Online forex trading is blossoming as more people are getting to know the new way of working from home. Forex brokers compete for more forex traders promising amazing offers and rewards, while we, forex traders, try to figure out which broker is worth trying and which bonus sounds the best.
Secrets of Forex Brokers Bonus Revealed
After choosing the forex broker, another factor you should check out is broker promotions. Many forex brokers offer "First Deposit Bonus" or a welcome bonus. The idea behind the first deposit bonus is simple – generally, but not always, the welcome bonus comes in the form of percentage matches on deposits.
What does that mean? You create an account with a forex broker, fund your account and get free bonus. The amount of free bonus is based on your deposited sum, for example, if you deposited $100 and your forex broker gives away 50% bonus – you get free $50. Your account will instantly have $150.
So, as I said, as forex trading gets more and more popular and competition between forex brokers increases, forex brokers are becoming increasingly creative and generous in an effort to attract new traders. This can become a priority for many forex traders over a lot of other criteria.
Before getting all excited about the idea of getting easy money before even trading, you should review and understand the bonus requirements. In this world nothing comes easy and free. There is always a trap. So what can be a trap with free forex bonus?
Free bonus has requirements and rules that you should always review on your forex broker website. These requirements and rules come in a form of withdrawal restrictions. Basically, once you get the bonus you will have to execute a certain amount of trading before you can withdraw your free bonus. I strongly suggest checking bonus requirements before you get one. You can always ask your forex broker not to give you the bonus. Thanks for freedom of speech and choice!!
For example, a bonus requirement might sound like this: in order to withdraw your free bonus you are required to execute a minimum trading volume of 10,000 lot of every $1 bonus. Meaning that for $50 bonus you will have to make lots of trading!
Again, before you deposit a single dollar, I cannot emphasize enough just how IMPORTANT it is to review the forex bonus deals to see which one will give you the best advantage and isn't too demanding on bonus requirements.
A more "innocent" way of getting some free cash is to invite a friend. Once you are an active trader check if your forex broker gives away free money in case you invite a friend. Usually it requires for your friend to make a deposit, then both you and your friend get free bonus. Refer a friend bonus is not calculated in percents. It is usually a fixed price varies from $50 to $500, depending on the account type.