OctaFX Demo Account: Opening & Key Information (2023)

If you want to know how to open an OctaFX demo account and how to use it, you are in the right place.

The InvestinGoal expert team has taken an in-depth look at the OctaFX demo account to provide the best insight possible on what to expect.

Main features of the OctaFX Demo Account:

• It’s unlimited
• It’s totally free
• Easy to open
• All live account markets and assets available
• Wide range of accounts and platforms
• Bonus demo contests available
• You can install EAs

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OctaFX Demo Account Opening Tutorial: Step by step procedure

Opening the Demo Account is the first step towards using it. In this step-by-step guide we will explain how to open one, and what information will be required.

Step 1: Visit the OctaFX’s website

Visit the OctaFX homepage. From there, you have to click the “Open an Account” button to initiate the demo account opening process.

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Step 2: Fill the registration form

Here you will input your personal information, as well as a password for accessing the platform. Alternatively, to speed up the process, you can login from your Google or Facebook account. In this case, your personal information (such as first name, last name, and email) will be taken automatically. If the information does not reflect your real first or last name, it can be changed at a later date.

Step 3: Verify your profile

The broker will forward a verification link to your email address. Click the link to confirm the validity of the email and complete your registration.

OctaFX may also send a unique code via phone to confirm your telephone number.

Step 4: Login into the demo account

After you’ve verified your account, you will be redirected to your dashboard and just follow the steps.

Step 5: Customize the demo account

From your dashboard, you can download the trading platform or open the browser version to start experimenting. The platforms available are MT4 and MT5. After you chose one of the two, the broker will send you the MetaTrader login details via email which are needed to log in. You will also be able to customize your demo by choosing the currency, leverage, and balance.

OctaFX’s demo account features

There is a very simple opening process. All you need is a valid email address. The demo account duration is unlimited. Multiple demo accounts can be opened at the same time with around 50 tradable markets available with customizable amounts of virtual currency also provided.

MT4 and MT5 trading platforms are both available to try with educational materials such as video tutorials and articles as well as a copy trading service also offered so that you can learn from expert traders. Depending on your location and the time, there may be a demo contest available where, by trading on your demo account you can win real money. The rules may change depending on the contest offered.

Differences between live and demo OctaFX accounts

Depending on your location, the number of account types you can try may differ. However, the OctaFX MT4 and OctaFX MT5 accounts are usually always available across the world.

The major difference between a live and demo is that slippage in a demo won’t incur. Slippage is the difference between your requested order price and the order’s execution price. When the price changes quickly, your order can be executed at a different price compared to when the order was opened.

Unlike other brokers, the OctaFX demo account does not expire. This means that it will remain active until the trader decides to manually cancel it.

After 30 days of inactivity, the demo will be closed. No inactivity fees are charged on inactive live accounts

How to switch to a live account

When switching to a live account, you can totally still use the demo. To open a live account you will need to provide proof of your identity (Passport, ID, or Driver’s License) and proof of your residence (Bill utility or bank statement) so that you can get verified. Depending on the country, the broker may ask you to fill out a questionnaire about your trading knowledge and other information. Once OctaFX accepts and verifies your account, you can fund it. OctaFX’s minimum deposit depends on your location and payment method. It is $25 outside the EU while it is $50 for European clients.

How to best use your OctaFX demo account

Here are some tips on how to best use your OctaFX demo account.

• Set up your demo account as you would set up a real account with platform, currency, balance, and account type.
• Do not open large positions if you are not planning to trade with large amounts of money
• Treat money as if it were real, just like you’re using a live OctaFX account
• Practice daily
• Utilize the educational tools and materials offered by OctaFX

Pros and cons of the OctaFX demo account

Pros:

• Easy to open
• Wide range of choices
• Unlimited
• Demo contests

Cons:

• The offering is not equal for all traders

To learn more, read our OctaFX review.