Building a career in the forex trading market from scratch, you might struggling to find a broker with the best forex bonuses. Therefore, this article is aimed to help you understand all the related aspects of forex bonuses, such as:
- How many types of forex bonuses are there?
- What are the disadvantages of each type of forex bonuses?
- Is it possible to withdraw forex bonuses?
- Should we choose brokers offering good bonuses or low spread?
- Which reliable forex brokers offer best forex bonuses?
- What are the 2 popular bonus cheating ways?
From my observation, I acknowledge that most traders are not particularly fond of forex bonuses since bonuses usually brings many disadvantages. Nevertheless, a large number of traders still search for brokers offering bonuses since they want to reduce their trading cost and minimize their trading margins. In some cases, traders even hack their bonus program systems to withdraw more profits. In this article, I will also provide some useful tips for you to hack these bonuses easily.
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 bonuses for traders who register new accounts. These bonuses are used to attract registrations from new traders, which includes an amount of 30 – 50 dollars for first time registerers. Beginners should take advantages of this bonus type to test their trading methods and the broker’s trading conditions. On the other hand, bonus cheaters would create as many accounts as possible to get these free bonus and withdraw the profit.
Deposit bonuses is the bonus you receive when depositing. These bonuses are calculated according to the percentage of your deposit amount, for instance, 20%, 50%, 100% of the total deposit. This purpose of this bonus type is to encourage more deposits from traders. In some cases, this bonus program is offered to first-time deposit as well.
Lot back bonuses is a part the loyalty program. Traders will automatically receive the rebate money in their account after finishing 1 lot/transaction. The amount of rebate depends on their trading currencies, account types, and trading time. This is perhaps the most popular bonus program since it allows 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.
Disadvantages of each bonus type.
- To be frank, $50 is nothing compared to a trader’s total trading volume. As a trader, you should have a broader mindset and expect a bigger amount of bonus.
- Complex withdrawal conditions.
- Most welcome bonuses are offered by new brokers, which are unreliable.
- Extremely complicating withdrawal conditions.
- Withdraw profits can lead to the lost of forex bonuses.
Lot back bonuses:
- Only beneficial if you invest a large amount of money, since they rebate you for each completed trading lot.
- It takes very long for a trader to finally get some profit in trading.
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 $50 bonus, you have to complete at least 10 lots. When you register or deposit in 1 lot, they will send bonuses to your account instantly and let you trade. If you win, you can withdraw the bonus after completing 10 lots.
- In some cases, traders are not allowed to withdraw their bonuses but they can withdraw the profit instead.
Obviously, it would be beneficial if the best forex brokers BRKV allow traders to withdraw bonus profit without any conditions required. As long as a certain number of completed lots is demanded, it is very difficult to withdraw.
What should we choose, good bonuses or low spread?
From my perspective, forex bonuses are certainly beneficial. However, traders should keep in mind that the priority condition to choose a broker is their credibility.
In short, this is my advice for you to choose a good bonus:
- List down the 5 best brokers that suits you.
- Choose best forex brokers that offer attractive bonus programs. You can trust their programs since they are reliable brokers.
- Trade and get bonuses.
Top 4 good forex bonuses.
Base on previous procedure, I will list down the 4 best forex bonuses:
- Best welcome bonus: 30$ welcome bonus of XM
- Best welcome bonus: 50$ welcome bonus of FBS
- Best deposit bonus: 100% deposit bonus of XM
- Exness reviews: Rebate 2 – 16$
Two ways to cheat forex bonuses:
To be honest, you can only cheat welcome bonuses. These are the two popular strategies:
- Create many new accounts to receive welcome bonuses from brokers. Then, you need to hedge 2 accounts together – which means making 1 account win and 1 account loss. By doing this, you can get a 50% win chance. However, this can only be applied to brokers that do not require any conditions for the bonus profit withdraw process.
- Open many new accounts to get welcome bonuses. Then, you can take advantage of the high leverage to open bigger positions. You should also hedge these accounts with others to ensure that the win rate is 50%. High leverage brokers would be beneficial for you if you apply this method.