What is a bonus?
A bonus is real money that MYFINTEC can credit into your trading account to provide you with additional leverage and liquidity. It is important to understand that a bonus is not always appropriate for all traders. Familiarize yourself with why the bonus is being provided, can the bonus itself, or only profits generated from the bonus, be withdrawn? It may sound tedious but study the terms and conditions you have agreed to before you accept a bonus.
A Bonus is to Trade With
A bonus is provided so that a trader can increase the staked amount on each trade while still maintaining their money management strategy. So, let’s say you follow a 5% money management strategy and have 1,000 EUR on your trading account. This means you can safely stake 50 EUR per trade. Now let’s say you take a 100% bonus and now have 2,000 EUR in your trading account. By following the same money management strategy you can safely stake 100 EUR per trade. So remember that a bonus is money given to the trader to trade with.
It is for this reason, to ensure that the bonus can only be used for trading, that it is an accepted practice within the industry to apply a trading turnover requirement to any bonus. Once the trading turnover requirement has been met the bonus may be released and may be withdrawn as real money by the trader.
In order to ensure that the bonus is being used as leverage, as intended, a trading volume must be met and is equal to a factor of the (Bonus Amount + Deposit) x 50. The total volume of your trades must exceed this amount and only then funds become available for withdraw.