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.
Contents
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
- Skrill
- Neteller
- 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.
OctaFX Deposit
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.
See Also:
OctaFX Withdrawal
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).
42 Comments
Venna
Jan 12 2023
Justin
Jan 12 2023
Daniel
Jan 12 2023
Jenny
Jan 12 2023
Ryan
Jan 12 2023
Blanco
Jan 12 2023
harris
Jan 12 2023
Gavinno
Jan 12 2023
Becky
Jan 12 2023
Viena
Jan 12 2023
Torres
Jan 13 2023
@Viena: OctaFX, like most brokers out there, has this rule where you can't fund or withdraw money through third parties. When you request a withdrawal, they want to make sure the funds go back to the same source you used for depositing. This is to avoid any fraud or sketchy stuff and ensure that your name matches the account details.
Now, here's the thing about account verification. It's super important before making a withdrawal at OctaFX. They need you to go through a verification process where you submit documents like proof of identity and address. This is their way of confirming that you're the actual account holder and following regulatory requirements.
But you know what? It's not just about withdrawals. It's a good idea to verify your account before depositing funds too. By doing that, you're being proactive and getting everything in order ahead of time. It helps avoid any potentials or problems when you want to withdraw your hard-earned profits later on.
So, long story short, account verification is a big deal at OctaFX. It's all about confirming your identity, complying with regulations, and making sure everything is legit. So, don't forget to get your account verified. It'll make your trading journey smoother and more secure.
Silvyenaa
Jan 15 2023
Is it possible to make a withdrawal request if I still have open positions?
Gala
Feb 11 2023
Silvyenaa:
Yes, as stated above, OctaFX allow partial withdrawals, meaning you can withdraw funds from your account even if you have open positions.
But do take notes that the brokers may limit the amount that you can withdraw if you have open positions, as they may need to maintain a certain level of margin in your account to support the open trades.
It's reasonable because forex trading is often done on margin, meaning you only need to put down a small percentage of the full value of the trade in order to open a position.
Champ E
Jan 21 2023
Can I open multiple accounts at OctaFX?
Wilson Catalunya
Feb 11 2023
Champ E:
yes, you can open multiple accounts on OctaFX. There are also many account options, you can choose a real account, a demo account, and there are even special account options for trading competitions. Just choose which one suits your needs.
It's also not difficult to open an account at OctaFX, you can immediately open your personal area, then the account you need. If you want a beginner-friendly and easy-to-use account, newbie usually use Metatrader. If you want a thin spread account, you can use a more professional ECN account.
Besides that, there is also a copytrading account if you are a professional and want to earn extra money. This account is also useful for beginners, because they just have to follow the master's trading position.
Check it here:
Martin Hughess
Jan 30 2023
Do I need to verify my account to make deposits?
Hermann Karlona
Feb 11 2023
Martin Hughess:
For deposits, you don't need to verify data. You can just directly access the website, fill in personal information, then the account that suits your need.
However, if you want to withdraw, then you need to complete data verification phase. Because the data verification process can take up to several days, it is recommended that when you first open an account, complete the data verification so that the process of withdrawing funds will go smoothly later.
It will be a headache if you urgently need funds, but the data verification is rejected because of human errors, etc.
Lucas
Feb 6 2023
What is the fastest way to reach the customer service?
Paquita
Feb 11 2023
Lucas:
Hi, there are a few common methods that you can use to get in touch with OctaFX customer service quickly:
Do take notes that OctaFX have several official website so make sure you contacting the correct domain, based on where you've already registered. Never give your crecedential and beware of phising website. As for this, OctaFX already giving some advice:
Wendy
Feb 14 2023
Is there a limit to the deposit bonus that I can get?
Lautaro
Jun 2 2023
@Wendy: Sure thing! When it comes to the deposit bonus at OctaFX, you might be wondering if there's a cap on how much bonus moolah you can score. Well, the good news is that OctaFX does offer deposit bonuses to its traders, but the specifics may vary depending on the ongoing promotions.
Usually, these bonuses come with some terms and conditions, like a minimum deposit requirement and a specific percentage for the bonus. They may also have a maximum bonus limit based on your deposit amount. To get all the deets on the current bonus limits, it's best to check out OctaFX's official website or reach out to their customer support.
Just make sure to read and understand the terms and conditions of any bonus offer. That way, you won't be caught off guard and can make the most of the bonus opportunity. Happy trading and may the bonus bucks be in your favor!
