Over the years, forex brokers have been very creative with their incentives. Scores of different types of forex bonuses were created, promoted and optimised. Forex bonuses are as diverse as the creative minds of those cooking them up allow them to be. That said, they can mostly be put into one category or another, based on some key features. Some brokers hand out their forex bonus without requiring traders to make a deposit. Others might call for a deposit, but offer very lax bonus redemption conditions. Because of their no-strings-attached nature, No Deposit forex bonuses are some of the most popular promotional deals.
Traders and would-be traders love them, because they do not assume any risk through these bonuses. Brokers typically hand out such no deposit bonus deals with the goal of getting traders hooked on what they offer. No deposit bonuses are indeed very effective at meeting this objective.
Within their own little category, no deposit bonuses come in a few different variants. Some brokers effectively hand out free money.
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They do it in the hopes that traders hooked through this act will continue trading with real money and offset the cost. Such brokers may view no deposit bonuses as effective, albeit rather steep, promotional expenses.
However, traders can never cash out most no deposit bonuses. Nor can they ever pocket any of the profits resulting from such bonuses. In such cases, the bonus deal is mostly a nominal one. They say that there are no free rides in life.
This truth applies to no deposit bonuses, with scant exceptions. Always check the turnover requirements to see how realistic they are, and if profits can be withdrawn eventually. The broker then awards the bonus money in a manner proportional with the size of the deposit.
Given its mutually advantageous nature, the deposit bonus is usually a much more serious deal than a no-deposit one. At face value, it is supposed to complement the ability of the trader to invest. Brokers who adhere to this approach might tie their deposit bonuses to certain conditions. But they do not aim to make it impossible for traders to withdraw these bonuses. At the other end of the spectrum, brokers abuse such bonuses.
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This is yet another reason why you should always choose your forex bonus from a trusted source. Strong regulation is often enough to ensure bonus deals are marketed correctly. The peculiarity of this bonus type is that it is only available to newly registered clients. Beyond that, it can take any shape. Welcome Bonuses are typically only available once per household. If you have had an account with a broker for some time, you can forget about picking up a Welcome Bonus. A Turnover Bonus directly rewards trading activity and volume.
As such, it is one of the pet peeves of regulators everywhere. It directly encourages clients to trade more. A typical Turnover bonus format would be: trade X number of lots per calendar month, to receive Y amount of bonus money. A pending bonus offers the trader a bonus once they meet a particular milestone.
This might be trade volume or deposit totals etc. Again, the terms and conditions are crucial, particularly in the milestones must be met within a certain time frame. It is awarded to those who reload their account balances through subsequent deposits. Reload Bonuses have drawn the ire of the regulators because they directly encourage traders to deposit more money.
Their sizes are usually smaller and their redemption requirements may be steeper. Often, they are nothing more than a downsized version of a deposit bonus. This type of bonus can be traded and lost.
Forex Brokers with No Deposit Bonus
Attached conditions may make it impossible for traders to withdraw profits incurred through the tradable bonus however. Since it is difficult to keep track of which profit came from which invested funds, it may not be simple for traders to know where they are with the bonus. Some brokers offer rebates on commissions and spreads, provided the trader fulfills certain usually trading volume-related requirements. While apparently fair and quite attractive, Rebates encourage increased trading volumes too.
As such, they present yet another problem from a regulatory perspective. Forex brokers reserve the right to give certain clients gifts. Such gifts range from various gadgets to event tickets and indeed: special bonuses. As a matter of fact, forex bonuses are indispensable in the trading platform of any forex broker, and very often exactly the offered deposit and no deposit bonuses are the critical factor taken into consideration when registering with a new forex broker.
The subject of forex bonuses is not simple and easy, and it requires some in-depth knowledge to realize how bonuses are received and effectuated, and whether in this or that case it makes sense to apply for a forex bonus at all.
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Generally, forex traders consider bonuses as a means to potentially increase the account balance. At the same time, it is essential to understand that trading on forex bonuses is related not only to some advantages, but also to the risky aspects of the currency trading environment. The best market offers have already been selected and summarized, so with the job that we have already done selecting the best bonus offers you only have to make the next step selecting your preferred broker among these chosen few.
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