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.
CFDs are some of the most sought-after assets in the trading world. Through this guide, we're going to show you exactly how to create a CFD trading account on the popular trading platform OctaFX.
What is OctaFX
OctaFX was established in 2011, and ever since then, the company has offered a wide variety of platforms for trading forex and CFD products at prices that are among the most affordable in the industry. Because they operate as an ECN broker, they are able to provide improved trading conditions, which may be crucial for those who engage in day trading and employ scalping tactics. This is something that I really appreciate about how they do business. The broker provides a number of helpful trading tools, instructional materials, and a responsive customer support team that are all available to assist you whenever and however you may require it.
Types of OctaFX Accounts
OctaFX provides its clients with a number of different types of trading accounts. Each of these accounts is eligible for CFD trading as well. Here are the accounts offered by OctaFX:
OctaFX suggests this particular MT4 account to beginning traders with limited starting capital who are interested in forex trading. This account has a minimum deposit requirement is one hundred dollars. You can trade currency pairs, precious metals like gold and silver, indexes, and cryptocurrencies. Because I believe the spreads on this account to be rather significant, scalping is probably not the best strategy to use with it. On the other hand, it could help develop a feel for trading in a real-world setting.
OctaFX suggests that experienced traders sign up for this particular MT5 account since it offers the most competitive spreads and the fewest overall trading charges. The spreads are variable and begin at 0.2 pip increments; no commission is added to the price, and the minimum deposit required is $500. You will have the ability to trade currency pairings, metals, energy, indexes, and cryptocurrencies with this platform. The spreads are better on this account, which is especially beneficial because there is no commission fee.
See Also: Forex Brokers Offering Free Commissions
This cTrader account is the one that OctaFX recommends for advanced traders who need greater transparency in pricing. The spreads are variable and begin at merely 0 pips. No commission is added to the price, and the minimum deposit required is $100. You will be able to exchange currency pairs as well as gold and silver. This account has the tightest spreads I've seen, but it's only accessible through cTrader.
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:
- Go to the official website.
- Press the Open Account button and fill in the form.
- Verify your email address.
- Follow the instructions to fill in your personal details.
- Choose your desired trading platform; it can be MT4, MT5, or cTrader.
- Click Continue to finalize the process, and you will receive a summary of your account details.
- After making sure that you take note of all of the details, you can make your first deposit.
- To complete the process and avoid any problems, you can submit verification documents from your personal area.
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).