OXMarkets is one of the quickly rising stars in the world of online binary options trading. If you’re thinking of creating an account with them, please read over our review and summary of their demo account first. While this is a strong broker, it’s not right for all. If you decide that you want to try this broker, be sure to use the OXMarkets demo account first to get a feel for their site and give yourself the best chance possible of being profitable on their trading platform.
Ready to learn more about OXMarkets? Read on!
Is OXMarkets a Legit Site?
This is the first and most important question you should ask yourself about any broker you might be considering trading at. OXMarkets is regulated by CySEC and a few other financial governing bodies in Europe. This has given them a very strong reputation, and is a good argument for them being a legitimate binary options broker. Along with this regulation comes some stipulations, though. For example, you can only trade at OXMarkets if you reside in a country where CySEC or one of their other regulators is considered an authoritative body. They are not regulated in the United States, so traders from the U.S. cannot trade here.
So, yes. OXMarkets is legitimate as long as you live in a European country where CySEC is considered a reputable body. If you do not live in one of these countries, then you can feel free to look through our extensive list of reputable brokers regulated elsewhere.
What Does the OXMarkets Demo Account Offer?
The OXMarkets demo trading account allows you to use their trading platform, but in a risk free setting. There’s no need to put your hard earned money up at the mercy of the market when you’re not quite ready to, and the demo service that this broker offers lets you try their site out for free. From there, you can make a decision which, if any, of OXMarkets features you will use. If you don’t want to ever make a real money trade here, you don’t have to. In other words, the demo trading account that they offer is a “try it before you buy it” feature. If you’re not sure about the site, or even trading in general, this is the way to go.
More specifically, the OXMarkets demo account lets you try their products. On their platform, they offer both binary options trading and Forex trading. They have a lot of the instruments that you would expect from a Euro style broker, such as the spread-free call and put options in various expiries, but they also have a wide range of exotic options, too. They offer pairs, one touch, and ladder trades. As far as expiries go, these start out at 60 second binary options, and go all the way up one year in length. This is a very wide range of expiries for a binary options broker, and it gives traders a lot of different choices when it comes to picking out what works best for them, hedging positions, and managing risk.
On the Forex side of things, OXMarkets uses the MetaTrader 4 platform. This is available both on the web and as a mobile download, both for iOS devices (Apple) and Androids. If you are a busy person (and who isn’t!), having mobile trading abilities can be very helpful, especially if you pair it up with a good signals service that you respect and trust. This broker also has a limited amount of CFD trades available, if this is something that you are interested in.
In short, OXMarkets has over 200 different assets available to their traders. Their demo account lets you test all of these out in real time, giving you a firm idea of whether this site is the right place for you or not.
How Do I Get a Demo Account?
First, the binary options and the Forex side of things are two different accounts. Creating a Forex demo account with OXMarkets is very easy. Go to their homepage and scroll down a little. You will find a section titled “OX Forex” where you can choose to create a live account or a demo account. Click on demo, and then fill in the appropriate information to get started.
To create a binary options demo account, you will need to dig a little deeper. You will first need to create a live account, again filling out all of the requested info. This is very basic stuff, such as your name, email address, country of residence, and an account password. You need to be at least 18 years old to have an account at this site. Fill all of the requested information out, verifying your data first, and finalize the creation of your account. Then, you will need to fund your account. This requires a minimum deposit by credit card or an e-wallet like Neteller of $250 USD. You can also use euros or the pound, if these are easier. Whichever currency you choose will be the currency that you stick with for the rest of your trading at this broker, so think ahead.
Once you’ve created and funded an account, get in touch with their customer service department and request a binary options demo account. They will get you set up and let you know if anything else is required on your end. This is a bit of a hassle, but it is the way this site works. If you decide that you do not want to trade binary options here, you can always withdraw your cash without ever having risked any of it. They just want to ensure that you are a serious trader before they give you their attention. Unfortunately, that’s just the way the binary options business is.
Why are things different for Forex trading? OXMarkets runs their Forex trading on the MT4 platform, which is extremely easy for them to manage on their end. Their binary options platform is smaller and requires more personalized attention. Therefore, it is harder for them to get demo trading on this end of things. However, if you’re serious about trading, this is an inconvenience worth taking up. It will make you a better trader.
OxMarkets Demo Account Conclusion
Still think that OXMarkets might be the right place for you to trade? Great! However, we cannot urge you strongly enough to start out with a free demo account. This won’t take away the risk of trading completely, but it will teach you more about the OXMarkets platform and what you need to do to be a more profitable trader here. It is time that’s well worth investing.
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