Classification of Forex Bonuses
One of the most popular promotional offerings utilized by Forex brokers are bonuses. Such bonuses are offered in a bid to gain the attention of potential clients as well as to attract them towards a longer working relationship. The concept of bonuses is very popular in the world of Forex traders because they play a big role in generating extra revenue without any need to make additional investments.
The world of Forex trading has transformed into a more lucrative undertaking due to the temptation and continued evolution of promotional bonuses.
Forex bonuses can be roughly divided into three main varieties:
- Welcome Bonuses: Whenever a trader decides to start working with a particular company or broker on the currency market, a welcome bonus comes into play to provide an initial boost. Essentially, a trader receives this bonus as soon as she or he opens a new trading account with a broker. Availing the bonus depends on the rules and conditions stipulated by the broker. Some offer the bonus as soon as the first deposit in the trading account is made by the trader. Others provide the bonus without requiring an initial deposit. The biggest benefit of availing such a bonus is that fresh-faced traders gain experience which can be utilized while placing future trades.
- Deposit Bonuses: Depositing of the trading accounts trigger deposit bonuses. Depending on the conditions detailed by the broker, deposit bonuses can or cannot be used as extra trading margin. Deposit bonuses serves as a great way for traders to generate more revenue while doing other interesting activities of their choice. Hence, traders can avail a bonus whenever they deposit in their accounts and resume trading.
- No Deposit Bonuses: The single most popular type of bonus from the traders’ point of view is the no-deposit bonus. It is also known as a free bonus which doesn’t require a deposit. As the name suggests, a trader does not have to deposit in her or his trading account to trigger this type of bonus. Some brokers offer the ability to withdraw this bonus, while others stipulate that it can only be used as extra trading margin. Either way, this is an extremely popular bonus as it enables traders to generate revenue without making any investments from their end.
As you may have guessed by now, the world of Forex trading contains all kinds of bonus promotions which can be handpicked by traders to suit their needs. All three bonuses explained here can be availed under specific conditions and have their own unique attributes. Such bonuses have been crucial in transforming the Forex market into an extremely lucrative undertaking for new traders. But if your ultimate goal is to be a successful trader, keep in mind that bonuses are just the icing on the cake of Forex trading. They just serve as the means to an end.
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