OctaFX bonus program overview and test
The OctaFX bonus is offered by the broker to its clients. One of the things you have to look out for in any forex broker you choose to trade with is how much the broker goes out to help its traders. One way in which an online broker proves this is with bonuses. Bonuses are a way for a trader to add to their trading capital so that they can take on more positions in the market. This can set them up for more potential profits.
However, to be able to give these bonuses for free, forex brokers may put up some conditions that traders have to meet. OctaFX provides traders with a deposit bonus – and there are also conditions to meet. This guide runs you through OctaFX Bonus and how it works as well as the conditions you have to meet as a trader.
Facts of the OctaFX Bonus:
- It is only a deposit bonus offered for each deposit
- The bonus is required on volume (payout)
- The bonus is withdrawable
- The minimum deposit is $50
(Risk Warning: Your capital can be at risk)
What is the OctaFX bonus? – Explanation for clients:
As we mentioned earlier, OctaFX does not provide clients with enough bonuses. Traders who register a live account with OctaFX are not offered either the first-time signup bonus or a welcome bonus. But OctaFX offers only a 50% deposit bonus on each deposit which applies to both new and existing traders when a deposit of at least US Dollar 50 is made into the trading account.
Conditions on the bonus:
To be able to withdraw the deposit, traders will have to comply with trading requirements which include that they must trade a certain number of lots. This will be determined by the amount that the trader deposits into the trading account. How do you claim the bonus? OctaFX 50% bonus can be obtained by the users of all three platforms: MT4, MT5, and cTrader. The first step to getting the OctaFX deposit bonus is opening an account and making a deposit of over $50.
In order to withdraw the bonus, you have to do the turnover in a certain amount of trading volume (lots). The following calculation shows your the condition:
Standard lot number = Bonus amount in USD / 2
Then, the user has a choice to receive up to 50% as a bonus to increase the potential profits of his/her trading. There are minor differences in terms of how the bonuses work for the MT4 and MT5 platforms and how they work for the users of the cTrader. Specifically for the MT4 and MT5 platforms, the verified user can claim up to 10%, 30%, or 50% on each deposit. The bonus is credited to the user’s account and remains locked until the trader has met all the volume requirements. After that, the bonus is deducted from MT4/MT5 credit and is deposited in the balance.
There are also many rules that OctaFX has set that you have to pay attention to. For instance, the bonuses can be canceled by the client at any time and the withdrawal of the client’s own funds after claiming the bonus will also lead to a cancellation of the bonus. So, before you commit to taking up the bonus, you have to understand the terms and conditions.
- You can activate the bonus as you want
- You can deactivate the bonus
- You have to do a turnover in order to withdraw the bonus
(Risk Warning: Your capital can be at risk)
OctaFX types of accounts with bonuses
There are 3 types of live accounts available for traders with OctaFX:
The Micro account is available via the MetaTrader 4 trading platform. This account offers many currency pairs, metals, 3 crypto coins (Bitcoin, LiteCoin & Ethereum), and 4 indices. You need to make a minimum deposit of $100 to have access to this account. One crucial feature this account offers is the option to use both a fixed spread and floating spread.
The Pro account works with the MetaTrader 5 offering 28 pairs of currency, 2 energy and metals, 10 indices, and 3 cryptocurrencies as instruments available for trading. On this account, there is a floating spread starting from 0.2 pips with no commission and a required minimum deposit of $500.
The cTrader ECN trading account comes with a floating spread starting at 0.4 pip. The minimum deposit for this account is $100.
Opening your OctaFX account
Opening an account with OctaFX is very simple. You simply need to follow the below steps one by one to complete the registration with them.
- You go on to the home page of OctaFX and click on the Open Account button at the top of the page.
- You provide a series of personal information needed for the registration to get approved. Alternatively, you can also sign up using your Facebook or Gmail account.
- After entering all the required details, you need to click on “Open Account” button at the bottom of the same page when it pops up.
- Once done with all the above, you need to verify the account by clicking on the link sent to your email for verification.
