In my opinion also it is surely a trap.
Those who are arguing that you can just make a relatively lesser first deposit and risk it to bypass 5x wager requirement please note that they require a minimum first deposit of at least 0.0005 BTC along with 5x wager requirement.
I think you are getting this wrong! The 5x wagering requirement applies to any deposit you make not only the first one.
So, thinking you can deposit a small amount, wager it 5x then you can withdraw any amount you deposit after that with at wagering is wrong.