Anyone who tells you trading Forex is "get rich quick" is hiding the truth from you
The fact is you need to actually take time to learn, study & experience Forex before you can actually earn money
If you're serious about earning money consistently, you must first know & understand how to trade Forex
To be a successful Forex trader, it's about applying strategies that will make you consistent profits daily, not "get rich quick" overnight
Forex is not "get rich quick", it's an education
Education: The theory and practice of teaching
Learn theories, strategies & gain experience by practicing on demo accounts before trading Forex for real
1 of the top reasons most people lose money in Forex is because they rush in without the proper knowledge & experience, thinking it's easy to earn money in Forex
You must first learn how to trade Forex & have enough experience
Learning Forex can be complicated
There are simply too many theories & strategies
If you start to get confused, stick to the basics
In fact, basic strategies often have higher chances of success
It's better to stick to the simple basics unless they don't apply
Learn how to find basic patterns, as it's human nature to be habitual
Once you've identified a pattern, you should be able to predict the outcome & profit from it
Money management: It's crucial to know when to stop, loss or profit, always set stop loss or you might lose it all
Greed & fear are also one of the top reasons people lose money in Forex
Greed comes when you know you should take profit but want more
Taking profit is better than giving it a chance to turn into a loss
Fear comes when you know you should stop loss but fear losing money
Losing less is better than losing more
Don't let your feelings get in your way
Trade small amounts to minimize your risks
Earning small consistent profits while risking only small amounts is always better than earning big profits but suddenly lose it all
Why small profits when I can earn big?
Again, Forex is about earning consistently, not get rich quick
Focus on minimizing your risks
Remember, the Forex market is highly volatile, so if you decide to risk higher, it's at your own risk, just make sure you're very certain about it & can afford to lose it
Cut your losses when the price is going against you, Forex prices tend to trend, follow the trends
Discipline: Don't be too stubborn to admit if you're wrong, it's better than losing more money
Try to close positions before news releases, because news can cause major changes in prices & start different trends
Follow significant trends after news releases
Find reliable news releases-
Free Forex news calendar: http://www.forexfactory.com/
Choose a good learning center-
Free Forex education (Top rated): http://www.babypips.com/
Choose a good broker to start with-
Free unlimited demo account + Free no deposit bonus + Free 30% bonus: Plus500 (Plus500 review)
(Plus500 has over a million clients & growing)
For those from USA, your options for brokers are quite limited as most brokers don't allow US clients
EtoroUSA is one of the few that allows US clients
Etoro & EtoroUSA are also one of the most user-friendly brokers
Knowledge, discipline & experience is key to success in Forex
Start by learning Forex, practice what you've learned in demo accounts, then trade Forex for real only when you're ready
If you feel that it's not suitable for you, or just want to confirm your strategies, you can use Etoro's CopyTrade or AvaFX's MirrorTrader
Both allows you to copy top traders' success
Etoro is recommended for beginners (easy to use, good customer support)
Another one of the top reasons people lose money in Forex is- Low capital:
You might not be able to recoup your losses before you even start earning as losses are inevitable because of Forex market's volatility
The key is knowing how to minimize your losses & profit consistently
Even if you copy trades, you'll also need a decent amount to start
It's best to consult the traders you follow about the starting capital you need
Don't rush & use the free bonuses just because it's free when you can multiply it & actually earn for life after enough learning & practice
Many people rush into it without enough Forex education, experience or capital & ended up losing it all
Think of it as just a small welcome bonus, not a capital for trading Forex or free money you can simply lose
Treat it as your own money, as you can withdraw everything you earned after fulfilling terms & conditions
Learn the terms & read the User Agreement to avoid breaking any rules
Many people rushed into it without knowing the terms because it's "free money" & ended up not being able to withdraw because they broke some rules
Stop thinking of Forex as "get rich quick" to avoid "losing money quick" instead
Remember that to be successful in Forex, it's necessary to have the proper education & experience
Profit consistently, not get rich overnight but lose it all the next time
Slowly & steadily build up your account & you might be able to earn a living trading Forex alone
Only invest what you can afford to lose, this applies to any investments
Remember the Facebook IPO hype? That's a good example not to invest too much even if you're very confident
Also diversify, don't just invest in 1 or 2 stocks/currencies
Tips: All brokers are not perfect, Etoro & AvaFX have small bonuses but allow you to copy trades & even have personal coaches to guide you
Plus500 have huge bonuses but doesn't have CopyTrade or personal coaches
Combine Plus500 & Etoro/AvaFX to gain all the benefits
Disclaimer: Forex trading involves substantial risk of gain & loss, and may not be suitable for everyone.
