Forex Brokers Bonuses Types and the Forex Bonus to Consider
A Forex bonus usually does not add value to a broker, but traders may see the forex brokers bonuses as value addition while choosing a broker. However, if you aim to start forex trading online, you may try signing up with brokers that offer forex bonuses. Whenever you research suitable forex brokers, you may prioritize free bonus forex. However, this can be unknown to many traders.
However, there are some criteria to find the best forex brokers, that offer fresh forex bonus for all types of traders. Although forex brokers bonuses are not a feature of a broker, having bonuses will definitely attract the traders. It is a tricks or way to appeal the novice traders initially. Brokers usually offer multiple bonuses for their new and existing brokers. However, it is mainly for the newly signed-up users.
Being said that, we will provide you a deep analysis of all types of forex bonuses so that you can sign up according to the benefits. Besides, we will also explain on searching different bonus types and how to avail the forex bonuses.
What is a Forex bonus?
A FX bonus is nothing but a way to compensate the traders by the forex brokers. Whenever a person opens an account with a certain broker, the broker usually offers a welcome bonus by offering some monetary reduction while trading.
However, we have an easy way to explain it, let’s get into deeper. Whenever you trade, you need to pay some fees and charges to the broker in terms of commissions or leverages.
While calculate the currency pair prices those expenses are excluded. Whether you lose or gain on your trading, you must have to pay those incurred fees.
Initially, the brokers with forex bonuses provide you with some virtual balance that helps you to pay the charges and commissions. Ultimately the broker is paying for you. This virtual amount is called a FX bonus.
How does a Forex bonus work?
Usually, brokers use various ways to provide fresh forex bonus to their clients. For example, some broker may offer bonuses while opening the account for the first time and deposit a certain amount afterwards. Getting bonus through this process is usually entitled as forex deposit bonus.
However, some traders offer bonuses once they complete a trade. These are usually known as a rebate, which credits a certain amount in your account.
For the free bonus forex brokers who offer bonuses after deposit, they may take time until your account is ready to make any trading. On the other hand, whoever offers a post-trading bonus, may add the bonus fund after successful trading regardless of your profit or loss.
Further, you may withdraw or transfer the forex bonus after successful trading. Usually, free bonus forex works one time only unless the broker offers you multiple installments of bonuses.
How to find the broker with the best forex bonus?
Finding the top 10 forex brokers with bonuses is a hell of work as there are hundreds of brokers out there. Besides, the mesmerizing offerings from a different broker are enough to make a trader confused. That is why we did your job and brought out some outstanding forex trading platforms. Here is how we have found them.
Step 1: Check the regulations and licensing
The foremost step is going through the regulatory status of the broker. Different regulatory authorities have different rules for the forex with bonus. So, it is necessary to understand the regulations and licenses.
So, we have checked the specific broker’s regulatory status and how the authority defines them. Sometimes geographic location can affect the free bonus forex brokers. We have taken that into consideration too. After considering the location, relevant legislations, terms, and conditions imposed by the regulatory bodies, we sorted out the best forex brokers bonuses. After that, we headed to the next step.
Step 2: Analyze the forex bonus offerings
To pick the best forex bonuses, we researched and analyzed all the offerings by different forex brokers. Then sort out the best offering and check their feasibility with the offerings. Besides, we continuously inspect the details on the official website as well as check with different forex broker reviews.
During the process, we also focus on forecast bonuses, trading contests, forex rebates bonus draws, forex deposit bonuses, and more. After analyzing all those conditions, we make the final list which is to class.
Step 3: Customer support
This is the last step to find the free bonus forex brokers. While using the forex brokers, facing any technical issues is normal, and it is sometimes inevitable. In that case, proper and prompt customer support can be your savior. With that note, we carefully checked the customer support’s condition through extensive research and checked the forex broker reviews online.
While checking the customer support, we considered the response time, availability, languages, and the knowledge of the support’s representatives.
After completing all these three steps, we finally came to the decision to list the best forex broker in the world that offers reasonable bonuses.
Types of Forex Bonuses you can avail
While looking for the forex with bonus, professional traders may encounter different types of offers. It has been seen that traders get confused when they are presented multiple offerings. As a result, they end up with some ridicules forex with bonus.
That is why we have accumulated all the forex broker bonuses to provide a brief idea about all the available bonuses in the market. Let’s find those bonuses.
Whenever a trader signs up with a broker and makes a deposit, usually brokers credit some money into the account. This is called a welcome bonus as you are getting it for a first-time deposit. On the other hand, it is also signified as a forex deposit bonus too.
How much bonus you will get depends on the terms and condition as well as your deposit amount. Usually, the welcome bonuses are expressed as a percentage. The percentage is calculated on the size of your deposit. For instance, if your account is entitled to a 25% fresh forex bonus, you will receive exactly your deposit amount. If you deposit $1000, you will surely get $250 as your welcome bonus. So, you will have $1250 total in your account initially. However, you cannot withdraw all the money immediately.
