Which one is better? No deposit bonus or special VIP bonus? The best forex bonus can be beneficial to your trading activity. But how do you decide that?
When you start forex trading, your broker will offer you the best forex bonus you can get. In fact, there are several forex bonus types you can choose from. For a new trader, this sounds like a great deal. But some people might find it difficult to choose the best forex bonus. After all, these bonuses might affect your trading style. So, how do you decide which bonus to apply?
To decide which is the right bonus for you, you need to follow these simple steps:
- Know your needs and trading style
- Read the rules carefully
- Don't force yourself
- Do your own research
Each step would be explained further in the next section:
1. Know Your Needs and Trading Style
Knowing your needs and trading style is the first step of choosing the best forex bonus from your broker. Every bonus has its own advantage and disadvantage to brings you profit. For example, trading bonus gives you rewards in every transaction. This can be a perfect bonus for active traders. So if you only trade occasionally, this might not be the best choice. Meanwhile, if you don't want to risk a lot of money to start trading, a no deposit bonus can be a good option.
2. Read the Rules Carefully
Make sure you read the rules and requirements before applying for a forex bonus. Have you ever noticed forex bonus conditions like this:
European Union citizens cannot apply for a Welcome Account.
Expert Advisors (EAs) are not allowed on Welcome Accounts.
Existing Clients cannot apply for a Welcome Account.
Each Client can open only one Welcome Account.
The Welcome Account has identical trading conditions to the live Pro account type.
The Client has the option to either raise or lower the leverage on the Welcome Account.
The Welcome Account is available for trading for 60 days from the day of opening. Once 60 days have passed, trading will be disabled but the Welcome Account will still be accessible for an additional 14 days to claim the earned profit.
The Welcome Account is available in the USD currency.
This is just an example of Tickmill $30 forex bonus terms and conditions. Once you make the choice, you have to follow the requirements. Sometimes, 2 types of forex bonuses from the same broker might have different sets of rules and policies. On the contrary, the same type of bonuses from two different brokers might also have different requirements.
You can compare one bonus to another to find out which one works best for you. The offer terms usually state who can receive it and how the bonus will be awarded. Make sure to read other rules that might affect your trading activity, rules on leverage and lot, as well as the minimum deposit.
A bonus can be a cash deposit into a trading account, a spread reduction for trading, or a physical gift. Also, be sure to check the start and end dates of the bonus promotion and how much it will cost you to enter the promotion. Take time to review all the bonuses before making a decision. Make sure the rules do not affect your trading strategy.
3. Don't Force Yourself
Let's say after you read all the rules, you still can't find the best forex bonus that fits your needs. Or, maybe you need a forex deposit bonus, but the requirements are too hard for you. When this happens, do not force yourself to apply. Remember, no matter how tempting the profit is, the bonus is just an extra feature. It would be unwise to force yourself to get the bonus while risking your trading activity.
4. Do Your Own Research
Since there are so many forex bonuses, you can conduct your own research to find out which type is the best for you. Try to find reviews about your broker and their bonuses to get a better understanding of what you are getting into. Look for the good and the bad, the do's and the don'ts, etc. Don't be hasty and try to surf the internet for a while and come back when you have a better idea. Looking at the track records of your broker is recommended, make sure they are regulated and not a scammer.
5. Understand the Forex Bonus Types
To help you decide the best forex bonus type to apply, you need to learn about the special offer from your broker. There are many types of forex bonuses, each has its own advantage and disadvantage. If you have a better understanding of forex bonuses, it will be easier for you to decide which one you should apply.
- Forex Deposit Bonus
A forex deposit bonus is closely related to the deposit you make. Normally, you need to make a deposit on the website of your chosen broker. This type of bonus is usually measured in %. For example, XM provided you with a 50% deposit bonus, and you have a deposit of $1000. That means you will have $1500 in your trading account.
- Forex No Deposit Bonus
Forex no deposit bonus can be a solution if you don't want to risk too much money for trading. In short, you will be given money by your broker to make your first trade. So, if you lose anything in the trade, it's not actually your money that you lose. But if you gain profit, it's all yours. Some traders might argue that this is the best forex bonus you can get.
- Welcome Forex Bonus
This type of bonus is dedicated to new clients, therefore you can't get this promo if you're a regular client. Usually, brokers use this promo to attract new clients by giving them a chance to experience the broker services without risking anything. A welcome bonus may come in the form of no deposit bonus or an ordinary deposit bonus.
- Special VIP and Regular Customer Bonus
Usually, brokers will reward their loyal clients with bonuses, as well as their VIP clients. Normally you need to stay active on the broker for some time to claim the bonus. While to get the VIP bonus, you need to create a VIP account to apply. Usually, the bonuses are quite beneficial and profitable. If the requirements are still within your financial range, consider opening a VIP account.
- Pending Forex Bonus
Just like the name suggests, you can't use this bonus immediately after you receive it. However, you can claim it once you do a particular action on your broker's platform. Usually, these bonuses are dedicated to new customers. Typically they are required to make several trades first in order to receive the bonus. However, if you are not patient enough, this might not be the answer for you.
- Forex Reload Bonus
This bonus is dedicated to regular clients. Usually, the broker will give you the bonus on the second deposit and after. The best part? This is an instant bonus, which means you can enjoy it immediately. A lot of brokers provide up to 50% reload bonuses on each deposit. This might be the best forex bonus if you are an active trader.
Deciding on the best forex bonuses can be a chore. There are many types and requirements you need to know. Each bonus has its own advantages to help you gain profit. Understanding your needs and trading condition is vital when you want to decide which bonus to choose. Do not be hasty, and make sure to do your homework before making a decision.
After you decide which forex bonus to apply, the next step is knowing how to make the most of it. The complete guide to successfully use a forex bonus can be found here.
Mar 15 2023
I've tried several Australian brokers like Pepperstone and IC Markets, but I've never heard of Blueberry Markets before. Because of this article, I searched it up and wow, it seems that the broker is pretty underrated among traders. The broker was founded in 2016, so it's still relatively young. Perhaps it needs more unique, innovative features to boost the business.
In my opinion, this Online Forex Master bonus in particular sounds great, but it's still less attractive compared to other mainstream brokers in the market. Most brokers simply ask traders to register or deposit a certain amount, but in this program, traders must be a fulltime member of Online Forex Master and subscribe to one of the courses.