WHAT DECIDES THE BEST FOREX WELCOME BONUSES?
Welcome bonuses at the moment are absolutely huge support for beginners. However, while some look for the best forex welcome bonuses, some are looking for the other, such as low spread or proper regulations. Whatever you are looking for, welcome bonuses still get a place on the list.
In the article today, I would like to share some of my experience in choosing the most suitable welcome bonus programs. It’s worth a read no matter how long you worked in the forex industry.
Before coming to anything specific like the list or standards, I would like you to uncover some facts and situations that you might bump into while studying welcome bonus programs.
A. Low spread or welcome bonuses?
Many people prefer an excellent bonus policy than spreads. However, spread sometimes play the role of transaction cost, especially for short-term investors, so-called scalpers. Low spread rate in general, along with warm trading conditions can assist traders more than welcome bonuses. At least, bonuses can last forever but spread comes stable.
However, welcome bonuses are the better choice if you test brokers in short days. Welcome bonuses can let you trade free at a certain point. At least, you don’t have to pay until you make up your mind about a broker.
To find the top 5 forex brokers in the world, neither low spreads nor bonuses is the deciding factor. You can read more about qualifications here.
B, Possibility of withdrawal?
There are some terms and conditions applied when you get the bonus. Some of them are
- Trading lot requirements
Traders must complete a certain lot as required by brokers before thinking of withdrawal. Not many brokers let you withdraw bonus money, but many permit you to take profit from trading the bonuses.
You read the term, and you think you can do it. But many people failed. They tended to invest more than the bonus to win the terms.
- No withdrawal
To avoid cheaters and exploiters in the forex market, some brokers tighten principle in bonus withdrawal. Some do not allow you to get your hand on. In case you try to withdraw, the bonuses are born with the purpose of motivating customers.
C, Bonuses cheating?
It is hard to break the terms, but I do not mean there are no ways to do it. Some cheaters can fix the situation by:
- Creating two accounts and trade. Try to maintain the win rate is 50% and pretend one of two win the other. You just won the requirement in lot trading.
- You register as many accounts as you need and open a dominant position at last. Using high leverage to hedge the other accounts.
2. Best brokers of welcome bonuses
Regarding welcome bonuses, many brokers offer attractive programs. However, I recommend three brokers below because of their policy and value they introduce for beginners
Among them, XM is my most favorite suggestion. XM doesn’t stop at welcome bonuses. It impresses traders by 100% rate of deposit bonuses at the same time.
3. Qualifications of good brokers regarding welcome bonuses.
As I said, the best welcome bonuses are good at the start, but in the long run, they are invaluable. Brokers for welcome bonuses cannot be the same as the broker you want to trade long-term with. Such as:
To the best for you, the broker you trade with shouldn’t hide anything from its customers. I suggest all of profile and operation should be published and no scams reports are found. They are reliable so that they can guarantee your bonus.
In prestige, I would like to thumb up to XM. It is the most reliable in the list just by ten years of operation in the field.
- Terms and conditions
Brokers can set up strong terms for the withdrawal. And like what I mentioned, several brokers won’t let you withdraw the bonuses, but they give you chances to take profit provided you trade. However, it doesn’t mean you can go easy with any conditions they said. Good brokers will provide you with clear instructions and reasonable terms to follow. No matter how hard the terms could be, you must know clearly and decide if you can solve the situation:
- XM still comes up the top about terms and conditions. In three of my recommendation, XM request only 0.1 lot trading completion.
- FXTM comes next just because it desires more: 1 lot trading completion. However, that requirement appears natural in general.
- FBS launches many bonuses programs, 123. And the maximum traders can be gifted is $123, maximum profit for each successful transaction reach up to $3. However, FBS allow customers to withdraw at least $60 of benefit, that means traders must at least 20 lots.
- Bonus value
Value of bonus come no less critical than other factors. If you can win bonus and withdraw bonuses, the more valued bonus is welcomed. Speaking of it, FBS is offering the highest: $123. XM and FXTM come after with only $30.
In conclusions, there is no single fixed thing which helps you to decide the largest forex brokers regarding welcome bonuses. There are more standards and more aspects to see. Choosing what brokers depends on your plan in forex, besides. Let’s be wise and stay decisive in attractive programs.