You will need to initiate trade with all the money, and then you can withdraw if you make any profit out of that trading. Besides, it is not mandatory to trade all at once. You can make the trading part by part too. But in that case, you can only withdraw after you use all of your forex bonus money.
No Deposit Forex Bonus
The forex brokers market is highly competitive, and brokers always compete with each other to gain more clients. As a result, some brokers outrageously offer some crazy stuff, such as no deposit forex bonus. While the regular forex bonus needs some deposit, no deposit forex bonus does not require any sort of deposit. So, you will get the bonus without depositing or investing any money.
However, this may sound fishy, and you may think of them as scammers. But the truth is these are not a scammer. Since you are not investing any real money, you should not be worried.
Usually, brokers offer this kind of bonuses to entice trust and eventually attract more customers. With this type of forex with bonus, you can make trading without depositing a penny. However, there are some rules about withdrawing the earning from the no deposit forex bonuses. And the rules entirely depend on the respective broker. There is no universal rule for that. So, you will have to make sure you check out the rules and understand them properly before signing up with any free bonus forex brokers.
No deposit forex bonus is a great way to understand a broker properly as well as step into the forex world. Both experienced and newbies may find this useful.
Forex Deposit Bonuses
It is another form of welcome bonuses. However, sometimes brokers may offer bonuses on some amount of deposit. It can be one time or every time you make any deposit.
Usually, forex deposit bonuses work in two ways:
- Offer bonus on initial deposit which we have discussed earlier as the welcome bonus.
- Brokers offer bonuses on several deposits. For example, after providing a bonus on the first deposit, brokers may also offer a bonus on the second or third deposit.
- Brokers also offer a bonus if someone deposits a certain amount.
For example, the respective broker may offer a certain percentage of bonus on a $3000 deposit. They may offer a 15% deposit on a deposit of $3000 or above anytime. So, if you deposit $3000, you will get a $450 bonus. However, everything depends on the broker and its policies.
So, you will need to know the policies of the broker if you see this kind of offerings. This is the way you can embrace forex brokers bonuses as per your requirements.
Forex Trading Contests
Forex trading contests are different from other bonuses we have mentioned above. It is usually for the existing clients. And sometimes it may require staying a significant time with them. So, a new sign-up or a very new account holder may not participate in the contest.
The contest allows traders to compete against each other to trade more to earn money. Through the contests traders gets engaged to the platform. Contests are beneficial for both traders and brokers. Traders can get the opportunity to earn extra on top of their regular profit. On the other hand, brokers earn money from the incurred fees and commissions.
However, contests may have rules to participate such as minimum trading, the duration of the contest, the currencies you can trade, etc. The rules completely depend on the underlying broker. So, if you want to join any such contest to earn some fresh forex bonus, make sure you understand the rules because you may get disqualified too if you don’t follow the rules.
Whatever the rules are, the ultimate goal is to earn the biggest profit, as the most profit generator wins the contest.
Forex Demo Contests
It is another form of forex trading contest, but it doesn’t require any real money. Moreover, it is like testing a trader’s trading skill. To participate in a demo contest, a trader will need to open a demo account and then join the contents.
No real money is involved in the forex demo contest. Moreover, you will be trading with virtual money provided by the broker. It will help the traders in two ways. Firstly, traders can sharpen up their trading skills, and secondly, a trader can get an in-depth idea about the broker.
Although there is no real money involved with the forex demo contest, the winner can walk away with real money as a form of free bonus forex. The demo contest is really helpful for the new traders as they can learn through real trading at the same time they get the opportunity to earn money with no investment.
However, for this type of content trader’s priority, it should be gaining knowledge on forex instead of earning money.
Forex Draw Bonus
The forex draws bonus is more like a reward policy rather than any kind of fresh forex bonus. In other words, you can call it a lottery because the broker will randomly select a trader to award the bonus. Therefore, you need to be an active client to get the draw bonus. The active client may need to meet some criteria to be eligible for the bonus, such as trading amount, account age, trading volumes, and more.
It is actually done to motivate the traders and a nice way to reward a loyal trader. Nevertheless, traders just need to continue their regular trading and wait for the announcement. Winning a prize can be added to the account as an extra income. Besides, the trader will not have anything to lose.
Prizes may vary from broker to broker. Sometimes it can be exotic prizes not related to any currency. Moreover, it can be some sort of money too that will be credited into your account. As a trader, you should not accept draw bonuses from all types of brokers. But it would be great if your broker offers this.
Since the name will get picked randomly, you have nothing to do except continue your regular trading.
Forex Forecast Bonus
Unlike other best forex bonus where actual trading is involved, the forex forecast bonus is like a quiz test. It is a contest organized by the broker in which the trader will answer some questions and win the price if they become correct.
