TOP BROKERS WITH THE BEST FOREX BONUSES PROGRAM
BRKV - Trading bonus from forex broker is one of the few things that almost all beginners would like to have, which is why today I’m honored to give you a throughout guide of bonuses and ways to cheat the system. Below are the main points of this article:
Types of forex bonuses
Disadvantages of each type of forex bonuses
Bonus withdrawal
Should we choose brokers that offer good bonuses or ones that with low spread
Reliable forex brokers to choose for best forex bonuses
Popular bonus cheating ways
As a matter of fact, a large portion of traders are still skeptical about bonus programs and that’s totally understandable since the bonuses could come with several other downsides as well. However, the majority of traders, especially the beginners, would still like to have bonuses as it greatly reduces their trading costs and minimize the trading margins. For some lesser secured brokers, you could even exploit their bonus programs and directly withdraw profits for yourself.
Read more : Trust in these perfect forex brokers for beginners, huge success in trading forex will wait for you
1. Types of forex bonuses
Basically, there are 3 types of forex bonuses: the welcome bonuses, the deposit bonuses, and the Lot Back bonuses.
Welcome bonuses (or non-deposit bonuses), as its name suggests, are the bonuses that brokers offer to their new clients. This bonus can vary from 30 to 50 dollars and is granted upon completing the registration. Since this bonus is relatively easy to attain, bonus cheaters can exploit this bonus easily by creating tons of accounts and cashing out the bonus. Nonetheless, this is still one of the most basic bonuses there is and also the most efficient bonus for beginners to practice trading and to test the broker’s trading conditions.
Deposit bonuses: are the percentage-based bonuses that is granted once your deposition(s) has made the requirements from the brokers. These requirements can vary from brokers to brokers, however, the most popular deposition requirements are based on your account activity to encourage traders who haven’t traded for quite a while. There’s also the deposit bonus for your first deposition as well, and the bonus itself can vary from 20% to 100% of the total deposition.
Lot back bonuses: are essentially a loyalty program based on your commitment to the broker. For example, whenever you finish a lot or a transaction, your broker will automatically rebate a fixed amount of money into your account. The amounts are largely based on your trading currency, account type and time of trading. This is known to be the most popular bonus program as it’s favored by professional traders to minimize the transaction costs.
For instance:
XM’s spread for EUR/USD is 1.4 pip, and they will lot back $3 for each completed trading lot. It means you only pay $11 for each EUR/USD lot instead of $14 of the original spread.
2. Disadvantages of each bonus type
Welcome bonuses:
The amount of it. You can only get as much as $50 from this bonus which isn’t really that much to look forward to.
Strict policy for withdrawing to prevent potential exploitation.
Mostly new, unreliable brokers offer this kind of bonus.
Deposit bonuses:
Strict withdrawal terms.
When you withdraw your profit, there’s a chance that you won’t get this bonus.
Lot back bonuses:
Not as profitable for small or new traders.
3. Bonus withdrawal
Bonuses are great, but sometimes there’s a wall called the withdrawal policies from the brokers that you just can’t go through. To withdraw bonuses, there’s 2 main conditions for it:
Having completed a certain amount of lot trading
For instance: To withdrawal a $50 bonus, you’d need to have completed trading at least 10 lots. The bonuses obviously are still there in your account if you haven’t completed trading 10 lots, however, to actually withdraw it, you’d need a personal trading history of 10 lot traded or more.
Some brokers straight up don't allow its trader to withdraw bonuses, however, the traders could still withdraw the profit gained from trading with these bonuses.
4. Which should we choose, good bonuses or low spread?
This is quite a tough decision that most traders have to make. In my opinion, it’s quite clear what the right decision here is. When it comes to forex trading, you need to think more about your long-term plans instead of the short, sudden burst in profit, which is why a low-spread broker is obviously more favorable than a broker with good bonuses. After all, bonus is just a cheap way for new, unreliable brokers to lure you into their service.
FOR A MORE DETAILED ARTICLE ABOUT CHOOSING BROKERS ON OUR WEBSITE, CLICK HERE
However, as this article is mainly about bonuses, I’ll be sharing with you my personal advices for choosing a broker with the best bonuses:
List down five brokers which are the most suitable for you
Check out their bonus programs and decide for yourself from which one can you profit the most
Trade and get bonuses.
5. Top reliable brokers to choose from based on their bonus programs
Here’s my personal top best forex brokers with the best bonus programs that I’ve concluded using the aforementioned advice:
Best welcome bonus: $30 welcome bonus - XM
MORE DETAILS ABOUT XM WELCOME BONUS PROGRAM HERE
Best welcome bonus: $50 welcome bonus - FBS.
MORE DETAILS ABOUT FBS WELCOME BONUS PROGRAM HERE
Best deposit bonus: 100% deposit bonus – XM
MORE DETAILS ABOUT XM DEPOSIT BONUS HERE
Lot Back Bonuses: Rebate 2 - $16 per lot - Exness
MORE DETAILS ABOUT EXNESS LOT BACK BONUSES HERE
6. Popular bonus cheating ways
As I have mentioned in the beginning, welcome bonuses are relatively easy to attain as well as to exploit. Currently, there are two popular methods for exploiting the welcome bonuses:
The first one is relatively simple, you need to create multiple accounts to get the welcome bonuses. And the key part is that you have to hedge 2 accounts together, which means letting 1 account wins and letting 1 loses for the 50% trading win rate. Nevertheless, this way of cheating can only be done on brokers with loose security and loose withdrawal policies.
The second way is almost the same as the first one. The first step is also to open as many new accounts as possible to get the welcome bonuses. After that, you need to take advantage of the brokers with high leverages to open big positions. You’d also need to hedge them with the other accounts to make sure that the win rate stays at 50%. Obviously, you’d need a broker with relatively high leverages to successfully perform this exploitation.
All in all, I hope that I’ve offered you some valuable information regarding bonuses. Have fun trading and may you always be resourceful!
Hey there, this is Fanara Filippo. I’m the author of this article and I’m currently collaborating with Brokerreview.net, or BRKV in short. My articles are mainly for forex traders from Thailand, Indonesia, India, Bangladesh, and South Africa.
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