Forex bonus is not real money, but you still can make it become real money if you are good. However, the problem is that most good traders do not care much about that. Only beginners who are learning about forex market care about bonus. Understanding that, the best forex brokers 2018 offer many attractive programs regards welcome bonuses for new traders with less experience. Brokers can offer up to 30-50$ for the first time of opening accounts, but eventually most beginners lose all their bonuses.
In the article below I will cover all important points relating to best forex welcome bonuses for you to consult.
1. LIST OF BROKERS OFFERING BEST WELCOME BONUSES:
Among these brokers, XM is more reliable. It not only offers welcome bonuses but also has deposit bonuses at 100% rate.
2. CRITERIA OF GOOD FOREX WELCOME BONUSES:
There are of course many standards of good welcome bonuses, but here I only mention three standards which are most important. They are easy withdrawal conditions, high welcome bonus value and reliable forex brokers.
- Easy withdrawal conditions:
Generally, we cannot withdraw bonuses. We can only withdraw profit won from bonus trading if we meet the condition of brokers which is completing minimum number of lot traded.
Among three brokers I have listed above, XM has the easiest withdraw condition. Traders only need to complete 0.1 lot to withdraw all profit. FXTM has the second easy withdraw condition. Traders have to complete 1 lot to withdraw profit. FBS has 123-bonus program, which means traders can get up to 123$ welcome bonus. For each trading lot, you can withdraw 3$ profit. For instance, after seven days trading, you win 60$. Then you need to trade at least 20 lots in order to withdraw that 60$.
- High welcome bonus
- FBS offers the highest welcome bonus value which is 123$.
- XM and FXTM provide the same welcome bonus value which is 30$.
- Reliable forex brokers:
In those above brokers, XM is the most reliable one. Also, it is the best forex broker for beginners.
3. OTHER TYPES OF FOREX BONUSES BESIDES WELCOME BONUSES:
Basically, there are three types of forex bonuses which are welcome bonuses, deposit bonuses and lot back bonuses. As I have explained about welcome bonuses above, now I will explain about the two other types.
Deposit bonuses are the amounts of money you get when depositing. These bonuses are often calculated based on percentages of deposit amounts such as 20%, 50% or 100% of the total deposit. Brokers offer this type to encourage traders depositing more or re-activating their accounts if they have stopped trading for a long time. Also, some brokers offer this type of bonus for the first time of depositing as well.
Lot back bonuses are used for loyalty program. When you finish one lot or transaction, brokers will rebate an amount of money to your account automatically. The rebate amount depends on your trading currencies, account types and trading time. This is the most popular bonus program which many professional traders like. With this type of bonus, your transaction cost will be minimized.
Example: XM’s spread for EUR/USD is 1.4 pips, and its lot back bonus for each completed trading lot is $3. That means you only pay $11 for each EUR/USD lot instead of $14 as the original spread.
4. WHETHER OR NOT WE CAN WITHDRAW BONUSES:
Being able to withdraw bonuses or not depends on two main withdrawal conditions.
- First, some brokers will allow you to withdraw bonuses if you complete a certain number of trading lots. For instance, to withdraw $50 bonus, you have to complete at least 10 lots. When you register 1 lot, they will deposit bonuses to your account instantly and let you trade. If you win, you can only withdraw that bonus when you have completed 10 lots.
- Second, some brokers don’t permit withdrawing bonuses, but you still can withdraw the profit.
So, it will be easy if brokers permit you to withdraw bonus profit without conditions. If they require a certain number of completed lots, your withdrawal will be very difficult, and you even have to pay more than the bonuses to complete the required lots.
5. PROCEDURES FOR CHOOSING GOOD FOREX BONUSES:
First, you have to list 5 best forex brokers which are suitable for you, and then choose the best ones that have good bonus programs. Of course those brokers are good, but if they have bonuses, they will be much better. After that, you can trade and get the best welcome bonuses.
6. TOP 4 GOOD FOREX BONUSES:
Here is the list of 4 best forex bonuses based on the above procedures.
Best welcome bonuses:
- FBS with $50 welcome bonus
- XM with $30 welcome bonus
Best deposit bonuses:
- XM with 100% deposit bonus
Best lot back bonuses:
- EXNESS rebates 2-16$ per lot
7. METHODS OF CHEATING FOREX BONUSES:
Actually, there are two ways of cheating bonuses which you can refer.
- The first one is creating many new accounts to get these free bonuses. Then hedge two accounts together, one wins and one loses. Now, you get 50% win chance. Remember to apply this to brokers allowing withdrawing bonus profit without conditions.
- The second one is using the high leverage to open big positions after getting welcome bonuses. Also, hedge them with other accounts to make sure that your win rate is 50%.
To sum up, choosing the best forex welcome bonuses will be much easier if you have awareness of them.
For Thai traders, click to see ฟอเร็กซ์ โบรกเกอร์