Top Forex Brokers
Showing posts with label plus500 review. Show all posts
Showing posts with label plus500 review. Show all posts
Wednesday, June 27, 2012
Monday, May 16, 2011
Plus500 scam? Real review focused on their cons!
Recently, I tried trading with Plus500
I researched Plus500 & was shocked to find so many bad reviews, to the extent of me myself being convinced that they're a scam
I'm a strong skeptic...
But I know that there are always 2 sides to a story, so I decided to "attack" them myself...
This is a copy of an e-mail I sent them:
Hi, I have some questions...
1. May I have a list of countries not eligible for the no deposit bonus & why? Looks like discrimination...
I can't find it anywhere on your site
There are a lot of bad publicity on the web for your company just because of this
2. Does the no deposit bonus have an expiration date? If so, how long & where was it stated?
Cos I read every single word at http://www.plus500.com/Promotions/Bonus.aspx/?id=22865&pl=2 & searched your site but found nothing
But when I searched the web, someone mentioned u cancelled the bonus, saying the bonus expired after 1 month, so i'm confused...
3. Through reviews, I noticed u find lots of reasons & excuses to close people's accounts only when they want to withdraw
Thus, many people complained about your withdrawal problems
Some even claimed u refused to give them a reason for closing their accounts...
1 of them even have proof of manipulation: http://i51.tinypic.com/m73zet.jpg
Can u explain that plz?
4. Can u show me where it states no scalping?
Cos I couldn't find any scalping rules anywhere in your User Agreement
But again, some customers complained u closed their accounts due to scalping
If scalping is prohibited, how long do i need to keep a position open so it doesn't count as scalping?
I think I did scalp once or twice I'm not sure
Can u plz check & tell me if i did?
If I did, does that mean u'll void my orders, and/or issue a warning?
Or do u just wait until I issue a withdrawal, then only u close my whole account?
Legally robbing me, wasting my time & money...
Their reply:
1. Countries that are not eligible for this bonus are countries from South America and Eastern Europe.
We have nothing against South Americans nor Eastern Europeans, it is just that by experience we found that bonus abuse is common in these countries and decided to not offer the free bonus there. If this ceases to be a problem, of course we will offer bonuses in as many countries as possible as it attract customers. But currently, we found that customers from these countries usually open many accounts in trying to fulfill the bonus conditions by receiving it repeatedly. It has nothing to do with discrimination, it is similar to the fact for example that most online companies will not accept credit cards from Indonesia. Although they would have loved to get customers from such countries and increase their client base but the risk management in these countries is lacking.
2. The expiration time is 90 days. For most traders I think this is quite reasonable. The only affected would be people who got the bonus, didn't trade for over 3 months, then came back. We have to remove these bonuses eventually as it is a financial liability of the company however If a trader fulfills the bonus conditions, it doesn't expire. It only expires if a trader didn't fulfill the bonus conditions.
As for the bonus expiration not stated, we thought 3 months is a long period of time and that no customer would even realize there is an expiration time as usually one can fulfill the bonus terms in a handful of days.
3. The most common reason that we close someone's account is due to opening multiple accounts and receiving the no-deposit bonus repeatedly. In the bonus we state that it cannot be received more than once for the same machine and household, however we found that a lot of people try to receive the bonus multiple times and then when we don't approve their withdrawal, they post in forums. Another reason could be that we don't approve the withdrawal as they didn't accumulate enough Trader Points, to release a bonus, i.e. to be able to withdraw it, you need to collect a set amount of Trader Points (TPs). Each time you open a position, you collect TPs. You can view how many TPs you collected by clicking on “Funds Management” and then “Bonus Account”. When the bonus condition has been fulfilled, you can withdraw the bonus. From our experience, a lot of people receive the bonus and after opening only a couple of positions try to withdraw the bonus. we of course cannot approve this withdrawal.
