Different Types of Forex Bonuses

Currently, there is variety of Forex bonuses in the market and consequently it is important for any user to understand all of them thoroughly. Brokers have started offering bonuses as Forex trading is becoming more and more popular among retailers. In addition, they also offer promotions and special offers for limited times in hope to attract more customers. Following is a brief summary of different Forex bonuses and how to make most out of them.

Welcome Bonus:

Forex broker are very generously offering welcome bonuses to the new users. Welcome bonus is indeed the best strategy brokers use as they are the most popular among users and can range between 15-50% of initial investment. The total bonus you are going to get actually depends upon the total initial investment. In fact, the welcome bonus is one of the best methods to increase the money at your disposal for trading. For instance, if you deposit $2000, you can get $2600 that you can use to perform trading.

No Deposit Bonus:

According to some traders, the No Deposit bonus is a sort of “missing link” between a live account and a demo account. This is actually a bonus that you can use to trade on the platform of any broker without investing any amount. The amount can be 50 dollars or more in this type of Forex bonus. The No Deposit bonus is actually very useful in the sense that it provides you with an opportunity to experience what it is like to trade without risking real money. Similarly, it is also a great way to see live quotes, funds and firsthand execution in order to test the platform of a broker.

Live and Demo Contests:

Another important way of getting Forex bonuses is to participate in live and demo contests organized by brokers from time to time. The contestant getting to the highest profitability level gets additional funds credited to his account, can also receive the money as cash or win a prize. The duration of most of the contests is one month maximum and usually the top 5-10 traders are awarded.

Refer a Friend Bonus:

Brokers also offer referral bonus to existing clients in order to attract more customers. You and your referral will get additional funds if you invite a friend and he opens an account and deposits money. This is a great method to get some more money to trade but always remember one point that a referrer always be a bigger beneficiary as compared to the referee in a friend referral bonus method.

Miscellaneous Bonus and Incentives:

Many brokers may also occasionally offers special bonuses and incentives due to variety of reasons. For instance, you can get free signals, Forex course, a free eBook, an expensive smartphone or even a car as a prize. Another bonus program garnering immense popularity among traders is the gift card offers by brokers. Brokers credit these gift cards with redeemable points each time you deposit some amount in your account.