Exness Review
OctaFX Demo Account
Overall, OctaFX does offer a Demo Account. OctaFX offers two retail investor accounts as well as a demo and Islamic Account for Botswanan traders. OctaFX has a trust score of 67% out of 100.
- Louis Schoeman
Jump to:
Demo Account Overview
How to Setup a Demo Account
Demo Account Features
Pros and Cons
Final Verdict
FAQ
Overall Rating
- 4.6/5
Min Deposit
USD 25
Regulators
FCA UK
Trading Platform
MT5, MT4, OctaTrader
Crypto
Yes
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
OctaFX at a Glance
| 🏛 Headquartered | Saint Vincent and the Grenadines |
| 🌎 Global Offices | United Kingdom, Hong Kong, Indonesia, Cyprus, Malaysia, Thailand |
| 🏛 Local Market Regulators in Botswana | • Ministry of Finance and Economic Development (MFED) • Bank of Botswana (BoB) • Non-Bank Financial Institutions Regulatory Authority (NBFIRA) |
| 💳 Foreign Direct Investment in Botswana | 115.89 BWP Million in 2021 |
| 💰 Foreign Exchange Reserves in Botswana | 5270 USD Million in 2021 |
| ✔️ Local office in Gaborone? | No |
| 👨⚖️ Governor of SEC in Botswana | None, Moses Dinekere Pelaelo is the Governor of the Bank of Botswana |
| ✔️ Accepts Botswana Traders? | Yes |
| 📊 Year Founded | 2011 |
| 📞 Botswana Office Contact Number | None |
| 📱 Social Media Platforms | • Facebook • YouTube • Telegram |
| ⚖️ Regulation | CySEC, SVG FSA |
| 1️⃣ Tier-1 Licenses | None |
| 2️⃣ Tier-2 Licenses | • Cyprus Securities and Exchange Commission (CySEC) |
| 3️⃣ Tier-3 Licenses | • Financial Services Authority of Saint Vincent and the Grenadines |
| 🪪 License Number | • Cyprus – 372/18 • Saint Vincent and the Grenadines – 19776 |
| ⚖️ MFED, BoB, or NBFIRA Regulation | No |
| ✔️ Regional Restrictions | The United States |
| ☪️ Islamic Account | Yes |
| 💻 Demo Account | Yes |
| 🛍 Retail Investor Accounts | 2 |
| ✔️ PAMM Accounts | No |
| 💻 Liquidity Providers | Unknown |
| ✔️ Affiliate Program | Yes |
| 📱 Order Execution | Market |
| 📊 Starting spread | From 0.6 pips |
| 📉 Minimum Commission per Trade | None |
| 💰 Decimal Pricing | 5th decimal pricing after the comma |
| 📞 Margin Call | 25% |
| 🛑 Stop-Out | 15% |
| 📉 Minimum Trade Size | 0.01 lots |
| 📈 Maximum Trade Size | 500 lots |
| ✅ Crypto trading offered? | Yes |
| ✔️ Offers a BWP Account? | No |
| 📉 Dedicated Botswana Account Manager? | No |
| 📈 Maximum Leverage | 1:500 |
| 📊 Leverage Restrictions for Botswana? | No |
| 💳 Minimum Deposit (BWP) | 481 Botswanan Pula or an equivalent to $25 |
| ✔️ Botswana Pula Deposits Allowed? | No |
| 📊 Active Botswana Trader Stats | 250,000+ |
| 👥 Active Botswana-based OctaFX customers | Unknown |
| 🔁 Botswana Daily Forex Turnover | Unknown, Forex overall is $6.6 Trillion |
| 💰 Deposit and Withdrawal Options | • Debit Card • Credit Card • Bitcoin (BTC) • Ethereum (ETH) • Dogecoin (DOGE) • Litecoin (LTC) • Tether TRC-20 (USDTT) • Tether ERC-20 (USDTE) • Skrill • Neteller |
| 💻 Minimum Withdrawal Time | 30 minutes |
| ⏰ Maximum Estimated Withdrawal Time | 3 hours |
| 💳 Instant Deposits and Instant Withdrawals? | No |
| 🏛 Segregated Accounts with Botswana Banks? | No |
| 📱 Trading Platforms | • MetaTrader 4 • MetaTrader 5 • OctaFX App • CopyTrade App |
| 💻 Tradable Assets | • Forex • Index CFDs • Commodities • Cryptocurrencies • Energies • Precious Metals |
| ✔️ Offers USD/BWP currency pair? | No |
| 📊 USD/BWP Average Spread | N/A |
| ✅ Offers Botswana Stocks and CFDs | No |
| 💻 Languages supported on the Website | English, Malaysian, Hindi, Bangla, Thai, Spanish, German, Vietnamese, Portuguese, Arabic, Chinese (Simplified) |
| ☎️ Customer Support Languages | Multilingual |
| 👥 Copy Trading Support | Yes |
| ⏰ Customer Service Hours | 24/7 |
| 📞 Botswana-based customer support? | Yes |
| 💸 Bonuses and Promotions for Botswanans? | Yes |
| 📚 Education for Botswanan beginner traders | Yes |
| 📱 Proprietary trading software | Yes |
| 🤝 Most Successful Trader in Botswana | Unknown |
| ✔️ Is OctaFX a safe broker for Botswana Traders? | Yes |
| 🎖 Rating for OctaFX Botswana | 7/10 |
| 🥇 Trust score for OctaFX Botswana | 67% |
| 👉 Open Account | 👉 Open Account |
How to Open an OctaFX Demo Account – Step-by-Step Guide.
