Jan 26 2021 16
If you ask big and successful forex traders about bonuses in forex trading, the answer you often get is "forex bonuses are scams" or "forex brokers with bonus are not reliable". That is understandable because professional traders trade thousands of dollars everyday, so the bonus of 50 dollars or $100 is just small change for them. Therefore, they often do not take the forex bonus seriously.
As for retail traders like us, the bonus can be a good way to launch the forex trading path because it gives us some capital needed to start experimenting with trading strategies as well as allow us to get used to the forex trading platform for free.
For that reason, today BRKV will introduce to you the top reliable forex brokers with many different types of forex bonus such as welcome bonus or deposit bonus or rebate so that you can choose the best forex bonus brokers for yourself.
What is forex trading?
Forex (foreign exchange) is the activities of buying and selling foreign currency pairs in order to make profits based on the rate changes of those currency pairs.
The forex market is a special financial market because it gives traders the opportunity to make a profit regardless of the direction of the market. Whether the price of the pair is going up or down, you have an opportunity to make money from either direction.
This is an online market and the participants include banks, forex brokers, financial institutions and us, individual traders.
The forex market is open from Monday through Thursday and is closed on weekends. Trading times are divided by sessions.
The attractions of the forex market are:
- Easy to join. You just need a computer and internet.
- Extremely diverse assets trade with hundreds of currency pairs, stocks, cryptocurrencies, metals, and CFD contracts.
- Leverage helps you trade with low investment capital at very high trading volume.
However, with those advantages, there are also risks. Since you use leverage when trading, the risks are higher. You can easily lose all your money in a split second if you misjudge the market.
How many types of forex bonuses are there?
Basically, there are 3 types of forex bonuses: Welcome bonuses, Deposit bonuses, and Lot Back bonuses.
(or non-deposit bonuses) are the bonuses that brokers offer to new registrations. In order to get new registers from new traders or competitors’ clients, brokers can offer from 30 – 50 dollars welcome bonus for first time register. As usual, this type of bonus attract beginners or bonus cheaters. For beginners, they use this bonus to test the broker’s trading conditions and also to try out their trading strategies. For bonus cheaters, they create as many accounts as possible to get these free bonus, then trade and withdraw the profit. Check out the best welcome bonus in the market in rightnow.
Deposit bonus are the amount of money you will get when depositing. As usual, these bonuses were calculated based on percentages of deposit amount. Example: 20%, 50%, 100% of the total deposit. Brokers offer this types of forex bonuses to encourage traders to deposit more or reactivate their accounts if they’ve stopped trading for a long time. Some brokers offer this bonus to first time deposit as well.
Check XM 100% deposit bonus
Lot back bonuses
are for the loyalty program. When you finish 1 lot/transaction, brokers will rebate an amount of money to your account automatically. The rebate amount will depend on your trading currencies, account types, and trading time. This is the most popular bonus program because professional traders like this. This bonus will minimize transaction cost.
Example: XM’s spread for EUR/USD is 1.4 pip, and they will lot back $3 for each completed trading lot. It means you only pay $11 for each EUR/USD lot instead of $14 of the original spread.
Most reliable forex brokers with bonus
Next, we would like to introduce to you the most reliable bonus forex brokers in the world. If we talk about brokers with bonus only, there are hundreds and thousands of brokers. But if we talk about brokers that have both forex bonuses and credit, only the following brokers are safe for forex traders:
Legally, XM is licensed to operate by the most prestigious financial institutions today including: IFSC, FCA, CySEC, ASIC. These financial institutions all have very strict regulations on member input and also act as intermediaries to solve problems if customers have problems that arise but cannot be resolved with the company itself.
Therefore, it can be said that XM is completely a trusted brand under the auspices of the world's leading organizations.
In addition, this company also earned itself a number of prestigious awards such as the world's best forex service broker for many years, Best trading support, Best customer service...
From the above factors, it can be confirmed that XM is a large and reputable company leading in the financial market.
The bonus programs of XM include:
- $30 Welcome Bonus. You just need to open an account at XM and $30 will be added to your account. Get it now!
- 15% Deposit Bonus. You just need to open an account at XM and deposit some money in it. XM will award you with 15% of the amount you deposit ($500 max). Deposit to get it now!
- XM $3 lot-back bonus. XM will rebate 3 dollars for each complete trade. Learn more here.
HotForex was established in 2010. Since then, their market has expanded to Europe, South Africa, Dubai,… registered and licensed in many countries. Typically, there is currently the most prestigious license FCA in the UK, reference number 801701 under the brand name HF Markets (UK) Ltd.
- HotForex civil liability: Top insurance for its customers up to 5,000,000 euros in the event of an accident.
- Increased liquidity: HotForex increases the use of major global banks thanks to its strength and international position on the HotForex brand.
- Separate customers' money: into bank accounts to avoid abuse.
- Account protection against negative balance: that is, if a bad market leads to negative equity in the client's account, Hotforex will compensate the client without the risk.
The bonus program that HotForex has right now is the 100% SuperCharge Bonus. All customers who deposit in HotForex for the first time will get 100% of that amount. Check here for more details.
Exness Group launched in 2008 at St. Petersburg, Russia. After that, Exness moved its headquarters from Russia to Cyprus.
After more than 10 years of establishment and development, maintaining two branch units operating under the regulation of the European Union: Exness UK Ltd is regulated by the Financial Control Authority (FCA) in the UK, Exness (Cy) Ltd is regulated by the Securities and Exchange Commission of the Republic of Cyprus (CySEC), so that Exness can operate in many European Union member states.
FCA, CySEC are leading reputable licenses in the Forex field with strict conditions from regulators.
