The OctaFX minimum deposit starts from just $25 which is a positive and certainly low entry point to setting up a new account. This is a great thing to see from OctaFX, as many competitors have their minimum deposit set almost 10 times higher.
Making an account accessible to users with less of a starting deposit can only be considered a plus point, but can you make your trading plan work?
Considerations before making an Octa FX minimum deposit
One thing that you will still have to consider before you decide on how much you may want to deposit, is how much variety in your trading will be possible with the minimum deposit OctaFX allow as there could be certain challenges if you have a $25 balance.
Managing your risk is a vital topic in all aspects of trading, and it can be a little challenging to exercise solid risk management at the lower minimum deposit levels due to the trading size limitations. This is certainly not limited to OctaFX, but would be typical with online brokers across the realm.
While the OctaFX minimum deposit is $25, this is not the minimum for all accounts, trading platforms or Country so this is something to bear in mind.
You will find some differences in the minimum deposit for OctaFX copy trading platform, as well as in Nigeria and other Countries. We will break each of these different levels out separately to make identifying your real minimum deposit OctaFX will need a little easier.
TABLE OF CONTENTS
– Recommended OctaFX Minimum Deposit
– OctaFX Minimum Deposit By Account Type
– Minimum Deposit For OctaFX Copy Trading Account
– OctaFX Minimum Deposit In Nigeria, South Africa, Malaysia & India
– OctaFX Withdrawal
OctaFX Minimum Deposit Recommendation
The recommended level of minimum deposit with OctaFX is $100 but to be clear, this is the brokers’ recommendation and not required to be followed.
The reason for this variance between the actual minimum and recommended deposit level, is due to the challenges you may encounter trying to trade with certain instruments below that $100 level. Whilst OctaFX leverage is as high as 1:500 on specific pairs which can enable you to actually place a trade even with a lower minimum deposit, the level of control you will have at those levels is going to be questionable.
As touched on above, it can be close to impossible to manage your risk effectively and have a reasonable drawdown percentage on your account if the minimum trade size also matches your account balance. This would effectively mean that you are committed to going 100% in on almost every trade until you are able to grow your account. It is likely that over time, if you are fully exposed on every trade, you will eventually come unstuck and proportionally have a higher chance of blowing up your account completely if markets move against you.
Something to consider with OctaFX minimum deposit is that they offer a 50% deposit bonus (available here) on every deposit that you make.
If you are trying to bring your account balance to the $100 level suggested by the broker, you would not actually require depositing $100 of your own capital but could achieve a similar account balance with a $70 deposit.
With the OctaFX deposit bonus, in this case your account balance would then be $105 including the bonus amount and therefore provide you with a little more ‘wiggle room’ with your risk management.
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Minimum Deposit For OctaFX By Account & Payment Type
The account types that OctaFX offer are called Micro, ECN, and Pro and they can be easily operated in USD or EUR. The minimum deposit OctaFX set for each account is consistent across the Micro and ECN, both remaining at $25. When it comes to qualification for the Pro account, you will need to deposit with OctaFX minimum of $500.
There are a few differences that may be noticed depending on which method you choose to fund your account as you can see from the table below.
Whilst you will notice that $25 remains the minimum deposit OctaFX require for Perfect Money, there is a transactional fee also attached to that payment method.
Whilst depositing in cryptocurrency is classified as free from OctaFX, you will need to consider that to execute a transfer across the particular chain may bring its’ own fees. So yes you can deposit from a minimum of 230 DogeCoin, which is around $27 at the time of writing, you will have to handle any transaction fees from the exchange you are transferring from even if OctaFX do not charge to receive.
There is then the consideration that if you are depositing from an e-wallet such as Skrill or Neteller, your OctaFX minimum deposit will be $50, or €50. This is the same deposit level required by OctaFX for MasterCard funding.
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OctaFX Minimum Deposit For Copy Trading
Moving on to a popular type of trading at OctaFX, Copy Trading and the official minimum required balance does not change. It is worth considering however to do your due diligence on the ‘Master Trader’ you intend to copy beforehand as this will in fact dictate the balance level you need.
Looking at this Master Trader filter on the platform above, you can see that it is possible to copy around 60 different accounts if you are sticking the minimum deposit for OctaFX Copy Trading, $25. There are in excess of 4500 Master Traders listed on the OctaFX Copy Trading platform so the number accepting lower levels of balances is considerably fewer.
This is something that is difficult to control, as the level of balance required to follow a Master Trader is not set by the broker, but by the Trader themselves so there are some considerable differences between each. Due to the fact that these accounts will charge you a percentage of the profits made on your account, some try to maximise their potential profit by asking for high minimum balances to copy.
From the checks we have done, a few of the highly successful Master Traders even have minimum amounts to follow upwards of $10,000 but fortunately there are still some very reasonable options toward the lower end of the deposit scale.
This Master Trader with OctaFX India has a minimum amount to follow of just $25, and as a result has quite a significant number of copiers standing at almost 7,000.
In stark contrast, this traders’ from OctaFX Malaysia minimum deposit stands at more than $1,000 and they have 0 copiers at this time. This is not to say that it is better to have a deposit requirement on either end of the scale, only that if a Master Trader is more flexible with the level required, it is possible to obtain a much greater following.
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OctaFX Minimum Deposit In Nigeria, South Africa, Malaysia, & India are the same value but what about in local currency?
- OctaFX Minimum Deposit In Nigeria – 10,400 Naira
- OctaFX Minimum Deposit South Africa – 373 ZAR
- OctaFX Minimum Deposit Malaysia – 105 MYR
- OctaFX Minimum Deposit India – 1903 INR
Although the OctaFX minimum deposit remains the same in value, the broker does not operate accounts in Nigerian Naira, South Africa Rand, Malaysian Ringgit, or Indian Rupee directly. You have the choice to decide between either USD or EUR but it is still important to consider what those deposit levels equate to in local currency.
There are many users who are able to open and operate accounts with OctaFX from various Countries is a simple and easy manner. The variety in payment methods is strong, albeit it would be nice to have more options for local currency operations if the broker intends to grow its’ presence in the above mentioned Countries.
With digital currencies and e-wallets bringing down International payment borders, it has become easier than ever before for you to trade with the OctaFX minimum deposit in Nigeria without having to match your deposit with the same amount in lost fees for the transfer.
This is a huge advantage and a big reason why brokers like OctaFX are able to bring much lower minimum deposits to additional regions than might have been the original target. Users from Nigeria, South Africa, and India have been registering with OctaFX at an increased rate it seems over the past years and this is no doubt due to the low minimum deposit offered and the easy payment methods.
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OctaFX Minimum Withdrawals
There is the similar range of withdrawal methods offered by OctaFX as the deposit methods, only the minimum withdrawal is even lower. You can see in the image below that you can effective make a minimum withdrawal with OctaFX from $5, and all with commission free processing.
Consider any on chain transaction fee for cryptocurrency withdrawals that are not charged by the broker directly within your overall assessment.
Overall, with OctaFX withdrawals being processed almost immediately and expected to be received within a maximum of hours, you have a lot of flexibility in balancing your account. You can expect slower processing on weekends of course but during normal trading hours, OctaFX will service your request quicker than most.
If you would like to take a more thorough look in this online broker, we have completed a full detailed OctaFX review that takes an in depth analysis on everything else on offer.