Welcome bonus can lead to success of the forex beginners in early stage. Therefore, it is important for the beginners to trade with a broker having welcome bonus programs. In this article today, I would like to share with you my experiences in forex bonus and reviews of the best forex brokers 2018 with superior welcome programs.
1. The brokers with the best welcome bonus programs:
After trading with number of big brokers for years, I’ve finally narrowed down my list of brokers with good welcome bonus programs to only 3 brokers, which are XM, FBS and FXTM.
Based on my experiences, XM is the best broker on this list because of not only their attractive welcome bonus program, but also their offer of 100% bonus on new deposition.
2. The standards that good forex welcome bonuses must satisfy:
Here are three criteria that a broker with the best welcome bonus forex must satisfy:
- Easy withdrawal conditions
Sadly, many brokers usually impose strict policies on act of withdrawing bonus. As a matter of fact, you can’t directly withdraw your welcome bonus, but you can still gain profits when trading with the bonus money. As a result, a certain rule will be applied on withdrawing bonus such as the minimum lot traded requirement. I will share with you the minimum lot traded requirement of the aforementioned top brokers as below:
- XM has the fairest withdrawal condition. When trading with XM, the traders only need to complete 0.1 lots in order to withdraw bonus profit.
- FXTM will order the traders to complete 1 lot before they withdraw profits.
- FBS provides 123 bonus programs to their customers. The maximum welcome bonus is up to $123. The highest profit that you can withdraw for each lot traded is $3. For example: Let’s say you earned $60 profits from 7 days of trading. You need to trade at least 20 lots to withdraw all that profits.
- High welcome bonus value
Traders always want the welcome bonus amount to be as high as possible. Among three brokers on my list, FBS offers the highest attainable welcome bonus amount which is $123, while XM and FXTM have appealing welcome bonus which is around $30.
- Reliable forex brokers
I highly recommend the traders to trade with trusted brokers only. Based on my experiences, XM is the best broker in term of reliability and transparency.
3. Can you really withdraw forex bonus profits?
As I have explained to you, many brokers will impose policies on withdrawal of forex bonus profits. Currently, there are two common withdrawal conditions:
- Completed trading lot requirements
I have already shared with you some examples and explained to you about this requirement above. To sum it up, you will be asked by most brokers to complete at least a certain number of trading lots before withdrawing the bonus. The cons of this policy is that the deposit to complete the trading lot requirement is often higher than the bonus itself.
- No direct bonus withdrawal
In fact, some broker will restrict their traders from direct withdrawal of the bonuses like welcome bonus or deposition bonus. They are forced to impose this kind of policy because there are many cheaters and exploiters who would’ve taken advantage of the situation and made a profit for themselves.
4. Other types of bonuses
Besides welcome bonuses, there are many different bonus programs such as Deposit bonus or Lot back bonus (Loyalty bonus) which I’d like to explain to you in detail as follow:
Deposit Bonus based entirely on your deposition amount. Therefore you can get more money from this bonus simply by depositing more money.
Lot back bonus, or Loyalty bonus, which is the most favorable bonus program of experts because the program automatically rebates a portion of every transaction to the account.
For example: XM’s spread for the EUR/USD currency is 1.4 pip and the rebate amount are $3 for each trading lot completed. This means you only need to pay $11 for each EUR/USD lot instead of the whole $14 of the original spread.
5. Should we choose brokers with good bonus or low spread?
The brokers with good bonus programs are commonly considered to be better than the brokers with low spreads. However, being professional traders, we also need to take our long-term plan into account. The best ECN brokers 2018 with low spread or overall better trading conditions always better in the long-term because you will be offered the best trading conditions.
6. TOP 4 GOOD FOREX BONUSES.
To find out the broker which has the best bonus programs among the top brokers, I have conducted a research. So far, the list have been narrowed down to 4 brokers with relatively superior bonus programs in compare to the other brokers. Top 4 good forex bonuses are:
- Best welcome bonus – XM: 30$ welcome bonus
- Best welcome bonus – FBS: 50$ welcome bonus
- Best deposit bonus – XM: 100% deposit bonus
- Exness Bonus: Rebate 2 – 16$ per lot
7. How to take benefits of forex bonus programs:
There are two popular methods that you can use to exploit forex bonus programs. However, it is immoral to use any kind of cheating method, so you shouldn’t use these method unless there is a urgency. These methods involve in creating multiple accounts to exploit the welcome bonus program:
- Hedge two newly created accounts. This means that you have to let one account wins and the other loses in order to maintain a win rate of 50%. This method of cheating can only be applied on brokers with loose withdrawal policies.
- This method is basically similar to the first method. However, in this method, you will take advantage of the high leverages to open big positions.