As for that proof of manipulation you sent, there could be delays between both platforms, also, we sometimes receive up to 10 price updates per second per instrument - it is impossible to display all these updates and usually we update the price just once per second so you could see a small price difference between 2 platforms. We developed the software in-house, we provide a Windows version, a web version, an iPhone and iPad version, and soon an Android version. We put all this effort into customer support, marketing, etc, we have been authorized and are regulated by the FSA, the strictest regulator in the EU, and would risk all of this to manipulate prices to earn a penny? It simply makes no sense at all. But people can post whatever you like, if you search for PayPal scam you'll also get many results, it doesn't mean it's true.
4.In the User Agreement:
I hope this helps,
Sincerely,
Brian
Customer Support Representative
Plus500.com
My bad i couldn't find the scalping rules, read through it at 3am...
But still, they should've included their limitations on scalping as different companies have different time limits
So far, they have provided reasonable explanations as to why there are so many "Plus500 scam" reviews out there
Also, if u neglect to read their User Agreement, plz don't complain Plus500 scam all over the net when they void your profits or close your account if u scalp, use ea, robots, or auto data entry etc
Don't create multiple accounts or try to cheat using proxy etc, they know how to catch these cheaters & already caught those who tried to cheat
Yes I'm their affiliate but that doesn't mean this Plus500 review is fake nor does it mean I'm safe from their scam if they really do as I'm their trader as well
I'm just trying to protect myself & others
I wanna be straightforward & inform u & myself of all their pros & cons beforehand
This Plus500 review is strictly a real e-mail interview for others to decide if they should trust this company or not
Sorry if it's too long but I want to cover as much details as possible
Anymore questions u can ask me & I'll email them directly, I also wanna make sure I'm safe
Updates: It's over a year now & Plus500 has reached over 1 million traders
If "Plus500 scam" is true, those other 1 million would start complaining & filing lawsuits & they would most probably be shut down by now
I also don't think they would dare try scamming a few people just to lose more than a million clients
Click here for more info
Bottomline: Plus500 is not scam & will probably never even try to scam because they already have more than a million traders
You wouldn't dare risk scamming a few people just to destroy your company with a million clients, would u?
New Updates: (Extras)
I wasn't happy with the 1st deposit bonus having a 3months expiration date, so I emailed Plus500 support
Their solution: Contact them to renew
This is a copy of the email:
3 months for no deposit bonus (60 TP)
3 months for max 1st deposit bonus (10,000 TP) too?
Can u remove the expiration date for depositers?
Or are u purposely just making it hard for huge depositers to unlock the bonus?
At least treat your clients who deposits better?
Especially those who wants to deposit a lot
I was thinking of getting max bonus by depositing a lot, I was even unsure if I could complete so many TP, but now it even has an expiration date...
Very discouraging, I don't think I'll be depositing...
I'm sure many people think that too, that's more reason to hold us back from depositing
Hello,
Thank you for contacting us.
I researched Plus500 & was shocked to find so many bad reviews, to the extent of me myself being convinced that they're a scam
I'm a strong skeptic...
But I know that there are always 2 sides to a story, so I decided to "attack" them myself...
This is a copy of an e-mail I sent them:
Hi, I have some questions...
1. May I have a list of countries not eligible for the no deposit bonus & why? Looks like discrimination...
I can't find it anywhere on your site
There are a lot of bad publicity on the web for your company just because of this
2. Does the no deposit bonus have an expiration date? If so, how long & where was it stated?
Cos I read every single word at http://www.plus500.com/Promotions/Bonus.aspx/?id=22865&pl=2 & searched your site but found nothing
But when I searched the web, someone mentioned u cancelled the bonus, saying the bonus expired after 1 month, so i'm confused...
3. Through reviews, I noticed u find lots of reasons & excuses to close people's accounts only when they want to withdraw
Thus, many people complained about your withdrawal problems
Some even claimed u refused to give them a reason for closing their accounts...
