What is Trading Bonus？
A bonus program possibly provides free money for trading in foreign exchange. Normally it is offered by forex companies and brokers. It is considered a motivational tool to seek the attention of new customers. It enables the new customer to trade in the foreign exchange market with less risk. It is some compensation given to the forex traders for choosing the specific forex company or broker.
Types of Trading Bonuses
Forex companies or brokers provide various types of bonuses. Some of them are typically moulded by a specific activity. A few agents offer bonuses simply by opening an account. Some sorts of trading bonuses are listed below.
1 No Deposit Bonus:
No Deposit bonuses are the absolute most well-known promotional bonus program in forex trading. In this promotional dealing, brokers usually provide some gifts in the shape of a bonus to new customers with no initial deposit required. It is usually a small amount between $10 to $50. It usually a substantial conditional bonus for the customers.
2 Deposit Bonus:
The deposit bonus is the most widely recognized and is given to clients upon their first deposit. Typically, the new client gets an instant bonus to open an account and make an initial deposit. It is usually either a fixed amount of money or a percentage of the deposited money.
3 Welcome Bonus:
The welcome bonus is solely given to newbies who never had an account before, in particular brokers. It is similar to the no deposit bonus. Frequently, it does not need initial deposits. This type of bonus is not always available.
4 Turnover Bonus:
Turnover bonus work like refund or cashback service permits dynamic traders to earn extra income for the trading turnover. It works consequently, so traders don't need to be active more aside from trading actively.
How to Choose the Best Forex Bonus？
To choose an effective forex bonus, the traders need to collect some information and research to compare brokers. Some traders' primary mistake while selecting a forex bonus is that they only see the bonus size. Ultimately, the traders may choose a broker with wide spreads and high commissions on trade. They also make mistakes by ignoring the terms and conditions of the bonus. Consequently, they will lose more than the bonus earnings.
Download WikiFX (bit.ly/wikifxIN) to get lessons from experts who have traded forex for over 20 years.