When you are planning to start Forex trading you will need a Forex brokerage to open a trading account, fund it and start trading. The broker acts as a middleman between you and the financial market and banks to enable you to trade currencies. The brokerage will take prices from the banks and inter banks and offer you the best price of them all. A retail Forex broker helps you speculate the price movements of the currencies. There are numerous brokers with bonuses and promotions. Know more largest financial derivatives institution worldwide
What Are Forex Bonuses?
To attract clients to the company Forex brokers provide different types of Forex bonuses. The Forex bonuses are extremely popular among traders because they give you an opportunity for extra profit. Not only that some bonuses enable you to earn profit without even investing any money. There are three types of Forex bonuses-
- Welcome Bonus
- Deposit Bonus
- No Deposit Bonus
Let us have a detailed view of each type of bonus-
When a trader starts working with a certain brokerage or company they get a welcome bonus. Different companies offer different types of welcome bonuses to attract clients. When a trader opens a trading account with the Forex broker they get a welcome bonus as a reward.
Now it is on the broker how the given bonus can be used by the trader. As discussed earlier but different companies have different kinds of conditions to use the welcome bonus. Some companies offer a deposit welcome bonus which is given for the very first deposit of the trading account.
There are also some companies who offered the no deposit welcome bonus. The no deposit welcome bonus means that the trader does not have to deposit his trading account to get the bonus. The welcome bonus is highly beneficial for newcomers in the trading market. It gives the new trader a certain level of experience that can be used in the future by the trader.
This is another type of bonus offered by Forex brokers. A deposit bonus is given when a trader deposits their trading account. There are applied conditions to use a deposit bonus. It can be used or not be used as an additional margin for trading, but that depends entirely on the broker’s condition. Depending on the trading strategy it can either be pretty beneficial to use a deposit bonus or not so beneficial.
No Deposit Bonus
No deposit bonus is the most popular and highly useful bonus from the traders’ point of view. Some traders also call it a ‘free bonus without deposit.’ There is absolutely no need to fund the trading account to get the no deposit bonus.
While some Forex brokers offer a no deposit bonus that a trader can simply withdraw, other Forex brokers offer a no deposit bonus as an additional margin for trading. Therefore a trader gets an opportunity to earn money without any investments. That is why this is the most popular Forex bonus of the lot.
The trading market is full of brokers and they offer many kinds of bonuses and promotions to attract clients. Similarly, a trader has a lot of choices in terms of choosing brokers and bonuses. All the bonuses described above have some conditions attached to them and also have specific features. Forex bonuses had made the trading market all the more lucrative for newbies.
But anyone who wants to invest in trading and start a new career in the financial market should remember that these bonuses are just a starting point. If they want to grow and become a successful trader they must carry on trading.
Other than Forex bonuses there are many different types of promotions offered by a Forex brokerage company. Different companies offer different types of promotions and not all of them fall under any specific categories. So let us discuss some of the trade promotions examples-
Referral promotions are one of the most popular and common promotional offers. If you are interested in the financial market and have visited any brokerage company, you perhaps have come across this promotional offer. You know the deal, in this promotion a trader is asked to inform their friends and family and attract new clients to the Forex company.
If the trader successfully differs a friend or family member to the brokerage company they get a certain amount of reward money which they can use whenever they trade with the name of the same broker company.
In many brokerage companies, this referral promotion is also used as a partner programme. However, this promotional offer is beneficial for both the broker company and the trader. The company gets a few new clients whereas the trader gets some money.
Another quite popular promotion is Forex freebies. It gives a trader opportunities to win different prices and offers for treating with the broker. A trader needs to reach a certain trading volume to be eligible for freebies. The privileges are endless; a trader can get free entry to a trading course, win a free technical trading device or get some special discounts. There are numerous other privileges depending on the broker company.
Some Forex brokers present rebate programmes as trading promotions. In some companies, it is also referred to as a cashback programme. A trader will get back a part of the spread for trading and this is very popular among traders.
There are several new types of promotions are coming from different Forex brokers every other day. These promotions offer a wide scope of advantages to traders.
Many people are interested in the financial market and want to earn more profit from it. But without proper knowledge and the right broker, no one can be successful in the trading business. Finding the right brokerage company is one of the most essential steps you can take toward a successful trading journey.
Bonuses and promotions are highly lucrative offers but you should always choose your brokerage on its market reputation, reliability, knowledge and trading skills. Consider bonuses and promotions as rewards and focus on your trading game.