OctaFX Demo Account
How to set up a Demo Account – Step by Step
To register for, and set up a OctaFX demo account, traders can follow these steps:
- To access the OctaFX demo account, traders will have to go through the full registration process of opening a live account.
- Navigate to the OctaFX website and click ‘Registration’ on the home page.
- The Trader will be redirected to a new page where an online application form will appear, and traders must provide their First and Last name, email address, and a password.
- Alternatively, traders can opt to register their details by using their Facebook or Google credentials by clicking on the relevant icons provided, respectively.
- To complete registration, the trader must check their email for confirmation. As soon as the trader has received the email, the embedded link to ‘Confirm’ can be clicked and the trader will receive another email to confirm registration.
- In the email, the trader can click on the ‘Start Trading’ link to be redirected to the OctaFX website and the registration form.
- Traders will need to provide information such as their residential address and employment details, amidst others, along with providing documents to serve as proof of identification and residential address.
A demo account is often referred to as a practice account due to it providing traders with the ability and freedom to explore the broker’s offering without running the risk of incurring losses through the provision of virtual money with which to practice trading.
Beginner traders can use demo accounts to familiarize themselves with a live trading environment, where they can build up their trading skills by actively participating in trades and develop their own trading strategies.
Demo accounts are not merely intended only for beginners, but it provides more advanced traders the opportunity to explore what OctaFX has to offer.
OctaFX Demo Account Features
The OctaFX demo account features will depend on the trading platform that the trader uses, whether MetaTrader 4, cTrader or MetaTrader 5, in conjunction with the demo account.
In other words, the demo account features can be accessed through the trading platform and will depend on OctaFX’s offering with regards to asset classes, financial instruments, spreads, leverage, and so on.
Pros and Cons
|1. Metatrader 4, Metatrader 5 and cTrader are reliable, user-friendly trading platforms||1. Full registration needed to access demo account|
What is the difference between a demo and live trading account?
A demo account provides the trader with a practice account that can be used to practice trading in a risk free environment.
Demo accounts are often suited for beginners who need to build up experience with trading as well as advanced traders who would like to test their trading strategies and explore the offering of a broker before registering a live account.
Does OctaFX offer a demo account?
Can I convert my demo account to a live trading account with OctaFX?
No, there is no need for conversion.
You have to complete the full registration before you can access the demo account, so OctaFX will already have the relevant information and documentation should you wish to open a live account.
Which live trading accounts does OctaFX offer?
- MT4 Micro Account – minimum deposit of $100, leverage up to 1:500 for Forex, 1:200 for metals, 1:50 for indices, and 1:2 for cryptocurrencies, floating spreads from 0.4 pips, fixed spreads at 2 pips, zero commissions charged on trades.
- MT5 Pro Account – minimum deposit of $200, leverage of up to 1:200 for Forex, 1:100 for metals and energies, 1:50 for indices, 1:2 for cryptocurrencies, floating spreads from 0.2 pips and zero commissions.
- cTrader ECN Account – minimum deposit of $100, leverage of up to 1:500 for Forex and 1:200 for metals, floating spreads from 0 pips and commissions from $0.02 per 0.01 lot.
What are the available deposit currencies for a live trading account?