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.
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.
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 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.
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.
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.
FBN Holdings to Take Over Access Bank’s Pension Fund Custodian Business
By Aduragbemi Omiyale
A Nigerian financial group, FBN Holdings Plc, has taken another step to enhance its earnings by acquiring the pension fund custodian business of Access Bank Plc.
FBN Holdings is making this acquisition possible through one of its subsidiaries, First Pension Custodian, and it involves the total control of Access Pension Fund Custodian Limited.
A notice from both organisations disclosed that the transaction involves the transfer of a 100 per cent stake of Access Bank in the pension fund business to FBN Pension.
At the moment, the Central Bank of Nigeria (CBN) and the National Pension Commission (NAICOM), the two key regulators of the two transacting companies, have given a “no objection” to the deal.
However, the sale is yet to be finalised as approvals of other regulatory agencies are being awaited.
“FBN Holdings Plc wishes to notify the Nigerian Exchange (NGX) Limited and the investing public that First Pension Custodian, a subsidiary of FBNH’s flagship subsidiary, First Bank of Nigeria Limited, has entered into a definitive agreement with Access Bank Plc for the planned acquisition by First Pension of 100 per cent share capital of Access Pension Fund Custodian Limited held by Access Bank Plc.
“The Central Bank of Nigeria (CBN) and the National Pension Commission (Naicom) have given their ‘no objection’ to the transaction, with completion subject to the receipt of all required regulatory approvals,” a disclosure from FBN Holdings signed by Adewale Arogundade, the acting company secretary, said.
On its part, Access Holdings Plc said it “announces today that its subsidiary, Access Bank Plc, has entered into a definitive agreement with First Pension Custodian Nigeria Limited regarding a proposed purchase by First Pension of the entire share capital of Access Pension Fund Custodian Limited held by Access Bank.
“The National Pension Commission and the Central Bank of Nigeria have given their ‘no objection’ to the transaction,” Mr Sunday Ekwochi, the company secretary, disclosed.
CBN Laments Failure of Oyo Farmers to Repay Agric Loans
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has lamented that the majority of farmers who benefited from the Anchor Borrowers’ Programme (ABP) in Oyo State have not repaid their loans.
This call was made by Mr Sadeeq Ajayi, a CBN Development Finance Office in Ibadan at the Agribusiness Innovation Clinic.
He appealed to farmers who defaulted in paying back the agric loans to pay back, saying that the inability of the apex bank to recover the loans from the defaulting farmers had threatened the scheme, adding that it has prevented other farmers from accessing the facility.
The CBN official made the call at a clinic entitled Fostering Innovation and Collaboration Across the Agricultural Value Chain organised by the Global Alliance for Improved Nutrition (GAIN).
ABP is an agricultural loan scheme launched in 2015 by the federal government, through CBN, to provide loans (in kind and cash) to smallholder farmers to boost agricultural production, create jobs, reduce food import bills toward conservation of the foreign reserves.
“While the Anchor Borrowers’ Programme has recorded some level of success, the failure of farmers to repay the loans has, however, been a major setback.
“Many of the farmers refused to pay back their loans due to the misconception that since CBN is the lender, the loan is a ‘national cake’ and they do not have to pay back what they consider theirs as citizens.
“This attitude has made it difficult for other farmers, who also want to access the loan, to benefit from the scheme,” he said.
Mr Ajayi said that stakeholders, including the traditional rulers, should appeal to the defaulting farmers to promptly repay the loans for the sake of others.
“Of course, we are engaging various stakeholders and we expect the narrative to change very soon so that more people can have access to the fund,” he said.
In his keynote address, Mr Olasukanmi Olaleye, the Oyo State Commissioner for Trade, Industry, Investment and Cooperatives, lauded the initiative of GAIN to tackle malnutrition in the country.
Mr Olaleye, represented by Mr Mukaila Oladipo, a Deputy Director in the ministry, said that food fortification is one of the safest, most effective and affordable ways of addressing the micronutrient gaps in the country.
Also, Mr Godwin Ehiabhi, a Senior Project Manager, GAIN Nigeria, said that improved access to safe and nutritious food would reduce the country’s high rate of malnutrition.
Seplat Will Continue to Expand Under Guidance of Omiyi, Okeahalam—CEO
By Aduragbemi Omiyale
The chief executive officer of Seplat Energy Plc, Mr Roger Brown, has expressed his desire to work with the company’s new Independent Non-Executive Chairman, Mr Basil Omiyi, and the new Senior Independent Non-Executive Director, Mr Charles Okeahalam.
