GFT both redesigned its website (finally it looks good) and launched a highly interesting promotion - traders moving their accounts from other brokers will receive a pip rebate on every trade they make. The terms are less difficult than I'd imagine (there are more strict on the bonus, but that's something else) and will potentially allow traders to keep having an account with another provider open while enjoying a rebate commission at GFT - this still supports GFTs goal of opening many new accounts.
On the other, hand if the broker is paying you to trade with it what's the catch? Higher spread? Market Making?
By opening an account under this offer the customer acknowledges they have read, and agree to be bound by, these Terms and Conditions.
- GFT will give a rebate of USD $1.00 per round-turn trade on all 100,000 lot size for spot Forex or the equivalent volume for other forex lot sizes to customers who are currently trading with a different forex provider and open an account with GFT.
- As evidence of holding an account with a different forex provider, customers must provide a current statement, dated with 180 days, from the current provider.
- The cashback rebate will be paid once monthly, within 30 days following the end of each month in which trading took place as long as the all other Terms and Conditions have been met
- All accounts opened through GFT must be opened between 3:00 p.m. EST January 3, 2011 and 2:59 p.m. EST March 31, 2011 to be eligible for the rebate. The rebate will be paid on trades executed through June 30, 2011.
- Customers opening multiple accounts are not permitted to Wash Trade to meet the minimum round-turn requirement.
- The cashback rebate is not available for new accounts created with money transferred from an existing GFT account, accounts being traded through a Professional Asset Manager (“PAM”), or accounts coming to GFT through a Referring Party.