Step 1: Open the Account
Click on the “Open an Account” button on the homepage to proceed or scroll down the page until you locate the “Practice” button and click it.
Step 2: Complete the Registration form
A valid phone number and valid email address will be needed, with Identity Identification requiring valid proof of address and a government-issued or any valid ID. Once account verification has been completed, access to the account will be made available.
Step 3: Choose OctaFX Demo Account Platform.
OctaFX Demo Account Features
The OctaFX demo Account offers the same Forex trading experience as its existing accounts, with the difference that it is funded with virtual cash and serves as a practice account.
The OctaFX practice account provides a realistic simulation of foreign currency trading. In addition, signing up for an OctaFX practice account can be done in just a few minutes.
Advanced and professional traders may use the demo account to hone their abilities using virtual currency and several trading tools, market research, and other OctaFX-provided resources.
Botswanan traders can use this demo account to familiarize themselves with the platform’s features and the Forex market’s characteristics.
Traders have free access to this useful resource, which they can use to get a deeper understanding of forex and CFD trading and to calculate their risk exposure.
What features are available in OctaFX’s demo trading accounts, and how do they differ from live accounts?
OctaFX’s demo accounts are designed to simulate live trading conditions without risking real money. These accounts typically offer features such as access to the same trading platforms as live accounts, real-time price data, and a wide range of trading instruments, including forex pairs, commodities, indices, and cryptocurrencies.
Is there a time limit or expiration period for OctaFX’s demo accounts?
OctaFX typically offers demo accounts that do not have a set expiration period, allowing traders to use them for an extended period to practice and refine their trading skills.
OctaFX Pros and Cons
| ✔️ Pros | ❌ Cons |
| Account set-up is easy and quick | OctaFX is an offshore broker that only has Tier-2 and Tier-3 regulation |
| There is an industry-standard minimum deposit requirement on both accounts that are offered | There is an extremely limited portfolio of tradable assets |
| There are Sharia-compliant trading options offered to Muslim Botswanan traders | There are limited base account currency options |
| There is an unlimited demo account offered, with virtual funds that can be topped up at any time | BWP is not an accepted deposit currency or an account base currency |
| Botswanans have access to maximum leverage up to 1:500 on major instruments | There are only two live trading accounts offered by OctaFX |
| There are no commission charges on any trades | |
| Botswanans have access to two powerful trading platforms and four innovative trading apps | |
| OctaFX supports copy trading and provides a designated app |
Verdict on OctaFX
Overall, OctaFX is very competitive in terms of its trading fees and spreads.
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Conclusion
Now it is your turn to participate:
Do you have any prior experience with OctaFX?
What was the determining factor in your decision to engage with OctaFX?
Was it because of the minimum deposit, regulation, retail trading accounts, or any other factors?
Have you experienced any issues with OctaFX such as difficulty withdrawing funds, inability to verify regulations, irresponsive customer support, etc.?
Regardless, please share your thoughts in the comments below.
Frequently Asked Questions
Is demo trading an advantage?
Demo trading is advantageous and a valuable tool, but it should not be seen as an accurate means to judge current market conditions since pricing on demo accounts may not be as precise as on live accounts.
Can money be withdrawn from my OctaFX demo account?
No, the money on the demo account is fictitious and cannot be withdrawn, nor can the imaginary gains made by traders utilizing the account.
Does OctaFX provide a demo account to Botswanan traders?
Yes, OctaFX offers a demo account to traders from Botswana. Demo accounts provide the same trading experience as real accounts. Nonetheless, virtual currency is utilized for trading on demo accounts.
How can I utilize a sample account from OctaFX?
You may use it to acquaint yourself with OctaFX’s trading conditions or to practice your trading techniques without jeopardizing your cash.
What is an OctaFX demo account?
It is a risk-free account that utilizes virtual money to open positions on live marketplaces. This allows traders to get practical experience in forex and CFD trading without losing funds.
Novices often use a demo account as a practice account and advanced users to test methods without risk.
