If you are a new forex trader and looking for brokers that offer the best forex bonuses, this is the article for you. Today, I will cover all of the aspects relating to forex bonuses as below:
- How many types of forex bonuses are there?
- What are the disadvantages of each type of forex bonuses?
- Can we really withdraw forex bonuses?
- Should we choose brokers that offer good bonuses or low spread?
- Which reliable forex brokers offer best forex bonuses?
- What are the 2 popular bonus cheating ways?
I know there are many traders that don’t like forex bonuses because they know there will be many disadvantages when using bonus. However, the majority of traders like forex bonuses, because they can reduce their trading cost and minimize trading margins. For some brokers, you even can hack their bonus programs and withdraw profit. In this article, I will also teach you some regular techniques used to hack these bonuses.
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.
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.
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.
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?
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 $50 bonus, you have to complete at least 10 lots. When you register or deposit in 1 lot, they will deposit bonuses to your account instantly and let you trade. If you win, you only can withdraw that bonus when you have completed up to 10 lots.
- Some brokers don’t allow withdrawing bonus, but you can still withdraw the profit.
It is much easier if brokers allow you withdraw bonus profit without any conditions. In case they ask for a certain number of completed lots, it is very difficult to withdraw. You even have to pay more than the bonus value to complete those required lots.
What should we choose, good bonuses or low spread?
For me, forex bonuses are good. However, it’s not the most important condition to choose a broker. The first condition to choose a broker is their credibility.
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So, this is my procedure to choose a good bonus:
- List down 5 best brokers which are suitable for you.
- Choose best forex brokers that have good bonus program. Of course these brokers are very good. So if they have bonuses, it is much better.
- Trade and get bonuses.
Top 4 good forex bonuses.
Base on above procedure, I will list down 4 best forex bonuses:
- Best welcome bonus: 30$ welcome bonus of XM >> Check detail here.
- Best welcome bonus: 50$ welcome bonus of FBS >> Check detail here.
- Best deposit bonus: 100% deposit bonus of XM >> Check detail here.
- Lot Back Bonuses: Rebate 2 – 16$ per lot of Exness >> Check detail here.
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.