BRKV - 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:
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.
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
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.
Check XM lot back bonus
Welcome bonuses: it's free but free is usually not good in this field.
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.
BRKV - It depends on bonus withdrawal conditions: There are 2 main withdrawal conditions:
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.
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.
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:
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:
You can only cheat welcome bonuses. These are the two popular methods: