The OctaFX demo contest is an ongoing promotion that allows traders to test their skills and get the chance to earn a total prize worth $1,000 for free.
OctaFX, a renowned global broker established in 2011, has its headquarters located at Strovolou 47, Kyros Tower, Nicosia. OctaFX has been serving millions of clients since its inception.
The broker has proven its quality by receiving various awards, such as the Best ECN/STP 2019 and the 2019 Best Broker in Asia. On top of that, OctaFX frequently offers a variety of bonuses and promotions.
One such attractive promotion in OctaFX is a global demo contest open to traders worldwide. The contest spans a period of 4 weeks, during which participants strive to maximize their profits in their demo accounts.
This demo contest can be participated by anyone, as long as they have completed the required registration. For those who already have a trading account with OctaFX but have not been verified, you can still join by filling out the registration form.
When the contest concludes, the traders achieving the highest rankings will be rewarded with prizes totaling up to $1,000.
Where to Find the Information on the Official Broker Site?
- This information is reported per Jul 28 2023.
- We can not ensure if this offering is still available or remain the same in future.
- The broker announcement page may or may not exist anymore, You may explore homepage and try to find "Promotion" section on the menu, footer, etc, to ensure the availability and validity of this promotion.
OctaFX MT4 Demo Contest, How Does It Work?
OctaFX offered a demo trading contest for their clients using the MetaTrader 4 (MT4) platform. This enables traders to participate without depositing any money.
In this competition, the top five winners will be awarded a total prize pool of $1,000, distributed as follows according to their rankings:
- 1st place will receive $500
- 2nd place will receive $300
- 3rd place will receive $100
- 4th place will receive $60
- 5th place will receive $40
By the way, the total prize can be withdrawn if you wish to do so.
However, before participating, you must meet specific requirements, including the following standardized trading conditions for each contest account:
- Account type: as in the OctaFX MT4 account
- Trading tools: as in the OctaFX MT4 account
- Initial deposit: $1,000
- Leverage: 1:500
- Minimum volume: 0.01 lot; maximum volume is unrestricted
You can find this contest page in the "Promotions" menu. Open the OctaFX website, then select the "Promotions" menu, and choose "Champion-Demo".
How to Join OctaFX Demo Contest
To join the OctaFX demo contest, you can follow these steps:
- If you don't have an account with OctaFX, you'll need to sign up for one on their website.
- After registering, you need to verify your email. Check your email inbox and click "Confirm."
- Once your account is set up and verified, log in to your account and navigate to Personal Area on OctaFX, open the menu on the right, then click "Open Champion Demo Contest Account".
- Join the demo contest by registering your nickname. If the registration fails, it's possible that the nickname you entered has already been used by someone else. You can try finding another nickname.
- If your screen looks like this, then your registration has been successfully confirmed. Once registered, you have to wait until the next round starts.
- If the round has already started, you can start trading in the demo contest using the $1,000 initial deposit. The initial deposit is virtual money that OctaFX provides. You don't need to deposit any real funds to participate in the demo contest.
- Throughout the 4-week contest period, focus on making profitable trades to rank higher in the contest.
- Keep an eye on the contest rankings to see your position among other participants. Don't let your ranking be overtaken by other traders. If your position is threatened, quickly secure it again until the end of the contest.
- If you manage to achieve a top-ranking position at the end of the contest period, you will be eligible to claim your prize.
Rules and Guidelines for OctaFX Demo Contest
Before participating, it's better for you to know the rules first to avoid any unwanted situations. Here are the rules for joining the OctaFX contest:
- You must register a new demo account for each contest round.
- You must agree to provide genuine data during registration, as providing false information may result in disqualification.
- Any IP matches will lead to disqualification.
- Engaging in arbitrage trading or any pricing/quote abuse will result in disqualification from the contest.
- Cheating is strictly prohibited, including activities such as opening large volume opposite orders with the same currency pairs in different trading accounts at approximately the same time, exploiting quote flow failures for guaranteed profit, or any other forms of cheating.
- Clients are allowed to open and close cryptocurrency orders on the weekend.
- All trading techniques or Expert Advisors (EAs) are permitted.
- All open orders will be automatically closed at the current market rate on the contest finish date.
- Prize claims must be made within one month after the round ends.
- The prize is paid directly into the client's OctaFX wallet and can be withdrawn.
- If two or more contest winners have equal balances at the end of the contest, they will share the prize equally.
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.
Most Recent Winners (Round 149)
In the previous rounds, the number of OctaFX demo contest participants has consistently reached tens of thousands. For example, in round 149 (recently), there were 9,202 participants.
You can check the number of participants by clicking on the "Archive" menu on the broker's website and then "View Round Results" for each round.
Below are the top 5 winners who succeeded in the latest rounds which ended on March 9, 2024:
The Advantages and Disadvantages
The prizes offered to the winners of the OctaFX demo contest are very enticing, reaching up to $500 for the first-place winner. Additionally, there are slots for 5 winners to receive cash prizes.
This total prize amount is undoubtedly attractive and ignites your competitive spirit to participate and win the rewards.
