OXmarkets Review

oxmarketsOXmarkets has designed a platform that offers a multitude of different packages to fit every type of trader in an effort to attract as many users as possible. During our OXmarket review, we were pleased to discover that several options available which is outstanding. However, only the Gold account listed more specific information. We needed to reach out to customer support to supply us with more specifics on the remaining accounts.

According to OXmarkets customer service team, clients can get any necessary information that pertains to their particular account selection with their account representative. The website is being upgraded at this time, according to the specialists. However, we took this to be a bit cold and unprofessional since the website does not provide all the pertinent information to potential binary traders who might be looking to sign up for this platform. This also puts the user in the position of having to make personal contact to obtain information, which may be off putting for a lot of potential traders.

Basic information:

Online since: 2015
Jurisdiction: Cyprus
Software: SpotOptions
Max Returns: 91%
Minimum Deposit: $250
Minimum Investment: $5
Maximum Investment: $1500
Currencies: USD, EUR, GBP, PLN
Mobile: Yes
Countries: All nations excl. USA, Japan, Belgium, Israel, Cypros

Pros:

– Multiple languages available
– Minimum deposit of $250 required for trades
– Superior customer service
– Wide selection of trade options

Cons:

– Does not accept traders from US

7 Binary Options Rating:

4,5 stars

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According to OXmarkets customer support, they offer 4 account tiers, each with different deposit requirements.

Micro account

Minimum deposit of $250

Silver account

Minimum deposit of $1,000

Gold account

Minimum deposit of $2,500

VIP account

Minimum deposit of $10,000

The minimum deposit for making trades is the standard amount of $250, as with the majority of binary trading platforms.

OXmarkets Trading software

Our OXmarkets review revealed that they utilize the SpotOption platform like binary option robot, which is by far the most popular in the binary options trade market industry. However, despite the many great features of this time, they do not offer a mobile version nor a mobile app. We feel this would be an outstanding feature as more and more traders prefer to trade via their smartphones and tablets.

Overall, the website is very well designed. However, we found some serious issues with navigating throughout the site. According to OXmarkets customer service they are working on upgrading their system in the future. We feel that there are better solutions available without having to make an overall upgrade. The broker claims that they provide binary options signals as well, but we have the suspicion that this is only offered on the more expensive accounts.

Traders can choose from indices (19), stocks (19), currencies (12 pairs) and commodities (7). As with most SpotOption platforms, there are a variety of trading options such as the standard high/low options, pairs, 60seconds, and one touch options as well as ladders and long-term options. Expiry times are 7 days, 1 hr, 10 min, 15 min and 60 sec.

OXmarkets Support information

We found the customer service team to be extremely courteous and informative. The only issue we experienced during our OXmarkets review is that we had to contact the support team in to find information that we feel should be automatically provided on the website itself. Customer service can be reached through email, online submissions form, and live chat. Customers who reside in Spain, Italy, the UK, Germany and Cyprus can reach the support team via phone. As an FYI, the preferred language for this platform is English.

The website can be adapted to the following language: English, German, Polish, Spanish, Vietnamese and Hungarian. However, as previously stated, the navigation system leaves a lot to be desired. Switching between languages is not always successful at is seems and quite often the languages get mixed up on this site. Hopefully this issue will be resolved in their future upgrade to their system.

As with many other binary options brokers, OXmarkets provides a variety of resource and educational materials for their traders. Some of them are inconvenient, yet practical, ideas, while others are written materials. A plus is that the written articles are offered in the aforementioned languages. The broker claims that they provide expert market analysis 24 hours a day, 5 days a week along with binary trading signals, but as we do not have information about the specific trading accounts, we cannot verify if they are available for all traders.

OXmarkets Banking and company information

Since OXmarkets is operated and owned by OX Capital Markets Ltd, Cyprus, they are regulated by CySEC under license #274/15.

