Welcome bonus, as we all know, is a great way to kick start one’s trading career, which is why it’s essential for beginners to choose a forex broker with a good welcome bonus program in mind. In this article today, I’ll be giving some of my advice regarding this matter as well as bonuses in general.
1. Standards of a good welcome bonus program
To properly choose a broker with a good forex welcome bonus 2018, first let’s take a look at some of the standards that I consider to be necessary to determine the quality of a broker’s bonus programs in general:
- Easy withdrawal conditions
In order to prevent potential exploitations, most best ECN brokers 2018 don’t allow direct bonus withdrawal. However, most of them still allow their traders to withdraw the profits gained from trading with the bonus. Below are the details on some of the top brokers’ withdrawal conditions:
– XM has the easiest withdrawal policies so far. Traders who do business with XM only need to complete 0.1 lot to be able to withdraw bonus profits.
– FXTM’s withdrawal conditions is a little higher, which is 1 lot required for any profit withdrawal.
– FBS has 123 bonus programs, with the maximum welcome bonus being $123. The highest profit that you can withdraw for each lot traded is $3. E.g, for a $60 profit, you’d need to have traded at least 60 lots in order to withdraw all the profits.
- High amount of bonus
Obviously, we’d want our welcome bonuses to be as much as possible. Out of the abovementioned brokers, FBS holds the highest welcome bonus amount which is $123 while XM and FXTM offer relatively the same amount of welcome bonus, which is $30.
- Reliable forex brokers
For beginners, a broker’s trustworthiness might not be that important as they might not stick around that long. However, I’d still consider a broker’s reliability to be rather important. Out of the three brokers that I’ve mentioned, XM has the better services and reliability.
2. Current brokers with the best welcome bonus programs
Having traded with tons of different brokers, I’ve finally got enough experiences to give you a proper advice. The three brokers below are the few brokers that actually have the better services as well as welcome bonus programs comparing to the other brokers out there:
Out of these 3 brokers, XM has the better bonus programs as they also offer a 100% bonus on any new deposition.
3. Other types of bonuses
Welcome bonus is the very first bonus that you could get when you first opened your account, however, there too are other types of bonus programs such as:
Deposit Bonus: This bonus program boosts your deposition by x%. All traders can benefit a lot from this bonus as you can get a significant bonus if you deposit a lot.
Lot back bonus, or Loyalty bonus: this bonus program works by rebating a portion of your transaction back to your account. Most experienced traders prefer this type of bonus program as it significantly reduces the trading costs and can save a lot in the long run.
4. Should we choose brokers with good bonus or low spread?
Most beginners would rather choose a broker for its great bonus program and that’s fine, as the goals for beginners is to master the market and learn all the basics, plus the bonuses do help a lot in reducing the learning costs since beginners obviously are going to lose a lot. However, for your long-term plan, I’d still advise you to stick with the brokers that offer low spread as those brokers often have better services and you can save more money in the long-run this way.
5. TOP 4 GOOD FOREX BONUSES.
- Best welcome bonus – XM: 30$ welcome bonus
- Best welcome bonus – FBS: 50$ welcome bonus
- Best deposit bonus – XM: 100% deposit bonus
- Lot Back Bonuses – Exness reviews: Rebate 2 – 16$ per lot
6. Ways to exploit forex bonus programs
Although exploitations of any kind often be advised against, I’d still want to offer some bonus exploiting methods that I know, should you ever feel the need to use it. There are two methods involving welcome bonus exploiting, both of them involve creating multiple new accounts to exploit the welcome bonus program. The details are as follow:
- Hedge two new account, which basically means letting one account wins and the other one loses in order to keep a win rate of 50% on both accounts. Note: This method should only be used on brokers with easy/loose withdrawal conditions.
- The second method is mostly the same as the first one, plus you’d also need to take advantage of the broker’s high leverages to make even more profits. Note: a broker with high leverages is needed.
For Thai traders, click here for โบรกเกอร์ forex ที่น่าเชื่อถือ