Comments on: Zecco Forex Promotion Code: Up to $200 Bonus

By: James

James — Sun, 19 Jul 2009 06:53:42 +0000

Thanks Janet.

I had a family write out a check for me and they sent Zecco $10,000 instead of $10,010 like I asked. I think I will make another deposit before I place the trade because depending on where you read I may not be eligible for the full $200.

By: Janet

Janet — Sun, 19 Jul 2009 05:12:09 +0000

The code was automatically filled in when I clicked the email link.

By: James

James — Sat, 18 Jul 2009 14:50:50 +0000

I think the promo code was automatically filled in for me during the application process. Well I hope so because I don’t remember typing that in..and i just assumed that by using the link in the email that I would be getting the $200 bonus. anyone know? thanks

By: Jonathan

Jonathan — Fri, 17 Jul 2009 23:10:15 +0000

Justin – I’m not sure if you’re kidding or not. How does the price-fixing of milk in your area have to do with my loss-leader analogy? Let Wikipedia explain instead…

http://en.wikipedia.org/wiki/Loss_leader

By: Jonathan

Jonathan — Thu, 16 Jul 2009 22:32:33 +0000

Zack – You type it in near the end of the application, if I recall.

Ankit – Yes, I got my $200 about 24 hours after my first trade.

By: Ankit

Ankit — Thu, 16 Jul 2009 15:43:26 +0000

Has anyone got the bonus in their account yet?

By: crawdad

crawdad — Thu, 16 Jul 2009 14:00:35 +0000

Sorry. It’s at step 3 of 5.

see here>

http://fatwallet.cachefly.net/.....mocode.png

By: crawdad

crawdad — Thu, 16 Jul 2009 13:55:27 +0000

At the end of the application process.

By: Zack

Zack — Thu, 16 Jul 2009 07:51:54 +0000

Where are we supposed to enter the promotional code “CashAd04″ ???

By: Jonathan

Jonathan — Mon, 13 Jul 2009 09:32:19 +0000

The wording about “This promotion is limited to Zecco members who were sent the promotional email on July 8th 2009.” is definitely new. Hmm.

I did the XAU/USD trade as well, did a buy and immediate sell. Amazing how there was no confirmation step at all. Total loss $11.00. Will wait for $200 before doing anything else.

My credit card deposits were processed as purchases.

By: bio

bio — Sat, 11 Jul 2009 20:23:10 +0000

Did you guys notice the message that says that “This promotion is limited to Zecco members who were sent the promotional email on July 8th 2009. This offer is not transferable”?

I tried to go ahead and open an account but I can’t see where we are supposed the enter the promotional code “CashAd04″.

Am I the only one?

By: TT

TT — Sat, 11 Jul 2009 00:36:32 +0000

I did the XAU/USD trade today. Lost 7.50.

Now I am thinking wait until the card cycle closes, and the promo is over, and possibly request the funds back in 4-5 checks spread over as many weeks.

By: Charlie

Charlie — Fri, 10 Jul 2009 22:40:12 +0000

TT,
If you can do it immediately, then it would cost $5.50. I would be careful since any movement it seems would be +/- $100 per pip. If anything, Zecco has a practice account that you can place a trade with the pair you are interested in and then see what the cost will be to you. I’d do that and get a handle of how the platform works before you go ahead and do it in real life.

By: Evan

Evan — Fri, 10 Jul 2009 21:01:12 +0000

I funded on schwab 2% card yesterday. Made a couple of trades, confirmed the bonus, and then requested withdrawal via check. Confirmed with CSR that check would be mailed within 2 business days. Just got an email from customer service that said “As you have made several large credit card deposits to your FOREX.com account in and do not appear to be actively trading, we will be sending your funds back to the original funding source. We reserve the right to send the funds back to the original funding source, which is the credit card in this case.”

Snagged the bonus but will lose out on the cashback.

