Forex Bonuses for Traders

Forex trading bonuses can provide great incentives to traders who are looking for the best broker.

Basically, a forex bonus is a promotion that brokers offer to entice new clients to their platform. Bonuses may also be given to already registered clients. In most cases, the bonus will only be available to prospective clients who have not yet opened an account with the broker.

The different types of forex bonuses

As already mentioned, a forex bonus is a regular promotion that is given to a new client or an existing and already registered client. The only thing that new clients need to do is register with the broker, but some bonuses require you to make a deposit.

These are some of the different types of forex bonuses:

Deposit bonus

A deposit bonus is the most popular type of bonus offered by online forex brokers. This bonus is related to the deposits made and is usually available for all clients. The broker will match traders’ deposits by a certain percentage, and they can start trading as soon as the bonus is credited.

For example, if a trader claims a 50% deposit bonus and makes a deposit of $200 then he/she will have $300 in his/her account to trade with.

No deposit bonus

A no deposit bonus is usually given to new clients and a deposit is not required. Basically, new clients are given money by the broker to make their first trades. This bonus is considered to be the best forex bonus type as traders are not risking any of their funds, but they can still trade and even make a profit.

However, while this bonus type might sound appealing at first, traders need to consider the terms and conditions. The rules may differ between different brokers but generally traders cannot withdraw profits earned from the bonus until they make a deposit first. The minimum amount of the deposit is often equal to the bonus. Therefore, if a trader receives $50, they must deposit at least $50 before they can withdraw any profits.

A no deposit bonus can attract new traders to test the trading environment of the broker and they can learn how to trade. Traders who prefer demo trading learn to trade in a simulated environment but a forex no deposit bonus applies to a live trading account, which means that new traders can learn how to trade without making a deposit. In most cases, traders will lose their bonus, but the experience gained is invaluable.

New traders with a real intention to learn how to trade will make a deposit to continue their trading journey. While the main use of any bonus incentive is to attract new traders, with most being first-time clients, existing clients can also benefit from a free bonus.

Welcome bonus

The welcome bonus is given only to new clients who have never had an account. A welcome bonus can be either a no deposit bonus, or an ordinary deposit bonus. This usually depends on the broker’s policy.

Marketing campaigns for a welcome bonus target traders who are willing to make higher initial deposits. In other words, they are used to persuade new clients to commit a greater initial deposit than they had planned.

Special VIP bonus

Brokers will reward active traders with some of the special bonuses for loyal clients. Traders need to have been with their broker for some time in order to claim this type of bonus. To claim a VIP bonus, they need to create a VIP account to apply for this bonus. VIP bonuses usually provide lots of benefits.

How to find the best forex trading bonus

Finding the best forex bonus isn’t always easy, especially when there isn’t enough information online. Regardless of the appeal of a certain bonus, you need to bear in mind that choosing the right broker is most important. Do your research, gather your information and compare bonuses. Then open a trading account with an online brokerage that you believe is honest and offers an easy-to-use platform and additional features as well as attractive bonuses. Choosing a reliable forex broker should come first, no matter how good the bonuses are. A bonus should be considered as a secondary benefit and not a priority.

DISCLAIMER: This information is not considered as investment advice or an investment recommendation, but is instead a marketing communication.

Location: United Kingdom

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