Want to be Rewarded for your Loyalty? Read our Guide to Forex Rewards
Forex trading has become a very popular form of investment for all kinds of people. It can be a very exciting and fulfilling way to spend your time and it is always changing and evolving. There are a number of other reasons for its favorable status and one of these is the variety of other opportunities there are for making a little extra. This can be in the form of free trading cash, prizes, gifts or one of many other welcome rewards. There are a number of bonuses available for anyone interested in Forex trading such as forecast bonuses, rebates, and deposit bonuses. We’ll be taking a look at some of them on other pages but here we’ll be introducing you to Forex rewards.
What are Forex rewards?
Forex rewards are a loyalty program designed to keep customers interested in using a broker’s services. The aim is to keep clients trading and investing money with the broker offering the rewards. The Forex rewards can vary considerably from broker to broker and while they are obviously beneficial for the broker traders can gain a lot as well. They range from cash rebates, commissions, and bonuses to free training courses, one-on-one customer support, and gifts.
|Forex Review & Rating||Highlights||Regulation||Min. Deposit||Bonus||Visit Broker|
|*||Next-generation online CFD trading platform||CYSEC||$100||60%*||Trade!|
|*||$1,000,000 Forex Championship at XM||CYSEC||$5||100%*||Trade!|
|*||Trade 100’s of CFD and Forex products online||FSA||$50||$5,000*||Trade!|
Do all Forex brokers offer rewards?
On the whole, most of the top, licensed, regulated and reputable brokers offer a rewards program for their loyal clients. This type of broker also tends to steer clear of over the top deposit bonuses. Which is understandable, as they already have a loyal clientele and are in no great hurry to add lots of customers and deal with the inevitable problems that always seem to accompany deposit bonuses.
Lower quality and often shady Forex brokers are more inclined to use deposit bonuses as a way of attracting new customers with hefty bonuses and then refuse to allow any withdrawals. This type of broker is not interested in retaining customers and giving them the best trading experience. On the contrary, they only want to take their deposits and do nothing in return. They certainly aren’t interested in offering Forex rewards. Any broker offering amazing deposit bonuses should be treated with caution, especially if they are unregulated.
However, we have to say that the fact a broker is offering an attractive deposit bonus is not a sure fire way of deciding whether they are legitimate or not. We’re just letting you know this is a popular tactic for ripping people off in the world of Forex trading. And just because a broker chooses to offer no rewards or bonuses at all, doesn’t mean it’s a scam operator. There are a number of really well-known and reputable FX brokers that offer no rewards or bonuses at all. They do, however, concentrate on making the trading experience as enjoyable as possible and provide trading conditions that are more than suitable for most retail traders.
How FX rewards work
Forex rewards are accrued as points, either reward points, loyalty points or bonus points. These are redeemed for a variety of prizes, trading cash, deposit bonuses or gifts.The broker will provide all the details of how to earn the points and the type of rewards that are available on their websites. As well as informing traders of how to redeem their points. There are usually a set of terms and conditions, which are subject to change from time to time. So be prepared and keep yourself informed. The rules have to be strictly adhered to and any deviation or failure to meet them will result in the rewards being taken away. Traders have even been known to be banned from participating further and even had their trading accounts closed.
Other types of Forex rewards
There are a number of brokers that offer rewards when opening an account or making an initial deposit and these tend to be electronic items such as smartphones, iPads, and laptops. The deposit will usually have to be more than a couple of hundred dollars, but certain VIP customers who are able to make more sizeable deposits may find they are entitled to claim even bigger gifts.
Is it possible to club together different types of bonuses?
As a general rule of thumb, it is not possible to club together bonuses and rewards. Traders have to choose between one or another type of promotion. There are a few brokers that allow traders to claim a deposit bonus and take part in a loyalty program but the rewards are usually very small. And when you take into account the trading requirements in order to qualify they are very inconsequential.
Are Forex rewards worthy of attention?
Forex rewards are a little different to Forex bonuses, in that there are usually very few restrictions. This makes them perfect for the traders who are interested in making quick withdrawals. Forex rewards are usually given for making deposits and trading which allow traders to redeem their points for cash bonuses that can be used for trading or to withdraw whenever they want.
When it comes to deposit bonuses traders are given the choice of whether they wish to take advantage, but this doesn’t usually work the same for loyalty rewards. It is, however, possible to opt out of a loyalty program should a trader wish to do so, but it is best to discuss this with the individual broker’s customer support. Before you take advantage of any kind of reward scheme we would always advise you to be clear of the requirements, so you avoid getting caught out. And if you don’t want to participate don’t be afraid to let your broker know, as this will avoid any confusion later on down the line.
Are we advising you to take advantage of a loyalty program? In general yes we are because Forex rewards are really quite a good way to get a few extras. It is often the best Forex brokers that offer such rewards and you’re sure to find a broker that provides a loyalty program that will suit your requirements.