Trading with OctaFX, your first port of call should certainly be our OctaFX broker review. Once you have taken a look at this, you should have a broad knowledge of the broker offering and features.
With that knowledge, you are likely ready to begin trading and find out more information on precise areas of the broker, the OctaFX minimum deposit for example.
Here we will outline exactly that and how it may change based on the OctaFX account type and funding method you choose.
This information will all help you make the best trading decisions possible on your future broker.
OctaFX Account Base Currency
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, while within other areas known as the global market, both Euro and US Dollar are catered for.
OctaFX Funding Methods
The funding methods available through OctaFX will again depend on where you are based. As a very attractive positive point though, these methods do not feature any kind of OctaFX commission either on deposits or withdrawals. Let’s take a closer look at exactly what funding methods you will have to choose from as a trader:
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.
Naturally, credit and debit card deposits are hugely popular among OctaFX traders and those of any top forex broker where they are facilitated. 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.
Bitcoin is growing in popularity as a funding method throughout the industry and is also offered by OctaFX. 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 0.00045 BTC.
Neteller and Skrill
Both of these popular funding methods 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.
OctaFX Minimum Deposits
Having taken a look at the minimum deposit applied to each funding method, let’s now look at how this impacts the OctaFX account types you can choose from.
In fact, there is no minimum deposit in place on account types, as many other forex trading no minimum deposit brokers. It is therefore referred to the funding method you use to decide the minimum deposit you have to meet.
Micro MT4 Account
The OctaFX micro MT4 account is ideal for newer traders as it allows trading in micro-lots at low-risk levels.
This account type is not currently available to those trading from within Europe, just global market traders only, and since there is no OctaFX minimum deposit, the broker just recommends a deposit of $100 to best use their services.
As with the other account types available, it can be turned into an Islamic account where needed.
The OctaFX MT5 account type is available worldwide and with again no minimum OctaFX deposit in place, only a recommendation is made by the broker. This is a 100 Euro deposit if you are trading within Europe, and a $500 deposit if you are trading in other market areas.
As mentioned above, an Islamic account is also available for this account type on request.
Again the OctaFX cTrader account for those who prefer the cTrader platform and the ECN execution it offers is available to all traders around the world.
A 100 Euro recommended deposit is in place for traders based in Europe, while a $100 recommendation applies to those trading under the world market regulations.
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.
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 50EUR or 50USD. 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 typical $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.