In these articles before, I mentioned some standards which help you find out the best forex brokers such as reliability, customer care, trading volume, low commission, etc. Today I will provide you with the best forex brokers offered the best forex bonuses Bonus is one of factors not less important. If you are a beginner in process of trading and looking for brokers with the most wonderful forex bonuses, this is the article used for you. All the following parts relate to some aspects of forex bonuses. You pay attention to them to learn more about useful information.
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1. Ways to cheat forex bonuses:
Actually, for the sake of drawbacks when using bonus, most traders don’t excite them. However, forex bonuses are also favored by most professional brokers. The simple reason is that they can reduce their trading cost and minimize trading margins. For some brokers, you even can hack their bonus programs and withdraw profit. Here are some regular techniques used to hack bonuses.
Only apply to cheat welcome bonuses. These are the two popular methods.
For the first method you do as follow:
– Creating a series of new accounts in order to get welcome bonuses.
– Hedging 2 accounts together to have one account win and one account loss. You have a chance to win about 50%. With conditions that brokers don’t require anything.
For the second methods you conduct as follow:
– Opening many new accounts to enjoy welcome bonuses.
– Using the high leverage to possess big positions.
– Needing to hedge them with other accounts to bring success for you. For this type of cheaters, they prefer high leverage brokers.
2. If you don’t know for sure about types of forex bonuses, read this part, please.
There are 3 types of forex bonuses which brokers often offer for traders.
– A welcome bonus having a different name is non-deposit bonus. It is an amount of extra money given by brokers when you register. Brokers offer this bonus in order to draw customers. This is the business strategy of brokers. Normally, brokers can present you from 30 to 50 dollars welcome bonus for first time attendance. Depend on using purpose take part in register. Generally to test the broker’s trading conditions and also to try out their trading campaigns and earn the profit.
– A deposit bonuses: this is a bonus you get when you make a deposit in process of trading. They will match your deposit with a certain percentage of your total deposit. For example: A broker offers you a 100% match bonus up to 200 dollars. This means that you will receive 100% in free money on any deposit amount you make up to 200 dollars. Brokers offer this types of forex bonuses to stimulate traders to deposit more or reactivate their accounts if they don’t trade for a long- term. In some cases, some brokers offer this bonus to first time deposit as well.
– Lot back bonuses: With this bonus brokers will rebate an amount of money to your account automatically based on your trading currencies, account types, and trading time when you finished 1 lot/transaction. This is the most favored bonus program because of professional trader’s interest. Minimizing transaction cost is main advantage of lot back bonuses.
For 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.
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2. Some disadvantages of each bonus type you face.
– Lot back bonuses:
✓ The more money you invest the better this bonus is for you. You invest in a lot of money. But this problem still many limitations
✓ Usually, it takes you really long to finally get some profit in trading.
– Welcome bonuses: it’s free but free is usually not good in this field.
✓ $50 is not enough to invest in big trading.
✓ It is so hard to get this profit because withdrawal conditions.
✓ Maybe, they are unreliable brokers
– Deposit bonuses:
✓ The withdrawal conditions are very difficult.
✓ Sometimes, you will be lost your forex bonuses in process of withdraw profit.
3. How to withdraw forex bonus profit?
As I said before, if you want to withdraw bonus you have to overcome some conditions from forex brokers. There are 2 main withdrawal conditions:
- Brokers regulate a certain number of trading lots which traders need to reach them, then allowing you to withdraw obviously.
- Some brokers make an announcement but no rules to ban so you can still withdraw the profit.
Therefore, you need to consider information of brokers carefully in order to find out a broker with good bonus which is suitable for you.
4. What should we choose, good bonuses or low spread?
In my view, the top condition to choose a broker is their reliability. However, good bonuses and low spread play a vital role helping traders make much profit. About some aspects of low spread I mentioned in articles before.
Here are my procedures to choose a good bonus. You can consult:
- List down 5 best brokers which are fit for you.
- Choose best forex brokers that have good bonus program. So if they have bonuses, it is much better.
- Trade and receive bonuses.
I have investigated based on the above procedures and choose 4 best forex bonuses as follow:
- Best welcome bonus: 30$ welcome bonus of XM
- Best welcome bonus: 50$ welcome bonus of FBS
- Best deposit bonus: 100% deposit bonus of XM
- Lot Back Bonuses: Rebate 2 – 16$ per lot of Exness