Welcome bonus can be especially handy at times especially for beginners who are new to the trading market; therefore it’s important that you should choose a broker that’s best suitable for your trading needs. In our article today, I’ll be reviewing the welcome programs of some of the best brokers out there and I’ll also be giving my advice on how should you choose your broker.
- Standards of a good welcome bonus program
First off, let start with the basics standards to determine the quality of the best welcome bonuses:
- Easy withdrawal conditions
Most brokers nowadays have quite strict policies regarding bonus withdrawal. This is to be expected as otherwise cheaters would find a way to exploit the bonus programs. However, you should still consider a broker with easy withdrawal conditions so as you won’t find any difficulties when you want to withdraw your bonus or profits. Specifically, there are three brokers that I’ve found to offer good welcome bonus programs with easy withdrawal conditions listed as below:
- XM has the easiest withdrawal policies so far. Dealers who do business with XM only need to complete 0.1 lots to be able to withdraw bonus profits.
- FXTM’s withdrawal conditions is a little higher, which is 1 lot required for any profit withdrawal.
- FBS has $123 bonus programs, with the maximum welcome bonus being $123. The big gains that you can withdraw for each lot traded is $3. E g, for a $60 profit, you’d need to have traded at least 60 lots in order to withdraw all the profits.
- High amount of bonus
It goes without saying that the higher amount of money the bonus offers, the better it is for the traders. Among the three brokers that I’ve mentioned above, FBS has the highest amount of welcome bonus which is $123 while XM and FXTM have the same amount of welcome bonus which is $30.
- Reliable forex brokers
With or without bonus programs, your broker should always be reliable and trustworthy. Out of those brokers that I’ve mentioned above, I find XM to have the best service and is the most trustworthy and reliable broker that I’ve ever traded with.
- Current brokers with the best welcome bonus programs
Over my years of trading with many different brokers, these brokers below are the ones that I consider to be the best in term of welcome bonus programs.
Out of these 3 largest forex brokers, I recommend XM for most traders out there since they offer superior service and they also have a 100% bonus program on any new deposition.
- Should we choose brokers with good bonus or low spread?
Good bonus programs might sound good at first, but most experienced traders tend to go for the low-spread brokers simply because they benefit much more from those brokers in the long-term. This is a good decision as bonuses only serve as a short-term boost in your income or your funds, and eventually once you’ve gathered enough experiences as well as funds, you’d want to prefer stability over anything else. For me personally, I also consider a broker’s credibility to be an important factor since no one wants to trade with a shady broker and face potential losses of money.
- Other types of bonuses
Other than welcome bonus, there’re also bonus programs such as Deposit bonus and Lot back bonus. The details are as follow:
Deposit Bonus is the bonus program that is based on your amount of deposition, which means the higher the amount of your deposition is, the higher the bonus amount you can get.
Lot back bonus, or Loyalty bonus, is the bonus program that rebates a portion of each and every one of your transaction back to your account. This is the kind of bonus program that most experienced traders prefer since it significantly reduces the trading costs.
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 that you only need to pay $11 for each EUR/USD lot instead of the whole $14 of the original spread.
5. TOP 4 GOOD FOREX BONUSES.
I’ve taken the initiative to do the researches on each kind of bonus program of the best forex brokers BRKV and so far, the four brokers below offer the best bonus programs. More specifically:
- Best welcome bounty – XM: 30$ welcome bounty
- Best welcome bounty – FBS: 50$ welcome bounty
- Best deposit bounty – XM: 100% deposit bounty
- Lot Back Bonuses – Exness: Rebate 2 – 16$ per lot