OctaFX promises depositing and withdrawing without charging any fees or commissions. However, after doing a little bit of research, we noticed that OctaFX charges some fees after all. For example, traders have to pay:
- a fee for using a MT4 Micro swap-free account
- a weekend fee for keeping positions open from Friday to Monday on cTrader ECN accounts
- fees for opening and closing positions on cTrader ECN account
- three-days-fee for keeping positions open for more than three nights on MT5 Pro account
Also, traders can only withdraw to the credit card the amount they deposited, while the entire profit will have to be withdrawn via bank wire. The deposit and withdrawal methods also include Skrill and Neteller. The account must be verified in order to execute a withdrawal.
OctaFX review also noticed how this broker offers up to 50% bonus on every deposit. Traders should keep in mind how the bonus is not a free money broker simply gives out because they have some extra lying around.
OctaFX bonus is available only to traders with verified accounts, and traders can claim 10%, 30% or 50% bonus. It cannot be credited in case the account free margin is less than the bonus amount and bonus for every deposit is considered to be a separate bonus.
Traders who wish to withdraw a bonus must trade bonus amount/2 standard lots. For example, if you accepted a 50% bonus, you must trade 25 lots. In case you have more than one bonus added to the account, you must always fulfill conditions for the previous in order to be able to withdraw a consecutive bonus.
OctaFX review also showed how this broker is organizing many competitions and contests with great prizes. Some are related to a specific platform, while some are limited to a certain account type. We were trying to find specific terms and conditions for every contest but failed to do so. Traders should always know all the terms and conditions before they participate in a contest. The lack of this document is something that raises a concern.
OctaFX is owned by Octa Markets Incorporated.
OctaFX Pros and Cons