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  1. #1
    Specialist Member marc's Avatar

    Taking the Bonus ... or not !!!

    I am sure, there are different opinions about that, but as I switched the Broker recently I had to think about such an offer again and I thought I would share my thoughts here ...

    And for me the decision is clear ... I would never take a cash bonus from a broker! ... and here are my simple thoughts about that:

    I funded an account with 2.500 € and was offered a bonus of 50 percent ... 1.250 € ... wow, sounds good! ... but of course, you have to make a transaction volume of 18.750 € (15 x bonus in that case) for actually "owning" the bonus ... and meanwhile you are usually not allowed to draw cash from you account! ... I explicitly asked my broker and no, you can't even draw 'your' cash and leave the bonus on your account ... unfortunately the money is magically mixed up then

    [Btw, this is the whole thing about people complaining in internet about some BO-companies being a scam ... it's not a scam, but please people, just read the Terms & Conditions before you sign up for a broker!]

    However ... just think about it ... if I trade in a conservative and more or less safe way, then I should not risk more than 2-3 % of my account anyway ... so the difference boils down on setting 50 € or 75 € ...

    And I am sure, that if I am able to earn 18.750 € with 75 € trades, I surely can do the same with 50 € trades ... and while doing that, I can draw my cash from my account at ANY time ...

    Just my opinion though ...

  2. #2
    Master Member SeasaltMcFish's Avatar
    I agree with you.

    One problem with a bonus, is that you have to clear it before being able to withdraw any funds. This is stupid! Even in poker, you will always be able to withdraw your own money and lose only the bonus if the conditions were not met. Binary option brokers give themselves a bad name because of this, as you already stated.

    I am still clearing a bonus, I took when I started trading BO with a promising strategy at the AUDUSD when they payed out 91%! Shortly after I started, they lowered the payout dramatically, leaving me with a big bonus to clear and no working strategy anymore. That really sucks!

    Since I will not be able to withdraw any funds until the bonus is cleared, I still need to trade, but under much worse conditions, even to get the money out! That sucks even more!

    My advise: don't take any bonus or only a small one, that you can clear in a few days or so.

  3. #3
    Specialist Member marc's Avatar
    Ouch! ... your story sounds even worse, with the changed payout ... one more reason for me, to never-ever take a cash bonus ...

    My old broker had some other interesting promotional ideas, like recovering all your losses for the first month, which I think is much more useful .. however, they have gone out of business

    Yesterday I closed my account on a different broker I had meanwhile (and I didn't like) and talked to the support on phone about the withdrawal:

    Support:
    "YOU WANT TO CLOSE YOUR ACCOUNT!? ... HA! ... WAIT, CAN YOU EVEN ... !? ... oh, I see ... you didn't take any bonus ... well, then ... err, yes ... of course ... you can ..."


  4. #4
    Administrator Martin Kay's Avatar

    Take it or leave it !!!

    From where I see it, bonus is not a bad thing if understood correctly. Bonus could be considered as leverage as well. A $500 deposit will get you $600+-, which is great (please notice that I do refrain from large bonuses, I stick with 20-30% max.).

    It might take you some time before you can withdraw, but if you're in no hurry of getting back your fund and you've a working risk management strategy- why not?

    if you were a newbie though, I'd recommend no bonus, or very low bonus so if you want out - you could do it.

    Personally, when I first traded binary options, I took a 100% bonus immediately. I thought my basic knowledge will be enough and Extra $100 is just great. I wanted to switch broker than found out I'm not able to do so, and I still have some way to go before I could do so. Tried making some big trades to get this wager cleared but ended out losing it all. Learned my lessons.


    Long story short- take it or leave it, but more importantly, know the consequences of your actions.

  5. #5
    Master Member SeasaltMcFish's Avatar
    As far as I see, a bonus doesn't have to be bad, if you only take about 20%, but you'll need a trustworthy broker and they seem really hard to find.

    That's why I like this site, since it gives good info about brokers. First, however, I still have to trade about 300 trades at my current broker, before even being able to move.
    But I'll find a way to make fast moves. After all it's just some poker winnings I'm risking

  6. #6
    Administrator Martin Kay's Avatar
    Quote Originally Posted by SeasaltMcFish View Post
    As far as I see, a bonus doesn't have to be bad, if you only take about 20%, but you'll need a trustworthy broker and they seem really hard to find.

    That's why I like this site, since it gives good info about brokers. First, however, I still have to trade about 300 trades at my current broker, before even being able to move.
    But I'll find a way to make fast moves. After all it's just some poker winnings I'm risking
    Haha good luck my friend. Use it for practice, eventually it'll pay off(:

  7. #7
    Master Member SeasaltMcFish's Avatar
    Indeed

    I learn a lot because of this struggle :P

  8. #8
    Specialist Member pinoyoptions's Avatar
    I don't like the idea of getting any bonus from your broker....in addition to that , also never listen to your very honest account manager when comes to strategy...

  9. #9
    Specialist Member marc's Avatar
    Quote Originally Posted by pinoyoptions View Post
    in addition to that , also never listen to your very honest account manager when comes to strategy...
    You are right ... at least the girl, who has to support peasants like me, seems not ... well, yes ... let's say experienced ... maybe you get a better one, if you get to super-platinum-triple diamond-vip-status

  10. #10
    Specialist Member marvel's Avatar
    Quote Originally Posted by marc View Post
    You are right ... at least the girl, who has to support peasants like me, seems not ... well, yes ... let's say experienced ... maybe you get a better one, if you get to super-platinum-triple diamond-vip-status
    I also don’t like taking big bonuses with promises that they will give me great leverage and great wins. After all I want just to trade my strategy with conservative money management and never to risk more than 2% of my account. This way I don’t feel it is necessary to take bonuses at all
    Last edited by marvel; 10-01-2013 at 08:18 PM.

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