As the name of the bonus, welcome bonuses are mostly for beginners who are new to the forex market which is already complicated itself. This kind of bonus is really helpful for new traders to trade and have experience. This article shows the types of forex bonuses, especially welcome bonus forex 2018, and the detail in how to choose the most suitable forex welcome bonuses, as well as some tricks to earn more profits from this kind of bonus program.
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Kinds of forex bonuses
In common, there are 3 mainly kinds of forex bonuses which have many differences: welcome bonus, deposit bonus and lot back bonus.
Welcome bonus: is offered when there is a new registration or account, which is to attract new traders or beginners to work with. With only a little amount (from $30-$50), this kind of bonus is suitable for beginners to have some trials for trading and to get well with the forex market and systems. However, this is also for cheaters who want to take advantage of the program to earn more profits by their tricks, which will be explained more detail in the final part of this article.
Deposit bonus: is subject to the amount of the deposit, which means the more it is deposited, the more bonuses there will be.
Lot back bonus: is a loyalty program, which offers a bonus rebated automatically to the account after each completed transaction. This is the professional traders’ preference as it helps reduce a significant amount of transaction cost.
For example, XM’s spread for the EUR/USD currency is 1.4 pip. Instead of paying the spread of $14 originally, you have to pay only $11 for each EUR/USD as the rebated bonus is $3 for each completed lot.
Top best welcome bonuses
These are top best forex brokers BRKV which have the best welcome bonuses according to the writer’s experience in many years of trading and working with big brokers all over the world:
- XM
- FBS
- FXTM
Among those 3 brokers, XM is considered to be the best forex broker to offer great welcome bonus program and 100% bonus on new deposition.
Standards for choosing the most suitable welcome bonus
These following standards are for choosing the most suitable welcome bonus for each trader:
Reliable brokers:
In general, this standard comes first when choosing any brokers, which makes it safe and convenient for customers to work and trade. Accordingly, XM is highly recommended thanks to its credibility and transparency.
Simple withdrawal conditions
In fact, it is not easy to obtain the forex bonus due to the strict policy concerning to the bonus withdrawal. However, it is still possible to obtain the profits earned from the winning trades, which, of course, have some conditions such as a certain number of completed lots. Followings are the requirements of 3 brokers:
- XM requires only 0.1 completed lot, which is the most minimum number.
- FXTM requires 1 completed lot, which is the second most minimum number.
- FBS has the highest bonus, which is up to $123 (that’s why it is called 123 bonus program ). For each lot, it is up to $3 bonus that you could gain. For example, your profit is $60 after 7 days trading. To withdraw all of this, you have to trade at least 20 lots.
High welcome bonus value
Apparently, the bonus should be as high as possible. FBS has the highest welcome bonus value as mentioned above. Meanwhile, XM and FXTM have the same bonus value ($30), which is also recommended.
Withdrawal possibility
As mentioned before, it requires some conditions to withdraw bonus profits, which are commonly divided into 2 main following kinds:
– Completed lots requirement:
A specific number of completed trading lot is required before it is able to withdraw the bonus profits. Yet, it is noticed that in some cases, the cost for required transactions might be higher than the actual value of the bonus. Thus, consider carefully before trying to obtain the bonus profit, otherwise, it could lead to losses and damages.
– No allowance for direct bonus withdrawal
Knowing the fact that cheaters could thoroughly take advantage of the bonus program, some brokers are so strict that they do not nearly allow traders to withdraw bonus directly such as welcome bonus and deposit bonus.
Low spread or good bonus?
Depending on your trading strategies and type of traders that you should choose whether low spread or good bonus. As a scalper who often has a dramatic amount of transactions, low spread is preferred. As a beginner who is new to the forex market, bonus is significantly useful for trials and experiences. But overall, best trading conditions and brokers’ credibility should be considered the most as they indicate how good a broker is.
Way to cheat welcome bonuses
These are 2 simple ways to take advantage of welcome bonuses to earn some more profits:
- Create as many accounts as possible to obtain as many welcome bonuses as you could. Hedge 2 accounts together to make sure the winning chance by 50% because one account wins and one account loses. This is only with brokers whose conditions are loose.
- Create as many accounts as you could to get more welcome bonuses. Using the high leverage, open really big positions. Hedge other accounts to make winning rate by 50%. As you could see, this method is used with brokers having high leverage.
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