Zecco Trading, best known for their free stock trade offers, is running another promotion for their Forex trading accounts where you can trade foreign currencies and gold/silver. I opened an account previously due to their last $200 promotion (now expired) and got the bonus successfully. Here’s the current offer for newly funded accounts with promotion code ZECCOCASH2TRADE1:
You can get up to $1000 when you fund your account and meet the trade requirement before November 13th, 2009 5pm (ET).
Just four easy steps:
1. Open an account with Zecco Forex
2. Make your deposit before 10/30/2009 5pm (ET)
3. Make the round-trip trade requirements before 11/13/2009 5pm (ET)
4. Collect your bonus!Note: If you open a practice account first, remember to use promo code ZECCOCASH2TRADE1 when you open your live account.
Instead of just making one trade, you have to make a certain number of round-trip trades. Mini trades and metals trade only count for 1/10th of a “full” round-trip. With a 1 pip spread on $100,000 standard trade amount, that would mean $10 for a round-trip trade if you ignore any price swings. (I tried this by buying and then selling immediately.)
Consider the offer carefully. If you’re not looking to actually do any speculating, the “easy” money is to just trade twice and get the $50 for two trades minus spreads. If you are looking to speculate, the bonus essentially takes away the spread costs. Forex for an inexperienced investor is a lot like gambling, and this is similar to one of those online casino bonuses. If you know the ropes, you can use such deposit bonuses to grab an edge.
Credit card funding. An possible extra is that you can fund via a credit card. It does show up an a purchase, which means we can get miles or cash back, but when I withdrew it just went back as a credit on my card. Users have reported that if you can keep the initial funding in for 6 months and trade regularly (which this promo seems to require anyway), you might be able to withdraw via check and keep the rewards. There is a $5,000 cap on each credit card funding, but you can perform multiple transactions.
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I know very little about Forex trading. I found that there is no comission on Forex trades, only on the bid/ask spread. Any idea what that means?
Also, to get the $1,000 bonus, you have to make 100 individual round-trip trades?
The bid/ask spread is the cost of trading, and is essentially a commission. If you bought and sold immediately with a 1 pip spread ($0.0001) on a standard lot of $100,000, that’s $10 right there. If you waited, you could make some money or lose some money depending on what currency pair you were “investing” in. A lot of people are betting on the dollar to continue weakening, but it’s still a very risky proposition.
Have you experienced any of the same problems with Zecco that Jim at Bargaineering has experienced?
http://www.bargaineering.com/articles/zecco-affiliates-cant-criticize-zecco.html
Jonathan,
I’d recently opened a Zecco account for trading securities, thanks to the promo for the 20 free trades that you’d provided. I wonder if I’d still qualify for Forex trading if I sign up now?
It appears margin or leverage offered is much greater than stocks. Thanks!
Guzzo – That doesn’t seem like good advertiser relations on Zecco’s part, but I haven’t had any such requests from them.
Prashant – The Forex account is independent of a Zecco Trading account, so yes you can get both sign-up bonuses. I had a Zecco account for over a year before opening up the Forex one. Watch out for that leverage!