OctaFX has 3 different account types and each of them brings various specialties for traders. Find out how to choose and open one to start trading CFD.
As an ECN broker, OctaFX provides improved trading conditions, which may be crucial for those who engage in day trading and employ scalping tactics.
This renowned broker also offers a wide variety of platforms for trading forex and CFD products at prices that are among the most affordable in the industry.
That's why OctaFX offers a variety of special CFD trading accounts for you to choose from. Here's the complete guide about how to open a CFD OctaFX account.
Octa is one of the most famous brokers in the world and has won many awards for its very comfortable trading atmosphere and proximity with customers. Octa was founded in 2011 with headquarters in Strovolou 47, Kyros Tower, Nicosia.
Prestigious awards that have been received by Octa include the Best ECN/STP 2019 and the 2019 Best Broker in Asia given by FX Daily Info. The Global Banking and Finance Review magazine also gave the Best Broker award in Asia in 2018 to this broker. More than that, there were also awards from European CEO Magazine (Best FX Broker 2018 and Best Trading Conditions).
For traders in most countries, Octa is under the authority of Octa Markets Incorporated and is registered in Saint Vincent and the Grenadines. This broker also provides various facilities, such as providing support services by live chat and WhatsApp in Indonesian. Not only that, deposits and withdrawals of funds can be done through various local banks. Octa does not charge commissions for every deposit and withdrawal of funds made by traders.
Octa offers different types of accounts that are carried out with market execution (STP/ ECN) and floating spreads from 0.2 pips. A variety of forex strategies, ranging from Scalping, Hedging, and the use of Expert Advisors are permitted in all accounts at Octa brokers.
There is also a fixed exchange rate offer when opening a Micro MT4 account. All deposits made in IDR will be calculated at the rate of USD1 = Rp10,000 and will be entered into the trader's account balance. Also, Swap-free accounts are available for Muslim traders who want to avoid overnight interest.
Trading in Octa is also suitable for novice traders. Because Octa offers low spreads, which are floating starting from 0.0 pips. The required initial deposit is also low, only USD25. The currencies used on the account are US Dollars and Euros.
Octa gives a bonus of 50% each time a trader makes a deposit. That way, the capital gained by the trader becomes bigger. Opportunities to open positions increased and deposit bonuses can be withdrawn on the terms and conditions.
If traders are still confused about calculating profits, the Octa platform provides a trading calculator for each account type. Traders only need to enter the currency pair being traded, the amount of leverage, the number of lots, and the type of currency used in the account.
Opportunities to get profits are also getting bigger with the Autochartist feature. Traders will get notifications quickly when there is a profit signal in trading. The accuracy of the trend prediction reaches 83%.
Traders do not need to worry about the safety of funds at this broker. Octa uses segregated accounts and protects personal data and online financial transactions with SSL technology. This is adjusted to the international accounting standards and regulations.
Another advantage offered by Octa is the Trade & Win program. Opening an account in Octa would open the opportunity to collect trading lots, which can be accumulated into a variety of attractive prizes. Traders only need to open a real account on MetaTrader4 or MetaTrader5 through Octa and simply exchange the prize lot in this promotion. Prizes that can be obtained by traders include T-shirts, Android Smartwatches, smartphones, and laptops.
Traders need not worry about missing out on promotions. Because Octa often bonuses and other promotions. This broker holds a trading contest every week on a demo account with real prize funds that can be used for trading.
One example of a prize contest is Octa Champion - MT4 Demo Contest. With a total prize of USD 1,000, there are places for 4 winners in each contest period.
Opening a CFD OctaFX Account
You must undergo a background check to create a trading account with OctaFX. This is done for security considerations to ensure that you are legally permitted to trade in the country in which you reside.
In addition to that, OctaFX will require you to provide proof of identification. This is to ensure you have reached the minimum age required to trade in the nation where you reside.
For them to validate your nation of residence, they will want that you provide proof of residency in the form of a utility bill that is in your name. This is to ensure that you are in a financial position where you can truly afford to invest in a volatile market.
To start the process of opening a CFD account in OctaFX, you can follow these steps:
1. Go to the official website.
2. Press the Sign Up or Take A Start Here button.
3. Fill out the form, and don't forget to check the box before clicking Sign Up.
4. Verify your email address.
5. Follow the instructions to fill in your personal details.
6. Choose your desired trading platform; it can be MT4, MT5, or cTrader.
7. Click Continue to finalize the process, and you will receive a summary of your account details.
8. After making sure that you take note of all of the details, you can make your first deposit.
9. To complete the process and avoid any problems, you can submit verification documents from your personal area.
Types of OctaFX Accounts
OctaFX provides its clients with a number of different types of trading accounts. Once you have successfully opened an account with OctaFX following the guidelines mentioned above, you may start considering which CFD account that suits you the most. Here are the CFD accounts offered by OctaFX:
OctaFX MT5
OctaFX MT5 is a suitable platform for innovative traders looking to venture into the realm of advanced smart tech trading. It offers floating spreads, starting from 0.6 pips, with no commissions or markups.
In this trading platform, there are no swap charges. Hedging, scalping, and EA are also allowed. The recommended deposit is 100 USD. Besides CFDs, you can access 35 currency pairs, cryptocurrencies, and over 150 stocks. The maximum volume allowed is 500 lots.
The platform allows different leverage ratios, such as 1:200 for metals, and 1:100 for energies.
OctaFX MT4
OctaFX MT4 caters to traditional traders looking for a simple and user-friendly platform. If you are a newbie who wants to trade CFDs on a platform with a simple interface, then this account is more suitable.
It offers floating spreads from 0.6 pips, devoid of commission or markup fees, and requires a recommended deposit of 100 USD. The platform allows leverage that same as the other CFD account.
Moreover, OctaFX MT4 distinguishes itself by not charging any swap fees and permitting hedging, scalping, and the use of Expert Advisors (EAs). However, this account doesn't support trading stocks.
OctaFX is an international Forex broker that operates worldwide. The domain belongs to a group of companies called Octa Markets Incorporated which is registered with St. Vincent and Grenadines FSA. Currently, the company focuses on Asian, South African, and Australian markets. OctaFX.com does not accept European clients as this market is specifically appointed to OctaFX.eu (regulated by CySEC).