Trading on Octafx broker

Trading on Octafx broker

By quintomudigo | Teacher forex school | 18 Oct 2021


 

 

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Octafx is a forex broker site that was founded in 2014 and is based in st. vincent and the Grenadines. Being a forex broker, it is able to connect traders around the globe to different trading platforms where they can execute their trade upon depositing some funds to their trading account.

 

REGULATION

 

Octafx is well regulated by different financial watchdogs across the globe thus making it safe for traders. Some of the financial watchdogs is FCA( Financial Conduct Authority) and CYSEC(Cyprus Security and Exchange Commission)

 

DEPOSIT AND WITHDRAWAL METHOD

 

Octafx provides several ways of depositing and withdrawing funds on their platform. Some of them are neteller, skrill, bitcoin, fasapay, bankwire and visa card . Deposit can take up to 1 hour depending on method used or sometimes is instant while withdrawal takes up to 24 hours or several days . Traders can deposit as little as $5 to their trading account.

TRADING PLATFORMS

 

In octafx platform, there are two trading platforms being offered to traders. There is MT4 and MT5. Traders can use both webtrader as well as they can download the app to their computer or their mobile devices.

 

CATEGORY OF ACCOUNTS

 

In Octafx platform, there is mt4 micro account, mt5 pro account and ctrader ECN account. This means that in the three accounts, the funds will be in USD . The different in the three accounts is professionalism. In ECN, there is no swap charged as well as commission charged while opening a position.

 

SPREAD

 

This is the transaction cost that is being charged by brokers whenever a trader opens a certain position. It is the difference between the buy and sell. In Octafx especially the micro and pro account, there will be a 1.1 pip charged whenever a position is being opened.

 

MINIMUM LOT SIZE

 

In forex trading, lot is the amount to be executed by a trader. 1 lot is equivalent to 100,000 units in forex trading. The minimum position in all the three accounts that a trader can open in octafx is 0.01lot.

 

MAXIMUM LEVERAGE

 

This is the borrowing ratio that gives the trader the power to open positions. The maximum leverage that a trader can use in octafx is 1:500. That is, if the trader has $100 in their account, then he/she can be in a position of opening a position size of up to $50,000 if he chooses to use the leverage of 1:500.

 

OPENING A TRADING ACCOUNT

 

Now that you have an idea about octafx broker, it is time to open a trading account with them. You can simply follow the link from below and open an account and make sure to upload the required documents in order for your account to be verified;

https://www.octafx.com

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quintomudigo
quintomudigo

Trader, Blockchain Technologist and Contentpreneur. Also founder and CEO @ Teacher Forex School.


Teacher forex school
Teacher forex school

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