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What are the Financial and Trading Bonuses Available in Africa?

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Trading Bonuses

One of the best promotional offers to encourage traders is the bonus. This is a significant factor in choosing a Forex broker to work with.

South African traders can take advantage of many Forex bonuses offered by brokers. Some bonuses are available after you have proven yourself to be an active trader. Others are deposited into your account after you have completed the money deposit process. Rebates are bonuses that are added to your account after you have completed a trade. Regular bonuses may require that you open a minimum number of trades in order to receive the bonus.

What are the various types of bonuses?

Different types of bonuses are offered by Forex brokers. Most of them require that you take a specific action. Some brokers offer bonuses for opening an account. Yes. It’s as simple as that.

To find the best Forex bonus, research is key. Make sure that the brokers offering the bonuses operate under the official regulations of financial authorities. You’ll also need to compare the information. When choosing a broker to offer Forex bonuses, traders often base their decision on the size of the bonus. This could lead traders to choose a broker that has high commissions or wide spreads. The bonus you have earned will eventually be charged for trading costs.

Welcome Bonus

Only newcomers who have never opened an account before will be eligible for the welcome bonus. It is similar to the no deposit bonus but does not require any initial deposits. This bonus is the most sought-after type of Forex bonuses. This type of bonus isn’t always available. It is usually offered to partners for cooperation in expanding their business into new markets and cities. Some brokers might offer these bonuses on welcome accounts, like the Tickmill broker 400 ZAR bonus, for example. These welcome accounts do not accept any deposits and can only operate for a limited period of time, after which, traders can withdraw any account balance remaining on the Welcome account.

No Deposit Bonus

No deposit bonus is not as frequent as the rest of the promotional programs that we listed below, however, it undoubtedly is the traders’ favorite in South Africa. No deposit bonus means that the broker will give a bonus to new accounts without requiring an initial deposit. The no deposit bonus, which is typically between $10 and $50, is much smaller than the deposit bonuses.

However, the brokers frequently overcomplicate the terms and conditions that allow traders to withdraw the profits. There are few exceptions to when traders can enjoy a flexible no deposit bonus program and one such example is XM 30 USD no deposit bonus. If you read the XM bonus terms and conditions you will see that the broker clearly explains how traders should get the required trading volume and withdraw their bonus earnings.

Deposit Bonus

The most popular type of bonus is the deposit bonus. It is awarded to customers after they make their first deposit. As a reward for opening an account and making a deposit, customers receive an instant bonus. You can choose to receive a fixed amount or a percentage of your deposit amount. Numerous brokers are offering deposit bonuses in South Africa often ranging from 5% to 50% with the regulated brokers. Unregulated brokers might even offer a 100% deposit bonus, but their reliability has to be questioned.

Special VIP Bonus

You will also be eligible for some special programs for clients who are loyal traders and active with a forex broker. To receive a bonus, you must stay with your Forex broker for a while. This bonus is based on your experience with the broker. You will have to create a VIP account in order to receive the VIP bonus. If you are logged in with an ordinary, micro, or another VIP account, you will not be eligible for a VIP bonus. One of the best VIP programs can be found with HotForex broker with its extensive loyalty campaign. These bonuses are subject to change and may vary depending on the broker. Keep in mind that VIP bonuses can be very profitable and advantageous. If you have an account with a broker you might consider opening one.

Turnover Bonus

Turnover bonuses are similar to cashback or rebates and enable active traders to make additional income from trading turnover. It rewards traders for their trading volume and activity. You don’t need to trade actively to get this bonus. It works automatically. The turnover bonus is usually summarized as follows: If you trade X amount per month, you will receive Y amount.

Reload Bonus

Forex brokers often offer a bonus to customers who deposit money into their trading accounts. This is known as the reload bonus. Brokers understand the importance of rewarding traders for their loyalty to their brokerage company. To keep traders loyal, brokers offer a variety of bonuses instead of just one bonus for opening a trading account. The percentage of the bonus may be less than the initial deposit bonus.

Rebate Bonus

Forex rebates are trading tools that allow you to win even if you lose. Rebate pips is the popular name for forex rebates. This bonus is a type of cash-back bonus that leaves traders with nothing, even if they lose. There are many options available to traders, so the offers may vary. Brokers want traders to trade as often as possible so bonuses such as these can motivate traders to trade efficiently. Rebate bonuses can be used by professional and novice traders alike. This attractive offer is not available to all traders.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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Economy

Ellah Lakes, Enugu Government Seal Rice Processing Deal

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Ellah Lakes

By Dipo Olowookere

A Nigerian agribusiness company, Ellah Lakes Plc, has sealed an agreement with the Enugu State government for the processing of rice aimed to improve food security in the state and the nation at large.

The chief executive of the firm, Mr Chuka Mordi, described the deal as “a significant landmark for the company in fulfilling our strategic objective of diversifying our portfolio and production base.”

Ellah Lakes said in a statement that with the partnership, it will transform the Ada Rice Company and Plantation in Adani, Uzo-Uwani LGA, into a Staple Crop Processing Zone (SCPZ) in Enugu State.

