OctaFX Deposit Bonus Review – Should you try it?
OctaFX is a loosely regulated Forex broker offering its new registering clients a 50% deposit bonus. The company is operating on an international scale and serves Forex traders from more than 80 different countries worldwide. It is a multi-asset trading broker that offers access to dozens of Forex currency pairs, stocks, CFDs, and cryptos with competitive conditions. For more information about the brokerage company read the complete OctaFX review here.
The 50% deposit bonus of OctaFX is the maximum amount of bonus that the clients of the broker can receive. The promotion has a limited time frame and operates according to terms and conditions set out by the broker. It is available for new registering clients only who open Micro or Pro accounts and make a deposit of at least 50 US dollars.
Since the bonus terms and conditions are complicated and not that convenient, we recommend checking out XM’s 50% deposit bonus instead.
OctaFX Deposit Bonus Details
Essentially the deposit bonus terms are a bit tricky to comprehend with OctaFX. They have a detailed but extensive description of how it works, so let us break it down a bit further.
Depending on how much you deposit as your initial amount, you will be eligible for either a 10%, 30%, or a 50% deposit bonus. Meaning you can trade with a lot more funds than you initially deposited. Also considering the broker’s maximum leverage of 1:1000 you’ll be trading with way more than you’ve deposited. Ok, let’s put this into perspective. Say you just deposited $1000 and this makes you eligible for a 50% bonus, so you accept. Now you have $1,500 on your account, but with additional leverage, you can trade a maximum amount of $1.5 million for a single trade.
However, make sure you understand the risks, because not only does this mean large profits, it could also mean horrible losses. There is also one inhibition that you may find with the broker. People eligible for the 1:1000 leverage need to be from the countries of Bangladesh, Indonesia, Malaysia, or Pakistan. Not only that but, the 1:1000 leverage is also limited to the MT4 accounts. Although this may sound like an issue, it’s no surprise as the broker focuses on those countries mainly, but nevertheless, no matter where you’re from, you’ll still be able to access the 50% deposit bonus.
OctaFX Deposit Bonus and how it works
There is a clear guideline of what a trader needs to do to receive the bonus, let’s bring it up.
- Register on the broker’s Micro or Pro accounts
- Deposit a minimum of $50
- Get your bonus with a simple application
- Start trading
There are no tricks like mandatory emails to the broker and etc. However, for security reasons the broker has full right to cancel your Bonus if he finds your account activity suspicious. All of this info is included in the terms & conditions so don’t get surprised if this happens to you. Should it happen, you’re always free to contact the customer service system at OctaFX, and they’ll get back to you as soon as possible.
Also, it’s important to note that the bonus is not permanent. For example, if you deposit $100 and get $50 a bonus, your withdrawal of that $100 will cancel the bonus, so be aware of that as well. However, if you trade regularly, you’ll be able to withdraw your profits from the get-go, without disabling the bonus.
Withdrawing your OctaFX Deposit Bonus
Withdrawing your bonus amount is usually the toughest part of the trading industry. The brokers will set out complicated trading volume requirements to make you spend more than you actually get as a bonus. Even though OctaFX does not make it super complicated, the broker still has a considerable volume requirement for its clients. This broker will allow you to withdraw the bonus funds once you’ve met the required trading amounts, which will vary depending on the volume that you deposit and receive. However, Keep in mind that it is for trading and trading only. It isn’t advised to take the bonus out as it will inhibit your ability to trade at high volumes and make better profits.
Is OctaFX Deposit Bonus good?
Considering all of the features it all boils down to the deal being better than most brokers. Obviously, it isn’t the best deal you can find out there, but considering the quality of the broker and its services, it is still a really good idea.
Overall, OctaFX was able to make a solid feature with its bonus by adding the ability to actually withdraw it after a specific traded amount, and most importantly, they’ve made it easily accessible. You may not agree with some of the features, like filtering the customer base for leverage, but it is still one of the best deals you can get in the industry right now.