Bonuses and all you need to know about them

Every broker will provide its traders with a plethora of bonuses. That is a very good way to attract new trader. Exceptionally good bonuses attract people similar to light attracting moths. And there is nothing wrong with this type of advertising, as it benefits the traders as well. The trader gets some extra money for trading, and the broker gets more revenue from trading.

bonuswallEverything would be OK if there were no terms and conditions for bonuses. Those requirements complicate the whole process of trading. They also create gray areas that are easily abused by the scammers. And there are a lot of scammers that use bonuses in their fraudulent schemes.

The dark side of the bonus scheme

Bonuses have terms and conditions, and they must be respected. Those conditions exist as those bonuses aren’t free money in its true form. A trader has to fulfill the requirements to unlock the money from that bonus. That is normal, but we have to remember that the both sides must respect those terms for that to work.

This, of course, doesn’t work as many of those scammers use those terms to get money from the traders. They use those terms to prevent the withdrawal of the money from the account (this is the most common scam). Whenever a trader sends the request, they get to wait for a week or two after which they get the message about the cancellation of their request.

Once a trader sees that they contact the customer support and demand the explanation. Now at this point, a trader might face one of the two things. First, they might get a member of customer support that speaks poorly, and they can’t understand anything. They keep on hanging up, and they don’t do anything to help. Second, they get a member of support who informs them about an obscure line from terms and conditions that prevents them from withdrawing money.

What those scammers want

Scammers want money, and they don’t want to do anything to earn it. Well, they will perform illegal activities that will make them enormous profit. Working according to law is something that is unknown to those scammers, as it doesn’t bring as much cash as illegal activities do.

Bonuses are the means that scammers frequently use in their frauds. The very nature of those terms and conditions give a lot of free space to those scammers. They can take legitimate terms and tweak them to their advantage.

bonusThey implement some obscure lines for future use. Even if the trader reads through those lines, they can’t find anything wrong. But those lines are the part of those terms and the broker holds to it. The trader can’t do anything but abandon the broker and forget about the money they had there.

The scammer will tell them to continue with the trading and that they will work out the issue with withdrawal. But that is just another way of keeping the trader in the game. The best way to counter this is to trade through or any other legitimate broker you find in this website.