For beginners, welcome bonus serves as kind of a jump start for their career. Therefore, it’s necessary that you trade with a broker with attractive welcome bonus programs. In this article today, I’ll share with you my thoughts on this matter as well as my detailed experiences and reviews of the best forex brokers 2018 which have superior welcome programs.
1. The brokers with the best welcome bonus programs:
Having traded with many popular and 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. More details can be viewed as follow:
Among these 3 brokers, I strongly favor XM due to not only their excellent welcome bonus program, but also their offer of 100% bonus on new deposition.
2. Standards of good forex welcome bonuses
Since this article is mainly about bonuses, below are three standards that you can use to choose a broker with good bonus programs:
- Easy withdrawal conditions
Some brokers have very strict policies in regard to the act of withdrawing bonus. As a matter of fact, you can’t directly withdraw your welcome bonus, but you can still withdraw the profits gained from trading with the bonus money. That’s the reason for why some brokers set out a certain condition on withdrawing bonus such as the minimum lot traded requirement. More specific numbers on the minimum lot traded requirement of the aforementioned top brokers are explained as below:
- XM has the fairest withdrawal condition. Traders who do business with XM only need to complete 0.1 lot to be able to withdraw bonus profits.
- FXTM comes the second with the requirement of 1 lot traded to withdraw profits.
- FBS has 123 bonus programs, with the maximum welcome bonus going 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. In order to withdraw all that profits, you need to trade at least 20 lots.
- High welcome bonus value
Obviously, traders always want the welcome bonus amount to be as high as possible. Among three brokers that I’ve mentioned, FBS offers the highest attainable welcome bonus amount which is $123, while XM and FXTM offer relatively the same amount of the best welcome bonus forex which is around $30.
- Reliable forex brokers
Obviously, your broker should always be reliable and has no shady side. Having traded with many different brokers, I consider XM to be the best broker in term of reliability and transparency.
3. Other types of bonuses
Beside welcome bonus, most forex brokers also offer many different bonus programs such as Deposit bonus or Lot back bonus (Loyalty bonus). More specifically:
Deposit Bonus is the bonus program that is based entirely on your deposition amount.
Lot back bonus, or Loyalty bonus, is the bonus program that most experienced traders prefer since 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 $14 of the original spread.
4. Can you really withdraw forex bonus profits?
As I have mentioned above, most brokers have certain withdrawal policies on withdrawing forex bonus profits. Currently, there are two common withdrawal conditions that most brokers impose:
- Completed trading lot requirements
I’ve personally given an example and explanations of this requirement above. To sum it up, most brokers require you to complete at least a certain number of trading lots before you can withdraw the bonus. The downside of this policy is that the traders usually have to deposit even more money than the bonus itself in order to complete the trading lot requirement.
- No direct bonus withdrawal
Most brokers that I’ve done business will restrict their traders from directly withdrawing the bonuses like welcome bonus or deposition bonus. This is due to the fact that if they hadn’t done so, tons of cheaters and exploiters would’ve taken advantage of the situation and made a profit for themselves.
5. Should we choose brokers with good bonus or low spread?
At first, most people will consider brokers with good bonus programs to be better than the brokers with low spreads. However, being traders, we also need to take our long-term plan into consideration. The best ECN brokers 2018 with low spread or overall better trading conditions always better in the long-term because you are offered the best trading conditions.
6. TOP 4 GOOD FOREX BONUSES.
I’ve personally done my own researches to find out which one among the top brokers has the best bonus programs. So far, I’ve narrowed the list down to 4 brokers with relatively superior bonus programs in compare to the other brokers. Top 4 good forex bonuses are:
- Best welcome bonus – XM: 30$ 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 exploit forex bonus programs:
Although, it isn’t good to use any kind of cheating method but if you feel the needs to do so, here’s the two popular methods, both of which involve in creating multiple accounts to exploit the welcome bonus program:
- Hedge two newly created account. 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.