100 euro for free trading (YES FOR REAL)

[kwanann]

1 business day.b From what they say can be up to 2 business day

[seanyd]

Thanks Kwanann just got my free 100 today , took a while but hey free money , already up sold EU and GU

[kwanann]

Sadly I.ve not gotten a single 50$ for the referral

[OldTrader]

Didn't see anything about whether they allow US traders or not?
Also, is the 5 trades max, per pair, or 5 trades at a time total?

[kwanann]

Don't think they care, see a whole bunch of countries you can select. Max of 5 active trades total

[Pedigree]

Apologies to everyone if this spoils the party, but on taking a closer look at this set-up, I find it is a game of heads-I-win-tails-you-lose being played by Varengold bank!

You are required to trade 8 lots within 2 years to be able to withdraw the 100 Euros! This means 800 trades of ONLY 0.01 lots, and not more than 5 of them at a time!!! Even if you put your own money in and trade larger lots, these will not count because they are not 0.01 lots!!!

The only way you could possibly do this is to enter trades and TP after very few pips and then go in again and again for repeats. BUT in doing this, Varengold is chalking up profits in the spreads that you will repeatedly pay

The whole idea is really that by the time you qualify with 800 trades, Varengold would probably have made back a fair chunk if not more of the 100 Euros they are purportedly giving you!!!

So here's the deal: if you want to get a free 100 Euros to trade with AND KEEP, this is NOT the place to do it. From that point of view it looks to me like nothing but a waste of your time. Probably the only upside to it is that if you add your own money, then you can withdraw PROFITS from the 100 Euros along with your own profits.

So, if you want an extra account that you can start trading immediately and later fund as your means determine in time, then this is a good start. Especially for US citizens, there is no FIFO and you can just treat this as a demo account until you fund it with your own money.

What I'm left wondering about though is why you would choose to do this in place of just opening an account with our very own in-house broker, GP - a step I am yet to take myself!

Sorry guys but, unless I'm missing something somewhere, you have to look elsewhere for a free 100 Euros!

[kwanann]

Hmm I was under the impression that as long as you trade 8 standard lots you are done, can be 800x0.01 or simply 1x8 lots. Either way the spread covers the cost. I think of it as cost recovery for em.

I proposed this as a way for newbies to get started, $10 can't get you much really, 2 losing trades of 50pips and you are out, $100 is more realistic for one to try things out.

And if you lose that 100$ well..

But if you win consistently it means whatever you are doing works and you can then take ur profits out after 2 years minus any transfer costs and put it in a broker of your choice and do real trading

I did say high chance they are a bucket shop, if you can win em, u sure can win when you trade with a real STP like gp

[kwanann]

Now that this is in the weekly round up, i just want to remind all


NEVER EVER DEPOSIT REAL CASH INTO VARENGOLD

and of course
Dont expect to take the money out, if you can, thats an added bonus

[mjws00]

Don't see a reason in the world why this shouldn't be an easy bonus to clear. It isn't hard to rack up 800 nearly break-even trades. You don't optimize for pips and profits, you optimize for number of trades.

So when you see a 100 pip trade, you hit it 100 times instead of once. As soon as you clear the spread you punch out and re-enter. They are fully down for scalping.

LOL, bet we could code up an EA to clear this thing inside 8 hours. Basic strat like 10.4-10.6 or Bob and shelley.... open 5 trades. Close when you clear the spread, and re-open if the signal is still valid. Even a basic MA cross EA that nearly breaks even could get this done. When the money is in hand, then start playing for keeps.

I'm almost down to code this one, just to see if they'll pay up. I suspect they will. The play is to get you winning and then show you how much "more" is available. Either take the money on the back side, or simply play for traders that generate lots of spread.

Fantastic PR and hype especially if they pay-out to enough traders to make it legit. As a scam they get no where, with highly visible "winners" this rocks. Just like Vegas. Paying out with sirens and lights is much better business than simply stealing.

I hope you pillage them, Kwan.

Mike

[TFL999]

I signed up for the free $100 in May. It's nice play money. But indeed there are some restrictions.
1 That is not mentioned here yet is that you can only trade these 5 pairs:
EURUSD
GPBUSD
EURGBP
EURJPY
USDJPY

If you don't want to deposit yourself, you have to make 800 trades in 2 years over these 5 pairs. If you want to it seriously you have to do a scalping strategy to do all these trades.

Be warned, they have changed the rules a few times since may. Also for the accounts that were already open.