Dipo Olowookere
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.
