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3 Best Forex Bonus Types Beginners Can Benefit from

Investors may come across dozens of brokers with welcome bonus and promotions. Websites do their best to attract as many new traders as possible. This is where welcome bonuses and other ways of getting free cash appear to be a crucial factor in favour of one broker or another.

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We all love free stuff. We love getting something at zero cost. At the same time, many professional traders know that a free cheese happens only in a mousetrap. On the other hand, with different bonus types, you still have a great opportunity to sharpen our trading strategies without the risk of losing real cash. One way or another, Forex bonuses and promotions are a good tool to explore the platform and pick up some investing skills.

Forex Bonus and Promotions Explained

First of all, we need to clarify how brokers with welcome bonus and other perks work. It is very unlikely they are eager to give someone free cash. This is what makes such offers quite tricky. As a rule, the amount of free cash you get is closely related to wagering requirements as well as terms and conditions. Before claiming a bonus, you need to be well aware of what it may cost you in the long run.

Most beginners face difficulties in withdrawing the sum they managed to earn using free cash. This is because they do not meet specific requirements or simply missed them while reading bonus terms and conditions. One needs to trade a specific number of lots before cashing out. So, whatever bonus type or promotion you choose, make sure you will be able to fulfil all requirements.

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3 Major Forex Bonus Types to Choose

Every time you come across Forex brokers with bonus and promotions, you will generally deal with three major types of offers. All trading bonuses are divided into the following categories:

  1. Forex Welcome Bonus – a good option to set off. A welcome bonus is actually the first gift every trader gets after completing the registration and making the first ever deposit on the underlying platform. A bonus sum varies from broker to broker. For example, with MTrading you can get up to $30 and get started.
  2. Forex No-Deposit Bonus – another popular promotion though provided by not all platforms. In theory, users can get free cash without depositing. All they need is to register and enter a promo code. In reality, these types of bonuses are the hardest to redeem, as wagering requirements are very tough. So, you should not expect it to be a winning tool for starting off. On the other hand, a no-deposit bonus is a perfect chance to do some practice and try out various trading strategies with zero risk. A great option for trials and errors.
  3. Deposit Bonus – a promotion that is provided as a match on your deposit. For instance, with MTrading you can get up to 200% match on the sum you load to the balance. In other words, if you make a $100 deposit, you can get $200 of extra free cash.

Other Types of Forex Bonuses and Promotions

While the majority of platforms mainly offer Forex welcome and deposit bonuses, others try to exceed users’ expectations and come up with extra promotions. For example, traders with bigger stacks can benefit from better trading conditions, lower leverage and spreads in addition to faster transactions, instant withdrawal, personal managers, and premium support.

Other websites develop reward systems. The more you trade, the better conditions you can get. Some brokers offer different trading accounts (silver, gold, platinum, etc.) to benefit from flexible leverage. Additional promotions may involve VIP membership and access to elite seminars, Refer-a-Friend campaigns, and more,

Selecting the Best Forex Bonus

First of all, you need to find a time-tested and trusted trading platform. Bonuses are not the only factor you need to consider. Trading conditions, instruments availability, trading platform, order execution, extra investment opportunities, and customer support are among the main criteria you need to take into account. Bonuses come second, as they do not have a direct impact on the trading process.

The Bottom Line

On the one hand, brokers with welcome bonus and promotions have grown into an integral segment for the financial industry. Users often look for websites offering different ways of getting extra free cash to the balance. However, trading promotions can be tricky. Besides, there is a set of more important factors investors must pay attention to when selecting a place to buy and sell different assets.

This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.