OctaFX Minimum Deposit

OctaFX - Minimum Deposit

 

OctaFX Minimum Deposit

 

The OctaFX minimum deposit amount that OctaFX requires is $100.

The minimum deposit amount of $100 when registering a live account is equivalent to ZAR1,766.87 at the current exchange rate between US Dollar and South African Rand on the day and at the time that this article was written.

OctaFX is based in SVG and Cyprus and is authorized and regulated by demanding regulating entities namely CySEC and FSA, and as a regulated broker, one of the requirements is that client funds be kept in segregated accounts.

In complying with this, amidst several other strict rules and regulations, all client funds must be kept separate from the broker account, and it can only be used by traders to conduct trading activities.

In addition to ensuring client fund security through segregated accounts, regulated brokers such as OctaFX are required to be a member of a compensation scheme or fund which pays out a certain amount to eligible clients in the case of company insolvency.

 

Deposit fees and deposit methods

 

OctaFX does not charge any fees when deposits are made into the trader’s account.

 

Traders can make use of the following payment methods through which the minimum deposit amount can be paid:

  • Credit/Debit Card
  • Bank Wire Transfer
  • Bitcoin
  • Skrill, and
  • Neteller

 

OctaFX only supports two deposit currencies in which traders can fund their accounts including:

  • USD, and
  • EUR

 

Traders should take note that payments made in any other currency apart from the base currencies of the various accounts may be subjected to conversion rates charged by their payment provider. The base currencies are USD and EUR.

 

Step by step guide to deposit the minimum amount

 

Once the trader has completed the process of registering on the website, the trader can make the initial minimum deposit by following these steps:

  1. Log into the Client Portal and select ‘Deposit’
  2. Select the deposit method along with the amount.
  3. After the trader has made their selection, they will be redirected to the payment processor page to confirm their deposit.

 

Traders should take note that with making deposits by using Bank Wire Transfer, the transactions may take a certain amount of time depending on the method, time of the day, and day of the week.

Bank Wire Transfers take anything from a day to a few business days depending on the time the payment was made during the day along with the day of the week.

 

Pros and Cons

 

PROS CONS
1.      Deposit fees and withdrawal fees are not charged 1.      Only a few payment options provided
2.      Quick and easy depositing of funds 2.      Only two supported deposit currencies

 

FAQ

 

What is the minimum deposit for OctaFX?

$100.

 

How do I make a deposit and withdrawal with OctaFX?

You can make use of the following payment methods to deposit or withdraw funds:

  • Credit/Debit Card
  • Bank Wire Transfer
  • Bitcoin
  • Skrill, and
  • Neteller

 

Does OctaFX charge withdrawal fees?

No

 

How long does it take to make a withdrawal?

  • Credit/Debit Card – instant
  • Bank Wire Transfer – requests are processed within one to three hours
  • Bitcoin – instant
  • Skrill, and – instant
  • Neteller – instant