However, questions do not include any theoretical questions or something that you can study and attend the quiz. The quiz will be based on real trading experience, such as predicting a currency movement or comment on any future outbreak.
A trader must need to have the analytical skill and extensive knowledge of forex. Therefore, active traders and market watchers can do well in forecast bonus competition. Once a trader enters the contest, they will need to guess the actual forecast to maximize the earning possibilities. You will not get the result right away as the broker will need to wait to see the actual result in the market.
If anyone failed to guess the forecast correctly, the closest person might win the forex bonus. If there is more than one winner, the broker will distribute the bonus equally.
Forex Rebate Bonus
A rebate is actually a partial refund when you buy something. In the case of forex, the forex rebate bonus offers cashback on your trading. You can get the cashback percentage-wise. For example, if your broker offers a 25% rebate on your trade and you trade $200 worth of money, you will get a cashback of $100 regardless of your profit or loss. However, the percentage and which trade will get you a rebate will be decided by the broker.
Sometimes brokers offer rebate promotions that are applied on losses only. Therefore, you will receive a certain percentage on your trading if your transaction incurs any losses. You may need to follow some terms to get the rebate from your trading.
You must need a real active account and regular trading activity to earn a rebate bonus. Some traders may try to apply the rebate through trading with demo account. However, trading with a demo account will not be eligible to get a rebate bonus.
So, we will suggest you check any specific terms and conditions before signing up with a broker that offers a rebate bonus.
Forex Refer a Friend Bonus
It is a good old tradition in marketing, but an effective one. The idea is simple; you will refer a friend via a unique link or id. Then if your friend opens an account with that forex broker, you will earn a referral bonus. However, only opening the account will not land you the referral bonus. Whoever you refer, they will need to deposit some money. After that you may check the eligibility status with your broker top earn bonus by referring someone.
However, you may receive the referral bonus in terms of other incentives too. The incentive may include some percentage of the first deposit or a fixed amount on each successful refer.
Sometimes brokers may also offer a forex bonus to the person who refers and also the new trader who opened the account. Though this you getting some extra money for free without any investment.
Sometimes, brokers may offer a recurring bonus too. This means you will receive some amount of money every time your referred traded deposit money on his account. However, you may not find this facility in forex industry.
The brokers should have proper rules on referring. So, it will be great if the trader checks out all the terms and conditions in advance.
Forex Rewards Bonus
While we did our research, we have seen that many brokers offer reward bonuses. The reward bonuses can be earned from different activities, such as opening a new account with the broker or doing regular trading.
Usually, reward bonuses do not have any direct monetary value. They are calculated as points, and whenever your account reaches a certain point, you can redeem them in terms of gifts such as tablets, smartphones, and other stuff offered by your broker.
Forex reward bonuses are really great for the new traders as they earn points while learning. Further, you don’t need to calculate the points as the system will calculate and let you check the forex bonus.
Forex reward bonus is a slow process as some brokers offer fewer points than you deserve. But, if you are an active trader, you may become eligible to collect your reward points early. For your information, rewards points can never be used for trading.
Therefore, you will have to invest actual money to keep on your yarding activities, which will eventually get you some reward bonus.
Processes to get the Best Forex Bonus
It is difficult to provide you any universal answer to this question. It all depends on the type of bonus you want to claim. For example, the welcome bonus requires you to deposit some money before claiming the forex bonus. No deposit bonus needs you to trade as much as possible. Forex deposit bonus requires a deposit on a different account.
So, all types of bonuses have different conditions for each writer. Therefore, it would be best if you see the conditions beforehand and get acquainted with them before you go to the signup stage.
Restrictions on Forex Bonuses
Some country’s regulatory bodies do not allow forex brokers bonuses. Therefore, you may see a broker offering bonuses in a country while the same broker does not offer a forex bonus in other countries. So, it is mandatory to check the regulatory policy according to your location.
However, checking each broker one by one can be a difficult task. You can check out the best forex brokers we have listed to make your list even shorter.
Which Geographic Location does not Allow Forex Bonuses?
The greater European Economic Area (EEA) does not allow its broker to offer any kind of bonuses. So, any trader from EEA will not be able to take any benefits of forex bonuses. However, bonuses were available before 2018.
The European Securities and Markets Authority imposed MiFID II for all the European brokers. According to the MiFID, brokers cannot offer any kind of bonus or incentives to it’s brokers.
If you are located in one of those locations where the forex bonus is legal, we must say you are lucky. Forex brokers bonuses provide a great opportunity to the traders to earn some extra money on top of the regular forex income. But it is essential to know what type of forex with bonus you want to avail of or the type of bonuses that are easy for you to claim.
Everything we have mentioned here is the outcome of a comprehensive. This brief yet ultimate guide will definitely make you have a grasp on forex bonuses.