What is a forex deposit bonus?
A Forex deposit bonus is a forex trading promotion that you get when you are opening a forex trading account with a forex broker. It can be in form of real money or forex shopping voucher. Of course, there are many other forex brokers out there which have different forex deposit bonus rules, but this will always depend upon your forex trading knowledge and forex broker's forex terms and conditions.
Deposit bonuses are usually given as trading credits based on your deposit. They can be used to open new trades, increase the margin, and so on. However, there are special rules for withdrawing the money that may be different depending on the broker. Make sure you understand these rules before accepting a deposit bonus.
Forex deposit bonuses advantages and disadvantages
There are advantages and disadvantages to using a forex deposit bonus. Before you claim this type of offer, you need to consider all things about it. Below is a summary of the advantages and disadvantages of using a forex promotion.
Advantages of the bonus
The deposit bonus is helping traders to increase their trading capital.
Sometimes it increases only the trading margin for traders.
Profits can be withdrawn easily from the deposit bonus campaign.
If you have a loss from a trade, part of the loss can be reduced by the forex deposit bonus.
Disadvantages of the bonus
Some brokers are offering this bonus with a lot of complex rules.
There is always a risk to lose capital in a fraud scam.
You have to meet the withdrawal conditions before withdrawing the money. As a result, newbie traders are losing their capital by taking risks while trading.
How to get the forex deposit bonus?
There are forex brokers who will offer forex deposit bonuses to motivate their traders. On the other hand, there are others who claim that the forex deposit bonus is a sale gimmick and they don't offer such offers. However, you can ask your forex broker about such promotions before opening an account with them.
You can find the forex deposit bonuses from forex bonus websites. Also, you can visit the broker's website to get the bonus news.
How to claim the deposit bonus?
To claim a forex deposit bonus, you have to sign up for a live forex trading account with a broker. There are many brokers in the market who is offering forex deposit bonus with a different variant. But there are some common systems available to claim the bonus these are:
Signup for a live trading account.
Verify your profile with the broker.
Make a minimum deposit as your broker said.
If need the request for the bonus you have to make a request for it.
What should you know before claiming a deposit bonus?
There are many forex brokers and they are offering deposit bonuses with their own rules. If you want to claim the forex deposit bonus, you need to read these conditions carefully before opening an account with them. Rules include:
The time limit in which you can use the forex promotion.
Period of time required for your forex trading experience in order to enjoy a forex deposit bonus.
Minimum forex trading volume is required before the forex promotion is released.
Know that forex brokers can scam their traders anytime without any notice. In order to avoid forex deposit scams, never deposit money into your forex account without reading the broker's terms and conditions.
Here are some general forex tips about the forex deposit bonus campaign:
Don't claim more than one forex deposit bonus at a time.
If you feel that your forex broker is playing tricks with forex, don't open an account with them.
Make sure that your forex trading is profitable before claiming a forex deposit bonus campaign.
Place high stakes in the forex market even though you are getting a forex deposit bonus.
Is your broker authorized by financial authorities?
Don't avoid this question. There forex brokers offering forex deposit bonuses with a different aim. Some of them are trying to defraud you and the forex trading community by taking advantage of forex traders without having any license from financial authorities. In this case, you should avoid such kinds of brokers who are claiming forex deposit bonuses without being authorized, forex brokers.
An authorized broker can't make scams without any reason so, it's your responsibility to choose a broker who is authorized by one or more financial authorities.
Is the forex deposit bonus safe?
Forex deposit bonuses can be risky and therefore it can't be said that forex deposits are safe. There forex traders who claim forex deposit bonus offers to defraud their traders without providing forex deposit bonus offers.
You should always verify your forex broker before making forex trading with them. Never make forex trading without verifying forex brokers about their abilities and whether they are authorized or not by financial authorities.
Brokers deposit bonuses withdrawal policy
Before you get a forex deposit bonus, you should look at the broker's policy on withdrawing trading credits. In most cases, brokers will not let you withdraw the funds you get after using a special promotion. This is because some people might try to register just to get the bonus and not trade. So before you decide to take a bonus
Brokers often have different rules for withdrawing money, depending on how much you trade. There are three main ways to transfer money from your bonus account to your live account.
Some companies may require that you trade a certain amount of money before you can withdraw your bonus. For example, if the company has a requirement of x7, you will need to turn the USD 100 bonus into USD 700.
Turnover by the number of trading lots.
The brokers want their clients to trade as much as possible. That's why they often set requirements for how many lots you need to trade. For example, X broker has this kind of requirement; its example was reviewed above. The companies set a check value by which the deposit amount is divided to receive the required number of lots.
Payment of a specific quantity of commissions.
This is a way for companies to give traders money. The companies want the traders to trade a lot, so they give them money when the traders pay commissions. The money is put into the trader's account.
Some brokers do not allow you to withdraw your bonus at all. But in some cases, they offer you opportunities to use the bonus for other things, like increasing your margin or compensating for losses.
Types of Forex Bonuses
There are several varieties of deposit bonuses like forex welcome bonus, forex welcome forex bonus, forex first deposit bonus, Classic Forex deposit bonus, Forex special deposit bonus.
Forex Welcome Bonuses
Welcome bonuses are the most common type of forex bonus. This is the case when a forex broker offers you a set amount (for example 50$) as soon as you open an account with them. After this forex brokers will keep giving you forex welcome bonuses every time you deposit money with them.
According to forex traders, the forex welcome bonus is the best forex bonus because forex traders can receive it while they make their first deposit.
Classic Forex deposit bonus
If you deposit money into your broker account, you may be able to get a bonus. The bonus amount can vary depending on the broker and how much money you deposit. Usually, the bonus is between 50% to 200%.
Forex special deposit bonus
Forex special deposit bonus is provided on some special occasions like Christmas, New Year, forex Ramadan or forex Independence Day. It's usually a fixed amount given to forex traders against their deposit. The bonus is included in the forex trader account after trading with its forex special trading conditions.
How much can forex brokers make a forex trader lose in a forex deposit bonus?
Forex brokers always take advantage of forex traders in order to win their trust and therefore they have the ability to turn any forex deposit bonus offer into a forex deposit scam.
Forex brokers can increase their forex traders' forex deposits in order to claim forex deposit bonus offers so, it's always better to be aware of forex brokers before claiming forex deposit bonus offers or making forex trading with them.
What forex brokers are offering forex deposit bonuses?
There are forex brokers who claim that forex deposit bonuses are a sale gimmick and they don't offer such offers. These forex brokers include FBS, BPBOC, Finexo, BlackBull Markets, CoolForex, Instaforex, eToro, OctaFX, RoboForex, etc.
In this article we have tried to cover all the things about the forex deposit bonus campaign, but these are not 100%. If you want to claim a forex deposit bonus you should read more about it to learn more about that. But before choosing a deposit bonus you should look out all of these things on the top.