Catch for accepting 30% bonus

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Hey guys I'm somewhat of a newbie with forex I recently opened an account with ufx.com they offer 30% bonus upto $5k, I deposited $1000 and they have kindly agreed to add 30% bonus if I agree to the fllwing terms.



30% Bonus Plan Terms and Conditions:
Clients may not make any withdrawals until the necessary trading volume is completed; for every 1000$ bonus you need to trade 10,000,000$ in trading volume. Please note that until the required trading volume has been satisfied, withdrawals of bonus funds or trading profit are not allowed. UFX Markets refers to Volume in round turns. You may opt out of the bonus program, in which case, no minimum trading volume need be reached before requesting a withdrawal. However, if you do receive a bonus and request a withdrawal before the trading volume conditions are met, only your initial deposit less Profits or losses may be withdrawn and trading will not be permitted on the remaining bonus amount and / or any profit generated.

"In order to clarify, If you were to deposit $15,000 USD and receive our 30% bonus at $4,500 USD – placed one trade and made $500 USD profit. Your total account balance would be $20,000 USD. If you submitted a withdrawal request to close the account, you would only be able to withdraw your initial deposit of $15,000 USD. In addition, your account would be closed and you would be unable to continue trading with UFXMarkets.
There is no time limitation to achieve the trading requirements."

So I have to trade a volume of $3million before I can withdraw any profits, so my question is how long and is it possible to trade $3million in trades using $1000 how long does something like this take?

Any advice from someone experienced would be much appreciated.
Thanks in advance
 
If you double your money every week, it will take 13 weeks. So, it's quite easy and you will be very rich.
 
PHP:
BeginnerJoe said:
If you double your money every week, it will take 13 weeks. So, it's quite easy and you will be very rich.
Click to expand...

If I read the offer correctly, for each one thousand dollars deposited, he needs to do 10 million, in volume.

I dont know what this particular brokers minumum lot size would be, but with a $1000 account you really wouldnt want to be trading anything above 1 micro lot per trade (and even thats way too much risk).

Assuming he was trading 1 mini lot (10,000$), he'd need 1000 trades to achieve the 10 million in volume, more realistcally you'd want to be trading at half that leverage, which is more like 2000 trades. I'm a pretty active day trader, 2000 trades would take me around 2 years. The key point is that the spread on 2000 trades even at 50 cents a pip is enough for the broker to empty the account unless he has a decent edge.

If he's a fairly high frequency trader, with an edge, and isnt intending on making a withdrawal for a couple of years its a reasonable offer (assuming the company is still there in 2 years which frankly would be a miricle). The offer is designed to encourage participants to trade at a larger position size in order to achieve the volume, and thats usually a recipe for disaster.
 
Forget about all these bonus schemes, they are just another way to get money off you. Imagine a broker that doesn't allow you to withdraw your own funds. Amazing what people will fall for when apparently offered something 'free'. I'll give you credit for asking first though, even though you'll probably ignore us and sign up anyhow.
 
the hare said:
PHP:

If I read the offer correctly, for each one thousand dollars deposited, he needs to do 10 million, in volume.

I dont know what this particular brokers minumum lot size would be, but with a $1000 account you really wouldnt want to be trading anything above 1 micro lot per trade (and even thats way too much risk).

Assuming he was trading 1 mini lot (10,000$), he'd need 1000 trades to achieve the 10 million in volume, more realistcally you'd want to be trading at half that leverage, which is more like 2000 trades. I'm a pretty active day trader, 2000 trades would take me around 2 years. The key point is that the spread on 2000 trades even at 50 cents a pip is enough for the broker to empty the account unless he has a decent edge.

If he's a fairly high frequency trader, with an edge, and isnt intending on making a withdrawal for a couple of years its a reasonable offer (assuming the company is still there in 2 years which frankly would be a miricle). The offer is designed to encourage participants to trade at a larger position size in order to achieve the volume, and thats usually a recipe for disaster.
Click to expand...

Thanks for your insight. I would prefer to double my money every week if you don't mind.
 
pboyles said:
Forget about all these bonus schemes, they are just another way to get money off you. Imagine a broker that doesn't allow you to withdraw your own funds. Amazing what people will fall for when apparently offered something 'free'. I'll give you credit for asking first though, even though you'll probably ignore us and sign up anyhow.
Click to expand...

Agree. There are no free lunches. If you are able to trade profitably you don't need bonuses; if you're at the unprofitable stage you would be best spending your time learning how to improve-- bonuses won't help you in that respect.
 
0007 said:
Agree. There are no free lunches. If you are able to trade profitably you don't need bonuses; if you're at the unprofitable stage you would be best spending your time learning how to improve-- bonuses won't help you in that respect.
Click to expand...

Very good point

`i am going to try this company out but not taking the bonus, as i dont like someone saying that i cant have my money.

`i was with CMC and they suck

Not sure im totally liking there platform though might have to use the metatrader
 
coxylad said:
Very good point

`i am going to try this company out but not taking the bonus, as i dont like someone saying that i cant have my money.

`i was with CMC and they suck

Not sure im totally liking there platform though might have to use the metatrader
Click to expand...

Is there actually something wrong with you? You think an offshore unregulated MT4 broker is going to be better than CMC (not that I recommend them)? Have you even done the slightest bit of due diligence, like using google? If you did youd find this for starters.

http://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/21432-scammed-ufx-markets.html
 
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