OctaFX withdrawal tutorial for new traders
OctaFX withdrawal is the process via which you can withdraw the profits you make trading with the broker. Trading forex and CFDs can be very profitable. There have been cases where traders have increased their trading accounts by several digits. It all points to the possibilities that reside in forex and CFDs trading and general financial trading as a whole.
However, we must point out the fact that forex trading is equally very risky. Just as you can increase your account several times, so also can you deplete it in no time. Many traders have lost the entirety of their capital in short periods. Therefore, when you make profits in the markets, you should be able to withdraw. The withdrawal process for every broker is not the same.
Here, we take you through specific information regarding withdrawing your profits with OctaFX.
Withdrawal methods with OctaFX
OctaFX has an array of channels through which you can withdraw your profits from your trading account. This wide array of channels gives traders from different parts of the world access to multiple channels. Hence, the fact that some withdrawal channels are available in some countries and not in others will not be a barrier.
The methods through which you can withdraw your profits from your OctaFX trading account include the following:
One of the most recommended channels through which you can make withdrawals is debit or credit cards – especially those provided by the leading card processor, Visa. Withdrawals via the bank card can be pretty quick – and they usually are credited to the bank account linked to your card.
However, we highly recommend that the card you choose must be the one you used when depositing into the account. This is to save you from a lot of complications that may arise from having multiple payment channels. We must note here that the bank card system with OctaFX is quite limiting. Only Visa is available as the payment card on OctaFX and this is not good enough. Not all brokers have access to Visa as a card. There are even equally popular options like MasterCard.
Many other online brokers offer multiple payment channels.
Electronic or Digital Wallets
You can withdraw through popular E-wallets such as Skrill, Neteller, FasaPay, amongst others.
Electronic wallets are quite fast. Within a day or so – or even in the space of a few hours – you get your withdrawal credited to your wallet. From there, you can now withdraw or convert it to cash. The number of digital wallets allowed by OctaFX is not really diverse enough. There can be more options that they can explore.
You can also get the money withdrawn directly to your bank account. Many traders in many countries don’t have access to the bank cards and E-wallets that we discussed above. As such, they have to resort to the only option left – bank transfers. This bank transfer system, however, is very slow and can take several days on end before your money eventually gets to you.
In fact, we recommend that you don’t use this unless you have no choice.
This is one of the best things you get from OctaFX. Many other forex brokers don’t offer you the option to withdraw your funds via crypto. Crypto withdrawals are quite fast. You get your money in minutes.
(Risk Warning: Your capital can be at risk)
Steps to withdrawing from your OctaFX account:
First, you have to login into your trading account. From there, you then select the account you want to withdraw money from on the main screen. Then press Withdraw. You will see a full list of payment options available in your region. Pick the one that suits you best and press Next.
It is very important to note that the channel through which you choose to withdraw must be one that you used in depositing trading capital into the OctaFX live trading account. In addition, to make withdrawals from your OctaFX trading account, you must have undergone a verification process to certify that you are the owner of the account. The rules that apply to trading with OctaFX allow you to deposit into your trading account and make trades from that account without much rigorous verification process.
However, when it is time to withdraw, your profits will not be paid to you if you do not undergo the process and get verified. This is done primarily to protect you and your capital from any potential fraudulent activity.
OctaFX verification process
To get verified with OctaFX you need to present some documents and take some steps. OctaFX requires 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, you’ll also need to provide your residence permit or any local government-issued ID. The documents can be submitted within your Personal Area – that is, in your dashboard – or to firstname.lastname@example.org.
Proof of Address: OctaFX will also like to know if you actually reside where you claim to reside at. As a show of proof of address, you can use the signed and stamped account statement from your bank.
How long do your withdrawals take
When you request to withdraw your profits from your account, you should have an idea as to when the money will get credited to your withdrawal channel. With OctaFX, most withdrawals will be completed within 24 working hours. However, things can be faster; that is, you can get your money earlier than 1 business day. The tips listed below should help:
- By far, the best way to get faster withdrawals anytime you request is to get the Pro account. OctaFX offers multiple account types that you can sign up for namely, the Micro account, the ECN account, and the Pro account.
The Pro account offers the most perks. One key perk is that they will be given priority withdrawal. Their withdrawal request can get processed in just a few hours.
However, to enjoy all these benefits, you have to commit at least $500 as your minimum deposit amount for the Pro account.
- Another tip is making use of an e-wallet like Skrill or Neteller to make deposits and then withdrawals to your OctaFX account. These e-wallets work directly with OctaFX to provide faster transactions. Making your withdrawals via your Visa card can also be very fast, although they are not as fast as the E-wallets.
Does OctaFX charge for withdrawals?
OctaFX does not charge any amount for your withdrawals. However, the withdrawal channel (say Visa or Neteller/Skrill/FasaPay) may decide to charge some amount for rendering its services to you.
Can bonuses be withdrawn?
Whenever you make deposits into your OctaFX live account, you are given certain deposit bonuses; these bonuses are meant to give you extra power to make trades. You can withdraw the bonus if you made the requested turnover amount (trading volume).
What are the OctaFX minimum and maximum withdrawal amount?
Anytime you want to withdraw your profits from OctaFX, the minimum you can do at a certain time is $20. On the other hand, there is, however, no maximum.
How long does it take to withdraw money from OctaFX?
Withdrawals are usually processed within 24 hours. The profit can be withdrawn usually by using the same method that was used for depositing.
Conclusion on the OctaFX withdrawal
As a forex and CFDs trader, you have to learn about the different processes on their forex and CFDs journey. From how to trade to how to set your account, and more. Thus, you need some guidance. The above is one of those guides on OctaFX Withdrawals.
(Risk Warning: Your capital can be at risk)