Are You Feeling Lucky? Maybe It’s Time to Consider a Forex Draw Bonus
You’re probably wondering what we’re talking about, and we really can’t blame you, as Forex draw bonuses are a pretty new thing. You’ve already encountered a number of other types of Forex bonus such as no-deposit and deposit, as well as a welcome bonus. The draw bonus is a relative newcomer, but is increasing in popularity very rapidly, and that’s not too surprising. Forex draws offer traders a unique opportunity to win a range of prizes or free trading cash. This type of Forex bonus isn’t usually available to everyone; in fact, you will have to be invited to join. But if you’re one of the lucky few there is a great chance that you’ll be entitled to claim some free cash for your trading account, and maybe even win some amazing gifts.
How does a Forex draw bonus work?
A Forex draw bonus is quite simply a lottery. Basically, names are put into a hat and a winner drawn at random. There is no skill involved, and entry requires no special knowledge, but it could be beneficial to be enjoying a run of good luck. Not all Forex brokers offer this type of bonus, but those that do will operate with different rules and regulations, and be offering all kinds of prizes. There are also going to be brokers who run draw bonus offers on a regular basis, and those that introduce them to mark special occasions, such as the Olympic Games, or a significant company anniversary.
As we’ve already mentioned, a Forex bonus draw is really just a type of lottery. Once a trader has met all the relevant terms and conditions, their name will be entered into the draw. When the final draw is made the winner or winners will receive a prize. The prizes could be trading cash, gifts such as iPads or smartphones, holidays or vouchers. When writing our Forex broker reviews, we will be sure to mention whether any of the brokers are running such promotions.
A Forex draw bonus is slightly different from the usual types of bonus such as Forex deposit bonuses. A client doesn’t have to be a new customer in order to take part, as long as their account has been verified and a number of other factors complied with. One of these may be the need to hold a certain amount of capital in a trading account for a minimum length of time.
What are the special requirements attached to a Forex draw bonus?
Terms and conditions or requirements will differ from broker to broker, but some are more common than others. Here are just a few examples:
- In order to participate in Forex draws it is very likely that the account-opening procedure will have to be completed; and that doesn’t just mean filling out the online application form, but verifying your account details as well.
- Just registering with an online Forex broker won’t be sufficient. You will need to complete the account-opening process including choosing payment methods, picking the base currency, and deciding on the type of account.
- Many will require a deposit to be made into your trading account, and some may ask that you start trading.
- Entry into the prize draw will not be automatic – you will need to express your willingness to participate. As you complete the account-opening process, it is likely that the broker will inform you of any draws taking place.
- Any cash prizes won will be credited to an account, but other prizes such as smartphones or tablets will require a delivery address.
Is withdrawal of a Forex draw bonus possible?
The answer to this question will depend on individual brokers, as each has their own rules and regulations. Some brokers will have no issues with a trader wanting to withdraw any kind of bonus freely, while there are others that attach very strict terms and conditions to their bonuses. These could be the requirement to trade a specified number or value of lots, deposit a certain amount of money into a trading account, be a verified account holder, or a number of other factors. We would always advise traders to check with their broker for the relevant terms and conditions. While we will try to keep you informed of all the latest bonuses and their associated conditions, it is not always possible, because they can change at a moment’s notice.
Bonuses are often the root cause of broker–client disputes
When we were doing our research, it soon became apparent that bonuses are fraught with danger. On the surface, they may seem like a great idea, but underneath there are some very expensive pitfalls. Bonuses and their terms and conditions are often the cause of some very disgruntled comments you can read online from unhappy clients. It has also been known for some rather shady Forex brokers to offer amazing Forex draws, and then hold out on any client withdrawal requests.
When compared to other types of bonus, Forex draws tend to be problem-free, and they are usually easier to take advantage of because there will be fewer restrictions. A trader, will, however, need to have a verified account, and invest a certain amount of money. The most difficult problem a trader is likely to have is finding the best Forex draw to participate in, so let’s see if we can help…
Tips for finding the best Forex draw bonus
There are a number of things you should consider before choosing a particular Forex broker. Aside from the fact that there are some great bonuses, it is also important to consider trading platforms, minimum deposit requirements, customer service, spreads, commissions, tradeable assets, reputation, and customer testimonials. Only if you exercise due diligence will you reduce your chances of being ripped off by an unscrupulous Forex broker.
If you get the opportunity to take part in a Forex draw, we’d have to say “Go for it”; especially if you have already met the requirements, as what is there to lose? And you never know, it might be your lucky day.