Welcome bonuses, a new concept for beginner traders is considered as leverage to push your career leap. Since, an attractive welcome bonus program plays an important part of beginner traders’ brokers’ selections. This article will discuss not only my thoughts along with my thorough experience, but I also will review some brokers considered to offer favourable welcome programs.
- Present brokers’ the most considerable welcome bonus program
Regarding to my years of experience of trading and dealing with the best forex brokers in the world, my list of ideal brokers with ideal welcome bonuses has been narrowed and focused on only 3 names. They are XM, FBS and FXTM. The details of those listed are below:
Considering among these 3 brokers, my most preferable one is XM. They not only implement a brilliant welcome bonus programs, but their policy offer a bonus on new deposition up to 100%.
- Ideal principle of Forex welcome bonuses
In this article, bonuses are a central topic. I have summarized my personal reference of 3 critical standards when selecting a broker in the view of their bonus programs:
- Conditions of withdrawal are simple
The action of withdrawing bonuses is strictly controlled by numbers of brokers’ policies. In fact, whereas the best welcome bonus forex is not able to be straight withdrawn, you are sure still able to take out your earning profits coming from the trade of the bonus money. Therefore, a minimum number of trading lot requisite is a common condition that applied by many brokers for withdrawing bonuses. The trading lot requirements of the above-mentioned brokers are specified as follow numbers:
XM, which allow traders to withdraw their bonus profits in a condition of completing only 0.1 lot. It is considered as far as the most reasonable withdrawal condition.
The followed broker is FXTM. It asks traders to finish 1 trading lot for the ability of profit withdrawal.
Based on 123 programs, FBS maximizes the welcome bonus up to $123. Hence, for each trading lot, the maximum profit able to withdraw would be $3. For instance, in case that you earned $60 profits for 7 trading days, the minimum of trading lots have been made should be 20 lots in order to meet requirements of withdrawing all profits.
- Great value of welcome bonuses
Understandably, traders expect a high welcome bonuses amount as possible. Among three mentioned brokers, the highest offer is come from FBS, followed by XM and FXTM. While FBS’s welcome bonus amount stretches up to $123, $30 is the amount of welcome bonuses similarly introduced by both XM and FXTM.
- Trusted Forex brokers
For a doubtless trading, a reliable and trusted broker with transparent policies is important. According to my trading experience with various brokers, the highest rank of trustworthy and transparency is XM regarding to my preference.
- Further bonus options
There are various bonus programs, such as Deposit bonus or Lot back bonus that Forex brokers may opt along with welcome bonus. Particularly as below:
- Deposit Bonus: its principle practice accordingly relies on you deposit amount. With this bonus program, the more money you deposit, the more money you can have.
- Lot back bonus/ Loyalty bonus: this program automatically partial refund to your account for every transaction. This is the most preferable program of experts and experienced traders.
For instance, when trading with XM, the difference which is called spread between EUR and USD currency is 1.4 pips. Thence, each completed trading lot would be rebated $3. In other words, instead of paying the original spread amount of $14, each EUR/USD trading transaction only cost you $11.
- Is it possible to really withdraw Forex bonus profits?
In terms of withdrawing Forex bonus profits as discussed recently, a certain policies applied within most brokers accompany to this circumstance. Brokers are apparently implementing two recognised withdrawal conditions.
- Required completion of trading lot
According to my example and illustration in previous section, in brief, the common requirements and condition of bonus withdrawal policies is aimed to force you completing a certain trading lot in case you want to take out the money. In fact, this strategy is a disadvantage for traders as they will have to deposit higher amount of money than the bonus for trading as per required complete transaction.
- Indirect bonus withdrawal
In my own experience in working with number of brokers, most of them strictly control traders’ direct withdrawals bonuses, such as welcome bonus or deposition bonus. The reason of this is that without these controls, the advantages from these circumstances would be taken and exploited by number of cheaters for their own profits.
- Are brokers with good bonus or low spread better selections?
Whereas it is initially believed that brokers with attractive bonus programs outweigh those with low spreads, as traders, we should consider more in long-term strategy. It is crucial to trade in a good trading platform. Hence, the choice of brokers in long-term of yours should be better with those applying low spread or more effective trading conditions. In my own view, for a large trading volume, I prefer and suggest to work with brokers that those reliability and trustworthy are above higher than general expecting standards.
- 4 most attractive Forex Bonuses
According to my personal research conducting about the favourable bonus programs across the top brokers, I have finalised my list narrowing to 4 brokers. In comparison, these brokers offer bonus programs that more attractive and advantage than others. They are listed as below:
- The most ideal welcome bonus is XM which offers $30 welcome bonus
- Other best welcome bonus is from FBS with $50 offer
- Deposit bonus is offered the best by XM with 100% deposit bonus
- Exness Bonus: Rebate 2 – 16$ per lot of Exness7. Exploiting technique for Forex bonus programs
Although it is immoral and dishonourable to use any technique and method for cheating, there are two common and general methods among traders. Both of these techniques draw in a suggestion of creating multiple accounts for utilizing welcome bonuses.
- Hedging with creating two new accounts: with this technique, you have to ensure that one account is on win position and the other one is loosed. This is to retain a win rate of 50%. However, this method is only applicable for brokers who are implementing withdrawal policies of losing.
- Almost similar to the first method, this technique acquires traders to open quite great positions. It aims to take advantage from the high leverages. This is a trick that highly recommends for those brokers with giant leverages.
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