Making deposits and withdrawals in OctaFX is actually very easy, but there are several things that you should consider beforehand.
Since 2011, OctaFX has been providing brokerage services for traders around the world. The broker offers forex as well as CFD trading on various instruments, including indices, metals, and cryptocurrencies across the popular MT4 and MT5 platforms. On top of that, OctaFX supports trading with affordable capital and some of the tightest spreads in the industry.
In order to start trading with OctaFX, you'll need to make a deposit and fund your account. Then, you can cash them out at any time you like with your preferred withdrawal method. This article will discuss anything you need to know about OctaFX deposit and withdrawal.
Available Payment Methods
At OctaFX, you can deposit or withdraw funds using the following methods:
- Bank Transfer
- Debit/Credit Card (Visa or Mastercard)
- Perfect Money
- Cryptocurrency (Bitcoin, Tether TRC-20, Tether ERC-20, Dogecoin, Litecoin)
Note that some payment methods may not be available in certain countries, so please check the availability first. Apart from that, each method has a different minimum deposit amount and processing time. For instance, e-wallets, cryptocurrencies, and credit cards can be processed instantly, while bank wire transfers may take a bit longer depending on the bank used.
Available Base Currencies
There is a difference between base currencies and deposit currencies. The former refers to the base currency of a trading account, while the latter are currencies that can be used to make a deposit through various payment methods. If you make a deposit using a different currency than the base currency, then you will be charged a conversion fee based on the currency rate at that time.
At OctaFX, you can only choose USD and EUR. While the option is pretty limited compared to other brokers, it's worth noting that the US Dollar accounts for 80% of daily forex trading volumes, and most traders prefer the US Dollar as their account base currency.
As for the deposit itself, OctaFX allows clients to deposit with any currency to the USD or EUR account. It will be converted at competitive market rates at that time to either USD or EUR.
Before making a deposit at OctaFX, there are several things that you need to consider:
- OctaFX doesn't charge commissions or any hidden charges for making deposits. They also cover the fees charged by third parties such as Skrill, Neteller, and such. However, some service providers would charge operational costs, so make sure to learn about this further and check with your chosen banks or companies.
- All deposits are technically instant, but for some methods, the process can take up to 3 hours.
- The minimum deposit depends on the payment method you choose and there is no maximum limit.
- You can deposit at any time you want, but it's highly suggested to do it at once and not separately.
- Deposits made on regular business days (Monday to Friday) will be processed in 1-3 hours, but in some special cases, it can take up to one business day. Meanwhile, deposits made on weekends will be processed the next Monday morning.
Steps to Make a Deposit in OctaFX
1. Visit OctaFX website or app and log in to your Personal Area. If you're a new user, open a new live trading account first.
2. Once you're logged in, click "Deposit".
3. Choose your preferred payment method.
4. Choose the amount that you'd like to deposit to your OctaFX account. Click "Continue" to proceed to the next step.
You will be redirected to the online payment page. Follow the instructions on the screen and confirm the transaction.
5. For the last step, inform the broker that you have transferred the funds. You will be redirected to fill out a form where you need to provide the details of your transaction, including the actual transfer amount, your bank account, and the date of the transaction. To make things easier, you can also upload a screenshot or a photo of the transaction proof, then click "Confirm Request".
6. You're all set! Now you just need to wait for the funds to be reflected in your account.
Withdrawing money from OctaFX is relatively easy, but there are some things that you must know, such as:
- Your account needs to be fully verified to make a withdrawal request. Make sure to complete the KYC procedures and provide the required documents in your Personal Area before making a withdrawal.
- Withdrawals usually take about 1-3 hours to process, but they can take up to 3 business days on certain conditions.
- There is no maximum limit for withdrawal, but the amount simply must be lower than your free margin.
- You can withdraw while still having an open trade or position, but you'll need to make sure that you have enough margin in your balance.
- It's highly suggested to use the same withdrawal method as your deposit method. If that's not possible, please contact customer care.
- If the withdrawal status is "pending", it means that it's currently being processed. Check your withdrawal status from time to time in order to stay updated.
- If your withdrawal request is rejected, then there are two possible issues: You may have entered incorrect data or your free margin is not enough. The broker will send you an email regarding the matter as well as the solution, so you can immediately fix the issue and resubmit your request.
- You can cancel your withdrawal request on the Withdrawals history page.
Steps to Withdraw from OctaFX
1. Head over to OctaFX website or app and log in to your Personal Area. Open the menu on the top-right corner, and click "Withdraw".
2. Select your trading account and click "Withdraw".
3. You'll see a full list of available payment methods. Choose the one you prefer and click "Next".
4. Enter the amount that you wish to withdraw. The minimum withdrawal amount depends on the method you choose. Enter your OctaFX PIN and click "Request" once you're done.
5. Provide the details needed for the payment method. Then, check them again and confirm the transaction by clicking the "Submit" button.
6. Your withdrawal status is now pending, which means that it's being processed by the broker. You will receive a notification in your Personal Area as well as a confirmation email once the process is done.
The Bottom Line
Overall, OctaFX is a good broker with many advantages. Not only offering low spreads and great trading conditions, but OctaFX also supports easy deposit and withdrawal. There are various funding options that you can choose from, including local banks and e-wallets for instant transactions. On top of that, the processing time is super fast compared to its competitors. The reason behind this is the "Notify Us After Transfer" system, where traders provide deposit proof to the broker. This allows OctaFX to credit the account before receiving the funds, which typically can take several days to complete. This is what makes OctaFX unique and definitely worth checking out.
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).