One of the main concerns of traders in general is banking. During our OXmarkets review, we discovered that this platform only accepts withdrawals and deposits via bank transfer or credit card. Despite the fact that there are images of e-wallet logos such as Neteller, Skrill, et al, on the homepage, we could not find mention of them in the Banking Section.

While there are no fees mentioned anywhere that apply to either deposits or withdrawals with this platform, traders should consider that there may be fees on the part of their banker. OXmarkets offers the option to cancel a withdrawal which we feel is a bonus for traders.

Conclusion

Overall, we found that this platform is beneficial. Their customer service is extremely polite and helpful. There are a few “glitches” with the website that we would like to see resolved, as well as the discrepancies with the payment types offered. Also, we would like to see them offer more detailed information on the specific account types. However, we found OXMarkets to be a reliable binary trading platform.

Additional information

Customer Service: Live Chat / Email: [email protected]
Languages: English, Spanish, German, Italian, Vietnamese, Polish
Trading Options: High / Low, One Touch, 60seconds, Long Term, Pair Options, Ladder Options
Early close: Yes
Expiry Times: 60 sec, 15 min, 1 hr, End of Week
Deposits and Withdrawals: Visa, Mastercard, Bank Wire, Diners Club, Maestro, Visa Electron
Withdrawal Time: 1 – 3 day
Demo account: Yes

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References and Further Reading:

  1. The effect of net positions by type of trader on volatility in foreign currency futures markets (Changyun Wang-2012)
  2. The Impact of Trader Type on the Futures Volatility-Volume Relation (Robert T. Daigler, Marilyn K. Wiley-1999)
  3. TRANSACTION RESPONSES TO ANALYSTS’EARNINGS FORECASTS, NEWS TYPE AND TRADER TYPE (Jeong-Bon Kim, Jason Lee, Tae H. Park-1996)
  4. A dynamic strategy of the informed trader with market manipulation (Shino Takayama-2009)
  5. Dissolving a Partnership Efficiently (Peter Cramton, Robert Gibbons and Paul Klemperer-1987)
  6. Rational Expectations and the Aggregation of Diverse Information in Laboratory Security Markets (Charles R. Plott and Shyam Sunder-1988)
  7. The optimal bankruptcy rule in a trading economy using fiat money (Martin Shubik, Charles Wilson-1977)
  8. Do Biases in Probability Judgment Matter in Markets? Experimental Evidence (Colin F. Camerer-1987)
  9. Consolidation, Fragmentation, and the Disclosure of Trading Information (Ananth Madhavan-1995)
  10. The behavior and performance of major types of futures traders (Changyun Wang-2002)
  11. Market for Information: Experimental Evidence (Shyam Sunder-1992)
  12. Who Trades around the Ex-Dividend Day? Evidence from NYSE Audit File Data (Jennifer Lynch Koski and John T. Scruggs-1998)
  13. An Equivalence Theorem for the Core of an Economy Whose Atoms Are Not “Too” Big (Jean Jaskold Gabszewicz and Jean-François Mertens-1971)
  14. Investor Sentiment and Return Predictability in Agricultural Futures Markets (Changyun Wang-2001)
  15. Method and system of presenting data and analysis for use in stock market trading ( John Robertson-2002)
  16. The Flash Crash: High Frequency Trading in an Electronic Market (Andrei A. Kirilenko, Albert S. Kyle, Tugkan Tuzun-2016)
  17. High frequency trading and the new market makers (Albert J. Menkveld-2013)
  18. Flight-to-Quality or Flight-to-Liquidity? Evidence from the Euro-Area Bond Market (Alessandro Beber , Michael W. Brandt,Kenneth A. Kavajecz-2009)
  19. Sporting event options market trading game (Keenan O. Holte-1998)
  20. System for enhanced financial trading support (Evelyn Fuhrer-2000)
7 Binary Options review: Oxmarkets: 4,5 stars.
John Miller
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John Miller

John has worked in investment banking for 10 years and is the main author at 7 Binary Options. He holds a Master's degree in Economics.
John Miller
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