To properly start your trading career, welcome bonus is among one of the better ways as it gives you a little more funds so that you could practice your trading skills even more. In our article today, I’ll be offering my humble advice regarding brokers and bonuses as well as my experiences on the topic.
Standards of a good welcome bonus program
Having tried lots of different welcome bonus programs, here’s my own standards when it comes to determining a welcome bonus program’s quality:
Easy withdrawal conditions
As a matter of fact, the largest forex brokers don’t allow any form of direct withdrawal of bonuses. However, there are still workarounds such as you could still withdraw the profits gained from trading using the bonus money. To be more specific about this matter, below are some of the withdrawal conditions from 3 brokers that I consider to be quite good:
- XM’s withdrawal condition is quite loose since you only need to complete trading 0.1 lot to be able to withdraw any profits gained from trading.
- FXTM’s withdrawal condition is a little bit higher being 1 lot traded to be able to withdraw any profits gained from trading.
- 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
Since we all care about the amount of bonus that we can get, we’d want it to be as much as possible. As I have mentioned above, FBS has the maximum welcome bonus attainable being $123. XM and FXTM have their welcome bonus programs a little less favorable as they only offer as much as $30 for the total welcome bonus.
Reliable forex brokers
A broker’s reliability as well a trustworthy should always be the first things that come to your mind when you’re first choosing a broker to do business with. However, such things aren’t that important for beginners as beginners only invest ever so little and they only need to have as much trading experiences as possible, which is why it’s more sensible for beginners to ignore these things entirely. But still, I’d still advise all traders to go for a broker with well-known fame and reliability as it often comes with better services. To pick one broker from the best forex brokers BRKV that I’ve mentioned above, I’d say XM offers better services and reliability comparing to the other two.
Current brokers with the best welcome bonus programs
Using the standards above, there are 3 brokers that I consider to be the brokers that offer the best welcome bonuses:
Out of these three brokers, XM is the only broker that also offers 100% deposit bonus.
Other types of bonuses
Beside the welcome bonus, there too are other types of bonus programs that you could consider as well. To name a few more popular ones, there are:
Deposit Bonus: is the bonus program that boost your deposition by x%. This type of bonus program is rather good as you can actually earn a lot of money just by depositing more money into the account.
Lot back bonus, or Loyalty bonus: is the bonus program that works by rebating a certain percentage/amount of your transaction back to your account. The amount is often based on your account’s age so this type of bonus program is more favorable among the experienced traders since it greatly reduces the trading costs.
Should we choose brokers with good bonus or low spread?
If you paid enough attention, I had mentioned something about choosing a broker based on reliability and trustworthy in the first section. It’s relevant now because it’s mostly the same when it comes to choosing a broker based on good bonus programs or low spread. Obviously, beginners aren’t going to invest a lot of money when they’re first getting started so low-spread brokers aren’t that important for them. However, in the long-run, low-spread brokers can save you a lot of money so in my opinion, it’d be wise to start thinking about your long-term plans when you have gathered for yourself enough trading experiences.
5. TOP 4 GOOD FOREX BONUSES.
For a more specific review of various types of forex bonuses, pleases refer to the following links:
- Best welcome bonuses – XM: 30$ welcome bonus
- Best welcome bonuses – FBS: 50$ welcome bonus
- Best deposit bonuses – XM: 100% deposit bonus
- Lot Back Bonuses – Exness: Rebate 2 – 16$ per lot