Most people always appreciate kinds of welcome when they begin to do something. Forex trading is not an exception. Welcome bonus programs help beginners to feel more confident as its name. That’s why choosing a broker with a good welcome bonus program is one of the most important stage for beginners who are new to the forex market. Today, I am going to help you to have a clear understanding of this concern through necessary information as well as my advices for some specific situations.
- Brokers with best forex welcome bonuses.
Among brokers that I have worked with during my time of trading, there are 3 names that I put on the top of the best ECN brokers offering the best welcome bonus programs as below:
In addition, my favorite one in this list is XM due to the way they welcome their new traders. XM not only offer new account with their fascinating welcome bonus program but also a 100% bonus on new deposition.
- How to recognize a good forex welcome bonus?
As I mentioned, you are going to get all you need to know about forex welcome bonus. Let’s begin with how to recognize a good welcome bonus. A good welcome bonus must includes:
– Easy withdrawal conditions
Obviously, all brokers commonly share the same opinion on trader’s welcome bonus withdrawing which is quite complicated. To sum it up, traders can not just come and grab the money from welcome programs but they are supposed to take the profits that gained from their welcome bonuses. The most widely known condition that matters the trader’s bonus withdrawal is the minimum number of traded lot. More information about this current requirement:
+ It seems XM get another score on this. They allow traders to withdraw their bonus profits as long as the trader has completed at least 0.1 lot.
+ FXTM requirement is mostly alike to XM but they do require the minimum traded lot of 1.
+ FBS offer their traders up to $123 in bonus through 123 particularly different welcome bonus programs. Back to the withdrawal condition, the requirement of FBS is relatively different. They do not ask for certain number of lot but they restrict the withdrawing amount instead. In fact, FBS allow their traders to take no more than $3 for each lot they completed. As an illustration, you have been trading for 7 days and gain a particular amount of profit. If you want to withdraw $60 profit, you must have traded at least 20 lots before an so on.
– High value
Needless to say, all of traders want their forex welcome bonus 2018 as valuable as possible. For this priority, I highly appreciate FBS due to their attractive bonus programs. They offer traders bonus up to $123 in value which is obviously far from $30 bonus offered by XM and FXTM.
– From reliable brokers
Last but not least, all of the things above are meaningless without this qualification. In term of transparency and reliability, I prefer XM.
- Extra bonuses
Beginners may not know that the best brokers also offer different extra bonus programs apart from their regular welcome bonuses. There are 2 programs usually offered by popular brokers: Deposit bonus & Lot back bonus (Loyalty bonus). As a detail:
– Deposit bonus: This type of bonus is simply based on your deposit amount. The more you deposit, the more bonus you get.
– Lot back bonus (Loyalty bonus): The favorite one of most experts or long time traders. In fact, this type of bonus is useful in long term. For every lot you trade, you are receiving a portion automatically from the broker – directly to your bank account, it’s actually like a discount. To put it another way, XM’s spread for USD/EUR currency is 1.4 pip and the committed refund amount is $3, it takes you only $11 for each lot you traded instead of $14 as announced.
- Facts about bonus withdrawal.
I’m sure with you that all traders who just came to the forex market once asked: “Can we really withdraw the bonus?”. And the answer is of course you can withdraw your bonus as long as you fulfil some particular requirements. In general, there are two common requirements among largest brokers that matter bonus withdrawal:
– Traded lot number: I think I explained a lot about this well-known policy through different topics. To make it short, if you want to take your bonus you must have done a particular number of traded lot. I personally dislike this type of requirement because the money you use to fulfill the requirement is much more than the bonus value.
– Indirectly: Among largest brokers that I know, none of them allow traders to take the bonus straight to their bank accounts. The reason for this policy is quite obvious, people with advanced technical knowledge and skill may use cheats or hacks in order to take profits for themselves from the programs.
- Good bonus or Low spread?
To begin, most people prefer brokers with good bonus program. However, professional traders recognize that you do not actually receive that value. They always go for low spread brokers. These brokers is much more helpful when it comes to make transaction with larger amount of money.
- Good forex bonus recommendations.
As a result of my recent research, here is 4 forex bonuses that I consider the best offered to the trader. I also point out the detail of the bonus together with the broker that offers:
– Best welcome bonus – XM: 30$ welcome bonus
– Best welcome bonus – FBS: 50$ welcome bonus
– Best deposit bonus – XM: 100% deposit bonus
– Lot Back Bonuses – Exness: Rebate 2 – 16$ per lot
Obviously, it is not recommended at all to use cheats. However, we still list out 2 common methods multiplying the accounts to take use of the programs to earn profits in case you need information:
– Create 2 new accounts and get them hedged. In this method, you keep the win rate of 50% by let one account lose and another win. However, this method just really works for brokers with loose withdrawal policies.
– For this method, instead of earning from losing, you will gain your profits by opening big positions. This works for brokers with high leverage.
Click here to see the best forex brokers in Thailand.
Ryan Myers is a business blog author and writer. He graduated from the University of California, Berkeley in 2009 with a degree in Political Science. His favorite topics to write about are blogging for small businesses and becoming an entrepreneur.