When choosing the best forex broker, what first attracted you to sign up or at least browse a broker’s site? In addition to standard aspects such as spreads and minimal deposits, forex bonus are quite a lot to be counted as the main attraction that attracts traders.
In general, 2 types of forex bonus are most popular among traders; trades and deposits, the difference is how to get it. In the event the trading bonus is obtained by producing trading transactions, then the forex deposit bonus is obtained by finishing the deposit method (filling funds) into the account. Especially, this type of forex deposit bonus makes it possible for you to increase margin resilience.
You will find 3 types of forex deposit bonuses which are most normally provided by the very best forex brokers, such as:
Forex Deposit Bonus
If you want to keep your trading going, it’s impossible to make a one-time deposit. Needless to say, you will find instances when you will need to provide an ‘injection’ of funds into a trading account. Properly, this can be where the forex deposit bonus comes into play.
This last kind of forex broker promo features a unique feature that makes it possible for you to acquire a bonus on each deposit. Unlike the welcome bonus which only serves to welcome new clients, this forex bonus is very instrumental in lightening the burden of depositing clients, both old and newcomers. IC Markets is one of the brokers that provide attractive deposits, Read more about IC Markets Minimum Deposit.
Forex No Deposit Bonus
This type of forex bonus is unique because it can provide trading opportunities without capital. Here, forex brokers will provide trading capital for free, so you don’t need to make any deposit to be able to start trading on a real account.
As the name implies, this welcome gift is intended to welcome new clients to register. That’s why the initial deposit only applies to this bonus.
There are forex brokers who state the welcome bonus amount directly in nominal currency (forex bonus $ 30, $50, etc.), but there are also those who announce it in the form of a percentage (15%, 20%, etc.). the amount of the client’s deposit determines the amount of the welcome bonus amount that is calculated. The bigger the deposit, the more you get the deposit bonus.
Because the second scenario encourages clients to make large deposits, don’t be surprised if you find more brokers offering welcome bonuses in the form of a percentage.
How To Successfully Determine The Best Forex Bonus
Want to know how to successfully determine the best forex bonus? Read on below!
Determine From Your Needs And Trading Style
Each type of forex bonus has its characteristics in bringing its benefits. The deposit bonus supports the amount of your capital, while the trading bonus provides a reward for every transaction, so it is very suitable for active traders who often open and close orders.
So before deciding whether you should choose a forex deposit or trading bonus, consider which one has the most beneficial benefits. If you are a scalper trader, trading bonuses such as rebates will certainly be more profitable than deposit bonuses. On the other hand, if you need the benefits of forex trading without capital, then choose the no deposit bonus type.
Pay Attention To Forex Bonus Rules
Because after receiving a forex bonus you must comply with the promo policy, so each program’s terms and conditions must be considered carefully. Even though they come from the same broker, 2 types of forex bonus can be provided with completely different policy packages.
For example, a trading bonus of up to $5,000 at broker A does not allow transactions with Gold (XAU/USD) and Silver (XAG/USD) pairs. On the other hand, the 20% deposit bonus promo from the broker does not include trading restrictions on commodity pairs. This is certainly very influential for traders who routinely trade with XAU/USD or XAG/USD. So if they want to enjoy the benefits of a forex bonus at the broker, the promo they can follow is a 20% deposit bonus.
This principle also applies to 2 bonuses that have different ranges but are still the same type. For example, the best forex broker of your choice has two 30% and 50% deposit bonuses. Even though they are both types of deposit bonuses, it does not mean that the bonus policies will be the same. Instead, there will be contrasting differences, especially in terms of withdrawal terms.
In observing these conditions, usually, the bigger prize bonuses will be equipped with more complicated withdrawal rules. For example, if on the 30% deposit bonus you can withdraw the prize after trading 10 lots, then the 50% deposit bonus can require you to trade 20 lots.
Overall, comparing policies between bonuses is very important to get the best estimate. In addition to the withdrawal conditions and the allowed trading pair options, also observe any other regulatory points that can have a major impact on the smooth running of your trading, such as the promo validity period, changes in leverage and lots, and minimum deposits.
Don’t Force Yourself If It Doesn’t Fit
For example, after exploring all types of bonuses and their conditions, it turns out that none of them match your conditions. By necessity, you need a forex deposit bonus, but unfortunately, the rules in the promo do not allow the use of leverage higher than 1:100. If it’s like that, you should not force yourself to keep registering in the related bonus program.
Remember that no matter how attractive the benefits offered by forex bonus, the promo is just an extra feature that sweetens your trading. So it would be very unfortunate if you sacrificed trading opportunities on a normal account, just to get a forex bonus whose policies tend to burden your smooth trading.
In the end, it is decisions like these that make many traders feel trapped by the broker’s “tricks”. Such an assumption is not entirely true, because the decision to participate in a forex bonus promo is entirely in the hands of the trader. Thus, be wise in looking at the benefits of a forex bonus for your trading.
If the benefits are following your needs and the policies can be easily followed, then sign up for the forex bonus program of your choice. But if there is a discrepancy when you learn the rules of the promo, learn to ignore the lure of profits from forex bonus.