Welcome bonuses are often served as the starting platform for beginners in the forex trading market. Therefore, it is necessary for those beginners to search for brokers that provide attractive welcome bonus programs and help them have a fortunate beginning. In this article, some professional point of view as well as experiences and reviews of mine will be provided so that you can have the most general picture about welcome bonus programs.
1. Current brokers with the best welcome bonus programs
Based on my experience of years trading with many popular and the best ECN brokers, my list of brokers with good welcome bonus programs has been narrowed down to only 3 names, which are XM, FBS and FXTM. More details can be viewed as follow:
Among these 3 brokers, I actually favour XM more since they provide both excellent welcome bonus program and a 100% bonus on new deposition.
2. Standards of good forex welcome bonuses
Following are three of my personal standards of bonus programs when it comes to choosing a broker:
- Easy withdrawal conditions
The policies relating to the act of withdrawing bonuses are relatively strict since brokers would want to avoid being exploited by traders. Therefore it is nothing to be surprised when you are not allowed to withdraw your welcome bonus directly. Nevertheless, at least it is still possible for you to withdraw the profits you gained from trading using the bonus money. This is also why brokers always require specific conditions to be completed if traders would like to withdraw bonus (such as to finish a certain number of minimum lot). The detail of withdrawal conditions concerning minimum lot completion from the best forex brokers 2019 will be provided as follow:
- XM in fact has the fairest withdrawal condition. XM’s clients only need to complete 0.1 lot to be able to withdraw bonus profits.
- FXTM ’s condition comes second with the requirement of 1 lot completion so as to withdraw profits.
- FBS has a total of 123 bonus programs, with the highest welcome bonus reaching $123. The highest profit that you can withdraw for each lot traded is $3.
- High welcome bonus value
Obviously, the welcome bonus amount should be as high as possible to be beneficial for traders. Comparing among three brokers that has been mentioned, I recognized that FBS offers $123, which is the highest attainable welcome bonus amount.
- Reliable forex brokers
Undoubtedly, brokers should always be reliable and transparent as much as possible. From my experience as a professional trader for many years, I consider XM to be the best broker in terms of reliability and transparency.
3. Other types of bonuses
Besides welcome bonus, forex brokers also provide a wide variety of bonus programs such as forex Deposit bonus 2019 or Lot back bonus (Loyalty bonus). To be more specific:
Deposit Bonus is the bonus program that is calculated based on your deposition amount entirely. In other words, you can receive more money from this bonus simply by depositing more.
Lot back bonus (or Loyalty bonus) is always the professionals’ favorite bonus program since the program system will automatically rebate a portion every transaction of them into their account.
4. Can you really withdraw forex bonus profits?
According to my previous statement, brokers would always have withdrawal conditions whenever traders want to withdraw their bonus profits. To be more specific, there are currently two popular withdraw conditions that traders have to go through:
- Completed trading lot requirements
For this condition, I have discussed this matter by providing many examples and explanations in the past. Basically, most brokers require traders to complete a certain amount of trading lots before they are able withdraw the bonus. This policy can be quite harmful to traders, since most of them would end up investing even more money than the bonus itself.
- No direct bonus withdrawal
From my experience, those brokers I have worked with in the past all restrict their traders from withdrawing bonuses directly. The reason is because they want to avoid being exploited by the massive amount of cheaters. It is true that in the forex trading market, the number of cheaters who would take advantage of every possible situation and gain profit for themselves is remarkable.
5. Should we choose brokers with good bonus or low spread?
At the beginning, most people would rate brokers with good bonus programs to be better than brokers offering low spreads. However, brokers with low spread or good trading conditions always are the true long-term partner since it is the good conditions that help traders become successful.
6. TOP 4 GOOD FOREX BONUSES.
Personally, I have done a thorough research to list 4 trustworthy brokers with bonus programs that have a bit more competitive advantage than normal ones. To be more specific:
- 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. Ways to exploit forex bonus programs
Based on the moral beliefs, obviously traders should not commit to any kind of cheating methods. However, in case of necessity, here are two popular methods both involve creating multiple accounts to take advantage of the welcome bonus program:
- Hedge two newly created account. By hedging, it means that you have to make one account win and let the other lose to maintain a 50% win rate. This cheating method can only be applied on brokers with loose withdrawal policies.
- This method is relatively the same as the first one. However, you need to take advantage of the high leverages to open very big positions. A broker with high leverages would be suitable for this method.