The best welcome bonuses can be very beneficial for beginner traders. It helps them save a little money, reduce their transaction costs and limit their trading margins. There are so many brokers in the forex market and broker scams are everywhere. Bonuses are also countless and they can vary depend on different brokers. So, it’s very difficult to find reliable brokers with best forex welcome bonuses. In this article, I will share with you about forex bonus programs and how to determine the best ECN brokers with good welcome bonuses.
- What should you know about forex bonuses?
Most forex brokers offer bonuses to attract traders choose them. There are many different types of bonuses, including welcome bonus, deposit bonus and loyalty bonus.
Welcome bonus is a very popular bonus given when you open a new account. It can vary from $10 to $100 depending on different brokers.
Deposit bonus is a special bonus offered when you deposit money in your account. It’s generally based on percentages of the deposit amount.
Loyalty bonus is also known as lot-back bonus. It’s for loyal traders. In this program, a rebate will be transferred automatically to your account. Loyalty bonus can help reduce your transaction costs.
It’s very difficult to withdraw forex bonuses. In most brokers, you have to obey their certain withdrawal policies. The two most common conditions for the withdrawal are:
- You have to complete a certain number of trading lots
For example: In some brokers, you have to complete 10 lots to withdraw $50. If you use bonuses for trading and you win, you can withdraw those bonuses. However, you have to complete at least 10 trading lots.
- No conditions for the withdrawal
In some brokers, bonuses cannot be withdrawn. If traders request the withdrawal, their bonuses will be cancel and removed.
- What are the standards of good forex welcome bonuses?
When it comes to choosing a broker with the best welcome bonuses, there are 3 standards to consider. These are: reliable brokers, high welcome bonus value and easy withdrawal conditions.
- Reliable brokers
It’s important that you should trade with reliable brokers that have no scam reported. To know which broker is reliable, you can check their regulations and transparency. Reliable brokers often have famous and trusted licenses, such as CySEC, FSA, ASIC, NFA, CFTC and FCA. Transparent brokers often show all their information on their websites, even including their financial reports. I have been trading with many brokers and I know that XM is the best forex broker in this field. Other reliable brokers include FBS, FXTM, Exness, FxPro, Hot Forex and Forex.com.
- High welcome bonus value
As mentioned above, the amount of welcome bonus can vary among brokers. Beginners love brokers with high bonus value, while professional traders don’t are much about this. Instead, they pay more attention to trading costs, such as spreads, commissions and leverage. In my opinion, brokers should offer high welcome bonus value to attract traders open accounts with them. Besides, this can allow beginners an opportunity to practice forex trading and gain profit.
In this field, I highly recommend trading with FBS, XM and FXTM. XM and FXTM offers the best forex welcome bonus of $30. But, FBS can be much better. Their welcome bonus value is up to $123.
- Easy withdrawal conditions
In most brokers, you can’t withdraw bonuses. Due to strict policies, you can only withdraw the profit that you gain from trading with bonus. To do this, you have to meet the broker’s minimum lot traded requirement. Here are top forex brokers with easy withdrawal conditions.
- FBS is the best broker in this field. They offers 123 different bonus programs. Their welcome bonus is as high as $123. For each lot traded, you can earn $3. If you keep your trading for 7 days, you can gain $60. But, to withdraw all these profits, you have to complete at least 20 trading lots.
- FXTM and XM are two reliable brokers with much easier withdrawal conditions. To withdraw bonus profit, you only need to complete 0.1 lot.
So, if you’re interested in welcome bonuses, consider brokers with these above factors.
- Who are the most reliable brokers with best forex welcome bonuses?
After having been trading with some big and popular brokers, I finally find that there are some most reliable brokers that can offer very good welcome bonus programs. These brokers are XM, FBS and FXTM. Personally, I think that XM is the leading broker when it comes to good forex welcome bonuses. Not only do they have excellent welcome bonus programs but they also give 100% deposit bonus to each client.
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