For beginners, welcome bonuses are regarded as the first steps on the trading platform in forex market. This comparison illustrates that it is extremely vital for beginners to search for a broker with reasonable welcome bonus programs in other to have a fortunate beginning. This article is aimed to help you have an overview of bonus programs and review some of my practical experience about this matter.
1. Brokers with reasonable welcome bonus programs
From my experience, XM, FBS and FXTM are 3 reliable brokers that provide attractive bonus programs. To learn more about these best ECN brokers, check the list below:
Comparing them, I am a bit more fond of XM since both their welcome bonus and new deposit bonus are very beneficial.
2. Forex welcome bonus standards
Below are my personal standards to rate bonus programs of a broker:
- Easy withdrawal conditions
The bonus withdrawal policies are always strict since brokers do not want to be exploited by traders. Consequently, no traders are allowed to withdraw their welcome bonus directly but at least they can take the profits they of trading lots from bonus money. Nevertheless, specific conditions are to be met if traders want to fulfill the task. For example, the policy can be requirement of trading lot numbers. Following are the detail of apparent conditions:
- XM: only 0.1 lot is required lot to withdraw bonus profits.
- FXTM: 1 lot is needed to withdraw profits.
- FBS: 123 bonus programs in total, and you can earn as much as $123 for welcome bonus. Not to mention, the amount of profit you can receive per lot can reach as much as $3.
- Welcome bonus value
It has been noted that high welcome bonus amount are significantly good for traders. Observing three mentioned brokers, FBS is deemed to have the best welcome bonus forex amount of all with $123.
- Reliable forex brokers
Obviously, brokers should reliable and transparent to provide a sense of safety to its traders. Having traded for many years, XM is my top choice when it comes to reliability and transparency ratel.
3. Is it possible to withdraw forex bonus profits?
As I said, withdrawal conditions are compulsory anytime bonus profits are wished to be withdraw. Apparently, there are two withdraw policies that must be followed:
- Lot requirements
For this condition, traders must be able to complete a certain amount of trading lots. This policy can be devastating without traders realizing, since the amount of invested money can exceed the bonus itself.
- No direct bonus withdrawal
Most brokers I have partnered in the past tend to prohibit their traders from withdrawing bonuses directly. Nevertheless, brokers should not be blamed for this since this condition is established to stop cheaters from exploiting brokers. In this field, scammers are scattered everywhere and brokers are forced to defend themselves.
4. Types of bonuses
Other than welcome bonus, many other types of bonus programs are also provided such as Deposit bonus or Lot back bonus (Loyalty bonus). To explain:
Deposit Bonus is the bonus that add up based on your deposit amount. In short, deposit more and you will earn more bonus.
Lot back bonus (or Loyalty bonus) is the professionals’ cup of tea since it will rebate a portion of every transaction into their account.
5. TOP 4 GOOD FOREX BONUSES.
After conducting a research among the best forex brokers 2019, I figured out the top 4 brokers with attractive bonus programs as below:
- XM: 30$ welcome bonus
- FBS: 50$ welcome bonus
- XM: 100% deposit bonus
- Exness bonus: Rebate 2 – 16$ per lot
6. Should we choose brokers with good bonus or low spread?
Good bonus programs are usually regarded as the better feature comparing to low spreads. However, it should be kept in mind that brokers with low spread and good trading conditions are always the best brokers to do business in the long run.
7. Ways to exploit forex bonus programs
According to the ethical standards, certainly traders are expected to be honest and avoid cheating under any circumstances. However, in case you are really in need, here are two popular cheating methods for welcome bonus programs:
- Hedge two accounts that are newly created. Hedging means making one account win and letting the other lose to produce a 50% win rate. Brokers with loose withdrawal policies would be suitable for this method.
- This method is basically similar to the last one. However, you need to use the high leverages of brokers to open big positions. This method would need a broker with high leverages.