Something for Nothing, or the Best Thing Since Sliced Bread? The Best Forex Bonuses.
We all like to receive something for nothing, and now you’re entering the world of Forex trading there is something that is sure to catch your eye. Forex bonus offers will be coming at you left, right and centre, and you’ll soon find yourself confused about which way to turn. If you’re one of these people, or you’re simply looking for more information and trying to find the best Forex bonus, we are about to help you, and you really don’t have to worry, because finding a top Forex bonus isn’t as hard as it seems. Keep reading for our guide to choosing Forex bonus brokers, and tips to help you decide whether they are an option you want to take advantage of.
A brief introduction to Forex broker bonuses
We have to be honest here and tell you that Forex bonuses aren’t the money-for-nothing offer they initially seem to be; but that being said, they are still an avenue worth exploring, whether you are new to Forex trading, or a more experienced trader. Basically, a Forex bonus is a promotion that is designed to attract new customers, or to keep existing clients interested in a service. A Forex broker’s bonus is the same as many other promotions or special offers you may have seen offered by a number of other businesses and service providers, such as gambling sites, sports betting sites, and even on TV and in magazines. It often comes free of charge, but don’t be fooled into thinking there are no terms and conditions. We will always recommend that anyone considering taking advantage of a bonus spends some time carefully reading these terms and conditions, as these are often what trip people up. Each bonus offered will be unique and only apply to a certain broker, trading platform, or type of customer, and is in no way transferable. Bonuses can generally be classified into three different groups:
- Welcome bonuses – These are quite possibly the most popular type of Forex bonus, and are solely aimed at new customers. They can only be used once, and are not available for customers who have already registered and signed up with a particular Forex broker. They include welcome bonuses, sign-up bonuses, and special offers for newcomers. In order to qualify for this type of bonus, you must be a new customer. In other words, you must never have registered, signed up, or traded with the site that is offering the bonus.
- Regular bonuses – This type of bonus is designed with the existing customer in mind, and is designed to keep a client interested in trading with a Forex broker they are already trading with. We think these are some of the best Forex bonuses available, as they enable loyal customers to take advantage of certain privileges or extras that are not normally available to other traders. As with all types of bonus, they do come with certain terms and conditions, but these aren’t generally as onerous as those attached to welcome bonuses.
- Third-party bonuses – There are a number of different types included in this group of Forex bonuses, but they always involve a third party acting between the broker and the trader.
Now we’ve classified bonuses into three main groups, let’s look at some of the different bonuses available…
Different types of Forex bonus available
Forex bonuses come in all shapes and sizes, and you’re sure to find the best Forex bonus for you amongst them. We can’t possibly tell you which is the right one for you, though, as it is a very personal decision. We will, however, give you all the relevant details so that you can make an informed decision. We’ll also be bringing you news of the latest and the best Forex bonuses as part of our Forex broker reviews, so you can stay abreast of what is available. We can say in general that newcomers to the world of Forex trading will get the most from welcome bonuses, while more experienced traders will benefit more from regular bonuses. You are likely to encounter one or more of the following Forex bonus offers:
- Welcome bonus – This could be a bonus that requires no deposit, or one that requires funds being added to an account. It is a once-only offer, and only new customers are eligible to apply. Spend some time looking at various online Forex trading sites, and this is the type of offer that is possibly going to stand out the most. However, we should point out that not every Forex broker feels the need to offer such a promotion.
- No-deposit bonus – This is possibly second in line to the most popular bonus a trader will be looking to take advantage of. And again, it will be the one that features at the front of any online trading site. This particular Forex broker bonus is once again aimed at new customers. As the name implies, no deposit is required in order to take advantage, but you usually have to be a new customer; which of course means you get to start trading straight away, before risking any of your own money. We should point out, however, that there are usually some very hefty terms and conditions attached to such an offer, and it is very unlikely you’ll be able to make a withdrawal until they have been met.
- Deposit bonus – This requires a trader to make an investment from their own pocket before being able to access such a reward. If you see a mention of this type of bonus on an online broker’s website, it will usually be expressed as a percentage, rather than a monetary sum. Say, for example, the minimum deposit requirement for a certain type of trading account is $50, and the deposit bonus offer is 50%. After making your initial deposit of $50, your trading account will be topped up with an additional $25, which means you’ve got $75 in total to trade with.
- Refer a friend – This is one of the most popular third-party Forex bonuses available. The promotion takes the form of a reward, which could be a certain amount of trading money or a percentage amount. It requires a trader to refer a friend to the same broker. The reward isn’t given straight away, but is dependent on the friend opening a trading account and depositing some funds.
