I was on the verge of starting a new account with TradingPoint as I was attracted by the “20% Welcome Bonus & the 15% Loyalty Bonus”, plus availability of oil in their trading instruments (which one of my favorite broker still don’t have).
However (and luckily), upon checking the T&C on these “Bonuses”, they turn out to be nothing more than additional Leverages since they CANNOT be withdrawn under any circumstances and are nullified when withdrawals are made from the account.
This type of advertisement to attract new clients do not sit well with me as it adds up to nothing more than a just a cheap and misleading sales gimmick.
It would looks better if TradingPoint simply says “We will increase your leverage by 20% as a welcome bonus, and an additional 15% for Loyalty bonus”.
At least, that gives the impression to new potential clients that TradingPoint is honest and transparent and there are no-strings attached to any of their offers/incentives. After all, TRUST is everything in the forex world.
As it is, we traders have enough problems just to stay ahead of the volatile financial market and most certainly don’t welcome additional problems with our brokers.
Can TradingPoint just be a good and transparent broker and refrain from advertising those “special offers”, which becomes something else in their T&C, like so many other suspicious brokers are doing?
Why can’t we traders get what is as advertised? If TradingPoint don’t intend to give out those “bonuses”, then don’t use this tactic at all.
It would do TradingPoint a whole lot of good to their reputation to remain just a highly competitive, transparent, and honest broker.
If you can gain our trust, I am very sure that we traders will spread the good word about TradingPoint which will be a whole lot better than some cheap sales gimmick which have the opposite effect.
I tell it like it is, as that’s my opinion and TradingPoint can take that whichever way they like.