Bonuses, commonly, are attractive with most people, even forex traders. Especially in forex market, welcome bonuses are really useful for beginners to get familiar to the forex system and have experience through many trades. Thus, this article provides some best welcome bonus forex 2018 and also suggests how to choose the most suitable broker for each trader.
- Kinds of forex bonuses
In general, there are 3 kinds of forex bonuses: Welcome bonus, Deposit bonus and Lot back bonus, which have some differences:
Welcome bonus: a program which offers $30-$50 bonus to new traders who have new registration. These bonuses are for trading and to make beginners familiar to the forex market and trading systems. This also attracts cheaters and exploiters who make use of the program to obtain more profits.
Deposit bonus: a program which offers an amount of bonus based on the amount of deposition. The more you deposit, the more the bonuses you will get.
Lot back bonus: also known as loyalty program. Each completed lot/ transaction will give a bonus rebated automatically to the account. This is preferred by the experts or experienced traders since it could reduce transaction cost dramatically.
For example, XM’s spread for the EUR/USD currency is 1.4 pips. Meanwhile, the rebated amount is $3 after each completed trading lot, which means you have to pay $11 for each EUR/USD lot, instead of $14 of the original spread.
- Top best welcome bonuses
Following the writer’s experience in forex trading and the incorporation with some big brokers, this is 3 of the top 5 forex brokers in the world which have the best welcome bonuses:
As recommended, XM has the best welcome bonus, which offers 100% bonus on new deposition.
- Standards for best forex welcome bonuses
These standards below are to choose the best welcome bonuses:
It is commonly safe and convenient for customers to work and trade with large and reliable brokers. They often have the best services with good conditions and excellent trading system. Among the 3 brokers listed above, XM is the largest and most reliable forex brokers to start working with.
Easy withdrawal conditions
The fact is that it is too difficult to gain the bonus profits as the bonus withdrawal conditions are so strict. Nevertheless, it is able to gain the profits after winning trades using these bonuses and thus, there are also some conditions such as a certain number of completed lots. Below are the requirements of 3 brokers:
- XM requires the most minimum number: 0.1 completed trading lot
- FXTM requires more: 1 completed trading lot
- FBS, whereas, has the highest bonus value (up to $123). This is also called the 123 bonus program. Each completed lot gives up to $3 bonus. For example, you have earned $30 after a few days trading. Then you are required to complete at least 10 lots after obtaining the rest of the profits.
High value of welcome bonus
As it is shown above, all those brokers offer great welcome bonus with the highest value of FBS ($123) and the acceptable value of XM and FXTM (about $30). Therefore, welcome bonus value should be high and worth obtaining.
- Withdrawal possibility
Due to the strict policy and the difficult conditions for withdrawing, these are 2 common conditions:
– Complete certain lots before gaining the profits:
Though it requires a number of completed trading lots before the withdrawal, it still has negative effects in some cases. Sometimes, you are asked to complete certain completed transactions, whose cost might probably be much higher than the actual value of those bonuses. This unreasonable thing should be considered carefully before you strive to obtain any kind of bonus.
– Direct bonus withdrawal is not allowed
As the cheaters and exploiters often make use of bonus program to earn more profits and make the forex market imbalance, most brokers are strict and determined to restrict traders from withdrawing bonus directly. This could be understood as there are more and more cheaters who might be the risks for the forex system.
- Should it be low spread or good bonus?
Subject to the type of traders and your trading strategies that you should choose whether low spread or good bonus brokers. But above all, the credibility and transparency of a broker is the most considerable for our long-term plan. It would be much better and safer to work with large and reliable brokers which have the best services and excellent supports. However, the low spread is often suitable for those traders who have many transactions in a short time or have long-term trading plan. Whereas, good bonuses are for beginners who are new to forex system and want to get well with the forex market, try their strategies or even learn to get profits.
- How to cheat forex welcome bonuses
In common, these are 2 main methods to cheat the forex bonuses which are only applied for welcome bonuses, please notice carefully before implementing:
- Open or create as many new accounts as possible to gain the welcome bonuses. Then hedge 2 accounts together and make 1 account win and 1 account lose, which means the winning chance is 50%. This can only be used if you are working with brokers who have loose withdrawal policy or allow you to withdraw bonus profit without any conditions.
- Create many new accounts if possible to gain the welcome bonuses. Then, make use of the high leverage to open the big positions. Hedge them with other ledger to get the winning chance by 50%. This can mostly be used with high leverage brokers.
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