First of all, let's figure out why forex brokers would actually offer bonuses in the first place. Just like any other business, each forex broker tries its best to attract new traders and rewards the existing members. When your cable gives you a free movie once a month, or when your cell phone company offers you a family package deal, forex brokers give away actual cash bonuses in order to tempt you to begin trading with real money and become a regular trader. Forex brokers' bonus giveaways are usually very generous, especially on your first deposit.
The rule of thumb - "Nothing comes for free". Keep this in mind while reading on.
One way to understand the bonus system better is to treat is as marketing promotions offered in the form of free money as a way for online brokers to attract you to their websites and give you a taste of a real trading.
Before we get deep into the different types of bonuses, let me explain the general requirements behind free cash. "Wagering", the term known in online gambling industry, is usually a part of forex bonus terms and conditions. It is also the one issue where disagreements may arise.
Here are some terms and conditions you might encounter while considering a bonus:
You must buy or sell at least 10 mini lots in real-money account for each unit of $25 bonus granted by your forex broker before you can withdraw the bonus. One mini lot stands for 10,000 currency units you choose to buy or sell. For example, a $25 trade at X400 means that you have traded 10,000 currency units (25x400=10,000).
You will not be able to withdraw the bonus until it is redeemed. It will remain in your account balance.
Abusing bonus offers is not allowed. Bonuses are given per account, person, household and/or any environment where computers are shared.
I have to repeat myself over and over again - make sure you read these terms and conditions thoroughly because every broker has different requirements.
Once we have covered the "WHY", let's move on to "WHICH".
There are different types of bonuses available. One of the most common one is referred to as a "Welcome Bonus" and it is awarded to you once you make an initial deposit with a selected broker. This is the way forex broker is thanking you for becoming a member and trading forex at its platform.
To keep you coming back, brokers will gladly reward you with what is called "Loyalty Bonuses". Perhaps you might receive a free cash bonus monthly, or sometimes it is possible to contact the online support and request a bonus. One thing for sure, with the increase of competition between forex brokers, you can expect more bonuses and promotions offers coming your way.
Another type of forex bonus is the most likable among beginners - "No Deposit Bonus". This one is the simplest and usually the smallest of all the bonuses. All you have to do to receive "No Deposit Bonus" is to sign up for a real player account at the broker offering this promotion and you will receive the free cash. There is no need to make a deposit in order to be awarded. Usually the bonus appears automatically in your account, but sometimes you will have to claim the bonus via email, submission form or through online support on the broker's website or trading platform. No need to panic here, essentially receiving non-deposit bonus is very simple.
Once again, nothing comes for free. It is possible to find some sort of limitations attached to "Non Deposit Bonus", so make sure you read the terms and conditions and actually understand them. If you don't, make sure to contact the broker representative for some assistance. An example of such limitations may include a requirement for a maximum amount you can withdraw using the bonus. Or you might require making a token deposit before withdrawing the winnings.
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