Forex Deposit Bonus

About Forex Deposit Bonus

When people trade foreign exchange, they look forward to two things:

1) A sudden positive change in the market which hopefully can give additional funds to the traders and

2) Something extra that is usually extended by the brokers to their clients.

Among the more popular promotions in the forex trading platforms of today is the forex deposit bonus. In this post, we will explain to you what this is, how this works and what different deposit bonuses are available to traders.

What Is a Forex Deposit Bonus?

A forex deposit bonus is extended to foreign exchange traders once they have registered with a broker’s platform and made a deposit to their account. This bonus, as differentiated from the forex no deposit bonus where you get the bonus by just registering with the platform, is given once the forex trader has made a deposit to his account. The deposit bonus is a percentage of the deposit amount, and this percentage is determined by the broker. Both bonuses however, have the same objective: that is to urge people to trade foreign exchange.

Most trading platforms offer forex bonuses. But requirements for availment of these bonuses also differ among brokers. For one, you can only use the bonus on the trading platform where it was given. Some brokers offer bonuses to existing traders for referring customers so that they can increase client base. Still, other brokers enhance existing forex deposit bonuses to encourage the trader to stay with their platforms.

 

Different Types of Forex Deposit Bonus

Unlike the forex no deposit bonus which is given only one time at the time the client opens an account, the deposit bonus has 3 different variations.

  • Initial Deposit Bonus or Forex Bonus Welcome This bonus is given by a particular broker to encourage a person to open an account. The bonus is a percentage of the initial deposit made by the forex trader which may range from 20-100%.
  • Deposit Bonus for Succeeding Deposits Made. This is a promotional offer given to clients who make succeeding deposits to the account. The bonus is usually equivalent to the amount of the deposit the client makes.
  • Deposit Bonus for Regular Customers. This bonus is almost the same as the previous bonus. The only difference though is that these are given to the trading platform’s clients who have stayed with the trading platform for quite a while so that the percentage bonuses are higher than what is given to clients who just make succeeding deposits but are still relatively new with the platform. Brokers extend this type of bonus to clients to keep their existing customers as well as to prevent these customers from moving to other brokers because of better offers.

 

How a Forex Deposit Bonus Works

After selecting the trading platform with which you want to do your trades, check first if your country is allowed participate in that particular trading platform. To be able get your forex deposit bonus, you should first register with the trading platform, provide them your personal details and the currency with which you want to receive your deposit bonus.

After you have opened your account and made your initial deposit, you should see the amount of the agreed bonus in your account. For bonuses on succeeding deposits, the same should also apply. However, treatment of these bonuses (e.g. withdrawals) may vary depending on the type of bonus extended so you should read the terms and conditions regarding treatment of a particular bonus versus a bonus arising from a standard offer.

 

Determine Who Gives the Best Forex Deposit Bonus

Because of stiff competition among trading platforms, brokers try to outdo each other by offering higher deposit bonuses and enhancing these so that old clients can benefit from these as well. Because of this, choosing between platforms becomes a dilemma to the trader. Here are some tips that may help you select your platform.

  • Widen your network to include people who are knowledgeable in forex trading; ask them which forex deposit bonuses they find advantageous for them;
  • Do your research. Google the companies that offer forex deposit bonuses and compare their features from one another;
  • Read forex broker reviews. These reviews usually give insights on the pros and cons of choosing one broker over another.

Forex deposit bonuses given on a regular basis enable a forex trader to map out his strategy when it comes to forex investing. The deposit bonus adds teeth to the trade, as it almost doubles the money that one is able to trade with. It would be in your best interest though if you do not put all your resources in one platform so that you are able to diversify and soften the blows negative trades may make.

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