- Now you will be redirected to a page where you need to enter your details under “Provide your Details” section. Here, you have to enter important details about yourself that the broker needs.
- On the next page, you need to select account type and other needed information like base currency and leverage. The information demanded here is for your trading platform to be customized.
- If that is what you wish to do, you can deposit funds into your trading account by clicking on the Deposit button on the right side of the screen. You can make deposits to start trading in earnest.
OctaFX trading platforms
OctaFX provides traders with an array of trading platforms that they can choose from. We have to note that the trading platform that is available to you is closely linked to the type of live account that you choose.
- MetaTrader 4: This is the most popular trading platform in the Forex industry, especially when the number of users is considered. MT 4 trading platform is very useful and simple to use for both the beginner and the experienced trader. It has a user-friendly interface which is very easy to use and customization is also possible. So, you can add EAs & custom indicators as much as you desire.
With OctaFX, MT4 is, however, only available for users of the Micro account.
- MetaTrader 5: MT5 is the advanced version of MT4 platform with some new and advanced features. There are many indicators and charting tools which help traders to better their analysis.
- cTrader: cTrader is also another advanced platform offered by OctaFX, and you get it with their ECN account for more flexible trading with lots of advanced features especially when you compare side-by-side with the MT4 & MT5. There are more advanced charts to understand the market conditions and is available for both desktop and mobile device.
OctaFX does not include any charges on deposit and withdrawal which essentially means they offer commission-free payment methods. However, the particular payment channels or gateways may charge you for providing their services. OctaFX claims that the withdrawal process usually takes 1-3 hours maximum for most methods. After doing a deposit you can claim the bonus.
Listed below are all the payment methods that you can use:
- E-wallets: You can make payments into your trading account using various E-wallet providers such as Skrill and Neteller. There are no charges while making the deposit using these E-wallets.
- Cards: You can also use your VISA card to make a deposit without any charges. You will get instant funding when you use your card for depositing. We have to note that the fact that you can use only Visa with OctaFX is somewhat limiting.
- Bank Deposit: You can also use the bank deposit and bank transfer method to add funds to your account. We have to note that this process can take some time as it requires manual payment. Sometimes, it can take days on end.
OctaFX withdrawal methods
On the other hand, you can also get your funds out of your OctaFX trading account using several means:
- E-wallets: You can withdraw funds out of your trading account using your E-Wallets account. Note that the E-wallet account must belong to you as OctaFX will make efforts to confirm this. The reason for doing this is to protect your funds.
- Bank Withdrawal: To use this method, you need to send your bank account details to OctaFX to process your withdrawal. This process can take several days on end.
- Credit/Debit Card: Traders can also receive funds via their cards. It is usually advisable to use this if this is the method through which you made deposits.
OctaFX customer support can help you with the bonus
It is worth noting that OctaFX’s customer support is quite reliable. There are many channels through which you can reach them;
You can contact them via live chat support which is available 5 days a week. The response time is quite fast, but the downside is that it is not available 24/7.
The best way to contact OctaFX is via email. You can contact them via email at firstname.lastname@example.org. If you send the email during their business time, they can normally reply & resolve issues within 0-3 hours. However, if you send it during weekends or at other times, you may not get quick replies.
On the downside, OctaFX does not feature phone calls as a way to reach its customer service. There are other downsides that we see with OctaFX as well. For instance, their trading instruments are quite limited as they provide only 28 currency pairs and just a handful of other CFDs. Then, they do not boast a lot of regulations, a very important factor when choosing a broker.
Conclusion on the OctaFX bonus program: You should use it
Bonuses are a great way to help you boost your trading account so that you can take up more risks and, therefore, potentially more profits. The problem with most bonuses, however, is that the broker usually sets stringent requirements for you to meet. Thus, you have to understand them before taking up the bonus.
The above gives a guide to OctaFX Bonus. Finally, OctaFX does not do well with its bonuses because there is only a deposit bonus. But all in all, you should take this bonus because it is completely free and you can activate and deactivate it any time.
(Risk Warning: Your capital can be at risk)