The appointment of Mr Omiyi followed the stepping down of the founders of Seplat Energy Mr ABC Orjiako and Mr Austin Avuru, from the board.
While commenting on the development, Mr Brown said he was excited with the appointments, especially with the transition into the next chapter of the firm.
“Mr Basil Omiyi has been a leading figure in the Nigerian oil and gas sector and also with Seplat Energy, having joined its Board in 2013 and helped it to achieve a dual listing in April 2014. The vast depth of experience and his detailed knowledge of Seplat Energy will be invaluable as we continue to evolve and mature the company.
“He has provided invaluable guidance as an Independent Director and I look forward to his continued leadership as our new Independent Non-Executive Chairman.
“We will also benefit from the considerable expertise of Dr Charles Okeahalam as Senior Independent Non-Executive Director, especially his experience and knowledge of Africa’s economies and its financial markets.
“Under their guidance, we will continue to expand and consolidate our position as Nigeria’s leading energy company and the partner of choice to deliver energy transition for Africa’s largest economy and its rapidly growing population,” he said.
Mr Omiyi has been a member of Seplat Energy’s Board of Directors since March 2013 and as Senior Independent Non-Executive Director from February 1, 2021. During this period, he sat on the company’s Remuneration, Nominations & Governance, Energy Transition, and Risk Management & HSSE committees.
His experience in the energy industry is extensive, with more than 40 years at Royal Dutch Shell, during which time he held senior roles in Nigeria and Europe, including becoming Managing Director of Shell Petroleum Development Company of Nigeria in 2004 and in addition, Country Chairman of Shell Companies, Nigeria, until his retirement in 2009.
Mr Omiyi has held several leadership positions in the Nigerian oil and gas industry, including Chairman, Upstream Industry Group (Oil Producers Trade Section, Lagos Chambers of Commerce & Industry) from 2007-2010; Chairman of the Energy Sector of NEPAD Business Group, Nigeria, and Board Member NEPAD Business Group, Nigeria from 2005-2010; Chairman, of the Oil & Gas Commission of the Nigerian Economic Summit Group from 2005-2010; and Board Member, Nigerian Extractive Industry Transparency Initiative (NEITI) 2007-2010. Mr Omiyi is also the Independent Non-Executive Chairman of Stanbic IBTC Holdings, a subsidiary of Standard Bank Group, a post he has held since 2015.
In 2011, he was awarded the national honour of Commander of the Order of the Niger for pioneering leadership in Nigeria’s oil and gas sector.
On his part, Mr Okeahalam joined the Board in March 2013 as an Independent Non-Executive Director and is Chairman of Seplat Energy’s Finance Committee, and a member of the Energy Transition, Remuneration, and Nominations & Governance committees.
He has extensive corporate finance and capital markets expertise and in particular, detailed knowledge of African financial markets, economies and the investment industry. He was a co-founder of AGH Capital Group, a private equity and diversified investment holding company based in Johannesburg, with assets in several African countries.
Prior to co-founding AGH Capital Group in 2002, he was a Professor of Financial Economics and Banking at the University of the Witwatersrand in Johannesburg. His other roles have included advising a number of African central banks and government ministries, the World Bank and the United Nations.
He has held several board positions and is a former non-executive chairman of Heritage Bank Limited, Nigeria. Since March 2016 he has served as the non-executive chairman of the Nigeria Mortgage Refinance Company.
Latest News on Business Post
- Airtel Commences SmartCash Payment Operations in Nigeria May 19, 2022
- FBN Holdings to Take Over Access Bank’s Pension Fund Custodian Business May 19, 2022
- CBN Laments Failure of Oyo Farmers to Repay Agric Loans May 19, 2022
- Seplat Will Continue to Expand Under Guidance of Omiyi, Okeahalam—CEO May 19, 2022
- Advans La Fayette Microfinance Bank Introduces Education Loans May 19, 2022
- Again, Capital Bancorp Weakens NASD OTC Bourse by 0.02% May 19, 2022
- EFCC Questions Ex-NDDC Boss Nsima Ekere Over N47bn Fraud May 19, 2022
- Brent Crude Slides 2% on Global Stocks Dip May 19, 2022
- 91% Jump in FX Turnover Knocks Local Currency by 0.18% May 19, 2022
- Profit-Taking Drains Nigerian Equity Market by 0.07% May 19, 2022