This is expected to create not less than 5,000 jobs over the next 24 months as the company will have the opportunity to establish a feed mill and ethanol processing plant on the site in Adani.

Business Post reports that Adani community is well-known for the cultivation and production of rice but due to poor infrastructure and support of the government, it has suffered low patronage.

This partnership between the Enugu State government and Ellah Lakes should change the narrative for good and boost local production of rice.

In the statement issued on Wednesday by Ellah Lakes, a company listed on the trading platform of the Nigerian Exchange (NGX) Limited, work is scheduled to begin immediately in Adani.

“Ellah Lakes is happy to announce that it has entered into an agreement with the Enugu State Government, through the Enugu State Technical Committee on Privatisation and Commercialisation, for the expansion and further development of the Ada Rice Company and plantation in Adani, Uzo-Uwani LGA, into a Staple Crop Processing Zone (SCPZ) in Enugu State, Nigeria.

“Ellah Lakes will produce and process rice with the participation of over 200 indigenous farmers in the local out-grower program. Ellah Lakes will also develop a feed mill and ethanol processing plant on the site in Adani.

“The development is expected to create a minimum of 5,000 jobs over the next 24 months, and work is scheduled to begin immediately,” a part of the statement disclosed.

“This is a significant landmark for the company in fulfilling our strategic objective of diversifying our portfolio and production base, and we are very excited to be working with the Enugu State Government.

“We are very pleased with this collaboration with the very progressive government of Enugu State. For us, this is the beginning of a great journey to expand the industrial base of the state, and we look forward to a mutually beneficial, valuable and fruitful venture,” Mr Mordi was quoted as saying.

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Economy

Stanbic IBTC Pension Managers Rewards Customers

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Stanbic IBTC Pension Managers scheme

Ahead of the festive season, Stanbic IBTC Pension Managers, Nigeria’s largest Pension Fund Administrator (PFA), has unveiled the Stanbic IBTC Pension Managers Loyalty Program tagged Umatter.

It is a reward scheme targeted at the customers of the PFA, to reward them for their loyalty and patronage through exclusive discounts as they shop with their e-loyalty card.

The loyalty program is available at the PFA’s partner merchants’ locations and stores across the nation. It is aimed at providing Stanbic IBTC Pension Managers’ customers with exciting shopping discounts to help them spend less and save more when they shop.

Some of the participating merchant outlets are Maybrands, Café Royale, Hubmart Stores, Chocolate Royal, La Campagne Tropicana, Physio Centers of Africa, Medplus, iStore, Oriki, Launderland and Active Leisure.  The discounts range from 5 to 12 per cent on products and services purchased.

Stanbic IBTC Pension Managers’ partnerships with these major outlets will enable customers to seamlessly enjoy instant discounts on their purchases during this festive period, thereby making life even more easy and affordable for customers who use the Stanbic IBTC Pension Managers e-loyalty card.

Stanbic IBTC Pension Managers will continue to initiate valuable programs like this that encourage people to continue saving for their retirement and building their financial future.

New and existing customers can be a part of this exciting loyalty program by visiting www.stanbicibtcpension.com or calling 01 271 6000.

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Economy

FG to Inject N381trn into Economy to Create Job, Tackle Poverty

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Nigeria Economy challenges

By Adedapo Adesanya

The federal government is partnering with the Industrial Training Fund (ITF) to inject N381 trillion into the economy to cushion the growing rate of poverty, job losses and economic degradation in Nigeria.

This was disclosed by the Director-General of the Fund, Mr Joseph Ari, during a media interaction with the Correspondent Chapel of the Nigeria Union of Journalists in Jos.

Mr Ari said the federal government came up with a 5-year National Development Plan tied around the sum of money to be able to achieve this aim.

He said the plan will replace the initial Economic Recovery and Growth Plan (EGRP).

According to him: “The plan, which projects the creation of 21 million jobs, with 35 million Nigerians lifted out of poverty, affordable housing for Nigerians and an export-led economy among others, is expected to cost N381 trillion to implement and have six focal areas of economic growth and development, infrastructure, public administration, human capital development, social development and regional development.

“As the leading human capital development institution in Nigeria, we have commenced the process of repositioning our programmes and activities to effectively prepare the Nation’s workforce in line with our mandate of developing a pool of qualified Nigerians to man the public and private sectors of the national economy as we believe that for this plan to succeed, all Nigerians as individual citizens and as institutions must contribute their bit.

“You will recall that on the assumption of office in 2016, the economy was in recession leading to massive job losses and corresponding increases in poverty.

“Our initiatives then particularly the emphasis on skills intervention programmes was borne out of the need to drive the actualization of the Economic Recovery and Growth Plan (EGRP), which we achieved to an appreciable degree by training hundreds of thousands of Nigerians that are today gainfully employed or even employers of labour,” Mr Ari said.

He, however, lauded the media for a robust coverage of the Funds activities over the years, saying that the media has been critical in return of peace in the state.

“Beyond this, fora such as we are holding today have been critical to the return of peace in plateau state, thereby creating the necessary environment for our organisation to thrive especially within the last five years on account of your professionalism and determined efforts to rise above sensationalism, headline-grabbing and petty politics,” Mr Ari said.

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