Exness is a broker that I think to "play fair". There are a few times when Exness has compensations for investors, not avoid responsibility as many other exchanges. In the course of operation, certainly no broker can avoid problems. The point is how to solve them for the customers.
The bonus program Exness has currently is the $16 Rebate Program. For every complete trade, you will get $16 from Exness. Learn more here.
How to get bonus from forex brokers
Here is how you can receive your forex bonus from the top reliable forex brokers:
How to get Welcome bonus
To receive the welcome bonus, you simply need to open an account on that forex platform. Please note that this bonus only applies to customers opening accounts for the first time.
- Step 1: Go to the homepage of the forex broker and select the button OPEN ACCOUNT.
- Step 2: Enter basic information to open an account such as email address or phone number.
- Step 3: Fill in the necessary information such as full name, year of birth, address, income level...
- Step 4: Select the type of account you want to open. Note that there are some brokers that only apply bonuses to one type of account, so make sure you read the bonus terms and conditions carefully.
- Step 5: Confirm account opening.
- Step 6: Your account has received the bonus.
How to get Deposit bonus
To receive a deposit bonus, you just need to deposit money into your account on that forex platform. Please note that this bonus is only applicable for the first-time deposit.
- Step 1: Go to the homepage of the forex broker, log in to your account.
- Step 2: Find the Deposit button in your personal area.
- Step 3: Choose a deposit method. Common methods include using credit/debit cards and e-wallets.
- Step 4: Select the account you want to deposit in (if you have multiple accounts). Note that there are some brokers that only apply bonuses to one type of account, so make sure you read the bonus terms and conditions carefully.
- Step 5: Fill in your account information to top up.
- Step 6: Bonus will be added after you deposit successfully.
How to get Lot-back bonus
To receive the Lot-back bonus, you just need to make some trades. Note: some exchanges have a condition that only refunds when a trade is profitable.
- Step 1: Sign in to your account on the trading platform.
- Step 2: Perform steps of fundamental analysis and technical analysis.
- Step 3: Place a buy or sell order based on your analysis. Remember to place additional orders such as Stop Loss or Take Profit.
- Step 4: Once the transaction is completed, the money will be added to your account.
Disadvantages of each bonus type
Welcome bonuses: it's free but free is usually not good in this field.
- Firstly, $50 is too little. As an investor or a trader, you must look at a bigger amount.
- The withdrawal conditions will be very difficult.
- Most brokers who offer welcome bonuses are new brokers, who are usually not reliable.
- The withdrawal conditions are very difficult.
- When you withdraw profit, your forex bonuses will be lost in some cases.
Lot back bonuses
It’s only good if you invest in a lot of money. It’s because they only rebate you for each completed trading lot. Usually, it takes you really long to finally get some profit in trading.
Can we really withdraw forex bonus profit?
BRKV - It depends on bonus withdrawal conditions: There are 2 main withdrawal conditions:
- Some brokers allow withdrawing bonuses if you completed a certain number of trading lots.
For example: To withdraw $50 bonus, you have to complete at least 10 lots. When you register or deposit in 1 lot, they will deposit bonuses to your account instantly and let you trade. If you win, you only can withdraw that bonus when you have completed up to 10 lots.
- Some brokers don't allow withdrawing bonus, but you can still withdraw the profit.
It is much easier if brokers allow you withdraw bonus profit without any conditions. In case they ask for a certain number of completed lots, it is very difficult to withdraw. You even have to pay more than the bonus value to complete those required lots.
Experts' view on forex bonuses
The question we should be asking is that whether forex bonus is truly good. Why do some brokers offer bonus programs and some don’t? If you pay enough attention, you can see that the biggest and most well-known forex brokers in the market hardly have bonus programs, while the small and new brokers constantly advertise very large and attractive programs. That means something, doesn’t it?
In fact, experts or professional traders in this market are not very interested in forex bonus. They view it as a bait from forex brokers to lure traders to them. Most forex bonuses are very attractive on the outside, but inside is horrible. For example, they can have extremely difficult withdrawal conditions. They can force you to trade for so long that eventually you would lose everything.
Forex bonus should not be the deciding factor when you consider a forex broker. Actually, it should be the last thing you think about when choosing a broker. Reliability and trading costs are the priorities of that process. Here are the 5 best forex brokers in the world and only 2 of them have bonuses:
- Exness: best forex broker.
- Hotforex: best for Asian traders
- XM: great forex broker
- FXTM: great for US traders
What should we choose, good bonuses or low spread?
For me, forex bonuses are good. However, it’s not the most important condition to choose a broker. The first condition to choose a broker is their credibility. So, this is my procedure to choose a good bonus:
- List down 5 best brokers which are suitable for you.
- Choose the one that have good bonus program. Of course these brokers are very good. So if they have bonuses, it is much better.
- Trade and get bonuses.
2 ways to cheat forex bonuses
You can only cheat welcome bonuses. These are the two popular methods:
- First, the traders need to create many new accounts to get welcome bonuses. After that, they hedge 2 accounts together. It means 1 account win and 1 account loss. So, they get 50% win chance. This cheating way can only be applied to brokers who allow you to withdraw bonus profit without conditions.
- The cheaters also open many new accounts to get welcome bonuses. After that, they use the high leverage to open very big positions. They also need to hedge them with other accounts to make sure the win rate is 50%. For this type of cheaters, they prefer high leverage brokers.
List of best forex bonuses
- Welcome bonus: $30 welcome bonus of XM
Check details here.
- Deposit bonus: 100% deposit bonus of XM
Check details here.
- Lot Back Bonus: Rebate $2 - $16 per lot of Exness
Check details here.
- Deposit Bonus: HotForex 100% SuperCharged Bonus
Check details here.
- Deposit Bonus: HotForex 30% Rescue Program
Check details here.
- Lot Back Bonus: FXTM Loyalty program