Now you’ve entered the world of Forex trading, one thing is going to catch your attention. Especially if you’re trying to find the best Forex bonus brokers. A popular way for many brokers to bring in new customers is with the offer of very attractive bonuses. It is also used to retain customers already using a brokerage service. The problem is, there are so many different kinds of bonuses on offer it can be difficult deciding which way to turn. Whether you’re new to Forex trading, or a seasoned veteran who is looking for a change, we can help by giving you some pertinent details of the top Forex bonuses, and you’ll be in a better position to decide whether they are worth your time.
What kind of Forex bonus offers are available?
The idea behind the many different Forex bonuses is really only to attract new customers. But there are also a selection of bonuses that are designed to retain a broker’s regular customers. On the whole there tends to be no obligation, other than to open an account or to keep trading. Which seems pretty generous. However, it’s only fair to point out the catch. And this is the fact that most of these bonuses have some harsh terms and conditions. This is one factor you should be very wary of and take the time to read them very carefully before accepting the offers. So let’s start by looking at the variety of offers currently available.
Get The Best Forex Bonuses
This is a once only bonus and only new customers will be eligible. Sometimes it is a bonus that requires no deposit to be made, and other times a deposit will be required in order to take advantage. It is going to be the one bonus that stands out more than any other as it is usually emblazoned across the home page of the broker offering it. Not all brokers have this offer, as some are happy to gain more customers through word of mouth and reputation.
No deposit bonus
This is the second most popular type of bonus, and as with the welcome bonus, it is usually offered center stage on a broker’s website. It is usually only offered to new customers, and as the name implies it requires no deposit. With a no deposit bonus traders can start trading right away, without having to risk any real money. However, it is usually only possible to withdraw the bonus once certain conditions have been met.
In order to take advantage of this offer a deposit will have to be made. It is usually expressed as a percentage rather than a specific sum of money, and therefore its value will depend on the amount being deposited. For example, say the minimum deposit requirement is $100, and the deposit bonus being offered is 50%. Once the initial deposit has been made a bonus of $50 will be added to the trading account, making a total of $150 for trading purposes.
Not all brokers will offer this type of bonus and if they do it can vary. It will also depend on a customer’s trading history and experience.The bonus could be such things as free trades, trading cash bonuses, cashback, rebates, one-on-one training or the services of a personal account manager.
Refer a friend bonus
This is a what many would call a third party bonus, as it requires a third person to be involved. Obviously, it requires a trader to recommend the services of a particular broker. Once that friend opens an account, deposits some trading funds and starts actively trading the bonus will be awarded to the referee. The bonus can either be a specified amount or a certain percentage.
From time to time, you will encounter a broker advertising Forex contests.They are a relatively new idea but appear to be catching on fast. They can be for traders with either real money or demo accounts. There are a host of different prizes ranging from trading cash to cars and holidays.
This is not, in the true sense of the word, a bonus. But it is certainly worth mentioning, as it gives new traders the chance to try out a broker and trading platform before risking any of their money. And it is definitely something that we will mention when writing our Forex broker reviews.
Other bonuses available include:
- Rewards – This refers to a range of different bonuses awarded when certain conditions are met
- Rebates – These are usually cash bonuses designed for trading rather than to be withdrawn
- Forecast bonuses – These can be a good bit of fun and require a trader to make a prediction, with the closest being the winner and getting a prize
- Draw bonuses – These are prizes that are handed out following a draw
- Freebies – These include such free offers as eBooks, webinars, seminars, training courses and other educational material
Now you appreciate how many different kinds of bonuses are available, you’re probably wondering how to find out more.
Tips for finding the best Forex bonuses
Now you know your options it would be good to know where to look. So keep reading as we’re about to share our ideas.
You’re already in a great place to start your search – We’re not claiming to be the oracle for the top Forex bonuses, but we will certainly share our unbiased and honest opinion when we write our Forex reviews. We’ll also be looking at Forex signals, as well as Forex robots. We’ll also introduce some of the top ECN brokers along with a selection of other types of broker. Our one stop shop for Forex information is going to be a good place to begin your Forex career.
Read plenty of Forex customer reviews – Forex trading has become a very popular pastime as well as an interesting form of investment and the number of new brokers increases on an almost daily basis. Which means there are always great possibilities waiting for both new and experienced traders. It’s nigh on impossible to keep track of the best Forex bonus offers, but a good way to uncover some of the better ones is by reading some Forex reviews. Type these two words into any search bar and you’ll be astounded by the number of hits. Some of the hits will be just advertisements, and there are always going to be a number of fake reviews. But there is still a host of useful reviews you can spend time reading that will lead you to some of the better Forex bonus brokers.
Undertake your own research – No one review site is going to be able to provide all the answers, and we certainly don’t profess to have them all. There are, however, a number of other types of site that can help with Forex broker comparison. Not only will you be able to compare the best Forex bonuses, but also spreads, commission charges, trading platforms and much more. It might take some time to find the top Forex bonuses but the information is out there, and any effort will be amply rewarded.
We’ve spent some time looking at the positive side of Forex bonuses but there is also a downside.
Forex bonus brokers aren’t giving away money with no strings attached
The biggest benefit in taking advantage of a Forex bonus is that it will give you more money for trading. And the broker gains by attracting more customers and then keeping them loyal to their brand. But not all bonuses are cut from the same cloth, and it’s only fair we explain this. You may have problems withdrawing the bonus, and in some cases it will be impossible. Even if you’re able to meet the trading volume necessary. This type of bonus can only provide a benefit in the form of increased leverage and by setting a margin call at 0%.
If you spend some time reading customer reviews, as we have suggested, you will encounter a number of problems relating to withdrawals. More often than not, the problem has occurred because a customer failed to read and understand the terms and conditions attached to a particular bonus. So our advice is to always read the small print and understand what you will be required to do if you want to withdraw any of your cash. And if you’re not completely sure what it entails then get in touch with the broker and ask them to explain.
We can only end by saying there is nothing inherently wrong with Forex bonuses. In fact, they can be very useful, provided you spend some time understanding what you need to do in order to gain the maximum benefit. Remember that Forex trading is not a guaranteed path to untold riches, but it can be profitable and fun. Keep your sensible head on and don’t be swayed by the promise of huge profits, or money for nothing.