Forex is a growing business which has been booming across the whole world. The dynamic market gathers many customers and passionate traders who try their luck every day to make some money out of the small and big changes to the global economy. The bonus system or Forex rewards are a constituent part of the business, and almost all brokers (over 90%) offer bonuses of various kinds to their clients, as rewards for joining the broker, staying with the broker, depositing, etc. There are some regular rewards or bonuses that count to the basic package. Let us see what bonuses we can expect if we join the large Forex community.
Many can’t agree if a Demo account should be considered a bonus or not. Considering the fact that a Demo account is free and that it provides access to many trading features and free educational materials, it definitely can be categorized as a bonus of sorts. It is very common and offered by over 90% of broker companies. The Demo account simulates real market events and represents the most useful learning tool in the entire Forex industry. Moreover, many brokers offer real contest bonuses for Demo account users, who could end up winning some real money. If there is such a promotion by the broker, then the winner is usually the newbie who makes the most correct predictions on currency movements, i.e. who is the best among the newcomers. The bonus money comes in handy to the confused newcomers who can conveniently use it to make their first trades and practice even more after they’ve switched from the Demo to a Live account.
The welcome bonus is a kind of appreciation for newcomers or a welcome gift that should make new traders feel comfortable. Traders simply love this kind of Forex rewards and many decide to sign up with a broker just to get a bonus to trade with. The welcome bonus usually takes the form of trading credit and cannot be withdrawn prior to trading. Also, it can come in two forms, the deposit, and no-deposit bonus form. The no deposit welcome bonus is usually a fixed amount of money like $25, $30, or even $50. Sometimes it is even higher, but that does not occur very often. The deposit welcome bonus is usually given as a percentage and is based on the deposit amount. The welcome bonus can be claimed once, and it probably comes with an expiry date. This means that if you do not claim it within a given period (e.g. three months), you could be left without the bonus. The welcome bonus has become very popular and integrated itself as a part of a standard welcome package.
The No Deposit Bonus
The no deposit bonus is a type of a welcome bonus, given that it is awarded to newcomers and is available once per trader. The no deposit bonus is more than appreciated by customers, who enjoy this bonus more than any other. This bonus is popular because the trader is not obliged to make any deposits and can still make money. Despite the excitement, this bonus comes with several requirements which will be touched upon at the end of this article.
The Deposit Bonus
The deposit bonus differs from the no deposit and welcome bonuses. Regular traders are the target group here. The broker companies, once in a while, will promote a bonus for their loyal, active, and regular customers, traders, and investors, and call it the deposit bonus. The deposit bonus is usually displayed as a percentage. The bonus depends on the deposit amount a trader makes. The deposit bonus can vary from 25% up to 100%. This means that additional 30% or in some cases, 100% of the amount you invested or deposited, will be added to your trading account. For example, if the deposit bonus amounts to 50%, and you deposit $250, then additional $125 will be at your disposal for trading purposes. More experienced traders who know how to use the bonuses to their advantage simply invest larger sums to get a higher amount back from the broker. The long-term traders usually regard the bonuses as part of their trading strategies and they know exactly how to proceed with the bonus. More inexperienced traders are not recommended to copy the experienced traders and should stick to small amounts when trading even if it means getting less bonus money.
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Refer a Friend Bonus
Many brokers include promotions like the Refer a Friend bonus. Usually, you can invite your friends, family members, and acquaintances via the broker’s link and ask them to join the broker’s network. If your friends join over the link, you will get rewarded. This kind of bonus is also calculated in percentage and depends on the number of friends who join and the amount of their deposit(s).
The forecast bonus is not a part of the regular bonus package but it is promoted occasionally by some brokers. This bonus provides for a lot of fun and entertainment. The bonus game refers to a contest among traders who applied to predict prices of specified assets within a limited period (e.g. 10 minutes). These promotions usually last for several weeks, months, or a year. Very popular with the traders, this bonus keeps brining in new customers who are highly entertained by this form of a contest.
The Rebate Bonus
This bonus can sometimes be a real life saver for many traders. It refers to a specified percentage of the deposit that the trader will get back in case of losing trades. In that way, traders do not lose all of their investment money, but just a part. Many traders are fans of this kind of bonus and regularly apply for one to reduce the risk of investment losses.
Bonus Terms and Conditions
Traders need to make sure to have read the Terms and Conditions of every bonus they apply for. Sometimes, the bonuses do not deliver what they promise. For example, the majority of the above-mentioned bonuses require a certain trading volume to be performed before traders are considered eligible to withdraw the bonus. This is very important information, and brokers who have a clear bonus policy will let you know of the requirements. Traders should avoid brokers who do not clearly specify these terms and conditions, because, most probably, they will end up compensating for the bonus through different methods.
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