Moreover, these prizes can be withdrawn, unlike many other broker bonuses and promotions that remain locked in traders' equity until certain profit conditions are met.
In the OctaFX MT4 Demo Contest, the prize money will be credited to your equity, allowing you to withdraw it immediately. OctaFX also provides a full starting capital of $1,000 for you to use in the competition.
Since it's a demo contest, any losses you may incur won't have real financial consequences. You don't need to invest any of your own money from the beginning to the end of this contest, which is a significant advantage.
However, it's worth noting that the chances of winning the demo contest are slim. This is because traders from all around the world can participate, and you have no information about their experience level or expertise.
There are no specific criteria set by OctaFX regarding the participants. Professional traders may be allowed to participate in the competition. Consequently, if you are a beginner, it may be challenging to compete because you may be facing experts and experienced contest participants.
Winning Tips for OctaFX Demo Contest
Winning a demo contest at OctaFX requires a combination of skills, strategies, and discipline. Please remember that these are just general tips you can follow, not cheats that guarantee you will win. Here are some tips to improve your chances of winning:
- Consistency is key in trading contests. Aim for steady, incremental gains instead of trying to make risky big bets for quick profits.
- Stick to your plan and avoid impulsive decisions. Your trading plan should include entry and exit points, stop-loss and take-profit levels, and clear risk management rules.
- Keep yourself updated with the latest market news, economic events, and geopolitical developments that can impact the financial markets.
- Be flexible and adapt your strategy to changing market conditions. Different strategies might work better in certain market environments.
- Join trading communities and forums to gain insights, exchange ideas, observe, and learn from successful traders.
- Use appropriate position sizing and never risk more than a small percentage of your demo account equity on a single trade. Don't take excessive risks to chase profits.
- Keep a record of your trades and analyze your performance regularly. Identify your strengths and weaknesses to improve your strategy.
- Don't let emotions dictate your decisions, whether it's fear, greed, or FOMO. Emotional discipline is crucial in trading.
- Avoid overtrading.
- Utilize the things you can optimize. For example, using Expert Advisors (EAs) since it is allowed in the contest.
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).
5 Comments
Jul 30 2023
Considering the standardized trading conditions for each contest account, I noticed that participants must adhere to certain requirements. To open an account in OctaFX and participate in their contests, what specific account type should traders choose? Also, what are the trading tools available in this account type, and is there a particular initial deposit amount required? Additionally, I'd like to know about the leverage offered and the minimum and maximum trading volumes allowed in this contest account. Understanding these details will help me decide which account suits my trading preferences best. Thank you!
Aug 1 2023
Let me break it down to you! If you read the article carefully, you will find that to open an account in OctaFX and participate in their contests, traders should choose the account type that aligns with the OctaFX MT4 account. This ensures that participants have access to the same trading tools and features as offered in the popular MetaTrader 4 platform.
Regarding the specific trading conditions, the account requires an initial deposit of $1,000. This amount is necessary to start trading on the platform and be eligible to enter the contests. Keep in mind that this initial deposit may vary for other types of accounts offered by OctaFX, but for contest participation, the $1,000 deposit is required. (you can also read about OctaFX account in here : Your Guide to Grow a Small Account from OctaFX )
Jul 30 2023
"As a beginner in trading, I'm eager to participate in the OctaFX demo contest to learn and improve my skills. However, I'm worried about competing against pro traders who might have more experience and knowledge. Are there any measures in place to ensure that the contest remains fair and welcoming for beginners like me? How does OctaFX create an environment that encourages participation from traders of all skill levels while preventing any potential disadvantage for beginners competing against more experienced traders? Although the winner takes max $500, I think it is little bit unfair if the pro trader can compete in this demo contest
Jul 31 2023
You know, joining the contest requires a $1,000 deposit, which could be a little too much for beginner traders like me. It feels like a burden on our initial capital, and I wish they had more affordable options for traders with smaller budgets. Besides, it's a bit disappointing that there are no restrictions on who can participate. It might lead to more experienced traders dominating the competition, making it tough for us beginners to compete on an equal footing.
Moreover, going through the process of opening a new demo account and doing the KYC (Know Your Customer) verification can be a hassle, especially when we just want to focus on trading. It would be great if they could streamline the registration process to make it simpler and faster.
In my opinion, it would be fantastic if the contest organizers considered making some changes. Maybe they could introduce different tiers or categories, so beginners like us have a chance to participate with more manageable deposit requirements. That way, the contest could be more inclusive, encouraging fair competition and providing a better experience for all participants.
Aug 1 2023
I disagree with both of you! In my opinion, pro traders might find it less appealing to deposit an additional $1,000 and create a new account just for the contest. For traders with higher capital and more experience, the contest's requirements may not align with their trading preferences and strategies.
As pro traders are likely to have established accounts and larger trading capital, they might prefer contests with different structures that cater to their needs. This could include contests with higher deposit requirements or unique categories specifically designed for experienced traders. So, yeah if you plan to do the contest, why not giving some try in there?