctaFX Account

Traders must close all open positions and withdraw their entire balance, which requires a verified trading account. After they receive their funds, traders can contact customer support to request an account closure. OctaFX will archive the trading account and must keep information for several years in their database before removing all existing data in compliance with global jurisdiction rules and regulations on data retention.

Once clients request an account closure, they cannot reopen it, despite archived data, as it is a permanent step.

OctaFX Safety & Security

OctaFX has proven itself as one of the most trusted brokers with ultra-fast withdrawals. It has over eleven years of experience, traders from 150+ countries, 12M+ account registrations, 10M+ mobile app downloads, and 50 industry awards. It is a statement of its honest and trustworthy credentials as a worthy trading environment.

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. Most clients will deal with the unregulated but duly registered international business company (IBC) in Saint Vincent and the Grenadines with registration number 19776 IBC 2011.

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.

OctaFX Account Pros & Cons

Traders must consider the pros and cons of the OctaFX account types before opening and funding one.

OctaFX Account Types Bottom Line

The OctaFX account types offer clients swap-free trading in a competitively priced commission-free cost structure. Minimum OctaFX fees for Forex traders start from 0.6 pips or $6.00 per 1.0 standard round lot and decrease once portfolios exceed a balance of $2,500 via the OctaFX Status Program. The OctaFX minimum deposit is $25, and traders may choose between US Dollar and Euro accounts. High leverage and the NDD/STO order execution with processing times below 0.01 seconds give traders a competitive advantage.

OctaFX has one of the fastest withdrawal processes compared to many other brokers and supports cryptocurrency transactions. The proprietary copy trading service is excellent, and with 12M+ trading accounts, OctaFX has one of the largest active trading communities. There are no restrictions on scalping and high-frequency trading strategies are encouraged by OctaFX, one of the most secure and trustworthy brokers with over eleven years of operating experience.

FAQs

Does OctaFX offer an Islamic account?

All OctaFX account types feature swap-free trading, making them de facto Islamic accounts. Unlike most brokers, OctaFX extends swap-free trading to all clients, and Islamic specified accounts do not have to ask for special permissions or changes to enable this status.

Does OctaFX offer a bonus account?

OctaFX offers a 50% deposit bonus for all deposits above $50. The deposit bonus amount is withdrawable subject to terms and conditions, adding a unique advantage versus most competitors, who only grant a bonus as a non-withdrawable trading boost.

Which account type is best at OctaFX?

Both OctaFX account types feature similar trading conditions. The MT4 option offers a more versatile trading infrastructure, while equity traders must opt for the MT5 account.

How do you open a Demo account with OctaFX?

Traders can visit the OctaFX Demo account sub-menu and register for one by clicking “Open Demo Account.” OctaFX offers unlimited and unrestricted demo accounts, and traders need only give their name, e-mail, and desired password to activate.

Does OctaFX have a cash account?

OctaFX does not have a cash account. It offers leveraged CFD trading.

Does OctaFX have an inactivity fee?

OctaFX does not charge an inactivity fee nor pressures traders into making transactions.

How many OctaFX account types are there?

OctaFX has two account types plus a demo account, and all are swap-free, making them suitable for Islamic traders.

About DailyForex.com Team

The DailyForex.com team is comprised of analysts and researchers from around the world who watch the market throughout the day to provide you with unique perspectives and helpful analysis that can help improve your Forex trading.

Read more articles by DailyForex.com Team