Every day, more and more binary options brokers try to attract traders' attention with contests, tournaments and all sorts of promotions. Some of them are certainly useful and worth attention. However, among the brokers' offers there are some that are better to avoid in order not to fall into a trap. Read our review to learn how to distinguish a truly free binary option from an outright scam.
Content:
- We participate in free competitions;
- Increase your capital with bonuses;
- The Hidden Dangers of Tempting Offers;
- Conclusion.
We participate in free competitions
High competition among binary options brokers forces their owners to constantly invent new marketing moves and ways to attract the attention of potential users. In order not to lose clients, brokers constantly offer a variety of benefits, contests and tournaments. One of the most popular of them is risk-free trading.
For example, the binary options broker Quotex offers everyone a free promo code to cancel a losing trade of $3, which is essentially equivalent to crediting this money to your trading account. All you need to do is write a review about this broker and send a link to its publication to the customer support center.
In addition, this broker regularly holds tournaments: “Fantastic! Wednesday”, “Fun Friday” and “Saturday Battle”. As you can see from the screenshot above, thanks to these competitions you can win significant funds, and participation in them is either absolutely free or costs very little money.
Similarly, you can take part in tournaments of other binary options brokers. For example, the Binomo broker offers three tournaments to choose from: “Tiger”, “Track” and “Free Day”. The first two are paid, participation in them will cost $45, but the prize fund is impressive - from $45,000 to $53,000. You can compete for $300 for free, which is also not bad at all. The money won in these tournaments will actually become a means of buying free binary options.
Pros and cons of competitions
However, before deciding to participate in any competition, we recommend that you carefully study its terms. Try to objectively assess not only your ability to achieve the goals stated in the competition, but also its advantages and disadvantages.
As with any business, participation in a tournament should be taken seriously. Only in this case can you count on a fairly large win of real money, which you can completely withdraw from your brokerage account or use in further trading. If you are looking for free binary options, contests are a great option. By participating in them, you will not only improve your trading skills, but also gain experience in competitive struggle under limited time conditions.
Participation in competitions is not only about real money, but also about prestige. Many people compete not so much for the prizes, but for the recognition of their results, which they can brag about to their colleagues and friends. After all, competitions are not only an opportunity to have fun and interesting time, but also a great way to make new acquaintances.
At the same time, we warn you that participation in trader competitions will require more aggressive strategies and greater psychological stress than in regular trading. In addition, some tournaments may not be held entirely honestly and transparently. But this is more a question for the brokerage company itself than for the method of obtaining free binary options.
Also try not to forget that regular participation in such events can lead to gambling addiction, which can have a very negative impact on your regular trading. Everything should be in moderation. Remember this golden rule, and then the contests will become a pleasant way to spend your free time with the opportunity to increase your trading capital quite well.
Increase your capital with bonuses 
By the way, regarding capital increase. Contests are far from the only method. We recommend paying attention to bonuses. Recently, bonus programs have become an unspoken standard of the binary options industry. Today, it is probably impossible to find a broker that would not offer clients promo codes , various loyalty programs and all sorts of bonuses.
All bonuses can be divided into several categories:
- Welcome bonus – accrued upon the first replenishment of a trading account and can vary from 50% to 200% of the deposit made.
- Deposit – for each subsequent deposit, the client is credited with 10% to 100% of the deposit.
- No deposit – money on the client’s account, available for trading, without the need to deposit their own funds. The size of such a bonus can vary from $10 ( Olymp Trade ) to $50 ( Pocket Option ). However, do not expect that you will be able to receive it immediately after registering on these platforms. Usually, such bonuses are awarded randomly, and it is impossible to predict in advance when a particular client will receive it. This is done to protect the brokerage company from multi-accounting and fraudulent actions by users.
- For replenishment by a certain method – encourages traders to replenish their accounts through certain payment methods. For example, the Binomo broker credits 50% on a deposit received using Visa/MasterCard cards, and Pocket Option credits up to 100% for a deposit in bitcoins.
- For return – for return of unprofitable transactions you can receive from 10% to 50% of the amount of such a transaction. Binomo is ready to return 10% of the unprofitable transaction, Olymp Trade - 20%, and Pocket Option - 30%.
- VIP – intended for clients who have VIP status in the brokerage company. Such clients can count on increased benefits and payments. Check the conditions for obtaining such status and the amount of payments with your broker.
All of the above bonuses can only be received after fulfilling certain conditions of the brokerage company. For example, to receive some bonuses, you may need to make a minimum deposit , to receive others - to fulfill the condition on the minimum trading volume. Also, some types of bonuses are subject to time restrictions during which they can be used, or there are restrictions on the withdrawal of funds.
The Hidden Dangers of Tempting Offers
Now it's time to talk about the "pitfalls" associated with receiving bonuses. Not always the promises of binary options brokers correspond to the conditions under which they provide them. Let's consider this situation using the example of the broker Binarium .
As stated on the main page of the official website of this broker, the minimum deposit is $50. At the same time, they promise to credit a welcome bonus of 100% of the initial deposit.
However, this is not entirely true. In fact, the minimum deposit amount will depend on the payment system you choose to fund your trading account. In most cases, it will be $5. You can get detailed information about this in the “Cashier” section.
As you can see in the screenshot above, the minimum deposit amount, in case of replenishing the balance with Tether cryptocurrency, is $10. If you used the welcome bonus, keep in mind that you will be able to withdraw your funds, as well as the profit earned on bonuses, only after working off the trading turnover. At the same time, the bonus amount itself cannot be withdrawn.
Please note: your funds will be unavailable until the bonus has been fully processed.
After activating the welcome bonus, you will be able to withdraw your money from the Binarium broker only after trading 40 times the amount of the accrued bonus.
Let's explain with a simple example: you deposited $100 and received a welcome bonus of 100% - another $100. After that, you will not be able to do anything with your account until you make trades in the amount of: 100 * 40 = $4000. Only after that will you be able to withdraw your profit along with the initial deposit, and the accrued bonus of $100 will be taken by the brokerage company.
Before agreeing to such conditions, think several times: how realistic is it to work out such a volume on a small account, and how many transactions will you have to make to do this?
Conclusion
In conclusion, we would like to urge all traders looking for free binary options to be vigilant and not to fall for the tricks of brokers and overly tempting offers. We must not forget that even the sweetest pie has a fly in the ointment, and free binary options are no exception. Before activating any bonus, carefully read the terms and conditions under which the company provides it. Are there any hidden commissions or “draconian” conditions for working off?
Don't believe promises of easy money and big deposit bonuses. You'll probably have to pay for them long and hard with trading. Trade only with licensed brokers from the list of reliable brokers on our website. Start with a demo account , study all the rules and conditions of your broker, and only after you've achieved stable results on a virtual account, move on to trading with real money, using risk and capital management rules . We hope that the information in our review will help you make the right choice. We wish you all successful trading!
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