What You Need To Know About Forex Bonus
Everyone loves a good forex bonus. The idea of gaining a bonus for doing a job or applying for something can significantly raise a person’s interest in whatever is being offered. But while bonuses are cool, it is also important that we understand the exact process through which the bonus is going to be gained.
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Forex bonuses are very interesting and can be very beneficial to the aspiring or experienced broker. It is a bonus given to you to boost your interest in earning more money. The concept of introducing monetary incentives to increase the interest of people into a particular endeavor is hardly a new thing. Nor is it unique to Forex, the forex bonus while not the same can be compared to bonuses offered by t.v. Shows, companies, gambling websites, sports betting websites, etc. Forex bonuses, however, can come in the form of gifts, promotional campaigns for a particular season or as a joining bonus.
No matter the form in which you receive a forex bonus it is important to note that bonuses do come with their special terms and conditions. And that it is important to read the fine print of every bonus contract to know what exactly you are getting yourself into.
Some general rules guiding forex bonuses which are worth knowing are that forex bonuses are usually non-transferable. This means that you usually cannot take a bonus from one trading company and pass it onto another. Any bonus given to you by a trading company will usually be given in anticipation of trade with that company and is therefore also non-withdrawable.
Another point worthy of note is that brokers are free to withdraw their bonus at any time possible. This is usually stated in the terms and conditions of the bonus. And a bonus once withdrawn by the company cannot be used for trades anymore regardless of if strategies have been built in anticipation of the bonus. The bonus given to you from the broker is the property of the broker and as such can be withdrawn at any time due to varying circumstances.
Every bonus given by brokers have a special purpose and specific group of people they target. It is not unusual to find out some bonuses are closed off to a subset of people while open to another. This is because bonuses are sweeteners to the trader’s tea. They are used to either attract new traders to a particular company or to keep the available happy and satisfied. And as such different approaches are taken for the different categories of people.
This bonus serves the sole purpose of attracting new traders to a company, and it is one of the most popular. A bonus like this is once in a lifetime and is available only for first time traders in a company. Existing traders on a platform (including affiliates) cannot take part in this bonus as it is strictly for new members.
EXISTING TRADERS BONUS
This bonus is for traders who are already up and running and is more of a reward system. These rewards are given to the client as a means of fostering goodwill among them. Happy clients spread happy tales and every online business no matter how large, or small depends on good reviews to stay afloat. Because these bonuses are some of the most valuable in the trade, they are mostly only offered to loyal clients who have brought in a fair amount of trade to the company. They are not given out freely and require investment to unlock. Due to the delicate nature of some of these bonuses, they are only given to special and reliable clients who have consistently proven themselves in the world of trading.
THIRD PARTY BONUS
Opening an account through an indirect link (an affiliate) usually allows for bonuses be awarded on both ends. The affiliate marketer gets a reward for introducing the customer, and the new trader gets a bonus for opening an account. The legalities surrounding this are usually quite strict, but there is still enough chance for both parties to gain from their efforts.
The bonus categories are just a way of knowing where we fit in as traders and there are different bonus options companies utilize , some of which you would come in contact with during your trading journey.
Types Of Forex Bonuses
Demo Accounts Bonus
New traders tend to start with demo accounts as a way of familiarizing themselves with the concepts of trading. Most companies do not offer any rewards for demo accounts, except for a few companies and only for exceptional trading.
No Deposit Forex Bonus
As the name implies the trader does not need to deposit any money to access this bonus. The money is usually non-withdrawable and is subject to strict terms and conditions of the company. You can read more about No Deposit Forex Bonus here.
Deposit Forex Bonus
This forex deposit bonus is accessible to traders after a deposit of money has been made into their trading account. The bonus is usually calculated based on a percentage and kept in account alongside the original deposit. This bonus is also subject to the terms and conditions of the company and is subject to change.
Welcome Forex Bonus
A once in a lifetime bonus this is given to traders who are registering with a company for the first time. It could either be a deposit or no deposit bonus the difference is that it won’t be repeated.
Affiliate Forex Bonus
These are bonuses given after a referral. Percentages or deposits are made into trading accounts depending on the number of people an affiliate can bring in. This is useful for traders with a large network and influence.
Forex bonuses are awesome ways to earn extra money for your account, but caution should always be exercised, the fine print should be read carefully and all terms and conditions properly revised before accepting. If conditions for the bonus are not properly reviewed the trader might find themselves in sticky situations which could potentially tie down their income