Forex is a highly dynamic and interesting market by its very definition, and it seems that new methods to keep the traders interested and engaged are being invented on a daily basis. One of the latest thrills that amuse many customers are forecast bonuses or bets they place on a particular trading asset and wait for the results. Forex is a market of speculation in its core, and all the additional speculating activities are just added to spice up the trades a little bit more. The gambling element plays a particular role in the forecast promotions. Many traders find it extremely exciting to give their predictions on different trades and hope for their forecast to be the final outcome.
How Does the Forecast Bonus Work?
The Forex Forecast is a real contest where you compete against other traders who are registered with the same broker for a specified prize. The name of the bonus reveals already what the bonus is about, namely about predicting market prices. The contest consists of predicting a certain asset price in a specified period, which could be a week, a day, a month, etc. The winner is the person who predicts the price of the asset by the expiry time. If nobody manages to predict the exact price, then the prize goes to the person who was the closest to naming the actual price. It is pretty simple and easy to understand concept, and traders enjoy participating in this type of a contest a lot.
Demo Forecast Contest
In addition to the forecast bonus, many brokers provide for a contest among new traders who do not have a live account yet. Demo account users participate in contests where the winner is the trader with the best trading results. He or she gets rewarded for their correct forecasts. Even if they trade in a virtual setting and under simulated market conditions, the money they win is real.
Forecast Bonus Rewards
The rewards and prizes come in different forms and shapes. First of all, the majority of brokers provide cash prizes as a forecast bonus, but this is not necessarily the only prize form. Some brokers offer a percentage of the total prize money according to how close your prediction was and the number of traders who made the same prediction as you. Very few brokers provide material prizes, but still, some do, like iPads, laptops, cell phones, etc.
Forecast Bonus Requirements and Conditions
As every bonus type, this bonus also involves some requirements on the part of the contestant or the trader. The first condition is to be registered with the broker who promotes a forecast bonus. If a trader is still on a Demo account with the same broker, unfortunately, they cannot participate in the contest unless they open a live account (unless it is a special competition for Demo users). To participate in the contest, traders have to have made at least one deposit. What is important here is to take into consideration that a minimum deposit amount will be required and traders have to deposit that exact amount or more. Also, you need to provide your payment method and the currency of your choice. The above-given requirements are general requirements, but traders also have to separately apply to participate in the contest. The broker usually provides an application form to be completed, and in most cases, it can be found on the broker’s website in the bonus section. Read the requirements and criteria related to the forecast bonus, fill out the form, and apply.
Usually, the promotion is advertised on the broker’s website and offers a separate link via which you can join. The contest is usually limited to a few months or a year and can be run on a weekly basis.
Top Forex Forecast Bonus Brokers
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Forecast bonuses consist of predicting future prices of assets but to get a clear idea what it looks like, we will list a couple of examples. For example, some brokers offer the so-called fundamental analysis contest where the contestants are obliged to choose a news item concerning exchange rates and predict the exchange rate of the relevant currency pair in the following ten minutes. Will it go up or down after certain information has been released in the news? Your prediction has to be accompanied by a relevant explanation justifying your prediction. Usually, only one prediction can be made per news release, and it has to be submitted two minutes before the news. This kind of contest may reward three, five, or ten most successful contestants. Some brokers do not have further withdrawal requirements. As soon as the winner is known, they are allowed to withdraw the prize money immediately if they wish. There are also some contests meant just for newcomers, like a recent broker’s Facebook contest, where newcomers have to predict an asset price in USD in the Facebook comment section. The reward is $50, and to be eligible for participation, traders have to like their Facebook page. articipants have to predict a specified asset price at the beginning of the week and provide a specific price, like 2.45376 USD, whereby one comment is allowed per participant in one day. If two individuals guessed the correct price, or at least guessed the same price closest to the actual price, the contestant who posted a comment first wins the prize money. These examples are an indication that the forecast bonus contests can apply to any kind of price movement, and that brokers have really interesting and innovative offers.
More Forex Brokers Bonuses
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The Forex forecast bonus is a special kind of bonus that appeals to a high number of regular traders as well as newcomers. What is noticeable about this bonus is that it has fewer requirements than regular bonuses. It seems that the Forex broker companies really make an effort to keep the market entertaining with the various promo offers, including different forecast bonuses. Again, traders have to make sure to be registered with a professional and acknowledged broker in order to avoid falling victim to scammers and their bonus schemes which are just aimed at taking traders’ money. Nevertheless, many traders have a lot of fun with these contests if they work with the right broker.