Forex is becoming extremely popular as more and more people are becoming interested in new ways of earning money at home. In this article, we will focus on the forex secrets every trader should know about.
Forex secrets exposed
Forex brokers are fighting for Forex traders and constantly promising amazing offers and rewards. We, as currency traders, are trying to find out which brokers are worth trading, and which bonuses attract us the most.
No Deposit Bonus
Once you have chosen a forex broker it is important to check what types of financial instruments he offers: Stocks, commodities, CFDs, Crypto currencies, etc. Many Forex brokers offer bonuses for the first deposit or a “no deposit bonus”. The idea of a first deposit bonus is to provide a percentage of the amount of your first deposit in order for the trader to be able to open bigger positions and keep them for longer periods of time.
What does that mean? You open an account with a Forex broker, make your deposit and receive a free bonus. That is one of the forex secrets every broker introduces to new traders. The size of the free bonus depends on the size of your deposit, for example, if you have a deposit of $ 1000 and your Forex broker offers a 50% bonus – you get another $ 500 to your account. Your account instantly becomes $ 1500.
As we previously said, due to Forex becoming more and more popular, the competition between forex brokers increases.
Thus, they have to become more creative and generous, as well as to make more efforts to attract new traders. For many Forex traders getting a bonus becomes the most important thing and they stop paying attention to other criteria.
There is no free lunch
Before you get too excited about the idea that you can get easy money even before commencement to trading, you must understand what restrictions there are on the bonus. In this world nothing is given just like that – there is no free lunch. There is always some kind of dirty trick. What is the catch in the free forex broker bonus?
Free bonuses have their own requirements and rules, which you should always carefully examine on the forex broker website.
Usually these terms and conditions come in the form of restrictions on the withdrawals. Basically, once you get a bonus, you will have to open a certain number of trades before you can collect your free bonus.
In certain cases you cannot withdraw the bonus at all. We highly recommend checking the bonus requirements before you receive it. You can always refuse the bonus that the Forex broker provides.
For example, the requirement for a bonus may sound like this: in order to withdraw your free bonus, you must execute a minimum trading volume of few lots. This means that for a $ 50 bonus you will have to make couple of trades.
Those are some of the forex secrets that most of the brokers are using in their marketing strategy in hopes of attracting more clients. We are once again stressing on the fact that it is very important to carefully study all the terms and conditions for getting the Forex bonus. You need to find a broker who provides the best conditions with the minimum requirements.
The best way to get some extra cash will be to invite a friend or acquaintance. Very often, brokers provide bonuses in case you invite someone. Such programs are called “refer-a-friend”. This can be considered another way of earning an extra buck.