The online brokerage firm OctaFX requires a capital deposit from the trader owning the brokerage account to activate the CFD and Retail foreign exchange (Forex) trading platform.
The minimum amount required with OctaFX is $25, which can be deposited via various methods, including wire transfer, credit/debit cards and ewallet. It should be noted that the minimum deposit with OctaFX may vary depending on the type of trading account chosen.
OctaFX generally does not charge commissions on deposits, but conversion fees may apply if depositing in a currency different from the account base currency.
What is the OctaFX minimum deposit?
The OctaFX minimum deposit is $25 outside the EU and from $50 within the EU.
Depending on your country of residence you will have different deposit methods and base currencies available.
The OctaFX minimum deposit features are listed in this table below:
| OCTAFX DEPOSIT FEATURES | CHARACTERISTICS |
|---|---|
| OctaFX MT4 account | $25 minimum deposit |
| OctaFX MT5 account | $50 minimum deposit |
| Deposit fees | No |
| Withdrawal Fees | No |
| Base currencies | USD, EUR |
74-89% of retail CFD accounts lose money
Also check out our guide to OctaFX account types before you open a real account.
What are the OctaFX account base currencies?
The OctaFX account base currencies include USD, EUR.
The account base currency is the currency that you can select to trade with. When it comes to OctaFX, this base currency can differ depending on the region you are trading from:
- Within Europe, the only base currency made available is Euro
- Within other areas known as the global market, both Euro and US Dollar are catered for.
What are the OctaFX funding and deposit methods?
The OctaFX deposit methods features and fees are listed below.
- Wire Transfers: OctaFX wire transfers are available to traders within Europe only at this time. This is one of several common deposit methods that the broker offers. When it comes to processing time, this type of OctaFX deposit typically takes between 3-7 working days to process. It could be faster but this is the guideline they provide to ensure your funds are available. As mentioned above, there are no OctaFX commissions applied, although you should double-check with your own bank as they may have a policy to charge fees on wire transfers from their end. The minimum OctaFX deposit for a wire transfer is 50 EUR/USD.
- Credit/Debit Cards: Both Visa and MasterCard are catered for and the deposits made through this method are typically available for you to trade with right away. As is the case with every OctaFX deposit method, no commission is applied from the broker side here and again the minimum OctaFX deposit associated with this funding type is 50 EUR/USD.
- eWallets: Both Neteller and Skrill are available through OctaFX. These deposit options are only available for those trading within the global market regulation and again there are no commissions or fees to worry about from the OctaFX broker side. The processing time is typically instant so your funds should be available right away, and the minimum deposit using this method is $50.
- Cryptocurrency: OctaFX accepts deposits in Bitcoin. OctaFX Bitcoin deposits again attract no commission or fees from the broker at all, though there will likely be a small fee from the Bitcoin network to mine your deposit on the way through. This amount should be negligible though. The minimum deposit with OctaFX here is fluid depending on BTC value and can be checked directly with the broker prior to making your deposit.
- Other Methods: These include Perfect Money that has a minimum amount of $5 and which will attract a 0.5% commission for what is a typically instant deposit although it sometimes may take a little longer. Depending on where you are located you may also be able to use local bank deposits and withdrawals.
How does the OctaFX minimum deposit compare with other major brokers?
The comparison between OctaFX’s minimum deposit and those of other brokers can be found in this table below:
Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.
| FEATURES | OCTAFX | XM | FBS |
|---|---|---|---|
| Minimum deposit | $25 | $5 | $1 |
| Wire transfer | Yes | Yes | Yes |
| Credit card | Yes | Yes | Yes |
| PayPal | No | No | No |
| Number of deposit methods | 13 | 9 | 11 |
| Base Currencies | USD, EUR | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB,SGD, ZAR | EUR, USD, AUD |
Does OctaFX offer deposit bonuses?
OctaFX doesn’t offer deposit bonuses at the moment.
OctaFX deposit bonuses are unfortunately unavailable to traders who are based in the EU and trading within this regulatory area.
The reasoning behind this is likely to do with the stringent ESMA regulations in place and a desire from all the best forex brokers to remain completely transparent and compliant.
To have a clearer overview on the matter, you should definitely read our forex brokers bonus promotions top ten.
50% deposit bonus
In other market areas, an OctaFX deposit may be available. The conditions behind this OctaFX bonus are as follows:
- The trader must make an OctaFX minimum deposit of at least $50. If they do this, they will be credited with a bonus equal to 50% of the deposited amount
- This bonus is subject to certain conditions and cannot be withdrawn right away. In order to satisfy these conditions, you will have to trade a certain number of lots
- The more you deposit, the larger your bonus amount will be, although this will also correspond to an increased number of trades required to release the bonus
No deposit bonus
On occasion, OctaFX may offer a no deposit bonus.
This OctaFX no deposit bonus is typically $8 although it is only available periodically and not at the moment of writing. There is no pre-qualification or need to deposit in order to access this bonus amount.
To learn more, read our OctaFX review.