OctaFX Minimum Deposit
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At OctaFX, you can start trading by making a minimum deposit of just $25. All you have to do is log in to your personal area to make a deposit without any commission. OctaFX minimum deposit can vary which depends on your region and payment methods.
OctaFX offers several deposit options without any extra fees, so there are no hidden charges or commissions for clients. Let’s have a look at further information about OctaFX deposit options.
Since its establishment in St.Vincent and the Grenadines in 2011, OctaFX has provided its financial services to more than 1,500,000 users of more than a hundred countries. In addition, OctaFX brokers report that they have executed over 288000 orders till now. OctaFX offers its traders the MetaTrader 4, MetaTrader 5 and c Trader for trading activities.
Moreover, it employs the STP, a straight-through processing model for its customers. Consequently, the primary focus of OctaFX is on the retail traders from the developing trading market. In this case, its wide bonus program is an efficient tool to diversify its client base.
OctaFX offers a commission-free spread of just 0.4 pips in EUR, USD, and other currency pairs. Moreover, OctaFX supports its manual traders through Autochartist and social trading via OctaFX Copy trading.
What is the OctaFX minimum deposit?
OctaFX requires a minimum deposit of $25. However, the OctaFX minimum deposit amount varies according to the type of account the trader selects and the trader’s location. Alternatively, OctaFX requires a higher minimum deposit amount for its advanced accounts, such as the cTrader-ECN account, especially if you are not located in Europe.
OctaFX account types
The OctaFX offers three different types of accounts through which the traders can make transactions. However, the trading conditions of each type of account are unique. Furthermore, the trading environment includes a dynamic trading experience that provides the best value services to the traders.
The following are the three account types of OctaFX:
1. Micro MT4 account
OctaFX brokers recommend the traders make a minimum deposit amount of $100 to open a micro account MT4. However, its spread starts from 0.3 pips. Also, the fixed and floating spreads start from 2 pips. Additionally, MT4 trades with OctaFX are commission-free.
But an additional markup will be applied to this account. In addition, it allows access to silver, three cryptocurrencies, 28 forex, gold and four indicators. However, the leverage for forex is up to 1:500. For metal is up to 1:200, cryptocurrency is up to 1:2, and the index is up to 1:50. Furthermore, the margin level can be set up to 25%. At the same time, the stop out level can be set up as high as 15%.
Also, it is possible to convert an existing live trading account into an Islamic account using a micro MT4 account.
2. MT5 Pro account
The minimum deposit amount for the account MT5 pro is $500. However, it starts its floating spread from 0.2 pips, but it is commission-free for the traders. It also provides silver, three cryptocurrencies, gold, ten indicators, 28 forex pairs and two strengths.
However, the leverage available on MT5 accounts for energy is 1:50, for foreign exchange is 1:200, and for cryptocurrency, the leverage is 1:2. Whereas it applies a margin call of 45% and out stop of 30%. In the case of transferring commission overnight, it deducts a fee of three days.
In addition, the ability to trade with CFDs and cryptocurrency is available.
3. ECN cTrader account
The minimum deposit amount at ECN cTrader account is $100, which makes it a popular account. It has a floating spread starting from the range of 0.0 pips. However, without any markup addition, it still charges commission.
Also, it allows access to gold, silver and 28 forex pairs. Whereas gold and silver are available at a leverage of 1:200 and forex at 1:500. Moreover, the trader receives margin calls at 25% and stop out the level at 15%.
OctaFX deposit fees and deposit methods
OctaFX does not require a deposit fee if traders deposit funds in their accounts. Yet, the following payment methods are available for the traders to pay the minimum deposit amount:
- Bank wire transfer
- Credit and debit card
However, for depositing funds into their accounts, traders can only choose between two currencies which are EUR and USD. Also, the traders should be aware that payment providers will charge conversion rates for payments made in currencies other than the base currencies for their accounts.
Steps for making a minimum deposit
To deposit the minimum amount, the traders must complete the following steps once they have completed the registration on OctaFX’s website.
- Select the deposit option after logging in to the client’s portal.
- Then, specify how much you want to deposit along with the payment method.
- After the trader selects the payment method, the trader will be directed to the page that enables the trader to confirm their deposits.
A trader should ensure, however, that they deposit money into their account. As well, completing the transaction takes a while. Nevertheless, the time may differ depending on how you pay, what time it is, and what day of the week. Such as payment via bank wire transfer might take one to a few business days depending on how late the day the payment was made and the day of the week.
OctaFX pros and cons
- It does not require withdrawal fees and deposit fees.
- It offers easy and quick methods of depositing funds.
- OctaFX does not offer a wide range of deposit methods.
- It allows deposits only in two base currencies.
As a reputable broker on the international market, OctaFX allows its clients to invest with a minimum of $25. Clients also won’t have to pay any hidden fees or commissions. In addition, OctaFX has a wide range of payment methods, making it a unique broker and making it easy for clients to deposit funds quickly and easily.
Jason Morgan is an experienced forex analyst and writer with a deep understanding of the financial markets. With over 13+ years of industry experience, he has honed his skills in analyzing and forecasting currency movements, providing valuable insights to traders and investors.
Forex Content Writer | Market Analyst