Many traders have had trouble withdrawing forex bonus because of misconceptions on bonus withdrawal and the failure to focus on what really matters.

Withdrawing Forex Bonus

Have you ever joined a bonus program in a forex broker? If so, how was your experience when withdrawing the bonus? Many traders claim to have difficulty when they want to withdraw the bonus. But what they often forget here is the term "bonus profit" and not the "bonus" itself.

As such, there are 4 ways to solve bonus withdrawal problems that we will explain here, including:

  1. Understand the terms and conditions.
  2. Focus on the profit, not the bonus.
  3. Join trading competitions.
  4. File a complaint then spread your experience.

Each solution above will be explained later below.

 

1. Understand the Terms and Conditions

Rather than how big the size of the bonus you will get, the terms and conditions need to be your priority. First of all, pay close attention to whether traders can withdraw the bonus profit unconditionally. Believe it or not, there are a few brokers out there who play unfairly and apply conditions on the bonus profit withdrawal.

If this happens, just look for a bonus at other brokers. Providing withdrawal conditions on bonus profits indicates a broker's policy that is difficult and unfair to traders. Bonus profit is a trader's earning, so brokers should not make it difficult to withdraw it.

Next, focus on how the bonus withdrawal scheme is. If it is too unrealistic because it requires fulfilling a trading quota of up to hundreds of lots, then you should forget about withdrawing the broker bonus. It would be best if you focused on how to make a profit from the bonus so that you can easily withdraw the real bonus profits.

In addition, observe what is allowed and not allowed in the bonus program. If the broker prohibits using two accounts to get the same bonus and you still violate it, don't be surprised if you can't withdraw your bonus profit.

 

2. Focus on the Profit, Not the Bonus

The failure to separate the idea of withdrawing bonus profit from the bonus itself is the crux of the problem that entangles many traders participating in a bonus program. When they fail to understand the difference between bonus profit and the bonus, they assume no difference between the two.

Without understanding the terms clearly, they believe that "traders can withdraw the profit anytime" means the same as "a bonus that can be withdrawn anytime".

Remember, a bonus is extra money that you may use to trade with, and a broker usually supplies it as an incentive to attract new clients. Meanwhile, bonus profit is the profit you make from trades using the bonus. That's why both have different terms when it comes to withdrawal.

Let's say you just signed up for a no deposit bonus program and got a $100 free capital. You then use it to trade and earn a $25 profit. What is the so-called bonus profit? The correct answer, of course, is $25.

Unfortunately, many traders still interpret that all they can withdraw is the $100 bonus when the majority of brokers only provide easy withdrawals for bonus profits, which in this case, is the $25 profit.

If you want to draw the $100 bonus, there will be more requirements that are usually hard to comply with.

For example, to withdraw the bonus, you have to trade this lot before the bonus term ends:

(bonus amount) x 3 lots

So if the reward you get is $100, then you need to trade 300 lots!

Such a huge trading size is not ideal for retail traders aiming for trading with minimal risk. If you end up pushing yourself, more often than not you'll get a margin call first before hitting the 300 lots required.

So, instead of focusing on the $100 bonus, why not make it your goal to withdraw the $25 profit that you make from the bonus?

Brokers usually do not attach specific requirements for the withdrawal of bonus profits because they are purely derived from the trader's hard work. So if you focus on withdrawing this bonus profit, you will benefit more because you can make a profit from the extra money and not be burdened by the obligation to trade some ridiculously huge lots.

In addition, bonus profit can be unlimited as the amount depends on the opportunity in the market, while the bonus amount will always be limited according to the broker's terms.

Why still bother with the burdensome bonus withdrawal requirements when you can withdraw the bonus profit whose amount can be many times greater than the bonus itself?

 

3. Consider Trading Contests

Broker promotions can take many forms. There are deposit bonuses, no deposit bonuses, trading bonuses, to forex trading contests with prizes. Various promos that are conceptualized as bonuses provide free money as an additional margin.

Due to its easy nature, brokers tend to apply more complex and restricting terms for bonus withdrawal. In some brokers, even withdrawal for the bonus profit is subject to special conditions.

The situation will be much different if you join a trading contest. Because it is held as a competition, prizes can only be awarded to winners who are entitled to receive them. And to appreciate the winners' effort, brokers put little to no restrictions when it comes to the rewards' claiming. Furthermore, you can get invaluable trading skills and experience from competing with other traders.

 

4. In Case The Problem Still Persists...

You can file a complaint with the broker. Make sure to include evidence in the form of screenshots that describe your problems.

If the broker dodges your claims and does not imply good intentions to follow up on your complaint, don't hesitate to threaten them with a plan to spill the incident on the internet. After all, reputation is a valuable thing that brokers desperately seek and defend. You can take advantage of the freedom of speech on the internet to expose a broker who's always looking for a way to neglect their duties of paying bonus profit to clients.

Again, always arm yourself with solid evidence first. Don't just spread any baseless claims because you will only be branded as a hoax spreader. If this happens, your statements will not have the weight and credibility needed to expose the broker's wrongdoings.

 

Final Words

Brokers which engage in bonus programs provide their clients with a variety of options. These could be provided in the form of fixed and continuous programs like a bonus for each deposit or just one-time promos like a welcome bonus. No matter what the bonus type is, there is always the part where withdrawal issues come to light.

If you want to realize the bonus, make sure to comprehend the terms and conditions in and out. If the broker does allow unconditional withdrawal for the bonus reward, then it's free for you to take.

But if the broker applies requirements for the bonus withdrawal, check how they set the terms on the bonus profit withdrawal. Do they restrict it too? If so, no need to consider joining the bonus program.

Otherwise, you can sign up for the bonus and make sure to aim for withdrawing the bonus profit and not the bonus reward itself. Focusing on the profits earned from the bonus will relieve you from demanding requirements that only end up endangering your account.

 

In general, utilizing a forex bonus needs the right mindset in every step, not only in the withdrawal part but also in how you choose the bonus type and consider the pros and cons. Further discussion about it can be explored in Forex Deposit Bonus: 5 Things Every Trader Should Know.