You may ask “Why are forex bonuses so attractive?” or “Why are most traders interested in forex bonuses?”. Despite a few of traders who do not want the forex bonuses, most of them would like to claim the bonuses offered. As the bonuses can be used to reduce the transaction cost and minimize the trading margins, they are likely to get the attention from traders and even the forex cheaters. Therefore, this article is to explain the aspects of forex bonuses and also, the way to cheat these bonuses.
1. How many kinds of forex bonuses are offered?
Often, there are 3 kinds of forex bonuses offered by the brokers: Welcome bonuses, Deposit bonuses and Lot Back bonuses, which has many differences.
For Welcome bonuses (as known as non-deposit bonuses), brokers usually offer this kind of bonus to the new registrators in order to get more traders and sometimes, customers from other brokers. The first-time registrator will get 30 – 50 dollars welcome bonus, which is a little bit small. This kind of bonus mainly attracts the beginners or even the bonus cheaters. Beginners will take advantage of this bonus to have a test for brokers’ regulations, conditions, transaction cost and also their strategies in trading forex. Whereas, bonus cheats can see the lack of the bonus program and then, open as many accounts as possible to claim these free bonuses. Cheaters could trade and withdraw the profit more than normal traders.
For Deposit bonuses, brokers offer the bonuses which can be claimed only after the deposit. Accordingly, the bonus is based on the percentage of deposit amount, for example, 30%, 60% of total $5000 deposit. It is to encourage traders to deposit more or reactive their accounts which they have not used for a long time. Sometimes, brokers offer this bonus to the traders who first deposit.
For Lot back bonuses, this loyalty program allows you to obtain bonus rebated whenever a transaction/ lot is completed. Brokers will give an amount of money to your account automatically, which depends on your trading currencies, account types and trading time. In general, professional brokers prefer this bonus as it reduces a lot of the transaction cost.
Here is an example. XM’s spread for EUR/USD is 1.4 pip. The amount rebated after a completed transaction/ lot is $3, while the original spread is $14, which means the amount that you have to pay is now $11 for each EUR/USD lot instead of $14.
2. What are the disadvantages of these bonuses?
Welcome bonuses:
These are for free, however, the bonus is too little ($50) for the ambitious traders and investors. They would prefer the bigger amount.
Because it is free, the withdrawal conditions are often difficult to claim.
In common, new brokers would offer attractive bonus so that they can get more new traders, which can be also known that they may be untrusted.
Deposit bonuses:
The conditions for withdrawing are quite difficult
Your forex bonuses may be lost when you withdraw the benefit
Lot back bonuses:
This is for loyalty program and therefore, it is only effective when the amount of the money invested is much enough.
Money is only rebated after a completed lot so it takes a long time to finally get some profit in trading.
3. Can forex bonus profit be really withdrawn?
Regularly, there are 2 major conditions:
Traders are only allowed to obtain the bonus after completing a certain amount of trading lots.
For example, you have to complete at least 10 lots to withdraw $50 bonus. It is explained that when you register or deposit, the bonuses will be added to your deposit account immediately for trading but not withdrawing. Therefore, you will have to finish 10 lots to withdraw the bonus.
Bonuses are not allowed for the withdrawal at some brokers but you could still withdraw the profit.
In short, it is much more convenient if you are allowed to withdraw the bonus profit without conditions. In some cases, you are asked to finish a certain number of completed transactions, it may cost more for the transaction fee than the real value of those bonuses, which is unreasonable.
4. Choosing high bonuses or low spread brokers?
Apparently, the most reliable forex brokers should be the priority as the first standard for a broker is their credibility. Nevertheless, if you would like good bonuses, here are some steps for choosing a good bonus broker:
1. List the top reliable forex brokers but the most suitable for you.
2. Choose the brokers which have good bonus program with reasonable conditions or even no conditions for the withdrawal.
3. Let’s trade normally and claim the bonuses.
5. Top high forex bonuses
In my opinion, these are 4 best forex brokers bonuses that are highly recommended:
Best welcome bonus: 30$ welcome bonus of XM
>> CHECK DETAIL HERE
Best welcome bonus: 50$ welcome bonus of FBS
>> CHECK DETAIL HERE
Best deposit bonus: 100% deposit bonus of XM
>> CHECK DETAIL HERE
Lot Back Bonuses: Rebate 2 - 16$ per lot of Exness
>> CHECK DETAIL HERE
6. How to cheat forex bonuses
These are 2 main methods to cheat the forex bonuses but they are only applied for welcome bonuses:
1. Firstly, open as many new accounts as possible to claim the welcome bonuses. Then, hedge 2 accounts together, which means 1 account win and 1 account lost. Therefore, the winning chance is 50%, which is reasonably high. However, this can only be used if you are allowed to withdraw bonus profit without any conditions.
2. Firstly, create many new accounts if possible to claim the welcome bonuses. Then, take advantage of the high leverage to open the big positions. Hedge them with other accounts to get the winning chance by 50%. As you can see, these cheaters prefer the high leverage brokers.
