Bonuses are used throughout business as a marketing tool to attract new customers or users to that business, Forex brokers are no different.
Whilst searching for a Forex broker, often the first thing you see are the bonuses on offer. You should know that these are marketing ploys by brokers to attract you to their platform BUT that doesn’t mean they are bad, all you need to decide is whether the broker ticks the boxes you are looking for.
You can, therefore, take advantage of these bonuses should the broker be a recommended broker, what is the harm in taking a bonus when the broker also comes highly recommended?
A Forex bonus won’t improve your trading but it can help increase your initial deposit, which does mean that technically your trade sizes can be larger and in turn your profits. Do note that you should be careful when increasing trade sizes, make sure that it aligns with your risk management strategy.
Types of Forex Bonuses
Brokers will come up with several types of bonus to attract you to sign up with them, see below some you should look out for:
If you are looking for your broker to tick several pieces of criteria, then see our other lists of broker categories and how we rank certain brokers: