Frequently Asked Question (FAQ) of Personal Area, Accounts, Verification in OctaFX

Jan 19, 2024 6811 0

Account Opening

How do I sign up?

Submit the signup form to open your first account. Fill in all the required information and click "Open account", or simply sign up with your Facebook or Google account.
Check your email for a message titled "Confirm your email address" and click the button "Confirm email" and you will be redirected to our site.
Fill in all the required information and click "Continue", then select the trading platform: MT4, MT5 and cTrader. You can see Trading platform comparison here
Select Make a deposit into account. During this step youll get an email titled Welcome to OctaFX! It contains your trading account credentials and OctaFX PIN. Make sure you keep this email.
Your trading account has been opened successfully! Select one of the deposit options to make a deposit, or click Or verify my identity to verify your Personal Area.

Please note: Make sure your credentials match your documents as youll be asked to confirm your personal data during verification. Please also bear in mind that since you can only use your own bank account, credit/debit card or e-currency wallet, your personal info should match the account or cardholder name as well.

I already have an account with OctaFX. How do I open a new trading account?

Sign in to your Personal Area with your registration email address and Personal Area password.
Click Create account button on the right of My accounts section or click Trading Accounts, and select Open real Account or Open demo account.

What type of account should I choose?

It depends on the preferred trading platform and the trading instruments youd like to trade. You can compare account types here. If you need to, you can open a new account later.

What leverage should I select?

You can select 1:1, 1:5, 1:15, 1:25, 1:30, 1:50, 1:100, 1:200 or 1:500 leverage on MT4, cTrader or MT5. Leverage is virtual credit given to the client by the company, and it modifies your margin requirements, i.e. the higher the ratio, the lower the margin you need to open an order. To choose the right leverage for your account you can use our Forex calculator. Leverage can be changed later in your Personal Area.

Can I open a swap-free (Islamic) account?

Yes, simply switch on the Islamic option when opening a new trading account. Please note that swap-free accounts do not offer any benefits over regular accounts. There is a fixed fee for using swap-free accounts.
Commission = pip price * swap value of the currency pair.
The fee does not count as interest and depends on the direction of the position (i.e. buy or sell).

Where can I find your Customer Agreement?

You can find it here. Please make sure you’ve read and agreed with our Customer Agreement before you start trading.

Ive opened an account. What do I do next?

After opening an account, check your email to find your account credentials. The next step is to download and install a trading platform. You can find download links and instructions. You can also find information on trading in our Education section.

Personal Area

What is Personal Area for?

In your Personal Area you can open new accounts, manage existing ones, make deposits and request withdrawals, transfer funds between your accounts, claim bonuses and restore forgotten passwords.

How do I sign in to my Personal Area?

To sign in, please use your registration email address and Personal Area password. You can restore your Personal Area password here if you lose it.

I forgot my Personal Area password. How can I restore it?

Visit our password restore page. Enter your registration email address and click "Restore password". A restoration link will be sent by email. Follow this link, enter a new password twice and click the "Submit" button. Use your email address and new password to log in.

How do I switch between accounts in my Personal Area?

You can select the account in the drop-down list at the top of the page next to Primary account section or by clicking on the drop down arrow next to the account number in "My accounts" list, and selecting "Switch to this account".

How do I change my leverage?

Click here or click on the leverage number in the Primary account section. Make sure you have no open positions or pending orders before changing this parameter.

How do I switch my MT4 account to regular or swap-free?

Click Yes or No next to "Swap-Free" in the Account Summary, select whether you would like this account to be swap-free or not, and click "Change". Make sure you have no open positions or pending orders before changing this parameter.

Where can I find all of my accounts?

Click Trading Accounts on the right and open "My Accounts" to see the full list. Here you can view general information including account number, type, currency and balance, switch between accounts, hide or display them on the main page, make deposits and create withdrawal requests.

How can I hide an account I am not using any more from my accounts list?

To hide a trading account, sign in to your Personal Area, find its number in "My Accounts" list, click on the drop down arrow and select "Hide account from the main page". The account can later be restored in your accounts list.

How can I close my Personal Area?

In order to close your Personal Area please send a request at [email protected].

What is Account Monitoring?

The Account Monitoring tool has been developed for you to be able to share your performance, charts, profits, orders and history with others. You can do so by adding your account to Monitoring. You can also use Account Monitoring to view and compare successful traders statistics and learn from them.

How do I add my account to Monitoring?

Sign in to your Personal Area, select "My accounts" and Monitoring on the right. Then find the number of the account you would like to add in "Your available accounts" and click "Add to monitoring".

How do I remove my account from Monitoring?

