Not every forex broker bonus is as good as what it's promoted to be. Here are the 5 recommended steps to successfully use a forex bonus.

Broker bonus

Generally speaking, forex bonuses come in many different forms and types. You can almost find any kind of bonus imaginable, starting from extra margin from deposit bonuses, extra credits for every trading lot, rewards, gifts, and even free money.

As a trader, surely these extra gains are incredibly appealing and irresistible because they can help you inflate your deposits or can be withdrawn as real money, depending on the broker's terms and conditions.

Here are some tips for avoiding problems with Forex bonuses:

  • Read the terms and conditions.
  • Put your strategy first.
  • Focus on profit.
  • Try trading contests.
  • Be a smart trader.

However, some bonuses may not be as beneficial as they seem. You may have difficulty withdrawing the bonus money or meeting the terms and conditions required to keep it. For more information, read the discussion below.

 

1. Read the Terms and Conditions

First and foremost, it's important to do some research about forex brokers and their bonus programs. Be sure to read all of the terms and conditions of each program, along with its requirements and rewards. Every promo must have specific rules that traders must comply with, and if they fail to do it or neglect it altogether, then they won't get the bonus at all.

When you do your research, there are several things that you should consider other than the amount of the bonus itself. First, pay attention to whether the bonus profit can be withdrawn at any time.

Believe it or not, there are brokers who tend to complicate the rules for withdrawing money from their bonus programs. If you find something like this, it's best to look for another broker. This is an early indication that the broker's policy is not in the best interest of traders. Think of it as a reward. If the trader's supposed to make an effort in getting the bonuses, then the broker should not make it difficult to withdraw or claim.

Next, pay attention to the bonus program scheme. If it's too complicated or unrealistic because it requires trading some hundred lots size, then just leave it and look for another one. Remember that there's no use in signing up for a bonus program that's impossible to get.

Other than that, also pay attention to what's allowed and not allowed in the program. For instance, if the broker prohibits the use of two accounts to get the same bonus and you still do it, then don't be surprised if your bonus profit won't be available for withdrawal.

 

2. Put Your Strategy First

We have mentioned that every bonus program has certain rules that you should follow. That means, there are things that you might have to change in your trading routines in order to fulfill the requirements. As a result, your trading strategy might be compromised. For example, some bonus programs prohibit the use of certain instruments, strategies, leverages, or even limit the lot sizes.

This can't be ignored because it can be a serious issue if the rules are the opposite of your trading plan. Let's say you use a hedging strategy but the program prohibits you to hedge. It can make a huge deal for your trading outcome, so be careful.

If the rules don't match your trading plan, then don't sweat it and move on. There's no use in chasing those bonuses while you sacrifice your well-thought strategy. You may end up trading uncomfortably or even more likely to get losses. Therefore, be sure to consider whether the benefits that you will get are worth all of the sacrifices that you have to make.

Remember that in the end, the program is exactly like the name suggests: a bonus. So, you should not put it as your top priority while trading. If you put the promotional program before your trading plan, then it might restrict your strategy and distract you from getting consistent, long-term profit. So always put your trading strategy first, while at the same time, choosing a bonus program that supports your strategy.

 

3. Focus on Profits

Even though the bonus program offers a high return, you should still prioritize your trading profits instead of the bonus reward. After all, your main goal of opening an account and starting trading in the first place is to get a profit from trading in the forex market, not to collect prizes from forex broker bonus programs.

Even though the amount of bonus that you will get is quite significant, it shouldn't be the main focus of your trade. Keep in mind that bonus programs are not fully reliable as brokers can change the rules or the amount of rewards any time they want. If it doesn't match your trading conditions, then it can bring more harm than good.

All in all, it's best to regard a forex bonus as an extra gain that you can use to improve your trade. Regardless of the amount of bonus that you may obtain later, be sure that earning consistent profits from the market is more important.

 

4. Try Trading Contests

Bonus programs can take various forms. It can be deposit bonuses, no deposit bonuses, trading bonuses, or sometimes, forex trading contests with prizes. Typically, the most intriguing bonus programs are marketed as free money that can be used to increase one's trading margin.

So it means that anyone can participate and earn the rewards once they fulfill the requirements or targets. This is why forex brokers usually limit the withdrawal of the bonus and put it under special conditions.

However, the situation is different if you participate in a trading contest. As it is held as a competition, prizes can only be awarded to winners who are entitled to receive them. In other words, only a handful of traders can receive the reward, making it more exclusive. Prizes obtained from a trading contest usually are easier to withdraw, so it's more reliable than other bonuses.

 

5. Be a Smart Trader

If you have fulfilled all the rules but you still can't withdraw the money, you can file a complaint to the broker. A good broker must have good customer support, so you should be able to reach them if you have an issue.

However, before you file a complaint, don't forget to prepare evidence in the form of clear screenshots of the issue and make sure that it shows that you have complied with all the terms and conditions imposed by the broker.

If customer service still refuses to fix the problem and seems to be not interested in helping you out, then don't hesitate to say that you're going to make the issue viral. Reputation is valuable to any broker, so they would do many things to defend it and keep a good track record. Therefore, brokers usually give extra care to online user reviews as they can directly affect their business.

Above all that, it's important to be a smart and reasonable trader. Don't just spread baseless claims because then you will be seen as a biased trader. If this is the case, your claims will be pointless and are more likely to be ignored. So if you don't want to make that mistake, make sure to understand the rules, follow them, and learn how to deal with problematic brokers.

 

Conclusion

Forex broker bonus programs are useful for beginners and expert traders. As the programs usually offer enormous prizes, it's perfectly normal to get tempted to sign up immediately because that's the broker's intention all along. They make the bonuses look as profitable as possible so that many traders are attracted to them.

However, as a trader, it's important to remember not to trust the first thing you see because the reality may not be that good. In other words, you should not just join a program without knowing the terms and conditions first.

There have been many conflicts between brokers and their clients regarding bonus programs. Usually, it concerns the different interpretations of the rules and the promotional terms created by the company. In some cases, traders are also having a hard time withdrawing their bonus reward.

This is why we advise you to be live when choosing a broker and the bonus program. You must weigh the pros and cons before making a final decision. Hopefully, the tips that we shared in this article can help you use forex bonus programs more wisely and effectively.