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  • OX Markets

  • Bonus: Up to 100%
  • Options Payout: 70-85%
  • Rating: 1 / 10
Broker Name: OX Markets
Platform: SpotOption
Founded: 2015
Bonus: Up to 100%
Return/Refund: 70-85%/ 0-15%
No. Of Assests: 200
Regulated:   No
Demo Account: No
Minimum Deposit: 250
US Traders:   Not Accepted

OX Markets Review

OXMarkets is owned and operated by OX Capital Markets Ltd, a company regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 275/15 (license date 23.04.2015) with a registered address at 67, Spyrou Kyprianou, SAMOS CENTRE, 2nd Floor, Office 201, CY-4042 Limassol, Cyprus. All this information is easily available on their website and it matches the one found on CySEC’s official website so right from the start it looks like we are dealing with a trustworthy brokerage.

 

Is OXMarkets a Scam?

This brokerage was launched in summer 2015 and so far there are no scam reports. From our experience with them, we cannot form a definitive opinion and all we can say is they appear to be one of the good guys. Their regulation number checks out on CySEC’s website and there’s no doubt about the legitimacy of their license. Considering that many brokerages are “afraid” to give you even basic information like the name and address of their owning company, seeing a transparent brokerage like OX Markets is a good thing and moves them further away from the scam suspicion circle. However, only time will tell if this is true or not.

 

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Editor’s Note – Why OXMarkets Doesn’t Suck in 50 words

This is a regulated company, with a high level of transparency. I always appreciate things like that in a brokerage so regulation and transparency get the nod in this case. The technical issues I talked about above can be easily fixed if they really care about their image, but it’s good to know they care about the important stuff.

 

Why OXMarkets Sucks in 50 words

This website is not completed and that’s very disappointing. It’s like going into a restaurant, ordering a steak and getting raw meat, with blood all over it. If the steak is not cooked, don’t bring it out. If the website is not finished, don’t launch it. When I went to the Accounts section, I got bits and pieces of English, combined with Hungarian (I think) and not enough info about account types.

 

Should I Open an Account with OXMarkets?

The platform of choice is SpotOption 2.0 and for those of you who are new to the business, I can tell you this is one of the most reliable, easy to use and widespread platforms out there so you probably won’t have any problems with the platform itself. At the top of the review I talked about an unfinished website and although it can be frustrating to read English and all of a sudden to see another language, I don’t think it’s a deal breaker. Overall the website is fairly well structured and most of the things are where they should be. The education material is OK for a binary options broker – they don’t excel at it but you can find the basics as well as some videos and a 26 page e-book (only first 7 pages are available to unregistered users). The Glossary is present and well structured and the same is true for their Frequently Asked Questions.

Ok, so what’s wrong with OX Markets? Nothing that I can see so far. They are a regulated brokerage, using a well-known trading platform and offering decent education and some interesting Bonuses (more on that later). I could argue that they don’t stand out with anything in particular and they are just another face in the crowd (the very big crowd of SpotOption brokers) but hey, I would rather trade with a trustworthy brokerage than with a company that does anything possible to stand out but fails when it comes to withdrawals or customer service.

 

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OXMarkets Complaints

They are relatively new and so far no complaints have surfaced. On the contrary, on some websites we could find user submitted reviews that praised their services and way of doing business. Whether I believe those reviews or not is another story but since this section is about complaints, I have a simple answer: we couldn’t find any complaints.

 

OXMarkets Bonus

The Bonus percentage varies, depending on the amount deposited and according to their Customer Support, you can withdraw your deposited money before reaching the required turnover, which is 30 times the Bonus. Once this turnover is reached, the Bonus will also be available for withdrawal. They have some interesting promotions that are limited and can only be accessed until a certain date. Probably the most exciting one is the 1 Kg of Gold. If you make a deposit of at least 250 US Dollars and then reach a turnover of 500,000 USD, you can win one kilogram of Gold. Sure, that’s a big trading volume, but if you love trading and spend the better part of the day in front of the binary options platform, you might just get it.

 

OXMarkets Withdrawal

The minimum withdrawal is 100 account units (USD, EUR, GBP, etc.) and can be performed via the usual methods like credit cards (Visa, Delta, MasterCard, Diners, Visa Electron, Maestro, Maestro UK (Switch) and Solo) and wire transfers. The processing time is up to 3 working days and it can take up to 5 business days for the money to show up in your account.

 

OXMarkets Extra

Their promotions can be considered an extra feature so if you are into that, make sure to check out their website periodically because as I said before, some promotions are time-limited.

 

OXMarkets Ratings

User Friendly 15/20

OX Markets offer a Demo (deposit is required though), the website is translated in 7 languages, the trading platform (SpotOption) is user friendly and functional and overall information is easy to access. However, some parts of the website (for example the Accounts page) are still under construction or they don’t function properly for whatever reason. This will probably be fixed in the near future but at the time of writing it isn’t so they lose points for that.

 
Number of assets and expiry times 14/20

Their Asset Index is composed of 12 currency pairs, 19 stocks, 7 commodities and 19 indices, which – unless primary school math fails me – is very far away from the “over 200 tradable assets” advertised on their homepage. We must note that their platform doesn’t match the Asset Index found on the website: there are more currencies and less stocks/indices/commodities on the platform than on the Asset Index (maybe because some markets were closed at the time of writing). The expiry times are the classic ones, ranging from 60 seconds (but also 90, 120, 180 and 300 sec) to half hour, one hour, end of day and Long Term.

 
Commissions, Support and Effective return 14/20

The company does not specify any of the fees charged for services but they do say that some fees exist. For further clarification please refer to section 12 of their Terms and Conditions or speak to one of their representatives. As far as support is concerned, I’ve had a pretty informative talk with one of their live chat agents. Surprisingly, the person answered all my questions without asking 10 others in return and without pressuring me to reveal my phone number, email address or to “deposit now”. The effective return ranges between 70% and 85% (average for the industry) and there is no refund in case of an unsuccessful trade.

 
Deposit, Payment and Bonus 14/20

They offer three types of accounts: Micro (minimum deposit 250 -1,000 USD/EUR/GBP), Silver (minimum deposit 1,000 – 2,500 USD/EUR/GBP) and Gold (minimum deposit 2,500 -5,000 USD/EUR/GBP) but according to the live chat representative, these accounts are flexible and can be “negotiated” with your account manager.

Withdrawals take up to 3 business days to process and up to 5 business days to reach your account. The methods used for both deposit and withdrawals are credit card and wire transfers. The Bonus will be discussed with each client but their homepage shows a 100% bonus. However, their homepage also says they offer over 200 trading assets and that is not the case. According to the same char representative, the required volume before you can withdraw the bonus is 30 times the bonus but your own money can be taken out before the turnover is reached.

 
Website Extras 15/20

At OX Markets you can find some interesting offers and promotions such as the “1Kg of Gold” that I’ve talked about earlier. Other than that, I didn’t find anything out of the ordinary or amazingly interesting.

 

  OXMarkets Overall Ratings: 72/100

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