Crazy promotion by ETX Capital: lose but don't pay
More than a year ago I wrote about a crazy promotion by Swiss Dealing and another one by FX Pulp
More than a year ago I wrote about a crazy promotion by Swiss Dealing and another one by FX Pulp which offered to trade with ZERO spread AND ZERO Margin.
Recently I stumbled upon the following ETX Capital’s Spread Betting promotion called the Safety Net: “Unlike many demo accounts, which often have little of the speed or functionality of the real thing, we’re offering our new investors something totally different. Apply online with ETX Capital in just 3 minutes and you can start trading straight away in a live account with our £250 cash back safety net* against any net losses you make within your first 10 business days of trading.”
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And I’m saying come one, how crazy will the brokers get? After all, such promotions only harm the business instead of actually promoting fair and transparent trading. Any trader with functional brains will understand that when a broker offers you your lost money something’s wrong here. That trader should wonder how that broker makes it money then?
Pure broker make money from commission. That’s it.
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I will tell you why they use this promotion.
They have dealers that take the other position, make sure you lose and then not pay up cause they were taking full risk. So newbies think to themselves and say” whatta hell, I could try again” and then fund your live account with your own money that isnt in the safey net of 250 pounds.
I learned the hard way….
I had an account with them, rude staff, when you raise problems with them, they make it out a though they forgot to do something and make you feel guilty for it. several times i asked them to roll voer positions, which they didnt do, the ones that then went in my favour i had to complain about to get them to pay up. Most brokers have software in place on thier platform to allow you to rollover your positions or not. Garbage of a broker with rude customer service you would be better with IG index where the staff… Read more »
There is no end to the crazy bonuses these guys will offer you. Think about how the casino and poker bonuses went crazy some years ago. I am sure we will see more of the same stuff in the upcoming months.
I dont know, whats so special about this kind of promotion anymore. I have seen a couple of no deposit bonus promos this year already. And some of them even aint that bad, because they lower acquisition costs significantly when promoted in the right way.