1 of them even have proof of manipulation: http://i51.tinypic.com/m73zet.jpg
Can u explain that plz?
4. Can u show me where it states no scalping?
Cos I couldn't find any scalping rules anywhere in your User Agreement
But again, some customers complained u closed their accounts due to scalping
If scalping is prohibited, how long do i need to keep a position open so it doesn't count as scalping?
I think I did scalp once or twice I'm not sure
Can u plz check & tell me if i did?
If I did, does that mean u'll void my orders, and/or issue a warning?
Or do u just wait until I issue a withdrawal, then only u close my whole account?
Legally robbing me, wasting my time & money...
Their reply:
1. Countries that are not eligible for this bonus are countries from South America and Eastern Europe.
We have nothing against South Americans nor Eastern Europeans, it is just that by experience we found that bonus abuse is common in these countries and decided to not offer the free bonus there. If this ceases to be a problem, of course we will offer bonuses in as many countries as possible as it attract customers. But currently, we found that customers from these countries usually open many accounts in trying to fulfill the bonus conditions by receiving it repeatedly. It has nothing to do with discrimination, it is similar to the fact for example that most online companies will not accept credit cards from Indonesia. Although they would have loved to get customers from such countries and increase their client base but the risk management in these countries is lacking.
2. The expiration time is 90 days. For most traders I think this is quite reasonable. The only affected would be people who got the bonus, didn't trade for over 3 months, then came back. We have to remove these bonuses eventually as it is a financial liability of the company however If a trader fulfills the bonus conditions, it doesn't expire. It only expires if a trader didn't fulfill the bonus conditions.
As for the bonus expiration not stated, we thought 3 months is a long period of time and that no customer would even realize there is an expiration time as usually one can fulfill the bonus terms in a handful of days.
3. The most common reason that we close someone's account is due to opening multiple accounts and receiving the no-deposit bonus repeatedly. In the bonus we state that it cannot be received more than once for the same machine and household, however we found that a lot of people try to receive the bonus multiple times and then when we don't approve their withdrawal, they post in forums. Another reason could be that we don't approve the withdrawal as they didn't accumulate enough Trader Points, to release a bonus, i.e. to be able to withdraw it, you need to collect a set amount of Trader Points (TPs). Each time you open a position, you collect TPs. You can view how many TPs you collected by clicking on “Funds Management” and then “Bonus Account”. When the bonus condition has been fulfilled, you can withdraw the bonus. From our experience, a lot of people receive the bonus and after opening only a couple of positions try to withdraw the bonus. we of course cannot approve this withdrawal.
As for that proof of manipulation you sent, there could be delays between both platforms, also, we sometimes receive up to 10 price updates per second per instrument - it is impossible to display all these updates and usually we update the price just once per second so you could see a small price difference between 2 platforms. We developed the software in-house, we provide a Windows version, a web version, an iPhone and iPad version, and soon an Android version. We put all this effort into customer support, marketing, etc, we have been authorized and are regulated by the FSA, the strictest regulator in the EU, and would risk all of this to manipulate prices to earn a penny? It simply makes no sense at all. But people can post whatever you like, if you search for PayPal scam you'll also get many results, it doesn't mean it's true.
4.In the User Agreement:
24.1.7 you will not enter into any Transaction for the purposes of arbitrage, scalping or to exploit any temporal and/or minor inaccuracy in any rate or price offered on the Trading Platform;
Scalping is a position that is usually left open for less than 2 minutes. We would not close someone's account for opening a few short term positions, this would be only for users who's large majority of positions fall into this category, and I do mean by a large majority. If most of your positions were for the purpose of scalping, yes, we would void these positions.I hope this helps,
Sincerely,
Brian
Customer Support Representative
Plus500.com
My bad i couldn't find the scalping rules, read through it at 3am...