Open Account Monitoring page in your Personal Area, find the number of the account in "Your monitored accounts" list and click "Remove account".
How do I hide my real account balance and positions from Monitoring?
Open the Account Monitoring page, find the number of the real account in "Your monitored accounts". Click "Visibility setup" and uncheck the required boxes. Click "Save settings" button below to apply the changes.

Can I have several Personal Areas?

The OctaFX Personal Area is designed for you to store all the information about your trading in one place. Please be aware that creating several Personal Areas by using multiple email addresses is prohibited.

Personal Information and Access Data

How do I change my email address?

Open the My info page in your Personal Area, click "Change" next to your current email, enter your new address and click the "Change email" button. A confirmation link will be sent to both old and new addresses. Click the link sent to your old email address and the link to sent to your new email address to apply the changes.

How do I change my phone number?

Open My personal info page and click "Change" next to your current phone number.

I forgot my trader password. How can I get a new one?

Please sign in to your Personal Area, click Settings on the right and Restore passwords below. Tick "Account password" box and select the number of your account from the drop-down menu. Enter ReCaptcha and click "Submit" button. New trader password will be sent to your email address.

How can I change my PIN code?

In your Personal Area click Settings and choose Change passwords. Tick the "OctaFX PIN" box, enter your current OctaFX PIN and the new OctaFX PIN code twice. Click the "Change" button to apply the changes.

How can I set a new Personal Area password?

To set a new Personal Area password, sign in using your current password, open Settings, select Change passwords on the right, then "Personal Area password". Enter your current password into the "Current" field, and new password into "New" and "Repeat" fields. Click the "Change" button to confirm.

How can I change my trader password?

You can change your trader password in your Personal Area. Sign in using your registration email address and Personal Area password. Open the Change passwords page under Settings on the right, check "Account password" and choose the account number from the drop down menu. Then enter your current trader password in the "Current" box, followed by a new password into "New" and "Repeat". Select "Change" to save the new password.

I lost my trader password/PIN code. How can I restore it?

Login to your Personal Area then choose Settings to the right side and select Restore password. Choose the password you would like to restore (OctaFX PIN, account password), enter the ReCaptcha and click "Submit". The new password will be sent to your email address.

How can I restore or change my investor password?

You cannot restore the Investor password. You can set it in your MT4 or MT5. Please follow the steps below:

Select "Tools" and click "Options"
Under the "Server" tab, select "Change"
Insert the current master password in the "Current Password" text field
Select "Change investor password" if it is not marked yet
Insert the new investor password in the "New Password" text field
Re-type the new investor password in the "Confirm" text field

Account Verification

How can I verify my account?

We require one document proving your identity: passport, national identity card or any other government-issued photo ID. Your name, date of birth, signature, photograph, ID issue and expiry dates and the serial number must be clearly visible. The ID must not have expired. The entire document must be photographed. Fragmented, edited, or folded documents will not be accepted.
If the issuer country differs from the country of your stay, youll also need to provide your residence permit or any local government-issued ID. The documents can be submitted within your Personal Area or to [email protected]

Why should I verify my account?

Account verification allows us to make sure your information is valid and protect you against fraud. It ensures that your transactions are authorised and secure. We strongly recommend submitting all of the required documents before making your first deposit, especially if you want to deposit with Visa/Mastercard.
Please note that you can only withdraw funds if your account is verified. Your personal information will be held in the strictest confidence.

I have submitted the documents. How long does it take to verify my account?

It usually takes just a few minutes, but sometimes it may require more time for our Verification Department to review your documents. This may depend on the amount of verification requests, or if it was submitted overnight or at the weekend, and, in these cases, may take up to 12-24 hours. The quality of the documents you submit can also affect approval time, so make sure your document photos are clear and not distorted. Once verification is completed, you will get an email notice.

Is my personal information safe with you? How do you protect my personal information?

We use highly secure technology to protect your personal data and financial transactions. Your Personal Area is SSL-secured and protected with 128-bit encryption to make your browsing safe and your data inaccessible to any third parties. You can read more about data protection in our Privacy Policy.

About OctaFX

Where are your servers?

Our trading servers are in London. OctaFX has a wide network of servers and data centres located throughout Europe and Asia that ensures low latency and stable connection.

What are your market opening hours?

MT4 and MT5 trading hours are 24/5, starting at 00:00 on Monday and closing at 23:59 on Friday server time (EET/EST). cTrader server time zone is UTC +0, however you can set your own time zone for charts and trading information in the right bottom corner of the platform.

What are the advantages of trading with OctaFX?

OctaFX values every customer and does everything possible to make their Forex trading experience with us positive and profitable. It has always been our top priority to provide our clients with high quality services in accordance with international standards and regulation. Our aim is making a trading experience convenient and outstanding, striving to drive Forex trading to a completely new level. OctaFX offers market execution of less than a second, no commission on deposit and withdrawal, lowest spreads in the industry, various deposit and withdrawal methods, negative balance protection, and a wide range of trading tools. Please find out more here.

