Are you considering jumping into the Forex trading world? Well, you are certainly not alone. Forex can be a very lucrative market for people who want to start trading. While it may feel overwhelming when you peek into the Forex market, the truth is that it is not as intimidating as it seems. One of the first things you may notice about this trading market is the trading bonus being talked about. So what is it and why should you care? This article explains everything to know about the FX trading bonus. Know more World’s most regulated broker
What is a Forex Trading Bonus?
Simply put, it is a bonus put forth to attract new clients to trade in Forex. It is what Forex brokerage firms offer new traders when they first join and which can be used for various trading activities.
A trading bonus is something a new trader will get if they meet certain requirements and criteria.
How does the Forex Trading Bonus Work?
Here are some simple points that will make it amply clear so that you are able to do it better:
- When a person gets in with a Forex brokerage firm and signs up for a live trading account, they fulfil one of the most basic criteria for the trading bonus.
- Usually, after this, the trader will have to put in a minimum deposit amount towards the brokerage firm to start trading with. If this is the minimum amount required, the money sent needs to be left in the trading account.
- The trading bonus gets credited after the minimum amount deposit has been made.
- The trader has to use the trading bonus for a certain number of lots. After this, the profits can be withdrawn after meeting some criteria.
- Now the most important thing is what the basic criteria are for the particular brokerage service. If you are a trader just starting to get into the world of Forex, know what the criteria are for getting the FX trading bonus into your account.
How to Get a Forex Trading Bonus?
As a new trader, it can seem tempting to try and get a trading bonus. It is only going to help you succeed in the Forex trading market, right? Well, here’s how to go forward:
- Open an Account: The first thing to do to get started with a trading bonus is to open an account with a brokerage firm of your choice. It is a great idea to choose something that fits your financial needs and provides instant execution and market-best prices and spreads.
- Put in Funds: The next thing you need to do is put in funds in your live trading account you have just opened. This is easy to do because today modern trading platforms dealing in Forex accept payments from various sources such as e-wallets, net banking, bank transfer, debit and credit cards, and more. This makes putting in funds easy and done in minutes.
- Get Bonus Credited: Once you fulfill your funding criteria, you will get the bonus promised to you credited to your account.
- Start Trading: After you have put money in your live trading account, it is time to start trading. You can use the trading bonus to boost your trading. Your bonus will allow you to trade in more high-volume positions, which will mean higher profits for you.
- Withdraw: After you have traded a certain number of lots, it is time to withdraw your funds. The more you trade lots, the easier it will be to withdraw the bonus funds.
Benefits of Getting an FX Trading Bonus
As a beginner in Forex, it can be interesting to find out as much as you can about this arena. So why is getting a trading bonus so exciting? Let’s look at some of the benefits it offers:
- Enjoy More Capital: In Forex, the higher your capital, the better it is for you to trade. With a trading bonus, you have access to more capital which is certainly great for you. Aiming to get that trading bonus credited to your account is a smart move!
- Trade in Better Positions: An exciting thing to know about trading bonuses is that it lets you trade in better positions. This is indeed wonderful because it means that you are in a position to earn more profits this way.
- Test: The trading bonus is an excellent way to help you test the brokerage firm’s platform. Find out whether it is good or bad and how well you can adapt to it by using the trading bonus.
- Lower Initial Investment: Start with a lower initial investment. Invest a lower amount of capital and start Forex trading
How to Make the Most of Your Forex Trading Bonus?
There are a few things that you should keep in mind to make the most of your FX trading bonus, here they are:
#1: Understand the Terms and Conditions
This is so important but something that many new traders forget to do. Do read the terms and conditions before signing up with a platform to make the most of your bonus.
#2: Trade with a Reputed Brokerage Firm
You must sign up only with a reputed brokerage service. Unless you do so, you are going to be woefully short-changed by an unscrupulous company. Take your time and find out the best there is in the business.
#3:Compare and Contrast
A good brokerage firm will offer a few offers for trading bonuses. Choose the one that sounds the most promising. You should also choose one depending on the kind of deposit you can make.
Forex brokerage firms and services offer trading bonuses to lure in more clients. The trick is to make the most of them smartly and with intelligence. When you choose well and trade frequently, the chances of making a good amount of profits are high. Use the deposit to play around in the live trading market and learn a few tricks of the trade.