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$400 bonus for signing up (and trading!) with GFT (Forex and CFDs)

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$400 bonus for signing up (and trading!) with GFT (Forex and CFDs)
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WaywardOne on 10/06/2010 - 11:40 gft.com.au (135 clicks)
Last edited 10/06/2010 - 11:42

Until June 18 there are two bonuses for signing up to GFT:

$400 for account balances of $7000 for 60 days
$200 for account balances of $3500 for 60 days

There are some pretty major terms and conditions though here:
http://www.gft.com.au/accountbonus/may-2010/terms-and-condit…

The biggest one being (for both bonuses)
"The customer must place a minimum of 40 (or 20 for $200 bonus) round-turn trades, assuming 100,000 lot size for spot forex, or the equivalent volume for other forex lot sizes, and US $10,000 notional value for non-forex CFDs within 60 days."

Now I can't understand the first requirement, but the second one requires at least US $10,000 of CFD trading.

Is there any way of minimising your risk and getting the $400 (or $200) bonus after 60 days? Or is it too risky?

Financial CFD Foreign Exchange GFT

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closed Comments

  • Matador_OZ on 10/06/2010 - 11:45

    sounds too complex and looks like you are not sure either… Are you really asking for advice? or do you think this is a deal?

    • WaywardOne on 10/06/2010 - 11:57

      I think it COULD be a deal if I understood the terms a bit better :P I've know very little about the risk associated with CFD and forex trading.

      • anthony on 10/06/2010 - 12:20

        I’ve know very little about the risk associated with CFD and forex trading.

        Then dont bother.
        You will end up losing more than the $400 you may receive.

  • skazclaw on 10/06/2010 - 12:41

    I haven't heard if these guys before… Try a demo account before you bother wasting money.

  • jazeng on 10/06/2010 - 13:07

    ive had experience with one of these, they closed after a few months and i was out of pocket by 5 grand, still waiting for it to come back.

  • mrblu on 10/06/2010 - 13:32
    +2

    It is extremely easy to trade forex and extremely easy to lose all your money. Be warned. I have lost all my money…twice.

    Deposited 1k into an account. Lost it all. Then I deposited 60 bux. Turned it into 1.2k in a matter of days. Then lost it all again.

    Demo accounts give you a sense of false hope because usually you take greater risks or you just don't care as much. I've also played with these and turned 10k into 20k to 100k.

    Market conditions change all the time and if you are poorly researched like me.. then you will lose out.

    If you really want, there are plenty of websites out there that can teach you, it requires patience and practice.

    EDIT: Actually, it's not that hard to earn the 400 dollars for me, you're required to do 40 trades of 100,000 lot size, which means that for ever pip (one increment) that it goes up/down you gain/lose 10 bux. There is a spread involved with each buy and sale, so for example the sell price might be 1.4444 and the buy price is 1.4447 so there is a 3 pip spread (means that if you enter this trade you will automatically lose 30 bux at the start).

    For the people that don't know how to trade think of it this way:
    There are 2 pip spread currency pairs, so if you buy and sell immediately, you lose 20bux per trade, 40 trades and you lose $800. So in order to come out on top you would have to close the trade in break even or profit…and it's very easy for the trade to go downhill in volatile currency pairs (which are usually the currency pairs with the smaller spreads)

    If you haven't gotten the general gist of my comment; it's don't bother. Extremely addictive and fun but you run the risk of losing your hard earned. If you can do 40 trades that are profitable, you probably won't even need to bother with the 400bonus sign up.

  • samehada on 10/06/2010 - 13:47

    yah, I have lost 20k+ on forex trading. You guys should be warned that leverage (margin) trading is very risky.

  • chyawala on 11/06/2010 - 18:38

    red alert! Steer clear of anything thats an anti-bargain hole in pocket burning psudo cyber reality gamble!

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