Contents
The Offer
- IG trading (a forex trading platform) is offering up to a $5,000 bonus when you open a new account.
- Deposit $500 and place your first trade = $250 bonus
- Deposit $5,000 and open 100 lots = $1,000 bonus
- Deposit $50,000 and open 300 lots = $5,000 bonus
Our Verdict
Reader Shawntheshawn goes into some detail on completing this deal. Seems like only really the $250 bonus is worth doing and even then probably not worth it for most people. Seems to be similar to the Nadex deal where you can lock in some profit.
Hat tip to ShawntheShawn
Did IG issue tax docs for 2023? Thanks.
I did not and nothing was on the website either.
John R
is this offer still available?
I wonder if one already received the bonus for one tier of the promotion, if they can get the bonus for another tier?
example:
Deposit $5,000 and open 100 lots = $1,000 bonus – bonus received
Deposit $50,000 and open 300 lots = $5,000 bonus – can I still get this bonus?
No. Only the initial deposit counts for the promo. Subsequent deposits don’t accumulate for the purposes of the promo.
You can trade any of these pairs, but the first two will yield a profit of $5,000 – $2,100 = $2,900 assuming the stop loss is triggered for every trade. I traded USD/JPY mostly (since it is currently in an uptrend and most liquid) and actually made a profit of $487 on the 300 lots. Profited on about 70% of them. The great thing about it is at least $2,100 is guaranteed if you set the minimum stop loss each trade (unless, they say, the market moves quickly or gaps, which it never did for me–stop loss was always triggered if I was wrong). The worst currency pairs above for this bonus will yield a profit of $5,000 – $4,200 = $800. Also for the $1,000 bonus for $5k deposit, only the lowest stop loss pairs would be worth it and would yield a profit of $1,000 – $700 = $300 because it requires 100 lots. Anyone with the time and ability to focus on this will do well. My bonus + profit is $5,487.
That’s awesome, bro! 👍
Nick
Did you leave your money in the account until the bonus posted?
Thanks
Nick . I wish I saw this post and your comment earlier. It looks like IG changed the requirements to 500 lots and excluded the currency pairs that have lower stop losses requirements ( ZAR/JPY SEK/JPY NOK/SEK NOK/JPY MXN/JPY TRY/JPY PLN/JPY CNH/JPY). Now the lowest stop loss I can find is around $13, and with 500 lots the loss would be $13×500=$6500, which exceeds the $5000 bonus.
Late Feb: Opened, deposit
Early March: Trade usd/jpy, lost a cent
Mid Apr: 250 (little over a month), no prob withdrawing everything via ACH
9/10 would do again
Do they send any 1099 if you make any money on the trade? I made only $0.15
Even if they did, it’s not worth listing anything less than 50 cents. The tax software will round it down to zero.
completed 1/11/23
called 4/4/23 and told I did qualify and would be paid out mid month
Was also told mid month and I see it now
Has any one closed their account yet?
Is everyone keeping their account open a little while or closing?
Had anyone received 1099 from them?