For beginners who are new to the trading market, the best forex welcome bonuses serves as kind of a jump start for your career, therefore it’s very important that you could choose for yourself a broker with attractive welcome bonus programs. In this article today, I’ll be giving some of my thoughts on the matter as well as my detailed experiences and reviews of some of the brokers that I consider to have the best forex welcome bonuses programs.
- 1 Current brokers with the best forex welcome bonuses programs
- 2 Standards of the best forex welcome bonuses
- 3 Other types of bonuses
- 4 Can you really withdraw forex bonus profits?
- 5 Should we choose brokers with good bonus or low spread?
- 6 Top 4 best forex bonuses
- 7 Ways to exploit forex bonus programs
Current brokers with the best forex welcome bonuses programs
Having traded for years and been with many popular and big brokers, I’ve finally narrowed my list of brokers with the best forex welcome bonuses to only 3 names, which are XM, FBS and FXTM. More details can be viewed as follow:
Out of these 3 brokers, I prefer XM since not only their welcome bonus program is excellent, they also offer a 100% bonus on new deposition.
Standards of the best forex welcome bonuses
Since this article is mostly about bonuses, below are my 3 personal standards when it comes to choosing a broker based on their bonus programs:
Easy withdrawal conditions
Some brokers have very strict policies regarding the act of withdrawing bonus. As a matter of fact, you can’t really withdraw your welcome bonus directly but do feel rest assured as you can still withdraw the profits gained from trading with the bonus money. That’s the reason for why some brokers have a certain condition that comes with withdrawing bonus such as the minimum lot traded requirement. More specific numbers on the minimum lot traded requirement of the aforementioned top brokers are as follow:
- XM by far has the fairest withdrawal condition. Traders who do business with XM only need to complete 0.1 lot to be able to withdraw bonus profits.
- FXTM comes second with the requirement of 1 lot traded to be able to withdraw profits.
- FBS has 123 bonus programs, with the maximum welcome bonus being $123. The highest profit that you can withdraw for each lot traded is $3. For example: Let’s say you gained $60 profits from 7 days of trading. In order to withdraw all that profits, you’d need to have traded at least 20 lots.
High welcome bonus value
Obviously, us traders need the best forex welcome bonuses amount to be as high as possible. Out of those three brokers that I’ve mentioned, FBS offers the highest attainable welcome bonus amount which is $123, while XM and FXTM offer relatively the same amount of welcome bonus which is around $30.
Reliable forex brokers
Without a doubt, your broker should always be reliable and has no shady side to it. Having traded with many different brokers, I consider XM to be the best in term of reliability and transparency.
Other types of bonuses
Beside the best forex welcome bonuses, most forex brokers also offer many different bonus programs such as Deposit bonus or Lot back bonus (Loyalty bonus). More specifically:
Deposit Bonus is the bonus program that is based entirely on your deposition amount, which is why you can get more money from this bonus simply by depositing more money.
Lot back bonus, or Loyalty bonus, is the bonus program that most experienced traders prefer since the program automatically rebates a portion of your every transaction to your account.
For example: XM’s spread for the EUR/USD currency is 1.4 pip and the rebate amount are $3 for each trading lot completed. This means that you only need to pay $11 for each EUR/USD lot instead of the whole $14 of the original spread.
Can you really withdraw forex bonus profits?
As I have mentioned above, to withdraw forex bonus profits, most brokers have certain withdrawal policies regarding this matter. Currently, there are two known withdrawal conditions that most brokers have:
- Completed trading lot requirements
I’ve personally given an example and explanations regarding this requirement above. To sum it up, most brokers require you to have completed at least a certain amount of trading before you can withdraw the bonus. There’s also a downside to this policy which is that most of the time, the traders would have to deposit even more money than the bonus itself in order to complete the trading lot requirement.
- No direct bonus withdrawal
Most brokers that I’ve done business with restrict its traders from directly withdrawing the bonuses such as welcome bonus or deposition bonus. This is due to the fact that if they hadn’t done so, tons of cheaters and exploiters would’ve taken advantage of the situation and made a profit for themselves.
Should we choose brokers with good bonus or low spread?
At first, most people would seem to consider brokers with good bonus programs to be better than the brokers with low spreads. However, as traders, we also need to take our long-term plan into consideration. Brokers with low spread or overall better trading conditions always better in the long-term since essentially, you’re always trading with the best trading conditions that you could have when you choose those brokers. As for me, I consider a broker’s credibility to be above everything else since I often have to deal with large amounts of money.
Top 4 best forex bonuses
I’ve personally done my own researches to find out which one among the top brokers has the better bonus programs. So far, I’ve narrowed the list down to 4 brokers with relatively superior bonus programs comparing to the other brokers. The specifics are as follow:
- Best forex welcome bonuses – XM: 30$ welcome bonus >> Check detail here.
- Best forex welcome bonuses – FBS: 50$ welcome bonus >> Check detail here.
- Best deposit bonus – XM: 100% deposit bonus >> Check detail here.
- Lot Back Bonuses – Exness: Rebate 2 – 16$ per lot >> Check detail here.
Ways to exploit forex bonus programs
Needless to say, morality-wise, it isn’t good to use any kind of cheating method. However, if you feel the needs to do so, here’s the two popular methods, both of which involve creating multiple accounts to exploit the best forex welcome bonuses:
- Hedge two newly created account. This means that you’d have to let one account wins and the other one loses in order to maintain a win rate of 50%. This method of cheating can only be applied on brokers with loose withdrawal policies.
- This method is mostly the same as the first method but in this method, you also need to take advantage of the high leverages to open very big positions. For this method of cheating, a broker with high leverages is advised.