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Instant Free $30 AUD to Try Your Hand at Online Forex Markets - Plus500

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WORST CASE SCENARIO: YOU LOSE THE FREE MONEY

BEST CASE SCENARIO: YOU GET TO THE 60 TRADER POINTS (not too difficult if you trade wisely) AND CASH OUT ANYTHING AND EVERYTHING!

Freebie is pretty straight forward, $30 for free when you sign up.

Have a go, trade with the smallest amount you can get. And you may get lucky if the currencies go the right way!

Once you get 60 trader points (you get them by trading) you can cash out straight to your bank account or moneybookers etc. I got mine up to $75 then lost it all with silly trading.

Have a bit of fun with it, it is after all $30 for free.

Instructions:

Download the Plus500 trading software
Click on ‘Real Money’
A New Account window will open. Enter your new account details and click 'Submit'
In the drop down menu at the top of the page, click on ‘Account’ -> ‘Validate Phone'
Enter your personal details and click 'ok'
Enter your mobile number WITHOUT the country code and click on 'Send me a SMS'
You will receive a 3 digit code via an SMS message. Enter this code in the '3 digit code' field
$30 will be added to your account and you can start trading

Don't worry about the SMS bit, it's so they can try stop multiple accounts, they don't spam you, only ever received one text from them saying my withdrawal has gone through.

EDIT: Trading in forex is very risky and make sure you know what you are doing before depositing your own money!

Feel free to read previous threads of this deal in 2013 and 2010.
https://www.ozbargain.com.au/node/102439

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closed Comments

  • +18

    Isn't best case scenario you get 1000000 points and cash it out when eneloops are on sale.

  • +6

    I feel that the second last sentence of this post should be bolded for its weight in seriousness.

  • tried to sign up in the app after registering it says 'getting general info' and hangs

  • +19

    WORST CASE SCENARIO: You will lose more than the $30.

    • +2

      May sure you do not leverage on it… or there will be a worse than worst case scenario.

      • In Forex, you leverage x 1000. So you can make big or lose big.
        That why the banks all do it.
        I don't have the stomach or the experience for it…

    • Can someone misuse your account and run you into some serious debt?

      • Surely not until you enter card details. After that possibilities rises.

  • This is like gambling, if you put your own money in turn it is gambling…

    Be very careful and I question hour much of a bargain it really is…

    Well apart from possibly free money

    • +3

      No it isn't gambling lol.

      • +5

        It's risky, but it's not gambling

        • Well how much risk you're taking is up to you right??

        • @spaghettiman: True. But using that logic, everything is a risk (which is then a whole new argument).

          For this though, there are strong mathematical models to ensure at least some level of return (even if very, very, VERY low initially). If you're not literally leaving it to chance, you can make money in FOREX.

          Terms of trade differences are something to keep an eye out on.

          Also keep up with market news if you're wanting to minimise your chances of hanging onto a falling currency. Made the mistake of holding onto a fair bit of CHF before the Swiss National Bank made their move…. should've seen it coming!

        • +3

          @adityaindia: it's very hard to guess rock bottom.
          Mathematically formulae don't always work…

        • +6

          Try sport and racing arbitrage and do it wisely. still my best ever secondary stream of income. definitely better than Forex

        • +3

          @adityaindia: Made the mistake of holding onto a fair bit of CHF before the Swiss National Bank made their move…. should've seen it coming!

          This makes no sense as CHF value spiked upwards following that move

        • +2

          @leehungfei:

          May I ask how you identify differences in bookmaker opinion these days? I followed puntingdeals for this, but now it seems that opportunities are few and far between.

        • @leehungfei: I bet your partner calls this gambling :-)

        • @WithVenom: Use Betbrain if you wish but it is a subscription service. My experience with arb is mix feeling. At first, once I got master Betfair back and lay method and earn so decent money finding arb from UK horse racing purely based on a feeling aussie bookies. But things get frustrated when bookies limit my account. e.g. Tomwaterhose stopped offer me racing, Ladbrokes completely stop me buying any fixed odds, Sportsbet also limit but a lesser portion.

