A Brief Guide To OctaFX Trading For Beginners

In this article, we’ll cover everything you need to know about how to get started trading with OctaFX as a beginner, the major benefits of using it, how to deposit money into your OctaFX real account, how to verify your Identity, how to withdraw your profit and many more…

OctaFX is one of the largest and most trusted FX brokers in the industry. Trading with OctaFX offers a high degree of comfort in terms of asset management, advanced functionality, and a secure platform for trading on the Forex market.

The company markets itself as a safe and reliable broker, without any hidden fees and commissions.

What Is OctaFX?

OctaFX is one of the most popular forex broker platforms that offer trading on currency pairs, commodities, cryptocurrencies, and other assets across the MT4 and MT5 trading platforms as well as their very own OctaFX trading platform (cTrader). The company operates under the brand name OctaFX.

The company was established in 2011 as a Cyprus-based investment firm registered in Cyprus by Georgios D. Pantiz and is licensed by the Cyprus Securities and Exchange Commission(CySEC). OctaFX.com’s official website is registered under Octa Markets Incorporated founded in St. Vincent and the Grenadines.

Which Countries Are Not Supported By OctaFX At The Moment?

OctaFX broker platform is supported in over 194 countries. However, it’s not supported in some countries like the United States, Russia, Cyprus, Cuba, Kazakhstan, North Korea, Niger, Iran, Iraq, Guam, Northern Mariana Islands, Puerto Rico, Ukraine, Virgin Islands, Syria, Libya, Myanmar, Samoa, Sudan, Belarus e.t.c.

Is OctaFX Safe To Use?

OctaFX is safe to use and also offers its clients better protection by

  • Segregating their funds
  • Providing their account with a negative balance protection
  • Maintaining secure withdrawal and deposit procedures.
A Brief Guide To Octafx Trading For Beginners

How do I create an account with OctaFX?

Creating an account with OctaFX is pretty easy and straightforward and doesn’t require much of your time. We’ve highlighted the steps you should follow below;

  1. Input the OctaFX website on your web browser URL address bar or download the OctaFX official app from Google Playstore for Android users or Apple play store for IOS users.
  2. Scroll the page a little and click on the blue “Trade With Us” button.
  3. Once the page loads, you’ll be taken to the registration page where you’ll be required to fill out your name, email, and password in the registration form. When you’re done with that, click on the “Open Account” button below.
  4. There are also several options for which you can sign up with. You can sign up with your Facebook, Google account, or iCloud for iPhone users.
  5. After registration, you’ll be required to verify the email address you used when opening the account. A confirmation email will be sent to you in your inbox. Open the mail and click on the “Confirm” button.
  6. After you’ve confirmed your email address, you will be redirected to another page on the OctaFX website to fill out your personal details.
  7. Once you’re done with that, you will be required to select between a real or demo account. A demo account is for those that want to practice with unrealistic money, this means that the money is not real and you can’t deposit or withdraw from the account but can use it to practice and add to your trading skills.

While the real account is for professionals that are qualified to trade

After selecting between a real or demo account, you’ll be prompted to choose out of these three trading platforms I’m going to list below;

  • OctaFX Trading (cTrader)
  • MetaTrader 4 (MT4)
  • MetaTrader 5 (MT5)

How can I verify my account on OctaFX?

In order to verify your account, you’re required to provide one document proving your identity. Your name, date of birth, signature, and photograph must be clearly visible.

The ID must not have expired and the entire document must be photographed. Screenshot, edited, or folded documents will be rejected.

If the issuer country is different from the country of your residence, you’ll also need to provide your residence permit or any local government-issued ID.

You can submit the documents within your personal area or at [email protected].

How long does it take for my account to be verified?

The verification process for OctaFX trading accounts is quick, it usually takes just a few minutes, but in most cases, can take up to two working days.

This depends on how many verification requests there are and which documents were submitted overnight or at the weekend.

The Verification Department reviews each document you submit and determines whether or not it meets its standards for approval. If it does, you’ll receive an email notification that your account has been approved.

And lastly, the quality of the documents submitted can also in one way or the other affect the approval time, so make sure your document photos are visible and not blurred.

What deposit options does OctaFX accept?

There are various payment options available on OctaFX, most of which I’m going to list below;

  1. Local banks (accepts all commercial and microfinance banks in Nigeria)
  2. Cryptocurrencies (bitcoin, litecoin, dogecoin, Ethereum, tether)
  3. Neteller
  4. Skrill
  5. Mastercard

What Is OctaFX Minimum Deposit?

You can start trading on OctaFX with a minimum deposit of $25, however, the minimum deposit might differ depending on your locale and payment option.

The minimum deposit amount can vary depending on your country and payment method. In accordance with its Risk Management basics, the more funds you have, the smaller your risk exposure is.

What Can I Trade With OctaFX?

While most people think that forex trading is the only thing you can do on OctaFX, they have a lot more than just forex trading. You can trade digital assets like cryptocurrencies and tokens on OctaFX as well.

You can trade about up to 30 different digital assets on OctaFX including popular cryptos like Bitcoin, Ethereum, Litecoin, Dash, Bitcoin Cash, and many more…

In addition to that, OctaFX also provides CFDs on 10 of the most popular indices such as Dow Jones, Nasdaq, Dax, and ASX SPI. You can also trade silver, gold, crude oil, and several other commodities using OctaFX.

Note! Payments options in OctaFX varies depending on your region or locale

How Do I Withdraw Money From My OctaFX Account?

To withdraw your money from OctaFX,

  1. First of all, Log into your personal area on the OctaFX website or the official mobile app.
  2. Once the page has been loaded, you’ll be redirected to the main page.
  3. Click on the account you’ll like to withdraw from, then click on the ‘withdraw’ button.
  4. You’ll be transferred to another page where you’ll see a list of available withdrawal options in your locale. Choose the one you’re most convenient with.
  5. Type in the amount of money you’ll like to withdraw from the account. Also, select your currency and input your personal details required by the withdrawal option you chose, then click on the blue ‘request’ button.

Note! Withdrawal requests processing hours on OctaFX usually take 1–3 hours during working days. But, your payment method will decide how long it will take before the payment reaches you.

Frequently Asked Questions

Are There Any Transaction Fees And Commissions On Deposits And Withdrawals When Using OctaFX?

The are no hidden transaction fees and commissions on OctaFX. As a matter of fact, withdrawal and deposit fees by third parties e.g Neteller, Skrill e.t.c. are completely covered by OctaFX. But however, certain fees may be applied in some cases.

What Are The Benefits Of Joining OctaFX?

OctaFX is one of the oldest Forex brokers in the industry, but it’s also one of the best. The company prides itself on its ability to offer every valued customer a profitable Forex trading experience and also high-quality trading services in accordance with international standards and regulations to its clients.

OctaFX also offers market execution of less than a second, no commission fee on deposit and withdrawal, the lowest spreads in the industry, withdrawal and deposit options, negative balance protection, and a broad range of effective trading tools.

Where Is The Head Office Of OctaFX Located?

OctaFX head office where all trading services offered to users are managed is located in;

Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent, and the Grenadines.

How Can I Get In Touch With Customer Support And What Is Their Email Address?

If you need any help, you can contact their customer support by starting a LiveChat or you can contact them via their official email address;

Email: [email protected]

Conclusion

Thanks for reading our brief guide to OctaFX trading for beginners. Hopefully, you learned a few things about this broker and the services they provide. If you have any questions, feel free to ask in the comments below, and be sure to send this article to your friends or family or anyone you know who might be of help.

If you’ve had an experience with this broker that we didn’t cover here, please let us know about it below as well!

Leave a Comment