Galaxy
Jun 1 2023
In my experience, I tried trading at several different brokers. I also like the deposit and withdrawal system offered by OCTAFX, because the processing time for the funds is not too long and I think it is almost the same as other brokers. However, it is not uncommon for brokers to offer long withdrawals of up to 7 days or more. withdrawals that are quickly processed make traders feel more secure about their money.
Usually, I make withdrawals using the international bank transfer method because I am more comfortable with this method. At this Pepperstone broker, is there a fee for withdrawing funds using the international bank transfer method? Please if someone can explain because as far as I know, this broker is free of charge for deposits and withdrawals...
Xiumin
Jun 2 2023
In accordance with the explanation in this article and the explanation directly on the website, this Pepperstone Broker does not charge any fees for deposits and withdrawals, even though the method used for withdrawal is via international bank transfer. But keep in mind, although this broker does not provide a minimum limit for deposits or withdrawals, the recommended funding by this broker is 200 USD. However, these costs come from additional costs from third parties such as:
In fact, apart from Pepperstone, there are lots of brokers that offer no deposit and withdrawal fees, so for choosing a broker, you are sure that the features, services, and instruments offered are good. The only thing we can do is find the lowest possible cost.
Harrison
Jun 3 2023
Hello friends, I think you are a bit misinformed regarding international bank transfers at Pepperstone. Previously, I was very foreign to this OctaFX broker. From all your explanations, I feel that this application is very detailed in explaining the conditions for withdrawing funds. Even though I don't know about the products offered by the OctaFX broker, I think the withdrawal service at this broker is quite good and very detailed. The deposit and withdrawal methods provided are quite popular and are often used by traders.
But if you talk about international bank transfers, I don't like Pepperstone. because of the many deposit and withdrawal methods provided by this broker, only international bank transfers are charged by this broker. And in my opinion, the cost is quite high, 20 USD.
If indeed the funding is by international bank transfer and you choose Pepperstone as your trading provider broker, you must be prepared for the costs that you will incur for international bank transfers.
Brandy
Jun 10 2023
Are e-wallets a safe payment option provided by brokers? I'm curious about the security of using e-wallets like PayPal, Skrill, or Neteller for depositing and withdrawing funds from trading accounts. What security measures do reputable e-wallet service providers implement to protect users' financial information? Do they comply with regulatory standards and offer buyer protection programs? Additionally, what should traders consider when choosing an e-wallet and ensuring the broker has a secure payment gateway? Are there any precautions or best practices to follow to ensure the safety of funds and personal information when using e-wallets as a payment option?
Brandy
Jun 10 2023
Are e-wallets a safe payment option provided by brokers? I'm curious about the security of using e-wallets like PayPal, Skrill, or Neteller for depositing and withdrawing funds from trading accounts. What security measures do reputable e-wallet service providers implement to protect users' financial information? Do they comply with regulatory standards and offer buyer protection programs? Additionally, what should traders consider when choosing an e-wallet and ensuring the broker has a secure payment gateway? Are there any precautions or best practices to follow to ensure the safety of funds and personal information when using e-wallets as a payment option?
Halsey
Jun 27 2023
In my experience I tried trading at several different brokers. I also like the deposit and withdrawal system offered by OctaFX, because the processing time is not too long and I think it's almost the same as other brokers. However, it is not uncommon for brokers to offer long withdrawals of up to 7 days or more. withdrawals that are quickly processed make traders feel more secure about their money.
However, bro, I have something to ask, should I verify my account to make a deposit? Please reply guys...
Rachel
Jun 28 2023
I have been in the world of trading for almost 10 years with many brokers that I have tried. In my experience trading at several brokers (including this OctaFX broker), of course it's better before you make a deposit, it's better if the account is verified first. It is better to keep your deposited funds. It is feared that problems will occur during the deposit process, such as being unable to make a deposit or the funds taking too long to enter the account. So it's better to verify first, ok? Not verified.
Tristan
Jun 29 2023
Yes, brokers, including Brokers need to verify your identity. All regulated brokers, not just FOREXimf, need to know their customers or their KYC (Know Your Customer). And this is mandatory because the term is from the regulator who provides certificate regulations to brokers. Everything from your real name, ID, where your loved ones are, money, job, and information about where your family is from.
