If you just start your trading career and looking for best forex welcome bonuses, you’ve come to the best site. Forex bonuses can have some disadvantages and many traders don’t like them. But for beginner traders, I think that these bonuses can be very beneficial. In particular, good forex bonuses can help reduce a trader’s transaction costs and give them new opportunities to get more profit. In this article, I will discuss about forex bonuses and how to get the best welcome bonuses from the best ECN brokers.
- Knowing the different types of forex bonuses
Brokers create many bonus programs to attract people to trade with them. The more famous a bonus is, the more people come to that broker. Forex bonuses include many different types. But, the most common type is welcome bonus. This kind of forex bonuses is usually given when you open a new account in a broker. Welcome bonus can vary, depending on different forex brokers. Generally, the amount of bonus is in the range between $10 and $100. Beginners love this bonus and they tend to use it for trading practicing.
In addition to welcome bonus, there are some other bonuses that most traders like to receive. These are deposit bonus and lot back bonus.
Deposit bonus is a popular bonus program given when you make a deposit in your account. The amount of bonus depends on the amount of the deposit. Usually, it’s calculated as a percentage of the total deposit amount. If you deposit more, you will get more money.
Lot back bonus is also known as loyalty bonus. It’s usually given to experienced traders who love rebates for every lot traded. In this bonus program, rebates will be transferred automatically to your account.
- Looking at standards of good welcome bonuses
When it comes to choosing brokers with the best welcome bonuses, here are 3 important factors to consider.
- High welcome bonus value
Most of forex traders are attracted by high value welcome bonuses. I have been trading with lots of brokers and found that FBS, XM and FXTM are the leading brokers in this field. I have been trading with lots of brokers and found that FBS, XM and FXTM are the leading brokers in this field. FBS has the highest-value welcome bonuses. Their bonus value is up to $123. XM and FXTM offer lower welcome bonus. Their bonus value is only around $30.
- Easy withdrawal conditions
In most brokers, it’s very difficult to withdraw bonus profits. For the withdrawal, you have to meet some certain conditions. For example, you have to complete the minimum lot traded requirement. So, consider brokers with easy withdrawal conditions if you’re looking for the best forex welcome bonuses.
- When it comes to easy withdrawal conditions, XM is the leading broker. To withdraw bonus profits, you only need to complete 0.1 trading lot.
- FXTM is the second broker which has easy withdrawal conditions. To withdraw bonus profits, you have to complete 1 trading lot.
- FBS offers the highest welcome bonus, however, their withdrawal conditions are quite strict. To withdraw bonus profits, you have to complete at least 20 trading lots.
- Reputable, trustworthy and regulated brokers
I recommend that you should trade with reputable, trustworthy and regulated brokers. To determine the most reliable brokers, you should check their regulations and transparency. Besides, you can use the Internet to see what customers say about these brokers. Trusted brokers often have reliable licenses which are certified by regulatory organizations, such as FCA (United Kingdom), NFA, CFTC (United States), ASIC (Australia), FSA (Japan) and CySEC (Cyprus). To determine a broker’s transparency, you can check their websites. Reliable brokers often show all their information on their websites, even including their financial reports.
From my trading experiences, I know that XM is the best broker with reliable regulations and high transparency. Other reliable brokers include FBS, FXTM, FxPro, and Exness.
- How to get the best forex welcome bonuses and withdraw bonuses
You can check the above factors to choose the best brokers with good welcome bonuses. In some brokers, you can still cheat their bonuses. Here are two common ways to exploit bonuses.
- Open many accounts to get bonuses.
- Create two hedges accounts/ Open big positions by using high leverage.
- Balance accounts to make sure you have 50% to win.
As mentioned above, it’s very difficult to withdraw bonuses. But if you use bonuses to trade and you win, you can withdraw your profits. To do this, you have to meet the withdrawal conditions. In the forex exchange market, there are two most common conditions for the withdrawal. These include:
- You have to complete the trading lot requirement.
- No withdrawal conditions. In brokers with no direct withdrawal, you can’t withdraw bonuses. If you request the withdrawal, all your bonuses will be removed.
Currently, XM, FBS and FXTM are three reliable brokers with best forex welcome bonuses. If you’re looking for a broker that meets this factor, consult those brokers.
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