Open Zecco Forex Get $200

Household bank MC and Chase Freedom & Rewards are counting the deposits as a purchase...(services & merchandise is the category).
However, I am unable to login to make the trade as I keep getting a "Connection not available" error when I try logging in.

as promised, here is the update:
all 4 transactions ($5000 * 4) on single citicard showed as purchases. Made two EURUSD trades (buy and sell) last night and pocketed $1 profit. Then initiated withdraw request by check for $20000. Citicard statement will be out in 3 days, so let's see what is going to happen by then regarding the CashBack on citicard, cash withdraw from zecco foxex, and cash bonus from zecco forex. If everything went well, it would be tempting to do it once more with some other account.... greedy..

Has anyone experienced delays in the initial credit card deposit posting to his or her account? For me:

Jul. 8th - Opened account and funded with credit card
Jul. 10th - Appeared on statement (as a purchase)
Jul. 13th - Still no available funds in account.

The website says up to one business day, but have a feeling they may be swamped with new applications. Or am I the only one?

jfharper said: billionen said: Bonus appeared this morning, 1.5 business days after making the trade.
I did not receive the original email, but I applied before the new terms went into affect. Also, Fidelity Visa and Amzon.com Visa both count as purchase.
Now to the withdrawal phase.....
Sorry, what new terms? I've been following this thread but missed where the terms changed?

i meant this change....sorry for the poor choice of words.

Got my bonus today.

Time table:
8/7 - opened an account (no invite, followed the offered link), deposited 5K using Schwab CC
10/7 - learned from the thread that deposits should be done within 72h frame, deposited $5,001 using Fidelity and CapOne CCs.
12/7 - made a trade, lost $12 ;(, requested a withdrawal.
13/7 - saw the bonus posted (that's 24h turn around), began 90 day waiting period.

Jobowoo said: pisistratus said: Got my bonus today.

Time table:
8/7 - opened an account (no invite, followed the offered link), deposited 5K using Schwab CC
10/7 - learned from the thread that deposits should be done within 72h frame, deposited $5,001 using Fidelity and CapOne CCs.
12/7 - made a trade, lost $12 ;(, requested a withdrawal.
13/7 - saw the bonus posted (that's 24h turn around), began 90 day waiting period.

Are you keeping your initial $5,001 in there or are you withdrawing everything except for the bonus?

I requested a withdrawal of the initial $10,001.

jolapo said:

 

where did you see that? It that specific to Zecco Forex?

There are two different programs being talked about.

http://hello.zecco.com/landing/search/forex_cash/

Zecco Forex states:
"Cash bonus cannot be withdrawn within 90 days of initial funding."

http://forex.com/tradestopsandlimits.html

Forex.com states:
Initial deposit can be withdrawn at any point. To withdraw cash bonus, initial deposit must not be withdrawn for a minimum of 90 days from the first trade.

EDIT: You may NOT get bonus if you were not on their email distribution list. The following info is incorrect per what I'll call a more official email received 07/16/2009 here

govenar said: The initial web page now says (in the image, below the Open an Account button): "This promotion is limited to Zecco members who were sent the promotional email on July 8th, 2009. This offer is not transferable."
I don't remember seeing that there when I looked at the page yesterday. I guess this is dead now for people who didn't get the email.FYI...

IN SHORT: All who apply and satisfy requirements will receive bonus (even those that did not receive email)

SUPPORTING DETAILS:

07/08/2009
I applied and was approved for an account on July 8th (no email - I simply clicked the promo link in VerbalK post).

07/09/2009
Not knowing how to trade currencies, I opened a practice account with the standard $50,000 play money.

Email came later in day inviting me to open a real account to receive the $200.

07/13/2009
I wanted to open an account for my DW.

The hotlink inside the invitation did not work so I responded to my account rep saying: Unfortunately I am unable to click through to apply (on your Click here reference in your closing paragraph). Is that because the $200 promotion was only for Zecco clients which received the promo email invitation sent July 8th (your invitation below reads July 9th)?

07/14/2009
My account rep responded with: If you are not able to access the application through the email, simply do so on the our website. There will be a promotional code at the end of the application. Enter, “cashad04” . This will allow you to receive the promotion.

edit: added my interest in an account for my DW

edit: added ruinous message at top so others are not misled by my attempt at the real truth (I also updated QS)

carefreeninja said: One more data point -
Forex.com has a referral bonus
Link

Yes, but it requires 50 round trip trades. Judging by the amount just one has cost some people here, I would imagine 50 would come close to eating up the bonus, and then taxes would help do their part.

