Cheat Sheet 5: Beware of the Binary Options Bonus?
Who can resist Free Money? I know it’s hard but sometimes you are better off passing on it. What exactly am I talking about…I’m talking about the bonus offers most binary trading platforms offer. While $500 and 40% bonuses sound great on paper, there are terms and conditions on these bonuses which have the potential to lead to disappointment and regret.
For example when I first started trading binary options I opened an account with EZ Trader when they offered a 40% bonus to my $550 deposit. After discovering the limitations of the platform and finding better platforms to trade on I attempted to withdrawal my money but was told I couldn’t before trading a cumulative amount of at least 3x my deposit + bonus. On the whole I think that is pretty fair for a 40% bonus. But I didn’t want to continue trading with them so after finagling with them I had them just remove the bonus and return the balance. This is a good scenario…
I’ve heard horror stories of some platforms requiring you to trade 20x your deposit + bonus before allowing a withdrawal AND refusing to remove the bonus thus prohibiting you from withdrawing the funds before the trading threshold is met. That’s why I say Beware of the Binary Options Bonus, read the terms and conditions of the bonus very carefully before accepting it and outright decline it if you don’t want to be tied to any trading thresholds.