Understand the Forex Draw Bonus and its Requirements

Over the years, forex brokers have been offering different types of bonuses to grab the minimum clients. Forex draw bonus one type of bonus or tricks to get attention from prospective traders. If you have enough idea on different types of forex bonuses, you may already know about deposit, no deposit, welcome bonus, and more. However, draw bonuses are a relatively new addition to the bonus category.

Regardless of your relevant expertise, you can easily understand draw bonus. Therefore, we will discuss forex draw bonuses, their working procedure, and the forex trading platforms you need to work on earning draw bonuses.

Definition of Forex Draw Bonus

Forex draw bonus is a unique way to provide some gift to the traders as an appreciation. However, the broker doesn't provide draw bonuses to all. Only a few lucky traders get the bonus. Usually, one or two persons get selected or even three sometimes to get the draw bonus.

Basically, you will need to join a contest to earn a draw bonus. Unlike other bonuses or contests, draw bonuses don't require showing your trading skills. You may guess a few information or make a certain trade to be eligible to get a draw bonus. It is a kind of lottery to taste your luck.

Working Procedure

As we have mentioned above, that forex draw bonus is basically a type of lottery. To participate in the draw bonus contest, you will need to provide, name mainly and will have to fulfill some requirements. After you accomplish all the requirements, the system will randomly pick a person upon fulfilling the requirements (we will discuss the requirements later in this article).

However, brokers may arrange to draw bonus contests frequently or once a month and offer a variety of prizes. The prizes may include cash, gifts, smartphones, tablets, etc. Sometimes brokers may hold a draw bonus on any special occasion. If any broker offers multiple draw bonuses, they might keep the same rules change the rules.

Requirements to get a Forex draw bonus

To become eligible for a draw bonus, you will require to meet different regular and ordinary requirements.

But the question is, what type of requirements do you need?

Well, it mainly depends on the broker, but the following are the common requirements your need to participate in a draw bonus contest.

• Firstly, you need to be an active trader on that particular broker. Hence you will need to register officially and provide all the necessary info while registering with the broker. However, you may need to verify your phone or email for successful registration. Some brokers may ask for bank details to complete the registration.
• Once the registration is successful, you will need to select a trading account for further steps. The account will serve as your payment methods, initial deposit, withdrawal info, etc.
• Next, you will require to set the primary account and deposit money. However, the broker may also offer deposit bonuses too. However, if the deposit bonus is offered, you may be eligible to earn two bonuses simultaneously, one from the deposit, and another from the forex draw bonus.
• Your consent is necessary to participate in the draw bonus competition. Therefore, if you don't provide consent now, one can register automatically in competition. So, it is evident that you will have to register yourself in the first place to participate in the draw bonus contest. Typically, FX brokers, send out the bidding offer to all the active traders to know their opinion if they want to participate in the draw bonus competition.
• Once the random lottery takes place, the broker will inform the winners about the pick and reward them. Brokers may ask the winner about delivery details if it is different than your registered address. And finally, the winner will get the reward. However, if the award is cash price, you mat get it deposited into your trading account.

Always watch the forex draws when you register with a broker. Since participating in the forex draw will not cost you any money you can easily join the competition without hesitation. However, registering with the best forex broker to participate in the contest smoothly.

Ways to find the best draw bonuses

The bonuses are highly correlated to the brokers, and there are numerous factors to consider when you go for a broker. You can try to find out the top 10 forex brokers, and they go for the draw bonus brokers. Apart from this option, you will also need to consider the commissions, customer service, spreads, offer assets, instruments reputation of the broker, training facilities, and so on. Comparing these factors with different forex broker reviews will definitely land you the best forex draw bonus.

Is it Possible to Withdraw the Forex Bonus Draws?

We will say yes and no. Because, it is up to broker, they can comprise their own policy on that. Each broker contains its own rules. Hence, withdrawal of the draw bonus depends on the individual broker's policy. Some brokers may allow you to withdraw, while some may forward the bonus to the trading account and allows you to trade. Nevertheless, you are the winner either way.

Final Words

Whether you really are a novice trader or even the most experienced one, a forex draw bonus is always a blessing as you are getting some free money. Besides, it also indicates that the broker values your trading, and you are making quite a buzz in the forex trading industry. Hopefully, this guideline enhanced your knowledge of draw bonuses.