Find the best forex bonus with thousands of forex brokers active in the online trading space, the industry has become a bit oversaturated in recent years. This later forced the platforms to become more competitive – with the goal of standing out from the crowd. In the foreground is the offer of forex bonuses.
In short, forex brokers will offer a registration bonus to those who have yet to open an account. This usually coincides with the deposit bonus, which means that your initial deposit will be increased by a certain percentage. In other cases, you may be offered a no deposit bonus.
If you want to find out what forex bonuses are, how they work and what you need to do to get them – be sure to read our guide to the 10 best Forex bonuses for traders in 2021 .
What is a Forex bonus?
In its most basic form, a forex bonus is simply a promotion offered by brokers as a means of attracting you to their platform. In most cases, the bonus will only be available to those of you who have yet to open an account with the platform in question. While the bonus could cost the broker in the short term, he hopes you will stay on the platform in the long run.
As such, forex bonuses are becoming more plentiful in the online trading universe. In terms of basics, forex bonuses can usually be obtained in one of two forms – a deposit bonus and a no deposit bonus . As for the first, here your first deposit will coincide with a certain percentage, up to a certain amount.
As such, your bonuses are effectively frozen until you meet certain conditions. In the vast majority of cases, parts of your bonus balance will be released as cash that can be withdrawn when you reach a certain trade size. For example, a broker may release 1 GBP from your bonus for every 10,000 XNUMX GBP you trade.
- You get £ 250 bonus funds
- The broker will release £ 1 for every £ 10,000 traded
- £ 10,000 to £ 250 = £ 2.5 million
- As such, you should trade a total of £ 2.5 million to release a full £ 250 and so – withdraw the bonus in full
On the one hand, the minimum trade amount of £ 2.5 million is no less than astronomical – especially considering that the bonus is only £ 250. In this regard, you would be much more likely to meet your bonus goals if:
- Included in Trading Day it places dozens of trades a day
- Use leverage in your stores often
- The sizes of your stores are usually large
🥇 Time limit
If the above conditions were not difficult enough, you should also take into account the time limits that forex bonuses usually come with. This is another tactic used by the platforms to make the bonus payout process even more challenging. In most cases, brokers will give you 30 days to use the bonus funds before they are revoked.
This means that any bonus funds that remain in your account after the expiration date will be removed. If the forex bonus comes with a time limit of less than 30 days, you should probably avoid it.