Trading currency pairs is very exciting and thrilling activity, given that the Forex market never sleeps and abounds in opportunities around the clock. Forex broker companies seem to have adopted that way of conduct and sometimes appear never to sleep themselves. Broker companies are exposed to harsh business conditions, and they try to outdo each other by securing more clients. They introduce many new trading features and conveniences for their customers. They know that giving things for free and rewarding loyal traders are the best promotion and marketing. All the brokers’ websites display various kinds of bonuses which they offer. Broker companies know that many customers register with an account on the merit of a bonus they will get. The most famous bonuses are the welcome and no-deposit bonus, which are highly appreciated since they do not require any investment on the part of the trader. The deposit bonuses are also very popular with regular traders who are always thrilled when a new deposit promotion is approaching. Regarding draw bonuses, they are always exciting and fun. Many Forex broker companies have taken a step forward and included the Forex draw bonus to cheer up their clients.
The Draw Bonus in the Forex Market
The draw bonus has been a part of the reward policy since the beginnings of marketing strategies and the first companies. The draw bonus is simply a game of chance where the winner is picked by random selection. Many Forex companies found it convenient to incorporate this bonus as a reward for their highly respected customers and traders. The draw bonuses come in many shapes and forms and cheer up one of the traders from time to time. Traders love draw bonuses given that they have to do nothing except wait to see if they are going to be the lucky one. Prizes range from additional trading credit to very exotic prizes not related to currency trading at all.
Variety of prizes
As already stated, a draw bonus could include some extra money that is going to be added to your account. Sometimes the extra money can amount to as much as $1,000. The conditions for the withdrawal of the cash bonus are determined by the broker, but they are usually quite simple and not that hard to achieve. Other draw bonuses include regular and VIP tickets for sports events, concerts, vacation trips to exotic destinations, devices, etc. As you can see, draw bonuses can be very attractive.
The Application Process for Draw Bonuses
The usual procedure for a draw bonus is that traders have to be qualified to participate in the draw. Usually, traders are offered a special link over which they join the draw game and sometimes it requires registering with a new account (not always). Most frequently, they are asked to make a deposit of $200, $500, or even $1,000 or $3,000 to be eligible to participate. The deposits will be taken into account only if traders make them during the limited promotion time. The time can vary from a couple of weeks to several months. The traders are often required to trade a certain amount of trading lots (e.g. 10 Standard lots, 15 trading lots, etc.). Sometimes, they are required to contact customer support to apply for the bonus. Other draw bonuses exclude any new deposits, but simply reward some of the traders who have made a deposit in the last two weeks or two months, etc. As with other draw games, the first three or four lucky traders will get rewarded, ranked from the 1st to the 3rd place. Sometimes it is 5 or even 10 traders. Again, it depends on the value of the prize and the broker company’s draw bonus policy.
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Terms and Condition
As we already stated, traders are subject to a kind of qualification, and they have to meet the criteria determined by the broker. As with other bonuses, trader’s activity on the account plays a huge role. Only active traders get a chance to participate. They are willing to invest more and trade more if a possibility of cool prizes awaits them. That is the attitude that brokers appreciate and they give back to these traders in the form of appealing rewards. These traders would probably trade the amount of lots specified by the broker anyway, so they might as well do that with a chance to win a great prize or some extra trading credit.
Are Bonus Draws just a Trick?
Again, the Forex market is highly decentralized and if you did your homework concerning registered, licensed, trustworthy, and professional brokers, then bonus draws you will be offered are for real and are in no manner a trick or fraud. Contrary to this, if your broker is vague and undefined, and constantly confuses you, then chances are big that your broker would engage in a draw bonus fraud and manipulation. Do not let a broker seduce you into signing with them just because they say that you have a chance to win $3,000 if you invest $1,000, while not providing any terms and conditions. There are actually brokers out there who display the information that conditions are unknown. Please, avoid such brokers and always look for brokers with a clear terms and conditions policy, specifying all conditions and criteria for every bonus type they offer.
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This review showed that draw prizes could be extremely attractive, as they include trips to, for example, the Maldives, tickets for sporting events or concerts, with accommodation and travel costs included. This kind of bonus also gives a personal note to the broker-client relationship, where the brokers offer prizes unrelated to trading. The Forex broker can actually help you create some of the best memories of your life. The draw bonus comes with easier conditions to be fulfilled when compared to other bonus types. Many brokers enjoy rewarding loyal and active traders with generous gifts. Traders love draw bonuses for both, the thrill of participation and the appealing prizes. As the Forex market has two sides, unfortunately, there will always be brokers out there who will just try to trick you into depositing money for a shot at a draw bonus (as well as other bonuses) without a real intention to ever reward any of the traders.