OctaFX Deposit Bonus Review
As with any other Deposit Bonus review, it’s important to know about the broker who is actually featuring the service. Therefore we encourage you to actually take a quick look at the OctaFX review here on ForexTradingBonus to get a good feeling of what kind of broker we’re dealing with.
If you don’t have time for the details, we generally like what OctaFX is doing with its service and would recommend it to traders of every caliber. However, we are here to review their deposit bonus, Is it good? Is it workable? Let’s find out.
OctaFX Deposit Bonus Details
Essentially the deposit bonus is pretty simple to comprehend with OctaFX. They have a very detailed description of how it works, but 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 that 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
It is as simple as it sounds, 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 one of the best customer service systems of the industry 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 you OctaFX Deposit Bonus
Many would think that withdrawing your bonus is a terrible business model, but OctaFX disagrees with this statement. This broker actually allows 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 the leverage, but it is still one of the best deals you can get in the industry right now.