August 21, 2015 at 3:37 pm
100% Bonus on your first time deposit! Summer Special deals! Risk FREE trades! The First 5 Trades Is On Us! The list goes on and on… The latest, and my personal favorite binary options brokers lately use is the “get a monthly % cash back on your trading volume”. I have to admit that is a good one. They make it out that they are like a bank, giving you interest on your funds. Yet depending on your premium account type, 3% to as high as 5% “interest”/”cash back” is added to your account monthly based on your trading volume. These are the tactics broker use these days to get you into their “trap”, locking your funds or keeping you from withdrawing profits until their terms and conditions or met.
It is important to note that each broker’s terms and condition regarding “BONUS FUNDS” differ. Some have outrages requirements that not even a professional trader can achieve, while some have more “fair” so to speak terms – which the average binary options trader can accomplish. But why is it that your personal account manager never explain these hidden fine print to you before offering you these amazing deals? Good questions right?
Time To Do Your Own Due-diligence
I know there are tons of angry traders out there screaming SCAM due to only finding out about the Bonus Terms when it cames to withdrawal time. Theoretically if you did not take the time to ask or read the terms and conditions before accepting such an offer it is your own negligence to be honest. Common sense tells us that if something is to good to be true, it normally is, or there is some sort of catch.
ASK YOURSELF THE FOLLOWING QUESTION…
How can a broker offer me 3% – 5% per month if banks don’t even offer that per annum?
Back to the risk free trades and first time deposit bonuses. Why would a broker give away free money? How can they afford to do so and where does that money come from? If that does not raise a RED FLAG, well then I don’t know what to tell you!
When Can You Say You Have Been Scammed?
As a client you have the right to decline or reject any form of a bonus! They cannot force it on you, nor can they add it without your permission. I know some brokers actually make you sign a form these days to cover their backs. That is how it should be. But unfortunately as we all know a big handful of brokers are not going to follow the correct procedure and guidelines. They will force it on you, keep nagging and simply will try to convince you how it will benefit you. Some just add it by default, expecting you to contact them before you place a trade to notify them you are not interested in their “special offers”. Now that has SCAM written all over it! By all means you can feel cheated, scammed and down right pissed off! Sadly in most cases the latter mentioned happens all to often too little too late. Is there still hope for you?
What Action Can You Take?
If you act fast enough you can do what brokers call a charge back. That is something they hate with a passion! That is when you, the trader, contact your credit card company such as VISA, and ask them to reverse the transaction. The exact time frame they allow you to do charge backs is not formally known, yet I have seen people succeed at doing so after 5 days of transaction. You also need to supply a valid reason of course. To get the exact details and terms you would need to contact your CC company or bank. Don’t try and abuse the system as you will end up second best. Traders try their luck at times, trying to do charge backs after they blow their account. That is illegal and unethical! If your broker treats you well, treat them in the same way!
What Is The Bottom Line
Don’t get screwed! This ACTUALLY is easier said than done. A few Google searches, reading a view independent reviews and asking around on popular forums should do the trick! Yes, it is really that simple folks. If you are having, or had any bad experiences with such broker(s), please get active on the forum and help others from making the same mistake. Your post could save a lot of people – a lot of money.
August 21, 2015 at 11:37 pm
My personal opinion… NEVER fall for the “bonus scam” no matter WHAT broker it is.
August 22, 2015 at 8:23 pm
Trent, well said mate! That would be the best advice you can give! Unless you are a professional trader and know what you are getting yourself into I would not even think about any form of a bonus. The so called benefits is actually the exact opposite.
August 24, 2015 at 1:06 pm
Hey guys if you want my advice… It is so much better to rather save more money before you go and accept a bonus from a broker. This way you don’t have to stress about all the nonsense that comes with it. The less stress you put on yourself the better it is for your trading.
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