How to get a Forex bonus and benefit from it?
A Forex bonus is a special program a broker may offer to attract new clients or reward already existing ones. There are many variations of such bonuses, but one thing is sure: you will benefit from using one!
No matter your skills or goals, the team of TopForex.Trade is here to inform you and help you choose the right broker with the perfect bonus to suit you. All brokers listed on our website have passed the scrutinous review of the team of market experts. In this article, we would like to help you distinguish between bonus programs brokers offer so that you can choose the best one for your needs.
General information about Forex bonuses
Traders of any skill level will find Forex bonuses rewarding. Newbie traders will benefit from trying their hand at trading in the real-life market with the opportunity to make profits, more room for mistakes, and less risk due to the lack of market experience.
Pros and experienced traders already know their way around Forex but might still be new to the specific broker or the broker’s software. Thus, it is better to learn to navigate new services with the broker’s funds, not your own. With bonus funds, it’s easy to diversify or start trading with a few brokers at once. Plus, a competent trader may occasionally like to try out new trading strategies, and bonus funds are perfect for that.
Unfortunately, some regulators take an issue with companies providing special offers to clients. The rules are especially strict in the EU and Australia. For traders, this means that brokers regulated by CySEC (EU) and ASIC (Australia) do not offer any promotions or bonuses.
What Forex bonus types are there?
There is no official list of Forex bonus types, but generally, many brokers offer similar (although not identical) bonuses. The most common types are no-deposit bonuses, deposit bonuses, and welcome bonuses.
Forex no-deposit bonus
As the name suggests, this type of bonus does not require any investments. You will receive a certain amount to your trading account or a bonus account as the so-called “trading credit”. This means you cannot withdraw the funds instantly, but they are available for trading and/or investing (if the broker offers social trading services). The profit you make with the bonus funds can be withdrawn.
Forex deposit bonus
This bonus requires you to make a deposit. Depending on the broker and bonus conditions, up to 100% can be added to the client’s initial deposit. This type of bonus can be highly beneficial for all traders, but especially experienced ones. For beginner traders, this is a great opportunity to try out different trading strategies with bonus money.
XM Group offers a 100% deposit bonus of up to $5000.
HotForex offers a similar one with up to $8000.
Here’s why it’s good: the more you deposit, the more additional funds you receive as the “trading credit”. So, if you are serious about making your way on Forex, it might be a good idea to deposit a larger amount and use the Deposit Bonus for maximum funds and, thus – maximum profits.
Forex welcome bonus
As the broker’s new client, you can usually get some sort of a bonus. The Welcome Bonus type can both be Deposit and No-Deposit, but the main idea is that you should be a new client. It is a one-time bonus for clients who have just joined the broker, and the conditions may vary.
So be especially attentive when joining the broker and check if they offer a Welcome Bonus – never miss out on a good offer. Try out several brokers’ conditions by registering with a few listed on our website and getting a Welcome Bonus from each one.
Other special Forex brokers offers
Brokers may have other kinds of bonus programs that you should look for when joining:
Forex brokers cashback/rebate
Type of program where some part of your traded funds (usually around 5-15%) is returned to you after you’ve put the funds into open orders.
Forex brokers referral programs
Brokers may pay you for bringing in a friend or two, but only if they registered and made a deposit.
Forex brokers loyalty programs
If you are sure you’re going to stay the broker’s client for some time and trade a significant amount of funds, you could join their Loyalty program if they have one. Such programs often have various gifts or cash prizes for each milestone you reach.
Forex brokers seasonal promotions
Brokers hold special events for big holidays like the New Year, Christmas, Ramadan, and other religious and non-religious occasions. The time and the holiday always depend on the location of the broker and their audience. For such a big event, brokers are likely to create huge bonus programs like 300% deposit or $100 no-deposit bonuses. This is why it’s a good idea to join a new broker during a holiday season.
How to benefit from a Forex bonus?
The bonus funds are there to help you grow as a trader and usually can be withdrawn once you’ve traded a certain number of lots or made a profit. Please, do not think that the Forex bonus is just free money for you to withdraw instantly. Bonus money is there to be traded and turned into profit and market experience.
Each broker that we recommend on our website is 100% legitimate and trustworthy, thus, all bonuses they offer are real and attainable. But different offers have different terms – please always read the terms and conditions for the bonus you are getting. The Forex bonus T&Cs are usually quite short and written to be understandable enough for an average person. Reading the terms will not only help you avoid a negative experience due to some misunderstanding; it will also help you make sure you can maximize your profit and withdraw the bonus funds in the end.
To help you choose among other brokers, our analysts research the bonus programs offered. You will see a green checkmark in the list of brokers – this means there’s a bonus waiting for you on the other end. Now that you know what each bonus type implies, you will have no issue navigating the special offers and choosing the perfect one for you – or trying out several bonuses at once!
It is vital to diversify your financial activity, meaning that you shouldn’t focus just on trading when social trading can be as beneficial! Get educated with market professionals and gain more with each step on the market.
The best Forex broker bonuses we recommend
We have compiled a list of the most advantageous bonuses from the brokers reviewed and approved by our top market experts.
XM Group bonus
A 50% deposit bonus with up to 20% added to larger deposits. Total bonus is up to $5000.
Deposit over $100 dollars to get 100% on your deposit – up to $8000 for trading.
Deposit bonus of up to $500 on all deposits made within an hour of registering.