The best welcome bonus forex isconsidered as a factor which everyone who first joins the trading market desires. Hence, choosing a broker having excellent welcome bonus programs is very significant. I have lively interest in forex welcome bonus and I have pleasure in sharing with you about my opinions and experiences in this matter. In addition, I will give my reviews of some of best forex brokers which I think have outstanding welcome bonus programs.
1.Present brokers that have the best welcome bonus programs
When you are beginners, you see many brokers with variety welcome programs. But when you are a trader in forex market for a long time and have worked with lots of brokers, you will recognize that there are only some brokers that have superior welcome bonus programs are really suitable for you. XM, FBS, FXTM are 3 names of the brokers I recommend. As far as I’m concerned, I like XM best because they have brillant welcome bonus program. Besides, XM also offer their clients a 100% bonus if they have a new deposition.
2.Which criteria should good forex welcome bonuses have?
Because this article is mainly about bonuses, I will show 3 subjective criteria which can help you choose your appropriate brokers. These criteria rely on brokers’ bonus programs:
– Trusted forex brokers: Make sure that your broker is prestigious. In my opinion, XM is a good choice.
– Withdraw easily: About the act of withdrawing bonus, some brokers have actually strict policies. Actually, although you find it difficult to withdraw your welcome bonus quickly, you don’t feel worry because you can still get the profits which is gained from trading with the bonus money. Because of that, some brokers have sure condition coming with withdrawing bonus such as the min lot traded prerequisite. More special numbers who are on the min lot traded requirement of the above-mentioned best ECN brokers are:
XM by far has the most attractive withdrawal condition. The people doing business with XM only have to complete 0.1 lot to withdraw bonus profits.
The second is FXTM. The clients of this broker need to complete 1 lot to withdraw profits.
Another broker is FBS. FBS has totally 123 bonus programs which have max welcome bonus is 123$.
Exness is also a broker you can choose.
– Welcome bonus value is high: Everybody hopes that the welcome bonus amount is as high as possible. If you want my honest opinion, FBS is the broker offering the highest achievable welcome bonus amount ($123). On the other hand, FXTM and XM offer comparatively the same amount of welcome bonus ($30).
3.Are there any other types of bonuses?
The answer is “Yes”. Many forex brokers not only offer welcome bonus but also variety bonus program such as Lot back bonus (Loyalty bonus) or Deposit bonus. Deposit Bonus is relied completely on your deposition amount so you can get more money from this bonus easily by depositing more money.
Lot back bonus (Loyalty bonus) is known as the bonus program which many experienced traders prefer because of this automatic system. The program rebates a portion of your transactions to your account automatically.
4.Can the traders actually withdraw forex bonus profits?
At this time, most brokers have 2 known withdrawal conditions
– Completed trading lot requirements: Most forex brokers need their clients who want to withdraw the bonus to have completed at least a certain amount of trading. The traders even have to deposit more money than the bonus so that they can complete the trading lot requirement.
– No direct bonus withdrawal: Most forex brokers I know don’t allow their traders to withdraw the bonuses such as deposition bonus, welcome bonus directly. This reality can be explained. If the forex brokers hadn’t done that, there would have been many cheaters and exploiters.
5.Brokers with good bonus or brokers with low spread?
Initially, brokers with good bonus is thought that to be better than brokers with low spread. Nevertheless, the traders also have to take their long-term plan into consideration. Brokers with low spread or overall better trading conditions always better in the long-term. If you choose those brokers, you can trade with the best trading conditions that you could have. You can also search for Exness spread.
6.How to exploit forex bonus programs
Obviously, morality-wise, it isn’t good to use any kind of cheating method. In spite of this, if you feel the needs to do so, let me introduce two popular methods, both of which involve creating multiple accounts to exploit the welcome bonus program:
Hedge two recently created account. It means that if you want to maintain a win rate of 50%, you will have to let one account wins and the other one loses. This method of cheating can only be applied on the brokers with loose withdrawal policies.
The second method is similar to the first method. However, in this method, the traders need to take advantage of the high leverages to open huge positions. For this method of cheating, you should choose a broker with high leverages.
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