But still, they should've included their limitations on scalping as different companies have different time limits
So far, they have provided reasonable explanations as to why there are so many "Plus500 scam" reviews out there
Also, if u neglect to read their User Agreement, plz don't complain Plus500 scam all over the net when they void your profits or close your account if u scalp, use ea, robots, or auto data entry etc
Don't create multiple accounts or try to cheat using proxy etc, they know how to catch these cheaters & already caught those who tried to cheat
Yes I'm their affiliate but that doesn't mean this Plus500 review is fake nor does it mean I'm safe from their scam if they really do as I'm their trader as well
I'm just trying to protect myself & others
I wanna be straightforward & inform u & myself of all their pros & cons beforehand
This Plus500 review is strictly a real e-mail interview for others to decide if they should trust this company or not
Sorry if it's too long but I want to cover as much details as possible
Anymore questions u can ask me & I'll email them directly, I also wanna make sure I'm safe
Updates: It's over a year now & Plus500 has reached over 1 million traders
If "Plus500 scam" is true, those other 1 million would start complaining & filing lawsuits & they would most probably be shut down by now
I also don't think they would dare try scamming a few people just to lose more than a million clients
Click here for more info
Bottomline: Plus500 is not scam & will probably never even try to scam because they already have more than a million traders
You wouldn't dare risk scamming a few people just to destroy your company with a million clients, would u?
New Updates: (Extras)
I wasn't happy with the 1st deposit bonus having a 3months expiration date, so I emailed Plus500 support
Their solution: Contact them to renew
This is a copy of the email:
3 months for no deposit bonus (60 TP)
3 months for max 1st deposit bonus (10,000 TP) too?
Can u remove the expiration date for depositers?
Or are u purposely just making it hard for huge depositers to unlock the bonus?
At least treat your clients who deposits better?
Especially those who wants to deposit a lot
I was thinking of getting max bonus by depositing a lot, I was even unsure if I could complete so many TP, but now it even has an expiration date...
Very discouraging, I don't think I'll be depositing...
I'm sure many people think that too, that's more reason to hold us back from depositing
Hello,
Thank you for contacting us.
The first deposit bonus does expire after 3 months but unlike the no deposit bonus it can be renewed if the client contacts us.
If you require any further assistance, feel free to contact us.
Regards
Chloe
Customer Support
Chloe
Customer Support
Plus500UK Ltd
So the 1st deposit bonus will not expire as long as you contact them
& u can also withdraw your deposit + profits anytime, without the bonus even if u haven't completed the Trader Points needed (This was answered in another email:
The bonus is added to your bonus account and you are unable to use it until you have gained enough trader points to release it.
You may withdraw any funds you have deposited and any profits you have made any time you wish to.)
In the 1st email, they mentioned that bonuses not used for a long period of time are a financial liability
So I guess that's why they can't just remove the expiration date and require us to contact them to renew it
It's not stated anywhere for now so if they don't allow you to renew, just show them this page
I can even provide email proof if needed
Wednesday, May 11, 2011
Plus500 review (Free $25+30% Bonus up to $10,000)
Plus500 is offering Free $25+30% Bonus up to $10,000
No deposit required! No credit card needed! No commissions!
You don't need to pay anything even if you lose it all
Plus you get to keep 100% of your earnings including the bonus
You get even more bonus money on top of all that if you deposit
(Up to USD 10,000 One time First Deposit Bonus)
Invest in Forex, stock, oil, gold or even Facebook shares & much more
Reminder: Please read the User Agreement to avoid unnecessary withdrawal problems
Just in case u missed anything...
Most rules commonly broken:
No scalping (mustn't close position in less than 2mins)
No use of arbitrage (exploiting price differences)
No robots or auto data entry etc (all orders must be manually executed)
More detailed rules & info: Plus500 scam? Plus500 review
Of course, u'll earn quite slowly due to the small bonus, but u can put in some money to speed it up, u'll also be able to complete trader points faster (not necessary but it certainly gives u an advantage)
Also, u won't be able to withdraw anything unless u complete trader points 1st, but after u deposit, u'll be able to withdraw all the profits excluding the $25 only even if u don't complete trader points
After completing, u'll be able to withdraw everything
About Plus500: Plus500 is a leading provider of Forex, Shares, Contracts for Difference (CFDs), Indices and Commodities. The company is rapidly growing and has over a million clients. Office Address: Plus500UK Limited, 359 Goswell Road | London EC1V 7JL Authorised and regulated by the Financial Services Authority. FSA Register Number: 509909
New: You can also trade Facebook stock 1:10 now
Profit no matter which way the price goes, by buying when it goes up & selling when it goes down
(Special tips: You don't need to buy before selling but there's a very small premium fee which is either positive or negative if u keep it overnight. It's called premium buy or premium sell
To make it work for u instead of against u, find premium fees that are positive
Facebook's current premium sell rate is currently 0.01% positive, so u'll earn a little more by selling)
For those who are new to forex, don't pay thousands for forex training
You can simply start your free forex education at babypips.com & trade using free unlimited practice account from Plus500 first
Don't lose money just because you don't have the proper knowledge & experience: How to start trading Forex
Disclaimer: Online trading involves substantial risk of gain & loss, and may not be suitable for everyone.