Does OctaFX take part in any CSR programs?

OctaFX is proud to be a socially responsible company. We are engaged into supporting various foundations and charity programs, making all the efforts possible to help those in need. We believe that its our responsibility to improve the quality of life of disabled people around the globe. You can learn more on how you can help here at our Charity page.

How does OctaFX support sports activities?

Apart from helping various charity organisations, OctaFX supports sports initiatives across the globe. We’re thrilled to support sports our clients have passion for. That’s why back in 2014, our first sponsorship agreement was signed with Persib Bandung football club, which ended in Persib winning ISL Cup 2014, claiming the right to be called Indonesian Champions. We’ve also supported Rip Curl Cup Padang Padang, which took place in August in Bali, connecting the feeling of riding the waves that surfing and Forex have in common. OctaFX has also sponsored Southampton Football Club, an English Premier League team. You can find out about our current sponsorships here.

Trading Conditions

What is your spread? Do you offer fixed spread?

OctaFX offers floating spreads that vary according to the market situation. Our goal is to provide you transparent prices and the tightest spreads we can without applying any additional commission. OctaFX simply passes on the best bid/ask price we receive from our liquidity pool and our spread accurately reflects what is available in the market. The main advantage of a floating spread over a fixed spread is that it is often lower than average, however you may expect it to widen at market open, during rollover at (server time), during major news releases or high volatility periods. We also provide excellent fixed spreads on USD-based pairs, which offer predictable costs and are ideal for long-term investment planning. You can check minimum, typical and current spreads for all trading instruments on our Spreads and conditions page.

How does floating spread change throughout the day?

Floating spread varies throughout the day depending the trading session, liquidity and volatility. It tends to be less tight at market opening on Monday, when high impact news is released, and at other times of high volatility.

Do you have requotes?

No, we do not. A requote occurs when the dealer on the other side of the trade sets an execution delay during which the price changes. As a non-dealing desk broker OctaFX simply offsets all orders with the liquidity providers to be executed at their end.

Do you have slippage on your platforms?

Slippage is a slight execution price movement that may occur due to the lack of liquidity behind the requested price or when its been taken by other traders orders. It can also happen due to market gaps. Slippage should be factored in as one of the risks when trading with an ECN broker since it cannot guarantee that your order will be executed at the requested price. However, our system is set up to fill orders at the next best available price whenever slippage occurs. Please be aware that slippage can be both positive and negative, and OctaFX cannot influence this factor.

Do you guarantee stop orders?

Being an ECN broker, OctaFX cannot guarantee filling at the requested rate. After being triggered, a pending order becomes a market one and is filled at the best available price, which primarily depends on the market conditions, available liquidity, trading pattern and volume.

Is it possible to lose more than I deposited? What if my accounts balance becomes negative?

No, OctaFX offers negative balance protection, so whenever your balance becomes negative we automatically adjust it to zero.

Negative balance protection

OctaFXs top priority is making your trading experience great, that’s why no matter what the risks are, we’ll back you up: Our risk management system ensures that the client cannot lose more than he initially invested.If your balance becomes negative due to Stop Out, OctaFX will compensate the amount and bring your account balance back to zero. OctaFX guarantees that your risk is limited to only those funds you have deposited into your account. Please be aware that this does not include any debt payments from the client. Thus our clients are protected from losses beyond the initial deposit at OctaFXs cost. You can read more in our Customer agreement.

How much margin is required to open my order?

It depends on the currency pair, volume and account leverage. You can use our Trading Calculator to calculate your required margin. When you open a hedge (locked or opposite) position, no additional margin will be required, however if your free margin is negative you will not be able to open a hedge order.

My order was not executed correctly. What should I do?

With market execution we cannot guarantee filling at the requested rate for all of your positions (please check About ECN trading for more details). However in case you have any doubts, or if you would like an individual review of your orders, you are always welcome to write a detailed complaint and send it to [email protected]. Our trade compliance department will investigate your case, provide you with a prompt response and make corrections to the account if applicable.

Do you have any commissions?

MT4 and MT5 commission is included in our spreads as mark-up. No additional fee is applied. We charge trading commission on cTrader. View half-turn commission rates

What trading techniques and strategies can I use?

Our clients are welcome to use any trading strategies, including but not limited to scalping, hedging, news trading, martingale as well as any Expert Advisers, with the only exception being arbitrage.

Do you allow hedging/scalping/news trading?

