Want to Deposit 10 Dollars in OCTAFX, What Account is Suitable?

To Ari..

1. You can open a Micro account
2. You can choose leverage of 1 : 500
3. For the minimum SL / TP, you can check by clicking NEW ORDER in the MT4 you are using. With Pending Order Type Model, as shown below with the red line. And for the maximum, there is no limit.

Thanks

I assure you your capital will be depleted. If you open a micro account because the spread is extraordinarily large. Not just micro accounts, ECN accounts have the same spread as micro accounts.
It’s better to open a cent account with another broker such as XM, Exness, FBS and others.
Just don't trade with the Octa broker. I myself went bankrupt with this broker because since January the spread has been crazy. Previously, the average was 0.6 pips, now it’s more than 1 pip on average, ECN accounts, let alone micro accounts.

For Ari and Arthe...

For a micro account on Octa, a 0.01 lot has a contract size of 1000. With a capital of $10, the floating capacity is 100 pips, above which it can be margin called and closed by the system. It is indeed better to use a cent account.

Thanks.

Thank you for your advice.

@Arthe

In my opinion, a high spread means that the broker is making money from the spread rather than being a market maker. In the foreign brokers I use, all spreads are above 15, averaging 20. Some are 30-40. Entry is fast, closing is also fast. The application never errors, it's pretty good overall. My advice is to just look for market execution brokers, or brokers that forward transactions directly to the market. Avoid market maker brokers, you will definitely lose if you trade with them.

I used to work as an employee of a market maker broker, there was a room full of computers, about 50 screens, where brokers monitored the results obtained by customers, so they shifted the charts to make them lose. Market maker brokers can manipulate charts, including shifting stop losses to get triggered. Market maker brokers monitor profitable accounts, initially letting them profit continuously, but when the time comes, they cause a series of losses until the margin is zero.

That's why I used to work as a broker employee to know what's inside a broker, I've been in 2 local broker companies and registered with Bappebti in those 2 broker companies. I know what those brokers do. 

@ Ari:

1. Cent account.
Read also: The Difference Between a Cent Account and a Micro Account

2. With 0.01 lot or a micro account, your resilience is minimal.
For the XXX/USD pair (EUR/USD, GBP/USD, AUD/USD, NZD/USD), with a USD 10 capital, the resilience for 0.01 lot is around USD 10 / USD 0.1 = 100 pips only. (Explanation: USD 0.1 is the value per pip for 0.01 lot on the XXX/USD pair.
If possible, choose the highest leverage, for example 1:1000 to minimize the required margin.

3. Regarding stop loss (SL), you should determine it based on the nearest support or resistance level.
Read also: Tips for Determining Stop Loss

@ Abdul Dermansyah:

Yes, that's right. To find out if a broker is a market maker or not, we must work at the broker so we know how it works.

Could you share brokers you've used that aren't market makers? Thank you.

@Daniel: Non-dealing brokers I have tried include Oanda, Saxo Bank, FXCM, IC Markets, Thinkmarkets, IG, and Dukascopy. On average, these brokers have tier 1 bank liquidity providers but the drawback lies in the relatively large minimum deposit. From this list, IC Markets and ThinkMarkets, which are regulated by ASIC, are the brokers with the smallest minimum deposit of $200.

@Abdul Dermansyah you are right.. I used to be with a broker dealer. The commission of 100 million was not paid without explanation.. because my client profited and withdrew funds.. until now I still can't sue, I don't know how?

Recommendation for a broker that is not a dealer, please?

It is almost impossible to determine whether a broker is a dealing desk or a non-dealing desk broker, as only the broker themselves would know. My advice is, rather than focusing on finding a dealing desk or non-dealing desk broker (because even those who claim to be non-dealing desk can still be fraudulent), it is better to look for a broker that is experienced and regulated.