When I just begin my business in forex market, I don’t get much knowledge and experience to get all benefits from brokers. One of the most important policies from brokers for beginners is welcome bonus when beginners start to register new account at their system. Moreover, there are different kinds of bonuses from brokers – welcome bonuses, deposit bonuses and lot back bonuses – but welcome bonuses are more popular and beneficial for traders than other two. To help you avoid that trading beginners don’t miss any helpful things from welcome bonuses, I decided to write this article to clarify all aspects of welcome bonuses. If you have serious concern about welcome bonuses, let’s read until the end of this article for more understanding.
1. What are the current highlighted welcome bonuses?
Since I started to participate in the forex market, I’ve traded with numerous popular brokers. From my experience, there are 3 best forex brokers which offer the best welcome bonuses in forex market. Here is list:
XM => VISIT HERE
FBS => VISIT HERE
FXTM => VISIT HERE
From these 3 brokers as I mentioned above. I am really impressed XM because of not only excellent in their welcome bonus programs, but also offer 100% bonus on new deposition.
2. Notes to choose the best forex welcome bonus
In order to choose a goods forex welcome bonus, my advice for you there is welcome bonus that have to make sure 3 important conditions:
Easy withdrawal conditions
High welcome bonus value
Reliable forex brokers
For withdrawal conditions:
It is so important if we can get an easy withdrawal conditions. As there are a lot of brokers who have very stringent policies related to the way of withdrawing bonus. In point of fact, you can’t actually withdraw your welcome bonus directly. However, you can be assured that you can still withdraw the profits obtained from trading with real bonus money. That’s the reason for why many brokers gave a condition like the minimum lot traded requirement that comes with withdrawing bonus.
Here are a few specific numbers of each featured broker such as XM, FBS or FXTM:
• XM: the broker has conditional withdrawal fairest ever. Traders with XM only need to complete 0.1 lot to be able to withdraw profit.
• FXTM: requires a trading lot to be able to withdraw profit.
• FBS: There are 123 bonus programs in total, meaning you can receive up to $ 123 in cash. Therefore, the highest profit that you can withdraw for each lot is $ 3.
Example: Assume for 7 trading days, you earn $ 60 profit. To withdraw all of your profits, you need to trade at least 20 lots.
For welcome bonus value: In the fact that almost traders need amount of welcome bonus as high as possible. And as you may know while XM and FXTM offer relatively the same amount of welcome bonus which is around $30, FBS offers the highest attainable welcome bonus amount which is $123.
For reliable forex brokers:
In forex market, the reliable of a broker always put in the first position for choosing a broker. Therefore, your broker should always be reliable and has no shady side to it. In my experience XM to be the best in term of reliability and transparency.
All bonuses in forex can be split into groups. Except for the welcome bonus, what are the bonus groups? Click here to learn more.
3. Whether or not we can withdraw forex bonus profits?
My answer is yes. According to my information as above that if you want to withdraw forex bonus profits, most brokers gave certain withdrawal policies regarding to this matter. At the present, I know two known commons withdrawal conditions that most brokers have:
Finished trading lot requirements
Regarding to this issue, I see most brokers require you to have finished at least a certain amount of trading before you can withdraw the bonus. We can call it like “dark point” to this policy. More than that the traders would have to deposit more money than the bonus itself in order to complete the trading lot requirement.
No direct bonus withdrawal
Welcome bonus or deposition bonus is the program that most brokers that I’ve done business with restrict its traders from directly withdrawing. This is also the reason why if they hadn’t done so, tons of scammers and exploiters would’ve taken advantage of the situation and made a profit for themselves.
4. Should we choose brokers with good bonus or low spread?
This is a big question and also the popular question from all trader that I know. Most of them are so hard to choose one instead of two due to both conditions are so attracted. But I think we should be focus on the long term than a good condition in the first time. I don’t mean a good welcome need to remove in this selection because of, as I told you before, a good welcome bonus will bring to a lot of advantages for some brokers. I recommend that you should be choose a brokers with low spread or overall better trading conditions always better in the long-term since essentially. It is also that you can trade with the best trading conditions
Review the spread of brokers here.
5. Two ways to discover forex bonus programs
Here’s the two popular methods, you can use for welcome bonus and get the profit much more than normal:
For loose withdrawal policies: hedge two new account together. This is the way you can get a one wins and the other one loses so you can make sure chance to win up to 50
For broker with high leverages: create new account as much as possible after that you hedge the same as first way, you also need to take advantage of the high leverages to open very big positions.
Weighing the pros and cons, I come to the conclusion that searching for an attractive bonus was difficult, choice bonus program matching their goals even harder, requiring you need to have more knowledge and experience on the forex market. Exercise and try many different forms is the only way to pass the time you can be “seasoned” than in the business process and bring about benefits for yourself.