The traders don’t aim to get welcome bonuses in the long run but sometimes welcome bonus forex 2018 is a motivational way to begin with your trading forex career, so it’s rather important to choose a broker with best welcome bonus programs. This article is given to share my experience and reviews of some brokers with the best forex welcome bonuses.
- Three remarkable brokers with the best welcome bonus program
I spent many years trading with several brokers. And I know who is reliable or not, who has good welcome bonus programs or not. So, I will make a list of 3 brokers that you can trade with and trust in. More details can be viewed as follows:
Out of these 3 brokers, I prefer trading with XM because they have good welcome bonus programs. They also offer a 100% bonus on new deposition.
There are no hidden fees or commissions, and 99.35% of orders will be completed in less than 1 second.
When trading with XM, you deposit only $5 and get $30 non-deposit bonus. In addition, there are no hidden terms and conditions, the bonus is just automatically credited to the account.
- Three typical standards of good forex welcome bonuses
Choosing a broker with good welcome bonuses is worth of considering. This will have positive or negative effects on your later career of trading. 3 standards should be carefully taken into considerations as follows:
– Easy withdrawal conditions
Several strict policies will be implemented to the act of withdrawing bonus by brokers. As a result, you can’t withdraw your welcome bonus directly. But the good news is you can still withdraw the profits gained from trading with the bonus money. Brokers often have some certain conditions that are accompanied by withdrawing bonus such as the minimum lot traded requirement. Here is some detailed information:
- XM has the fairest and easiest withdrawal condition. The traders who do business with XM only need to complete 0.1 lot to withdraw bonus profits.
- FXTM comes second with the requirement of 1 lot traded to withdraw profits.
- FBS has 123 bonus programs with the welcome bonus maximum of $123. The highest profit that you can withdraw for each lot traded is $3. For example: If you get $60 profits from 7 days of trading, you’d need to have traded at least 20 lots.
– High welcome bonus value
I believe that any traders also want to get a high rate of welcome bonus. In 3 brokers I’ve mentioned in part 2, FBS is highly appreciated because it offers $123 of welcome bonus amount while XM and FXTM offer relatively the same amount of welcome bonus which is around $30.
– Reliable forex brokers
Trading with a reliable broker is an essential and compulsory condition for any traders. Reliable brokers will promote a win – win cooperation with traders. After trading with several brokers, I strongly believe that XM is number one in terms of their reliability and transparency.
- Two ways to exploit forex bonus programs
It isn’t good to use any kinds of cheating way. I don’t intend to encourage you to use these ways to steal money from other accounts. However, if you feel curious about this, I’m ready to share two popular ways with you. Keep in mind that both of them are involved in creating multiple accounts to exploit the welcome bonus program:
– The first step is to hedge two newly created account. This means that you have to allow one account win and the other one will lose in order to maintain a winning rate of 50%. This way of cheating can only be used for the brokers with loose and easy withdrawal policies.
– This way is not that dissimilar to the first one, but in this way, you also need to take advantage of the high leverages to open very big positions. For this method of cheating, a broker with high leverages is advised.
- Top 4 good forex bonuses
I have chance to work and trade with a lot of brokers offering good bonus programs and I know them like the back of my hand. So far, I’ve narrowed the list down to 4 brokers with good bonus programs comparing to other brokers
- Best welcome bonus – XM: 30$ welcome bonus
- Best welcome bonus – FBS: 50$ welcome bonus
- Best deposit bonus – XM: 100% deposit bonus
- Lot Back Bonuses – Exness reviews: Rebate 2 – 16$ per lot
- 5. Other types of bonuses
Beside welcome bonus, several forex brokers also offer many different bonus programs such as Deposit bonus or Lot back bonus (Loyalty bonus). Here are details:
Deposit Bonus is based entirely on your deposition amount. You can get more money from this bonus simply by depositing more money.
Lot back bonus (or Loyalty bonus) is the bonus program that most professional and experienced traders prefer because the program automatically rebates a portion of your every transaction to your account.
For example: XM’s spread for the EUR/USD currency is 1.4 pip and the rebate amount are $3 for each trading lot completed. This means that you only need to pay $11 for each EUR/USD lot instead of the whole $14 of the original spread.
- Should we choose brokers with good bonus or low spread?
It seems better if you choose brokers with the good bonus programs than the lowest spread forex brokers. Not really! As a trader, you need to take our long-term plan into consideration with a lot of standards: trading strategies, credibility, target…
In fact, Brokers with low spread are always better in the long run, because you’re always trading with the best trading conditions when joining those brokers. A broker’s credibility is the most important element because I often have to deal with large amounts of money.
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