Best forex bonuses programs of forex brokers
best forex bonuses programs of forex brokersStarting the career in the forex trading market, you might wondering how to find a broker with attractive forex bonuses. That is the reason why this article will help you to understand all the aspects relating to forex bonuses as below:
Date: 9/21/2018 5:38:44 AM ( 28 mon ) ... viewed 165 times
1. How many types of forex bonuses are there?
2. What are the disadvantages of each type of forex bonuses?
3. Is it possible to withdraw forex bonuses?
4. Should we choose brokers offering good bonuses or low spread?
5. Which reliable forex brokers offer best forex bonuses?
6. What are the 2 popular bonus cheating ways?
Based on my experience, I recognize that most traders are not particularly fond of forex bonuses because bonuses usually come with many disadvantaged. Nevertheless, a majority of traders still seek for forex bonuses since they want to reduce their trading cost and minimize trading margins. Some traders even hack their bonus program systems to withdraw more profits. In this article, I will provide some exclusive techniques for you to hack these bonuses.
1. How many types of forex bonuses are there?
Basically, there are 3 types of forex bonuses: Welcome bonuses, Deposit bonuses, and Lot Back bonuses.
Welcome bonuses (or non-deposit bonuses) is offered to traders who register for new accounts. Brokers use these bonuses to attract registers from new traders or competitors’ clients, by offering a welcome bonus of 30 – 50 dollars for first time registers. Beginners tend to take advantages of this bonus to testify their trading strategies and observe the broker’s trading conditions. Meanwhile, bonus cheaters would create as many accounts as possible to receive these free bonus to trade and withdraw the profit.
Deposit bonuses is the amount of money you receive when depositing. These bonuses are generated based on the percentage of the deposit amount, for example approximately 20%, 50%, 100% of the total deposit. This bonus type is offered to encourage traders to deposit more or even reactivate their accounts if they have stopped trading for a while. Some brokers offer this bonus program to first-time deposit as well.
Lot back bonuses is a part the loyalty program. After finishing 1 lot/transaction, traders will automatically receive the rebate money in their account, which is depended on their trading currencies, account types, and trading time. This is perhaps the most popular bonus program since it enables professional traders to minimize their transaction cost.
Example: XM’s spread for EUR/USD is 1.4 pip, and they will lot back $3 for each completed trading lot. This means that you only have to pay $11 for each EUR/USD lot instead of $14 as the original spread.
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2. Disadvantages of each bonus type.
Welcome bonuses: It is free, yet free is not always good in forex trading.
● Firstly, $50 is only a small amount of money compared to a trader’s total trading volume. As an investor or a trader, you should have a broader mindset and look for a bigger amount.
● The withdrawal conditions are complicating.
● Most brokers offering welcome bonuses are new ones, who are usually not reliable.
● The withdrawal conditions are extremely complicating.
● Forex bonuses are more likely to be lost when you withdraw your profit.
Lot back bonuses: This bonus type is beneficial if you invest a large amount of money, since they rebate you for each completed trading lot. Usually, it takes quite an amount of time for a trader to finally get some profit in trading.
3. Is it possible to withdraw forex bonus profit?
It depends on the bonus withdrawal conditions:
There are 2 main withdrawal conditions:
● Traders can only withdraw bonuses after completing a certain number of trading lots.
For example: To withdraw $50 bonus, you have to complete at least 10 lots. When you register or deposit in 1 lot, they will send bonuses to your account instantly and let you trade. If you win, you can withdraw the bonus after completing 10 lots.
● Some brokers do not allow traders to withdraw their bonuses but they can withdraw the profit instead.
Certainly, it is much easier if brokers allow traders to withdraw bonus profit without any conditions. As long as a certain number of completed lots is required, it is very difficult to withdraw. In fact, you even have to pay more than the bonus value to complete those required lots.
4. What should we choose, good bonuses or low spread?
From my perspective, forex bonuses are certainly beneficial. However, it should not be regarded as the most important condition to choose a broker. The priority condition is their credibility.
In short, this is my advice for you to choose a good bonus:
1. List down the 5 best brokers that suits you.
2. Choose best forex brokers that offer attractive bonus programs. You can trust their programs since they are reliable brokers.
3. Trade and get bonuses.
5. Top 4 good forex bonuses.
Base on previous procedure, I will list down the 4 best forex bonuses:
● Best welcome bonus: 30$ welcome bonus of XM.
● Best welcome bonus: 50$ welcome bonus of FBS
● Best deposit bonus: 100% deposit bonus of XM
● Lot Back Bonuses: Rebate 2 - 16$ per lot of Exness
6. Two ways to cheat forex bonuses:
To be frank, you can only cheat welcome bonuses. These are the two popular methods:
1. Traders need to create many new accounts to receive welcome bonuses. Then, they need to hedge 2 accounts together - which means making 1 account win and 1 account loss. Therefore, they get a 50% win chance. This cheating way can only be applied to brokers that do not require any conditions for the bonus profit withdraw process.
2. Cheaters need to open many new accounts to get welcome bonuses. By doing this, they can take advantage of the high leverage to open big positions. They should also hedge these accounts with others to ensure that the win rate is 50%. This type of cheaters prefer high leverage brokers.
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