I believe this is to prevent money laundering. This protects the broker from money laundering. Money laundering can result in penalties for brokers and even revocation of their operating licenses and also to protect Forex entered by money laundering. Therefore, before making a deposit, you must first open a live account and register
Nick
Jul 29 2023
Why is it necessary to complete the KYC (Know Your Customer) procedures and provide the required documents in the Personal Area before making a withdrawal request from OctaFX? How does the KYC verification benefit both traders and OctaFX as a broker in terms of security and regulatory compliance, and are there any potential consequences or limitations if traders fail to complete the KYC verification before attempting to withdraw funds? Additionally, can traders still access other features and services on the platform during the verification period, and what steps can they take to ensure a smooth and efficient KYC process to avoids in their withdrawal requests?
Memphis
Jul 30 2023
Completing the KYC (Know Your Customer) stuff and giving them the necessary documents before cashing out in OctaFX is super important, dude! It's all about keeping things safe and secure for everyone involved. By verifying your identity, they can prevent any shady business and make sure they're following all the rules and regulations. So, it's not just for your benefit but for the whole trading community too.
If you forget or skip this KYC thing when you try to withdraw your funds, you might hit a little bump. They could or even reject your withdrawal until you get the verification done right. So, don't forget to dot your i's and cross your t's!
But hey, no worries! You can still use most features and services on the platform while they're checking everything out. It's just a small part of the process.
Ternier
Jul 31 2023
The KYC (Know Your Customer) process is super important in the world of financial services, including trading platforms like OctaFX. It's all about verifying your identity and providing the required documents to ensure a safe and secure environment for everyone involved.
Here's why it matters:
Security: By verifying your identity, OctaFX can protect your account and funds from any unauthorized access or fraudulent activities. It's like having a digital lock on your account to keep the bad guys out.
Regulatory Compliance: The financial industry has rules and regulations to prevent money laundering, terrorism financing, and other illegal activities. Completing the KYC process helps OctaFX stay in line with these regulations and maintain a trustworthy reputation.
Transparency: KYC creates transparency between you and the broker. It shows that you're a legit trader, and they're a legit broker, creating trust on both sides.
Smooth Withdrawals: When you want to cash out your hard-earned profits, having a completed KYC process ensures there are no hiccups. It speeds up the withdrawal process and gets your money to you faster.
Community Safety: KYC isn't just about you; it benefits the entire trading community. By verifying all traders' identities, OctaFX can create a safer and more reliable trading environment for everyone.
You can also read KYC thing at here : Is KYC Important in Forex Trading?
Galuh
Jul 29 2023
I understand your curiosity about withdrawing funds from OctaFX. Regarding your question, in OctaFX, you can indeed withdraw funds from your account even if you have open trades or positions. However, it's essential to take some precautions to ensure a smooth process. Before initiating the withdrawal, make sure to review your account balance and ensure you have enough margin to cover your open positions adequately. This way, you can avoid any potential issues or disruptions to your trading activities. If you have any specific concerns or questions about the withdrawal process in OctaFX, it's always a good idea to reach out to their customer support for detailed information and assistance. Happy trading, and I hope this clarifies your doubts about the withdrawal process!
Roger Dan
Jul 31 2023
Hey there! I totally get where you're coming from with your questions about withdrawing funds from OctaFX. The good news is, you can totally withdraw your funds even if you've got some trades still running. But, there's a little something you gotta keep in mind to make it a smooth ride. Before you hit that withdrawal button, double-check your account balance and make sure you've got enough margin to cover those open positions. This way, you won't run into any hiccups or interruptions in your trading game. If you've got any specific worries or questions about how withdrawals work in OctaFX, don't hesitate to hit up their customer support. They've got all the deets you need! Happy trading, and I hope this clears up any uncertainties you had about the withdrawal process!
Akash Joi
Sep 14 2023
Actually, I'm still new to the world of trading, and yes, I rarely hear about brokers that provide trading instruments and platforms. You must have known FBS and Exness which always appear in several advertisements on social media. As for the OctaFx broker, I have never heard of this broker to be honest. I'm interested in this broker but maybe prefer to trade with a demo account to hone my trading skills. The broker offers support for MT4 and its easy-to-use proprietary platform, OctaFx Terminal, available as a desktop and mobile application.
But I can't say for sure whether this broker is good and safe. In this article, it is simply explained that OctaFx is subject to regulation in a number of different countries. I ask friends for clarification, is the OctaFx broker safe for my trades and funds? Is my personal data also safe here? If anyone knows, could you please explain...
