A reasonable step-by-step guide on how to open a FREE OctaFX demo account for beginners traders. Downloadable iOS and Android trading app. Super easy trading interface.
OctaFX is a forex broker that provides various trading platforms, namely MetaTrader4, MetaTrader 5, and CTrader.
Currently, there are 3 account options: Micro, Pro, and ECN. For those of you who are interested in trying the trading atmosphere at OctaFX, you can open an OctaFX demo account first.
Also read: 8 Steps How To Create XM Demo Account for Beginner Traders
Step by Step How to create an OctaFX Demo Account Guide
To register, and create a demo account with OctaFX, traders can follow these steps:
- In order to access the OctaFX demo account, traders need to go through a complete registration process to open a live account.
- Go to OctaFX website: my.octafx.solutions/signup.
- Traders 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 password.
- Alternatively, traders can choose to register their details using their Facebook or Google credentials by clicking on the relevant icon provided.
- To complete registration, traders must check their email for confirmation. As soon as the trader receives the email, the link embedded to ‘Confirm’ can be clicked and the trader will receive another email to confirm registration.
- In the email, traders can click on the ‘Start Trading’ link to be directed to the OctaFX website and registration form.
- Traders need to provide information such as residential address and employment details, among other things, as well as provide documents that serve as proof of identification and residential address.
Also read: 10 Steps How To Create FBS Demo Account for Beginner Traders
Trading can be a very daunting task for beginners with no prior knowledge, skills, or experience in trading, and through the provision of a demo account, the broker provides a comprehensive and risk-free environment for novice traders.
Demo accounts are often referred to as practice accounts because they give traders the ability and freedom to explore the broker’s offerings without risking loss by providing virtual money with which to practice trading.
Also read: 5 Steps How To Create InstaForex Demo Account For Beginners
Novice traders can use the demo account to familiarize themselves with the live trading environment, where they can build their trading skills by actively participating in trading and developing their own trading strategies.
The demo account is not only aimed at beginners but also gives more advanced traders the opportunity to explore what OctaFX has to offer.
Also read: Complete 14 Types of Forex Candlestick Patterns with Signal Accuracy
OctaFX Demo Account Features
OctaFX demo account features will depend on the trading platform the trader is using, whether MetaTrader 4, cTrader, or MetaTrader 5, provides a demo account.
In other words, the demo account features are accessible via the trading platform and will depend on OctaFX’s offerings with respect to asset classes, financial instruments, spreads, leverage, etc.
Also read: What is a Candlestick: Forex Candlestick Chart and its Meaning
Advantages of OctaFX Demo Account
MetaTrader 4, MetaTrader 5, and cTrader are trusted and user-friendly trading platforms
Disadvantages of OctaFX Demo Account
A complete registration is required to access the demo account
Can I convert my demo account to a live trading account with OctaFX?
No, it doesn’t need to be changed.
You must complete a full registration before you can access a demo account, so OctaFX already has the relevant information and documentation if you want to open a live account.
What 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 of 2 Pips, no commission is charged on trades.
- Pro MT5 Account: $200 minimum deposit, leverage 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 no commission.
- ECN cTrader account: minimum deposit $100, leverage 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 deposit currencies are available for live trading accounts?
USD and EUR only.
You are now ready to trade on the OctaFX demo account. Signing up for an OctaFX demo account has many advantages, because the broker, which has been established since 2011, often holds trading competitions on demo accounts.
