All You Need to Know about Forex Trading Bonus
For many, forex bonuses are one of the many factors to consider before choosing a forex broker. Although this should not be the most important criteria for selecting a broker, it is essential to know what bonus incentives a broker offers to make the most appropriate choice.
Brokers offer bonuses to attract more clients and retain them for the longer term. You can make bonuses work for you, and the type of bonus you chose should meet your needs.
What is a forex bonus?
A bonus is an incentive that brokers give for opening an account or making a deposit. This could be a fixed sum or a percentage of the deposited amount.
Brokers offer bonuses to encourage you to trade. This is often a welcome idea for new traders who cannot afford to trade with their cash yet. The bonus gives them the soft landing to practice their skills and grow their accounts.
These bonuses can be withdrawn, although different brokers have conditions for withdrawals. The requirements vary from specific trade volume to frequency of deposits, down to the ability to grow the account to a specific amount of capital.
Not every bonus is in cash. Some bonuses come in the form of access to training platforms to upscale your knowledge base and sharpen your skill.
Benefits of forex bonuses?
Forex bonuses can give you the much-needed boost for a more profitable trading experience. Here are some of the things that forex bonuses will do for you:
- It gives a platform to new traders unwilling to risk their own money.
- The no deposit bonus helps you check out what a broker has to offer before deciding to trade with them.
- The bonus can augment your capital and help you to build your account.
- Bonuses give you learning opportunities to learn about the market.
Types of forex bonuses
The types of bonuses that brokers offer include:
#1 No deposit bonus
This type of bonus is ideal for new traders who are not yet satisfied with their trading expertise and are not willing to trade with their own money. This is a broker’s way of drawing new traders to their platform.
No deposit bonus is the tradable bonus brokers offer to encourage you to trade with them. You qualify for this bonus when you sign up with the broker, and it doesn’t require that you make a deposit. FBS offers an exciting no-deposit forex bonus that allows you to trade and make a real profit.
#2 Deposit bonus
The deposit bonus is a bonus that brokers offer when you sign up with them and make a deposit. This bonus may be a fixed amount or a percentage of your deposit. This can be a great opportunity, especially if the broker offers up to a 100% match.
This bonus is not automatically withdrawable. You would need to trade with it a couple of times before you can withdraw it.
#3 Volume Bonus
Bonuses are not just for inexperienced traders. If you know your onions, you can benefit from brokers who offer volume bonuses. These bonuses are cashback rewards for the volume of trades you make.
#4 Reward Bonus
As the name implies, this bonus is given when you complete specific tasks or meet certain requirements. They are often in the form of upgrade courses, trading materials, or books to grow your knowledge base.
Most forex brokers offer one or more of these bonuses. Ensure to read through the terms and conditions to maximize the benefits and learn how to lay claims to the bonuses.
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