Bosse Einar
Sep 15 2023
Hey, I totally get it. It is always important to do your research and make sure you are comfortable with a broker before jumping into trading with them. As for OtaFX, even though it may be new to you, it has actually earned quite a reputation in the industry since its inception in 2011.
As I know, the broker is known for its strong presence in the trading platform and instrument colors, especially in the Crypto trading realm. It has managed to attract traders with its offers and has become a leading broker in a relatively short period of time.
OctaFX established its legal entity in Cyprus and each gets a license from the local CySEC, which also applies regulations according to European ESMA standards. Under the European CySEC license, the broker also operates global offerings from international entities.
A range of regulatory requirements allow protection for clients and under European regulations this includes – segregation of funds, and the implementation of negative balance protection while the broker is continuously monitored by the authorities for compliance with its security. In addition, there is trader account security implemented by the Investor Protection and Compensation Scheme in case the broker goes bankrupt.
Siegfried
Sep 17 2023
OctaFX is regulated by the Cyprus Securities and Exchange Commission (CySEC) and registered with the Financial Services Authority of St Vincent and the Grenadines (SVG FSA). The company was regulated by the FCA (UK Financial Conduct Authority) from 2015 to 2017 , but decided not to renew its license after the Brexit referendum and chose to maintain its focus on the EU market.
In accordance with international regulatory standards OctaFX uses segregated accounts to keep clients' funds protected, segregated from the company's balance sheet. This keeps your funds safe and untouched.
The Personal Area is SSL protected with 128-bit encryption, which makes your browsing safe and your data inaccessible to third parties.
OctaFX recommends you to verify your account by sending a scan of your personal ID and proof of address. This simple step will ensure your transaction is legal and guaranteed.
Withdrawal of funds from your real account requires email confirmation, so no one but yourself can access your account. It is also required that you use the same payment details for deposits and withdrawals.
Karreen
Sep 24 2023
Which devices can be used with the MetaTrader 5 (MT5) platform, considering the information provided? We all know that a trading platform is essential for conducting trades in the financial markets, and choosing the right one can save you time and make your trading process smoother. Now, let's talk about OctaFX, a reputable broker with a large customer base, operating in numerous countries. If you decide to trade with OctaFX, you'll have access to both MT4 and MT5 platforms on different devices. So, what are the devices compatible with the MT5 platform? Can you use it on your desktop computer, laptop, smartphone, or tablet? Understanding the advantages of each platform and aligning them with your specific trading needs will help you make an informed decision. So, let's explore the available options and find the best fit for your trading journey!
Vadenia
Sep 25 2023
Barack
Sep 26 2023
Hey there! If you're thinking about diving into trading, chances are you'll run into MT4 and MT5. They're two of the top trading platforms used by brokers here. While they share some similarities, there are some key differences you should be aware of.
MT4 has been around since 2005, making it the elder of the two. It's known for its simplicity and user-friendly interface, making it great for beginners. But it does have its limitations, like the inability to execute trades on multiple markets simultaneously and somewhat restricted charting capabilities. On the flip side, MT5, introduced in 2010, is the newer kid on the block. It's built to be more advanced and flexible compared to MT4, offering better charting tools, more order types, and the ability to trade on multiple markets at once. Plus, MT5 allows for more comprehensive analysis and strategy testing than its predecessor.
So, there you have it! Each platform has its pros and cons, but generally speaking, MT5 is seen as the more sophisticated choice. It's up to you to weigh your trading style and goals to decide which one suits you best.
Kise Ryota
Sep 28 2023
I studied trading in college but never tried to use it because I didn't really believe in it. Well, this is my first time venturing into the world of trading. And yes, after reading this article I am even more convinced to jump into trading. And made Octa FX my first account in forex trading.
However, this article does not explain how to register an account at Okta FX As far as I register for an account at a broker, there are account verification stages. How to register an account at Octa FX and verify it? Usually how long does the process take?
Aomine Daichi
Sep 29 2023
The account opening process at OctaFX is simple and fully digital, and the account is ready for trading in no time. Account verification is only required for withdrawals. New traders should click on the "Open an account" button at the top of the page, after which they will be asked to create an account.
It is recommended to view the OctaFX Risk Agreement Statement, Client, Terms, and Conditions before starting trading.
To get more knowledge about OctaFX accounts, you have to read Which Account Type is Best in OctaFX?