# Eligibility: Only available to new FOREX.com clients. In order to receive referral cash bonus, the referred client must open an account and deposit funds. Withdrawal of referral cash bonus is contingent upon execution of 50 round trip trades (round trip is defined as one complete trade - a transaction including the buying and selling of one currency pair) by the "Friend's" account within the first 90 days of account opening, or both the "Referrer" and "Friend" accounts will be debited for the amount of the bonus upon the expiration of the 90 day period, or upon closing of the account, whichever comes first.

Can anyone confirm that using the code “cashad04”, is enough for getting the bonus?

pisistratus said: stricken said: Can anyone confirm that using the code “cashad04”, is enough for getting the bonus?

That was happened in my case.

I guess they changed the terms on 10th of July and they added only people who received the promotional e-mail are eligible for this offer. So is there anyone opening the account and able to collect the bonus (maybe it is too soon)

Another point, which may help to those who want to earn casback/points, instead of check, you might consider wire transfer method, since there is a charge for it forex might be willing to do it. If they do it, you can lose a portion of the CashBack but still get away with some earnings. If they don't do it, they cannot charge a fee from you and the funds return back to where they came and you don't lose/gain anything(CashBack/points).

pthor1231 said: dukeboy said: According to this comment on mymoneyblog, they will charge back your credit card.
mymoneyblog said:
# Evan Says:
July 10th, 2009 at 2:01 pm

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.



I wonder if you let it sit in the account for a bit, if that will not set off their filters.
Or stagger the amount withdrawn, i.e. request withdrawal of $2,500 one day, wait a bit to clear and mail, then another day $2,500, and so on.

jfharper said: For clarification, am I to understand when you make a trade, you're lowest option is "1 Lot" which equals "$10,000 USD?"

$10,000 is for the mini account. If you signed up for a standard account the lot sizes are $100,000.

Does anyone know how both the profit/loss on forex trading and the bonus are taxed and reported to the IRS? I assume the profit/loss is treated as a capital gain (although it may be more complicated than this) and that the bonus is taxed as interest income on a 1099.

Anyone can confirm the success of the withdrawal of fund while keeping the bonus?

So has anyone had a statement close on an FIA or BOA card with this on it? This nasty "Cash Equivalent Transaction" thing that they do worries me:

Excerpts from card agreement:

Cash Advances: Standard Variable APR is 24.24% for all Direct Deposits, Check Cash Advances, ATM Cash Advances, Bank Cash Advances and Cash Equivalent transactions. See 7 below for explanation.

Standard Cash Advance Fees:
Direct Deposits and Check Cash Advances: 4% of each such transaction (minimum $10).
ATM Cash Advances, Bank Cash Advances, and Cash Equivalent transactions: 4% of each such transaction (minimum $10).

7 Cash Equivalent transactions are defined as money orders, foreign currency, and travelers checks from a non-financial institution, person to person money transfers, bets, lottery tickets, casino gaming chips and bail bonds.

Balance Transfers, cash advances, including purchases of money orders or other cash equivalents, out-of-network payments made through the Bill Pay Choice® service, purchases made by or for a business or for a business purpose, fees, finance charges, unauthorized/fraudulent transactions and certain other charges do not earn points.

update: I placed a trade a few days ago and received the bonus. I withdrew the money and according to a CSR, it's being sent back to the credit card and not being sent as a check...

Xeon852 said: drosenth613 said: update: I placed a trade a few days ago and received the bonus. I withdrew the money and according to a CSR, it's being sent back to the credit card and not being sent as a check...

I wonder if we do multiple trades if they will be willing to send a check.

Even if it goes back to the CC, if you time it correctly it means tieing up no cash for this.

Hmmm...if we could get them to return it by check my Schwab Visa rebate would make this deal super sweet ($200 from Zecco, and 2% of 10k = $200 for $400 total!).

Yes you can.
Squeezer99 said: since CC is limited to $5000, can I do 2 $5k transactions from one 1 CC?

pisistratus said:

This has been my understanding, which may not be the terminal conclusion.

i have a citi associated bank visa left over from my app-o-rama w/ no balance, and it has a 15k limit, so i'll be funding the account with that.