          Money is decent but get sick of unfair restriction because you earn money from them. At the end all bookies want to get problem gambler to lose money from them and restrict the one who win from them. My experience tell me to not withdraw a large lum sum money at once as this would put you on their radar as an professional and not recreational.

          I have moved bookies now Crownbet, Unibet and still sportsbet but mainly Betfair for lay. Strategies now is really base on smaller movement or money to avoid restriction from them. Just looking at their promo and bonus still now offer decent returns roughly about $50-$100 a week. e.g this week promo with Sportsbet Champ league Final Barca v Juventus cashback $100 is a guarantee profit by about $22 if you manage another position on another bookie.

          There are still enough for me to earn little everyweek cos they just want sucker to bet with them, my experience as long as don't put ourselve into their radar as pro punter but as recreational. For back and lay I always wish my lay bet win in Betfair to avoid suck blood issue with the bookies

        • @Icy: Thanks for correcting that there - I didn't re-read what i'd written! It definitely wasn't a mistake hahaha. I think I must have been thinking about how it was a mistake not having done anything with that gain..

        • @congngo: l kept it myself. most ppl n partners don't understand how to anyway

        • @leehungfei: Thanks for replying, and thanks for the info!

      • I agree with you spaghettiman this is like gambling. I got sucked in with one of these deals a while back made $20 and then I get a call from a guy at the place saying u should put more money down to make more profit I can help you we're here if you need any advice bla etc. Put my tax return on it and lost $450. So anyway my advice is mess around with the free money and try to build that up and dont add any of your own and be careful that you dont get sucked in and waste a lot of your own money that could be better spent going towards other things. So yeah is a lot like gambling imo so I wont touch it again.

  • This isn't "like" gambling.
    This IS some serious gambling if you want to trade forex.
    Upon sign up, I have a msg saying if I deposit 6000 bucks, I get bonus $1000….

    • -3

      This isn't "like" gambling.
      This IS some serious gambling if you want to trade forex and have no idea what you're doing.
      Upon sign up, I have a msg saying if I deposit 6000 bucks, I get bonus $1000….

      FTFY

    • +2

      So if you open an account, deposit $6000 bucks, can you just withdraw the 7030 bucks in your account?

      • +2

        I don't think any company are that stupid…
        when gambling sites give "free money", with some, you have to turnover up to three times before you can withdraw.

      • +1

        we wish dont we?

  • Cheers all set up :)

    It's a deal if you don't fund any money of your own

    • +4

      And if you don't leverage anything.

  • +23

    Watch me turn $30 AUD into 1 million nigerian dollars

    • +34

      Nigeria please…

      • Barney is that you!

    • +2

      Might be easier with ZWD… but that means the $30AUD will need to go 120 folds before it translate into $1mil ZWD.

    • +2

      Adonbilivit

    • Short NGN/AUD spot.

  • +8

    OP, I am not against the deal but I don't think the worst case is that you lose money the free money.
    I think the worst case is:
    You win money initially, couple of hundred, thinking it is easy. Put a lot of your savings and losing it all on a volatile market.

    • +1

      This is exactly how the forex system works.
      Everyone has different experience and in my experience after 15 years of trading forex no win yet but I lost almost $3000. In FOREX market you must not be greedy, but can you??

      • You missed my point - I was alerting OP and others who might be sucked in.

        Also, tell me - in what market you can be greedy?

        • +9

          The supermarket

        • +2

          @altomic: no, then you get fat

    • Yes just like sportsbets

    • +2

      This is exactly why I wont give this a + vote. If you win your money back, you'll be tempted to think 'Hey I can do this!', slap $200 more in, and that's it, you're hooked. Personally I'd advise against this.

  • i will try this, thanks :D

        • +4

          there you go..so it worked. you can revoke your neg

  • +3

    no steak knives = no deal

  • +4

    yay .. winning

    Trading for real money

    Available AU$ 6.30
    Equity AU$ 31.30
    M. Margin AU$ 12.50
    Profit/Loss AU$ 1.30

    = 4790.80 Nigerian Dollars

    • what did you buy?

      • +4

        AUD/USD

        if i make money, ill buy Regis Resources Shares tomorrow

        • +2

          buy in Woolies with Amex offer, you will at least get $10 in statement credit. haha

        • Are You sure you are doing real money. Min of this is 5000 units at approx 77c. That means you need approx $3,850 to play that market

      • What is the "5,000" minimum that displays after pressing buy?

  • +5

    I'd be careful. I signed up to this 2 month ago and was at one stage -$45 (owed them $15) luckily there was a sudden spike in the price and my sell order went through and made a $29 loss and closed the account asap.

    BE CAREFUL

    • +5

      THATS WHY U DONT GIVE THEM REAL DETAILS…..
      they cant chase
      "johnny smithson"
      from the address of a local petrol station
      that uses a $2 sim from coles.

      • +4

        what if you try to cash out? they will need real details then…

        unless you can cash out to Paypal?

        • +2

          Just don't cash out a loss.

      • +4

        But what if by some miracle you were to make money, and then want to withdraw it? Wouldn't you have to send them some form of verification?

        Edit - beaten

    • This gives you a line of credit????

    • nah if you loose , i dont think they can do anything.

      The last time i lost all the money and they closed the account as soon as i was at $30 loss

    • You will never 'owe' them. It just closes the deal once you are negative. Even if it says -$45 , you still aren't actually at $0

    • "Sudden spike"….rightttt….have you tried correlating the charts with Bloomberg just in case they were trying to scam you into going negative equity?

      • it was a spike that lasted 30 seconds then dipped back down to the previous price. Checked the graphs on different sites and it correlated. (LUCKY)

    • How did you close your account? I can find where to do it?

  • +1

    My OzBargain productivity has seriously decreased over the last half an hour. I'm ecstatic when I make a dollar though, so kinda the same thing.

  • +2

    What is the "5,000" minimum that displays after pressing buy?

    • Try the demo mode first to figure out how it works. I think it leverages it (so it plays on margins of LARGE changes, so in that case its off $5000 minimum). Which is why everyone is saying be careful!

      Using a close @ loss less than than the $30 should provide a safety net so you don't go over your amount

  • USDJPY good for a short?

    Has been going crazy the last few weeks…cannot go up for ever (unlike Tony abbotts modestly rising Sydney house prices haha)

    • +2

      but 125 Showed Weakness :D any way Greek deal will dominate today and tomorrow, 30pip move could wipe out $30,

      in my view this deal should be unpublished, high risk Product. people fall into this trap will loose Huge money

      • I should have put the price at posting…lets say approx 124.75

        I am already retired from my $30 haha price now 124.13

        Greece is too risky that is like gambling :)

        BTW: I recognise your name from ff, you have quite a folling which means you either know lots or nothing :D

        Happy green pips for all.

  • If I just use the "free" $30, there's no risk of losing any money, right? As long as I don't add my credit card details or anything.

    • Make sure to use the limits. It leverages money so you are betting on the tiny % changes over large sums of money ($5000+). So if you forget sell and come back after a few days, the % difference might be massive - i.e. be in the positive or negative by $$$$

      Not sure if they will chase you for it though! Use sell at a loss of <<$28 as one of your sell parameters!

      • How do I set the < $28 parameter? I can see a parameter for "Close at loss - when rate is" but it will only let me decrease it to a loss of about $51.

        • Either reduce how much you're buying or try buying something else. Most of the currencies work, not sure about commodities etc.

  • +7

    lol i lost all my $30 dollars

    • +1

      Welcome to Forex World :D
      Edit : Forex terms : I blow up my Account

    • i still have $28.70

    • Damn I though you might do it. ;)

  • +10

    I signed up. For a bit of fun. It's not fun. I bought the first one. You know… For fun. It was the German 30 at the top of the list. I should have known better. German things other than perhaps strudel ate not known for fun.

    Now my thingy is -$50 and falling. I have received text messages,about my margins and positions. I figured when it dropped below the $30 it would sell me out.

    Am I in big trouble???? Help. How do i end this thing. To scared to go to sleep!

    • just close it,and forget about it
      edit : seems like bad broker, all the brokers i worked have policy to force closed when equity fall below xx% of margin requirement.

      • agreed there should be a margin call aspect to protect the buyer

      • I can't find how to close it! Even Google doesn't know.

    • if you haven't given them any personal details like credit card, bank accounts etc then what do you have to be concerned about?