- Loyalty bonuses – These vary immensely across the range of different brokers, and also depending on a client’s experience and trading history. They can take the form of trading cash bonuses, free trades, the services of a personal account manager, one-on-one training, and a whole host of other benefits.
- Demo account – While not strictly a bonus, we like to include this as it gives new traders the opportunity to practise trading without risking any real money. Most online Forex brokers offer this sort of account, and it is certainly something we always look out for when writing our Forex broker reviews. The only downside to this type of bonus is that it will never make any profit; but on the other hand, it will never lose any of your money.
- Forex contests – These are really a recent addition to the world of Forex trading, but they are often available for traders with either real or demo accounts. There can be real cash prizes, or other prizes such as iPhones, holidays, or even a car, and a host of other useful items.
There are also a number of other types of bonuses, such as the following:
- Volume bonuses – These are offered to high-volume traders, often in the form of a cash-back.
- Freebies – These could be free training courses, ebooks, webinars, and other educational material.
- Rewards – These are different bonuses that are given as a reward for meeting certain requirements.
- Rebates – These usually take the form of cash bonuses for trading.
- Forecast bonuses – This type of bonus is awarded to a trader who makes the closest prediction.
- Draw bonuses – Prizes are given by holding a draw.
As you can now appreciate there are a number of different ways in which you can earn a top Forex bonus. Some of them require traders to do something, while some require a deposit of funds into a trading account. There are other bonuses that have no specific requirements in order to receive the bonus, but there will be conditions attached if you want to make a withdrawal. You may be wondering how you can find all these interesting bonuses. Well, let’s give you some tips on how…
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How to find the best Forex bonus
There’s nothing to feel bashful about. Wanting to know about all the best deals and how you can find them in the future is only natural. This is one of the reasons we created this site: to keep all our visitors informed and up to date with all that is good in the world of Forex trading, which includes lots of useful reviews, guides on different ways of trading, an introduction to the different types of Forex broker, useful tools to use to your advantage, and all the latest Forex bonus offers. So let’s see if we can help you with some useful tips, aside from reading what we’ve got to say:
- Don’t just use your current trading platform for trading. Visit some of the other pages such as Forex broker news and special promotions.
- Type “best Forex bonus” or “top forex bonus” into your favourite search engine and you’ll be directed to hundreds of Forex bonus brokers. We would, however, only advise you to choose bonuses from reputable and reliable online Forex trading providers.
- Read a selection of Forex broker reviews, and that includes those that we feature. There is usually a section of the review that covers bonuses, and you could well find something that suits you.
- Sign up and participate in some of the many Forex forums, as this is a great place to share other traders’ experiences. You’ll hear about some of the bonuses other traders have taken advantage of, as well as how they work and how to make the best use of them.
- Ask fellow traders for their help, but we would only recommend that you take the advice of experienced traders.
We have to say that there is a lot to be said for taking advantage of the best Forex bonuses, and every trader should seriously consider them. Whether you’re a novice or a more experienced trader, there are a lot of ways you can benefit from the gifts, promotions, special offers and bonuses offered by many Forex brokers today. You should cleverly prepare your trading strategy before that. There is a downside, however, which it is only fair to inform you of before we finish…
The downside of Forex bonus offers
If you spend any length of time reading about Forex trading online, a subject that is regularly touched upon is problems with Forex bonuses. There are plenty of traders who find the time to make comments about the terms and conditions nearly always attached to various bonuses. A common problem seems to be withdrawing the bonus funds, and the fact that more often than not it is impossible. Bonus funds can generally only be withdrawn after a certain volume of trades has been filled, which means that the only real advantage of a bonus is the increased leverage it brings. The trading volume is usually rather large, and there is often a time limit. So, if you aren’t planning to trade on a regular basis, and are really only dabbling in the Forex market, you might be better off giving any kind of bonus a wide berth.
Our advice is to always carefully read the terms and conditions before signing up for a trading account and accepting the bonus, and never choose a Forex broker based solely on the bonuses on offer. It is certainly one good reason to pick a Forex broker, but there are a number of other factors to take into consideration.
That being said, there is still a place in the Forex trading world for bonuses, and they are in no way a bad thing. Just remember that the Forex world doesn’t have streets paved with gold, and you should never let your common sense fly out the window. Hone your skills, be a disciplined trader, and you’re sure to enjoy a level of success.