OctaFX is a registered ECN broker with the Cyprus Securities and Exchange Commission (CySEC). It allows trading instruments like forex, indices, cryptocurrencies, and metals. OctaFX accommodates beginner and elite traders with its features and services and access to its wide range of trading accounts, i.e., Micro, Pro, ECN, and Sharia. With your preferred OctaFX account, you can access the forex market and start trading. In this extract, we look at how to trade with OctaFX.
How to Trade With OctaFX
OctaFX is a reliable and efficient broker platform that attracts millions of people worldwide. It has low spreads, commission-free, no swaps, and allows the withdrawal of a 50 percent bonus. To experience all these, you should do the following;
1. Open an OctaFX Account
Having this trading account is the first step to gaining access to the forex market and embark on trading. After registering, an email will be sent to you with your personal login information, account details, plus few instructions to follow. Use the account credentials to access the trading platform, log in to get bonuses, manage your funds, and participate in the promotions offered.
2. Deposit Into the Account
Since OctaFX requires no commission fee, once you’ve logged into your Personal Area, make an initial deposit of any amount of money starting from 40 dollars. However, the initial deposit is not fixed and may vary depending on your country, region, and mode of payment available. By depositing a large amount of money, you reduce the risks of losing money or making huge losses.
3. Sign In to The Trading Platform
The trading platform is usually internet-connected, and no installation is needed. You can access ir from any device like your phone or computer at any time. You can download the OctaFX trading app on your Android device or download the desktop version to trade on. All the platforms are beneficial and have the same end goal. However, compare what each one of them offers individually and select the best.
4. Begin Trading
When you start trading, there are certain steps that you need to follow. First, open order by choosing to buy or sell. By selecting buy, it means that you expect the price to go up while selling if you expect it to go down, then sell at a higher price to make a profit. Next, you need to set leverage. It helps you gain access to orders greater than your balance amount.
Leveraging reduces the overall amount needed to maintain a position as well as the marginal requirements. Thirdly, predict the market price movement to develop your strategy and use it to make profits. Profits are not always guaranteed, but always track the price for future purposes. Lastly, close the order. The market price determines your profit and if you have made enough, close the order to stop the trade.
The trading process involves several steps that must be followed to achieve the desired results. Follow the above guide to trade with OctaFX and enjoy its benefits.