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OctaFX ranks among the leading trading platforms in the trading industry. Its users can have access to several trading accounts to choose from for their trading activities. While it is a great privilege not to be stuck with a trading account type, irrespective of whether it suits a user’s need or not, choosing the best trading account type can be challenging.
This article intimates potential users with the different account types available on the platform. They can choose from any of the account types as the article also helps them make the right decision. It highlights the features of each account type and takes a look at OctaFX’s account management practices.
For more information about this topic and more, check out our comprehensive OctaFX review.
OctaFX Account Types
The available trading account types of OctaFX trading platform are:
OctaFX Demo Account
The OctaFX Demo Account, as the account name suggests, is an account type for helping potential users of the platform study and understand how the platform works. They can also use the Demo Account to learn trading techniques without committing their money into the learning process.
This account enables potential traders to trade with virtual money without taking risks. By replicating the real market, users can have a clue into the real market. It also comes in handy as it helps them hone their trading skills and improve their knowledge of the trading business before trading with their real money.
Note that opening a Demo Account doesn’t automatically tie you down to the trading platform. You reserve the exclusive right to continue using OctaFX after your training or switch to another platform for whatever reason.
The demo account doesn’t have an expiry date. You can make use of it for as long as you wish, perhaps until you master the art of trading. However, there is the risk of losing the account if you are inactive for at least 60 days.
If you open a demo MT4 Micro account and are inactive for eight days, you will lose the account. Demo MT5 Pro and Demo cTrader ECN account users can lose their accounts after 30 days and 90 days of inactivity, respectively.
OctaFX Micro Account (Cent Account)
Otherwise known as the Cent Account, the OctaFX Micro Account is for traders who want to trade on a small budget.
The minimum deposit of $5 makes it easier for such traders to have a shot at trading. Its spreads are from 2 pips fixed spread or 0.4 pip floating spread. These spreads are not available for all currencies but for some currency pairs. The currency account must be docile based in the United States.
However, if you are an EU-based trader, the account is currently for traders outside your jurisdiction. The Best Micro Forex Brokers sheds more light on this account type if you are interested in it.
OctaFX Pro Account
US-based traders and traders from other parts of the world must make a $500 minimum deposit for this account. For traders within the EU, a minimum of $100 deposit amount is required.
For this account’s users, spreads for trading with the MT5 trading platform start at 0.2 pips while an overnight fee is charged every 3 days.
OctaFX ECN Account
The minimum deposit amount is $100 for traders across the globe. It attracts floating spreads for traders using the cTrader platform of 0 pips and above.
As a trader using this account, your trading activities are limited to trading metals and Forex only. The account also attracts a $5 per lot commission on each trade.
The account attracts low costs and weekly overnight fees charges. For more information about this account type, check out our dedicated ECN Top 10.
OctaFX Islamic Account
Muslim traders in search of a sharia law-compliant trading platform can sign up for this account. After opening a new account, simply click “swap-free” to access the OctaFX Islamic account.
The account type is available for MT4, MT5, and cTrader trading platforms. Aside from the regular charges, users of this account type also pay a mark-up fee to take care of the rollover fee.
OctaFX Account Opening
Opening an account with OctaFX is the first step towards using the platform. Thankfully, the account opening process is pretty simple and straightforward.
Live Account Opening
To open a live account, use the Sign Up option and provide the right documentation required for account opening. This may include your personal and other necessary pieces of information.
After opening the account, credit it with a specific initial deposit amount required for the particular account type.
However, before you open a live account, you should open a demo account first. After getting the necessary trading skills and knowledge, you can choose to go live.
74-89% of retail CFD accounts lose money
The account verification process is stress-free too. It is fast and depends on your country of residence at the time of opening the account.
For the account verification, you must provide your proof of residence through your bank statement and proof of identity by providing your passport or any other government-issued identity card.
Account funding is a necessary requirement for trading. That’s a no-brainer. OctaFX offers a wide range of funding options that include wire transfer, Bitcoin, debit cards, credit cards, Skrill, and a host of other eWallets.
The avalanche of funding options enables traders to trade any of the available 28 currency pairs supported by the trading platform. For traders within the EU, the Euro funding option is available. For traders outside the EU, the USD is approved for funding.
The minimum deposit amount is a function of your location and account type. As previously mentioned, Micro Account users can start with $5. The minimum deposit is between $5 and $500 as determined by your location and account type for other users.
Your location is the major factor that determines the account currency you are allowed to trade with. The trading platform offers two trading currencies. These are Euro and the USD for traders living in Europe and outside Europe, respectively. Traders outside Europe can choose the Euro option if that is convenient for them.
As a new member of OctaFX, you are entitled to an $8 Welcome Bonus once you open a trading account on the platform. You may also get half of your deposit amount as a bonus, depending on your location.
To be eligible for the 50% bonus, you must deposit a minimum of $50. You can trade with your bonus amount for as long as you desire. This increases your trading amount.
Although the bonus is withdrawable, you must meet some terms and conditions set by the brokers before you can request to withdraw the bonus.
OctaFX Account Deposit & Withdrawals
Deposits are usually fee-free, provided that you make your deposits with the base currency. Charges may apply for deposits you make with other currencies aside from the base currency.
While your deposits will be instantly confirmed if you make them other deposit methods, confirmation usually takes between 3 to 7 days if you choose the wire transfer deposit option.
Making withdrawals is also stress-free. You won’t be charged a dime for withdrawals starting from $50 and upward. For withdrawals below this base amount, you will attract a withdrawal fee.
Withdrawals usually take a day or less for withdrawals via other methods aside from wire transfer that may take longer.
OctaFX Account Management
You may be wondering how the trading platform manages your account. Well, OctaFX manages all accounts according to some outlined conditions.
If you operate an MT4 Micro Account and are inactive for 30 days, you will lose the account because it will be deleted. MT5 Pro account owners who are inactive for 2 weeks face a similar fate.
It is a different ball game for cTrader ECN account owners. Their accounts won’t be archived even if they are inactive.
If you are using the Demo Account, remember, it doesn’t expire unless you are inactive for a minimum of 60 days. Inactivity for 8 days renders a Demo MT4 Micro account inaccessible because the account will expire after that inactive period.
For Demo MT5 Pro and Demo cTrader ECN account, you can afford to be inactive for less than 30 days and 90 days, respectively. You may lose your account after the expiration of the permitted inactivity period.
Inactive accounts don’t attract any fee except the risk of losing the account.
How to Delete and Close Your OctaFX Account
For a reason best known to you, you may decide to close your account. That’s cool. First, withdraw your funds. After emptying your trading account, contact the broker support team. The team will direct you on the account closing process in no time.
While the numerous account types may overwhelm you, you can make the right choice with the aid of this piece. First, consider your location and trading budget. These two factors will help you to choose what is obtainable and affordable in your location. Add that to creating a demo account, and you have everything you need to start trading on OctaFX.