Which Account Type is Best in OctaFX?

From demo to Islamic account, find out the differences between OctaFX account types and the way they're provided to suit a variety of trading styles.

OctaFX is one of the leading trading platforms that provides its clients with access to various trading account types. While it is good to have options of account types to choose from, it is not always easy to single out the best one to support one's strategy. This article will be providing information on the different account types offered by OctaFX while highlighting the respective features of each account. This can serve as a guide to help traders choose the best account type for their trading style.

OctaFX Demo Account

This is an account type whose main purpose is to help potential clients have enough knowledge about the platform so that they can understand how the platform operates. The demo account can also serve as a means for clients to test and evaluate trading techniques without having to commit any funds.

The OctaFX demo account allows potential clients to trade with virtual money which means they are not taking any risks. However, the account replicates real market conditions so clients can feel as if they are indeed trading in a live market. This experience becomes useful as clients can develop their trading skills while enhancing their knowledge of how financial markets work before they start trading with their real funds.

Generally, there is no expiry date on the demo account which means traders can use it indefinitely, probably as long as they have mastered whatever knowledge they need about trading. But in OctaFX, they stand the risk of losing the account if they are inactive for a specific number of days. For instance, opening a Demo MT4 Micro account and becoming inactive for 8 days will lead to the account being lost. For Demo MT5 Pro, the account expires after 30 days of inactivity while for Demo cTrader, users lose their accounts after 90 days of inactivity. This is something potential clients need to be aware of.

MT4 Account

TheOctaFX MT4 Account geared toward more traditional traders who prefer an easy start. This account offers floating spreads as low as 0.6 pips. There is no commission fee for OctaFX MT4 account. Minimum deposit requirement for OctaFX MT4 account is $100. The maximum leverage for this account is 1:500.

The MT4 accounts offer all kinds of instruments to trade with including 35 currency pairs, gold and silver, 3 energies, 4 indices, and 30 cryptocurrencies. However, this account doesn't appear to allow stock trading.

MT5 Account

TheOctaFX MT5 Account is a trading account recommended for innovative traders who prefer smart tech trading. The minimum deposit requirement for this account is $100. This account type features floating spreads of 0.6 pips with no commission fees. Meanwhile, the maximum leverage for OctaFX MT5 account is 1:500. There are more trading instruments options for this account. Those include 35 currency pairs, gold and silver, 3 indices, 10 indices, 30 cryptocurrencies, and 150 stocks.

OctaFX Islamic Account

This account type is aimed at Muslim traders who are looking for a trading platform that is sharia law-compliant. To access this account type, traders only need to click "swap-free" once they open a new account. The OctaFX Islamic Account can be accessed via the MT4, MT5, and cTrader platforms. Apart from the regular charges, clients will also need to pay a markup fee to cover the rollover fee.

Now that you know the account types made available by OctaFX, you can make the most suitable choice that lines up with your trading goals and likely allows you to maximize your investment.

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).