Exness Review
OctaFX Fund Withdrawal Step by Step
Overall, OctaFX offers a simple Fund Withdrawal process for Botswana Traders. OctaFX is very competitive in terms of its trading fees and spreads. 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.
- Lesche Duvenage
Jump to:
Fund Withdrawal Step by Step
Detailed Withdrawal Information
Terms and Conditions
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 Withdraw Funds Step by Step
Traders who want to withdraw funds from the trading account can follow these few steps:
Step 1. Log In
Head over to OctaFX website or app and log in to your Personal Area.
Step 2. Click Withdraw
Open the menu on the top-right corner, and click “Withdraw”. Select your trading account and click “Withdraw”.
Step 3. Payment Methods
You’ll see a full list of available payment methods. Choose the one you prefer and click “Next”.
Step 4. Enter the Amount
Enter the amount that you wish to withdraw. The minimum withdrawal amount depends on the method you choose. Enter your OctaFX PIN and click “Request” once you’re done.
Step 5. Submit
Provide the details needed for the payment method. Then, check them again and confirm the transaction by clicking the “Submit” button.
Step 6. Confirmation Email
Your withdrawal status is now pending, which means that it’s being processed by the broker. You will receive a notification in your Personal Area as well as a confirmation email once the process is done.
Detailed Withdrawal Information for Traders
While OctaFX aims to keep a processing time between 1 and 3 hours, traders requesting withdrawals should know that the processing period vary by payment type.
Traders from Botswana can refer to the table below for further details on the withdrawal process for each payment method accepted by OctaFX.
OctaFX Deposit Currencies, Deposit and Withdrawal Processing, Min Deposit and Withdrawal Amount
| 🥇 OctaFX | 🥈 FBS | 🥉 JustMarkets | |
| Minimum Withdrawal Time | 30 minutes | 15 to 20 minutes (maximum 48 hours) | Instant |
| Maximum Estimated Withdrawal Time | 3 hours | Up to 7 days | 10 bank days |
| Instant Deposits and Instant Withdrawals? | No | Instant Deposits | Yes |
What is the process for withdrawing funds from an OctaFX trading account, and are there any withdrawal fees?
To withdraw funds from an OctaFX trading account, traders typically need to log in to their account through the broker’s platform or website, access the withdrawal section, and follow the provided instructions. OctaFX usually offers various withdrawal methods, including bank wire transfers, credit/debit card withdrawals, and electronic payment systems.
Is there a minimum withdrawal amount or any maximum limits when withdrawing funds from OctaFX trading accounts?
OctaFX typically does not impose strict minimum withdrawal amounts, allowing traders to withdraw their funds based on their preferences and available account balance. However, it’s important to note that certain withdrawal methods may have minimum requirements set by the payment provider, which could differ from OctaFX’s policies.
Fund Withdrawal Terms and Conditions
Botswanans must be aware of the withdrawal limitations that vary based on the withdrawal method employed. OctaFX does not impose fees for withdrawals. However, certain payment providers might do so to offset their processing expenses.
What are the key terms and conditions associated with fund withdrawals from OctaFX trading accounts?
OctaFX typically outlines specific terms and conditions related to fund withdrawals in their client agreement or terms of service. These conditions may cover aspects such as withdrawal processing times, acceptable withdrawal methods, withdrawal limits, and any potential fees.
Are there any restrictions or considerations for traders when withdrawing funds from OctaFX accounts, such as bonus-related conditions or trading activity requirements?
OctaFX may impose certain restrictions or considerations when it comes to fund withdrawals. These can include conditions related to bonuses or promotional offers, such as completing a specified trading volume before being eligible for withdrawal.
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
Can funds be transferred from OctaFX to Neteller?
Botswanan traders who use Neteller online must ensure to deposit funds using this payment method, allowing them to withdraw funds in the same manner.
How long does it take to withdraw from OctaFX?
Once a withdrawal request is received, OctaFX will initiate the withdrawal procedure and strive to finish it within three hours. However, the processing time might not match the time funds appear in your account since this depends on your payment service provider.
Can I trust OctaFX?
OctaFX is regulated and has a high rating for dependability.
How can I get a refund from OctaFX if I am unhappy with the service quality?
Traders who are dissatisfied with OctaFX’s service quality can contact customer care to obtain a refund of their original deposit.
Is OctaFX halal?
Yes, OctaFX is consistent with all Sharia law regulations.