No deposit required! No credit card needed! No commissions!
You don't need to pay anything even if you lose it all
Plus you get to keep 100% of your earnings including the bonus
You get even more bonus money on top of all that if you deposit
(Up to USD 10,000 One time First Deposit Bonus)
Invest in Forex, stock, oil, gold or even Facebook shares & much more
How to receive your FREE Bonus
1. Download the Plus500 trading software
2. Click on ‘Real Money’
3. A New Account window will open. Enter your new account details and click 'Submit'
4. In the drop down menu at the top of the page, click on ‘Account’ -> ‘Validate Phone'
5. Enter your personal details and click 'ok'
6. Enter your mobile number WITHOUT the country code and click on 'Send me a SMS'
(Special Tips: Choose "Send me a call" to receive code within 3 mins, I waited for SMS for hours before I knew this)
(Special Tips: Choose "Send me a call" to receive code within 3 mins, I waited for SMS for hours before I knew this)
7. You will receive a 3 digit code via an SMS message. Enter this code in the '3 digit code' field
8. Bonus will be added to your account and you can start trading
Bonus Requirements:
1. To withdraw your free bonus you need 60 TPoints (trader points)
2. One bonus per household/IP address.
3. Expires after 90 days
3. Expires after 90 days
(Special tips:1st Deposit Bonus also expires after 3 months, but you can renew it just by contacting them)
Bonus amount varies from each country
Countries that are not eligible for this bonus are countries from South America and Eastern Europe.
Bonus amount varies from each country
Countries that are not eligible for this bonus are countries from South America and Eastern Europe.
Just in case u missed anything...
Most rules commonly broken:
No scalping (mustn't close position in less than 2mins)
No use of arbitrage (exploiting price differences)
No robots or auto data entry etc (all orders must be manually executed)
More detailed rules & info: Plus500 scam? Plus500 review
Of course, u'll earn quite slowly due to the small bonus, but u can put in some money to speed it up, u'll also be able to complete trader points faster (not necessary but it certainly gives u an advantage)
Also, u won't be able to withdraw anything unless u complete trader points 1st, but after u deposit, u'll be able to withdraw all the profits excluding the $25 only even if u don't complete trader points
After completing, u'll be able to withdraw everything
About Plus500: Plus500 is a leading provider of Forex, Shares, Contracts for Difference (CFDs), Indices and Commodities. The company is rapidly growing and has over a million clients. Office Address: Plus500UK Limited, 359 Goswell Road | London EC1V 7JL Authorised and regulated by the Financial Services Authority. FSA Register Number: 509909
New: You can also trade Facebook stock 1:10 now
Profit no matter which way the price goes, by buying when it goes up & selling when it goes down
(Special tips: You don't need to buy before selling but there's a very small premium fee which is either positive or negative if u keep it overnight. It's called premium buy or premium sell
To make it work for u instead of against u, find premium fees that are positive
Facebook's current premium sell rate is currently 0.01% positive, so u'll earn a little more by selling)
For those who are new to forex, don't pay thousands for forex training
You can simply start your free forex education at babypips.com & trade using free unlimited practice account from Plus500 first
Don't lose money just because you don't have the proper knowledge & experience: How to start trading Forex
Disclaimer: Online trading involves substantial risk of gain & loss, and may not be suitable for everyone.
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