Exness Review
OctaFX Minimum Deposit
Overall, OctaFX Minimum Deposit amount required to register a live trading account is $25 , this minimum deposit is equivalent to 481 BWP. OctaFX offers two retail investor accounts as well as a demo and Islamic Account for Botswana traders. OctaFX has a trust score of 67% out of 100.
- Louis Schoeman
Jump to:
Minimum Deposit Overview
Deposit Fees and Methods
Step By Step guide to depositing the Minimum Deposit
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 |
Minimum Deposit
OctaFX charges a minimum deposit amount of $25.
At the current exchange rate between the US Dollar and the Botswanan Pula, this is equal to 481 pula (BWP). Despite the lack of regulation by local market regulators, St. Vincent and the Grenadines Financial Services Authority regulates OctaFX.
Octa Markets Cyprus Ltd. is governed by the Cyprus Securities and Exchange Commission (CySEC). In addition, Brexit necessitated the closure of OctaFX’s UK headquarters and its relocation to CySEC regulation.
As detailed on OctaFX’s website, the broker applies many safeguards to protect funds received from Botswanan traders.
According to international norms, each customer’s money is deposited in separate bank accounts with the world’s most prestigious financial institutions, away from the broker account.
Consequently, the broker and its customers maintain separate balance sheets. In addition, OctaFX uses proprietary security technologies to protect all customer information and financial transactions. This is accomplished through an SSL-protected Personal Area with 128-bit encryption.
As part of the “Know Your Customer” (KYC) processes of OctaFX, traders’ identities and residential addresses are checked to guarantee that all transactions are allowed and safe.
In addition, all OctaFX withdrawals need trader confirmation by email, and 3D secure technology ensures that all Visa and Mastercard transactions are always safe and visible.
Do the minimum deposit requirements for OctaFX accounts differ based on the chosen base currency?
Yes, OctaFX’s minimum deposit requirements may vary depending on the chosen base currency for your trading account.
Deposit fees and deposit methods
According to OctaFX’s official website, there are no deposit fees, and Botswanan traders may use any of the following flexible payment ways to pay the minimum deposit amount:
➡️ Debit Card
➡️ Credit Card
➡️ Bitcoin (BTC)
➡️ Ethereum (ETH)
➡️ Skrill
➡️ Neteller
When traders deposit the minimum deposit, they can use the following deposit currencies:
➡️ USD
➡️ EUR
Does OctaFX charge any deposit fees, and what deposit methods are available for funding my trading account?
OctaFX generally does not charge deposit fees for standard payment methods. However, the availability of deposit methods can vary depending on your location.
Does OctaFX charge any deposit fees, and what deposit methods are available for funding my trading account?
OctaFX generally does not charge deposit fees for standard payment methods. However, the availability of deposit methods can vary depending on your location.
How to Open an OctaFX Account – Step-by-Step Guide
Opening an OctaFX account is a straightforward process that only involves a few steps. To open a trading account, please, follow the step-by-step instruction:
Step 1: Press the Open Account Button.
The Open Account button is located at the top right of the OctaFX webpage. A registration form can also be found via the signup page link.
Step 2: Complete Details.
After pressing the Open Account button, a registration form will appear. Complete the required information and press the Open Account button located below the form.
Step 3: Email Account Verification.
After all the required details have been completed and submitted, a confirmation email will be sent to the applicant’s account. After locating and opening the email – press Confirm.
Step 4: Complete Personal Details.
Once the applicant’s email has been confirmed, they will be directed to the OctaFX website to fill in their personal details. The information provided by the applicant must be accurate, relevant, and up-to-date.
Step 5: Select a Trading Platform.
The applicant must select between a real or demo account.
Step 6: Complete Account Selection.
After choosing a platform, the applicant will press continue in order to finalize account creation.
Step 7: Make a Deposit.
The account holder can now make their first deposit and the account has been successfully created.
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 Pros and Cons
| ✔️ Pros | ❌ Cons |
| Fixed spread accounts are offered to retail traders | US clients are restricted |
| The broker accepts hedging and scalping strategies | There are only a few financial markets that can be traded |
| Negative balance protection is applied to retail investor accounts | |
| The broker is well-regulated and has a decent trust score | |
| There is commission-free trading |
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
How long does OctaFX take to process my deposit?
OctaFX typically processes deposits within 1 to 3 hours during weekdays. However, it can take longer for the funds to reflect in the trading account.
Can I deposit funds in BWP?
If you deposit funds in BWP, you will face currency conversion fees, as the funds must be converted to either USD or EUR.
Does OctaFX have regulations in Botswana?
No, OctaFX is not regulated by any of the following local regulators in Botswana:
- Ministry of Finance and Economic Development (MFED)
- Bank of Botswana (BoB)
- Non-Bank Financial Institutions Regulatory Authority (NBFIRA)
What does OctaFX do with my money?
All client deposits are kept in segregated accounts with top-tier banking institutions.
Does OctaFX offer negative balance protection?
OctaFX offers negative balance protection to eligible clients who have retail accounts.
