For those who have just put their very first steps into the forex market, there is not any better booster than an impressive welcome bonus program. Consequently, getting along with a broker offering you a satisfying amount of bonus is absolutely plays an important role in your trading career at least in the beginning. My article today is discussing about this matter by which I give some personal thoughts as well as suggestions on top brokers with the most attractive welcome programs.
- Which brokers offer the best welcome bonus programs?
These 3 best forex brokers I am going to list out is considered upon my experience being partner with the best ECN brokers which are:
Within these 3 names I have just mentioned, XM seem to rank the highest position in amount of welcome bonus together with their specific 100% bonus on new deposition.
- What is a good forex welcome bonus?
Besides introducing or recommending you with current brokers with good bonus program, I also would like to point out the factors that any good welcome bonus program should have so that you can look for and decide by yourself which broker is the most suitable one for you:
- Easy withdrawal conditions
As you may know, there is not any broker allowing you to withdraw your amount of bonus and directly transfer it to your bank account. As a matter of fact, you are still able to get your money provided that it is profited from your welcome bonus. Or we can say that you can not take your bonus but you absolutely can take all the profits you earned from it. The most common withdrawal conditions within popular brokers is that you must have completed a certain number of trade lots before you can take your profits. For example:
- In my opinion, XM offer the fairest deal among all which requires traders only 0.1 completed lot so as to withdraw bonus profits.
- Similarly, FXTM require the amount of 1 lot traded.
- Especially FBS offer their traders with a system of 123 bonus programs which reach the maximum value of $123. Their condition is also a bit different from others. The amount of bonus you plan to withdraw depends on the number of lot you traded. For every lot, you can withdraw the maximum profit of $3. In general, if you intend to take your $60 of profit after 7-day of trading, you must have finished at least 20 lots before.
- High value
There is no doubt that all traders want their bonus with value as high as possible. And among those brokers, FBS really stand out regard to the highest value of forex welcome bonus 2018 offered to their traders which is up to $123.
This concern is obviously important. As I said before, a trader may never gain his goals with the broker whom he does not trust completely. That’s why choosing a broker that you feel the most comfortable working with is one of the key to succeed. And for the priority of reliability and transparency, XM seem to be the best candidate.
- Other types of bonus.
In case you have not known, most brokers also offer more particular bonus programs besides common welcome program. For instance, Deposit bonus or Lot back bonus (Loyalty bonus) as below:
- Deposit bonus: This program of bonus simply relies on the amount of money you deposit. The more you put in, the more you get back.
- Lot back bonus (Loyalty bonus): This program is relatively a kind of discounting. For every lot you trade, the system automatically return you an certain amount of money. As we can say, XM’s spread for the EUR/USD currency is 1.4 pip and the discount amount is $3, it only costs you $11 for each trade lot instead of $14 as original price.
- You are able to withdraw your bonus.
Absolutely you can do so as long as you satisfy all the conditions of your broker. Within different withdrawal policies of different brokers, we may easily recognize that there are 2 common policies:
I have explained this matter several times. In general, broker only allow their traders to withdraw the bonus given that they reach the minimum number of traded lot. However, the obstacle of this policy is that traders have to pay an amount of money which is much more than the bonus itself to actually get it back.
There is no way to get your bonus transferred directly to your bank account no matter which broker you are working with. This policy is given due to the fact that cheaters or hackers may use advanced tricks to take advantages from them and make big damage.
- Good bonus or Low spread?
This is also a question which is frequently asked by traders from beginners to professional ones. Obviously, most beginners may go for the brokers with high value bonus. But according to what I’ve mentioned, this program is restricted by policies so it is not as useful as you expected. In my opinion and other experts, low spread is actually the “bonus” which we should go for. Trading with a broker with low spread also means that you are trading with the best conditions. You may see the effect clearly when it comes to work with a large amount of money.
- Top 4 good forex bonuses
I have done a research on my own to compare different top brokers upon the value of the programs they offers. You can see more specific numbers as below:
- Best welcome bonus – XM: $30 welcome bonus.
- Best welcome bonus – FBS: $50 welcome bonus.
- Best deposit bonus – XM: 100% deposit bonus.
- Lot back bonus – Exness Rebate from $2 to $16 per lot.
- Exploiting the programs
I think I do not have to speak out for you to realise that any way of cheating is unacceptable in term of moral. Nevertheless, if you really need to do so, you can reference these 2 methods to take more advantages from the common bonus program.
- Create 2 new accounts and get them hedged by maintaining the win rate of 50%. To achieve that, you just have to let only one account wins and the other lose. However, this method only work for brokers with loose conditions.
- This method is alike to the above one. But you will earn your profits from the leverage that they offer for big investment. Similarly, you need a brokers that offer the leverage as high as possible.