By: Ken Feyl

Ken Feyl — Fri, 10 Jul 2009 16:25:38 +0000

Your initial deposit must be credit card, wire transfer or snail-mail check, but AFTER that, you can fund using ACH. Withdrawals can only be done with wire transfers or snail-mail checks.

By: TT

TT — Fri, 10 Jul 2009 15:29:04 +0000

VLAD

Funded 2X 5000 on schwab 2% card. Zecco said it was a purchase and that they did not even have the capability of ,aking this a cash advance. Though it is atill a temporary authorization, schwab said it would almost surely be a purchase when the charge hit.

Charlie
How about buy 1 XAU/USD (that would be 10 oz of gold-right?)then sell immediately. Spread is about $5.00.

By: Vlad

Vlad — Thu, 09 Jul 2009 20:27:19 +0000

What are the ways to withdraw money from the account? Funding options are only credit card, wire or check. There is no regular ACH option. Whoever funded with CC please let us know if your credit card company charge you any extra to whatever you deposited or considered the transaction as a cash advance. Thanks.

By: Charlie

Charlie — Thu, 09 Jul 2009 19:14:42 +0000

TT: You can calculate this for yourself to see what is the cheapest. Here’s the short answer: I did a quick calculation, there could be something that’s cheaper though, since I didn’t go through everything. EURCHF costs ~$0.93 (1 pip spread * $0.93/pip value) to trade it. Here’s the long answer: When you sign up for the account you can login to your account through the Zecco website (note: not the Desktop or the Java web platform). Once you have logged in, you can go to the Tools > Pip & Margin Calculator. Make sure your Account Type “Mini” (these are 10k lots) is selected, assuming that these are the lot sizes you are setup for–if you are setup for a standard account, you should have them change it to a mini. Now, you can see there is a column “USD Pip Value” for each pair. Next, you just have to multiply these pip values by the spread amount for each pair and you’ll get the amount that the trade will cost you if you can instantly open the trade and close it without the prices moving.

By: Christine

Christine — Thu, 09 Jul 2009 17:05:31 +0000

Oops, wrong post.

By: Aurelien

Aurelien — Thu, 09 Jul 2009 16:00:58 +0000

Anyone doing this for the first time mainly to collect the bonus, be very careful. I would recommend putting in a trade and closing it out right away because Forex is very hard to beat. My brother has 3+ years of experience trading and its still tough even for him. Unless you want to spend time and energy and cash learning Forex, I would just make the trade quickly to get your money and then stop.

By: Udo Licht

Udo Licht — Thu, 09 Jul 2009 15:43:36 +0000

One potential warning: I saw no info on the website that specifies whether the account is covered by FDIC, or any other insurance. Foreign currency accounts probably have no coverage at all. If the company suddenly disappears, how do you recover your investment?

By: Ankit

Ankit — Thu, 09 Jul 2009 15:00:55 +0000

What about the 3% Cash Advance fee that the credit card companies charge? That’d still apply to this credit card funding right?

By: Steve

Steve — Thu, 09 Jul 2009 12:52:06 +0000

I don’t have too much experience with Forex, but I have received other account opening bonuses at other Forex shops. My impression was that everyone trades with the same amount of leverage. You can get in and out of a trade in minutes. With 450x leverage, for example, I never gained or lost more than $1 on a short-term trade.

By: Jonathan

Jonathan — Thu, 09 Jul 2009 12:06:29 +0000

That’s a good question. I’m not that familiar with this stuff, and am waiting for my account to be approved to learn the details. The Forex account doesn’t charge commission, it makes money on the bid/ask spread. EUR/GBP appears to have smallest spreads.

The Mini account trades smaller 10,000 lots, but higher leverage? Am I correct to assume that I can deposit $10,000 and try to trade a lot with zero leverage?

If you deposit $10,000 they say you can use Forex Pro which has tighter spreads.

By: TT

TT — Thu, 09 Jul 2009 11:34:25 +0000

You have to make 1 trade. Anyone know enough about these type of accounts to recommend a small trade to get the bonus?