OctaFX allows scalping, hedging and other strategies, if the orders are placed in accordance with our Customer Agreement. However please note that arbitrage trading is not allowed.
What tools do you have for me to track major news releases and times of high market volatility?
Please feel free to use our Economic Calendar to be informed about upcoming releases, and our Forex News page to learn more about recent market events. You can expect high market volatility when the event with top priority is about to take place.

What is a price gap and how does it affect my orders?

A price gap signifies the following:

Current bid price is higher than the ask price of the previous quote;
or Current ask price is lower than the bid of the previous quote

Current bid price is higher than the ask price of the previous quote; or current ask price is lower than the bid of the previous quote. It is important to understand that you may not be always able to see a price gap on the chart since it can be enclosed in a candle. As the definition implies, in some cases you would need to observe the ask price, while the chart shows only the bid price. The following rules are applied to pending orders executed during a price gap:

If your Stop Loss is within the price gap, the order will be closed by the first price after the gap.
If the pending order price and Take Profit level are within the price gap, the order will be cancelled.
If the Take Profit order price is within the price gap, the order will be executed by its price.
Buy Stop and Sell Stop pending orders will be executed by the first price after the price gap. Buy Limit and Sell Limit pending orders will be executed by the order’s price.

For example: bid is listed as 1.09004 and ask is 1.0900. In the next tick, bid is 1.09012 and ask is 1.0902:

If your Sell order has stop loss level at 1.09005, the order will be closed at 1.0902.
If your Take Profit level is 1.09005, the order will be closed at 1.0900.
If your Buy Stop order price is 1.09002 with take profit at 1.09022, the order will be cancelled.
If your Buy Stop price is 1.09005, the order will be opened at 1.0902.
If your Buy Limit price is 1.09005, the order will be opened at 1.0900.

What happens if I leave my order open overnight?

It depends on your account type. If you have a MT4 regular account, swap will be applied to all positions left open overnight (server time). If your MT4 account is swap-free, swap-free commission will be applied overnight instead. MT5 accounts are swap-free by default. Three days fee is charged, meaning it will be applied on every third rollover of your trade. cTrader accounts are swap-free and have no overnight fees. However a fee is changed if you leave your position open for the weekend. You can use this tool to examine our fees.

Can I trade Cryptocurrency at OctaFX?

Yes, you can trade Cryptocurrency at OctaFX. You can trade Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple. You can see how to trade Cryptocurrency here.

Can I trade Commodities at OctaFX?

Yes, enjoy the benefits of trading gold, silver, crude oil and other commodities with OctaFX! See more here

What are commodities?

Сommodities are tradeable physical assets such as metals including gold, silver, platinum and copper, as well as crude oil, natural gas and other resources.

Trading Accounts

Does OctaFX offer demo accounts?

Yes, you can open as many demo accounts as you want in your Personal Area, to practice and test your strategies. You can also win real funds by participating in the OctaFX Champion or cTrader weekly demo contests.

How do I open a demo account?

Log in to your Personal Area, select Trading Accounts, and press Open Demo Account. Then select your preferred trading platform and press Open Account. Demo accounts emulate real market conditions and prices and can be used to practice, get familiar with the platform, and test your strategy risk-free.

How do I top up my demo account balance?

Switch to your demo account in the Personal Area and click Top up demo account at the top of the page.

Does OctaFX deactivate demo accounts?

Yes, we do, but only if they go inactive and you do not log into them.
Expiration time of demo accounts:

MetaTrader 4—8 days
MetaTrader 5—30 days
cTrader—90 days
Demo contest account—immediately upon the end of the contest round.

Does OctaFX deactivate real accounts?

Yes, we do, but only if you never added money to them and do not log into them.
Expiration time of real accounts:

MetaTrader 4—30 days
MetaTrader 5—14 days
cTrader—does not expire.

You can create a new account at any time—its free.

Can I have multiple accounts?

We do not limit the number of demo accounts you can open. However, please note that you cannot create more than two real accounts unless at least one of them is used for trading. In other words, you can only open a third account if you perform at least one deposit and/or complete a trade using one of the existing accounts.

What account currencies do you offer?

As an OctaFX client you can open USD or EUR accounts. Please be aware that you can deposit these accounts in any currency and your deposit will be converted into the currency of your choice with the currency rate set by a payment system. If you deposit USD to your EUR account or vice versa, the funds will be converted using the current EURUSD rate.

Can I change my account currency?

Unfortunately, you cannot change your account currency, but you can always open new trading account in your Personal Area.

Where can I find the access data?

All access data including account number and trader password are sent by email after the account is opened. If you lose the email, you can restore your access data in your Personal Area.

Where can I download my account statement?

You can download your account statement in the Personal Area: find your account in "My accounts" list, click drop down arrow and select "Trades History". Select the dates and click on "CSV" or "HTML" button depending on the file format you require.